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Neonode Inc

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Neonode: Not yet Chez Stockholm due to losses

The operating loss of USD -0.9 million was an unpleasant surprise in relation to our estimates of USD -0.1 million and likely delays an eventual dual listing. The majority of our error was once again on the AirBar side while automotive and printers both had a decent growth adjusted for non-recurring items. Following a visit to the production site we are convinced that the AirBar production delays are no longer an issue.

The major problem is instead cash that currently only amounts to USD 1.7 million. Half of our new base case of USD 3.0 (3.7) is related to a higher required rate of return due to a lower financial strength rating. The upside potential of some 140 percent is actually larger now than our last update due to the share’s steep decline. However, upside potential is secondary at the moment as the share price likely will be driven by fear of dilutive capital raising for a while now.

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