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Neonode Inc

Research note


Neonode Q1 comment: Sales in every segment below expectations

Neonode today, Tuesday, reported Q1 sales of USD 2.3 million compared to our estimates of USD 3.7 million, explaining an operating loss of USD -0.9 million (expected USDm -0.1).

Half of our error was on the Airbar side and another USD 0.2 million was due to no NRE revenue. We regard these deviations as less important. However, the license revenue was down sequentially by 7 percent, meaning USD 0.5 million lower than our estimates. Adjusting for the catch-up revenue of USD 0.3 million in Q1'16 the deviation is at best tolerable. We hope to hear more on how the printer and automotive business is doing at the conference call.

On the positive side, we note 3 new OEM supply agreements for embedded sensor modules for delivery in 2017.

Shares are at the moment trading down and the conference call will likely decide if the day will end even more down or with a positive correction, depending on how good/bad the company can explain the figures. Cash at the end of the period was only USD 1.7 million and will likely be of concern for the stock market the next few months.


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