Neonode, Inc. (NEON) Reports Solid Second Quarter 2012 Results

Neonode is a company focused on developing and licensing the next generation of MultiSensing touch technologies, enabling companies to separate themselves from their competition by making high performing touch solutions at a competitive cost. The company’s state-of-the-art technology has features such as low latency pen or brush sensing, high-speed scanning, proximity-, pressure-, and depth sensing capabilities along with object-size measuring. Its technology is used in a wide variety of devices including smartphones, tablets, e-readers, toys and gaming consoles, and office equipment.

The company today reported the highlights for its second quarter which ended June 30, 2012. Neonode earned 23 design wins in the quarter for a wide range of consumer electronic devices, all of them high volume markets. Since the introduction of its single chip MultiSensing controller in January 2012, the company has attained a total of 40 design wins. It also signed 3 new licensing agreements in the quarter, bringing the total to 7 for the first half of 2012.

In addition, Neonode announced financial results for the both the second quarter and first six months of 2012. In the second quarter, the company reported net revenues soared by 598% to $2.0 million when compared to only $283,000 in the year ago period. However, Neonode still suffered a net loss for the quarter. It reported a net loss of $3.4 million, or 10 cents a share, versus a net loss of $2.7 million, or 10 cents a share, for the comparable quarter last year.

For the six months ended June 30, 2012, net revenues increased by 282% to $3.1 million, compared to $822,000 for the same period in 2011. As with the second quarter, the increase in revenues was due to license fees related to customer product shipments plus an increase in its engineering fees. The net loss for the 6 month period came in at $5.0 million, or 15 cents a share, a big improvement from the net loss of $12.4 million, or 50 cents a share, for the comparable six month period in 2011.

For additional information about Neonode and its innovative MultiSensing technology, please visit the company website at www.neonode.com

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