$NEON reports FY2022 financial results: Net revenue down 2.8% but sees growth opportunities in key market segments
Mar 9th 2023, 2:19 pm
Analyst Summary: Neonode, the Swedish optical sensing solutions provider, has reported its FY 2022 financial results, highlighting a decrease in its net revenues by 2.8%, compared to the previous year. The company cited pandemic-driven lock-downs that impacted its sales in the first half of the year, along with supply chain constraints and component shortages within its printer and automotive markets. However, the firm recovered some of its license revenues in the second half of the year, which Neonode's CEO, Dr. Urban Forssell, attributed to normalizing conditions in the Chinese, Japanese, and Korean markets. The company remains optimistic about its growth opportunities across its key market segments of driver and in-cabin monitoring, touchless interaction, and in-vehicle HUD obstruction detection. Additionally, they see potential to expand into the medtech sector. Notably, Neonode holds over 100 patents worldwide, and its technology is deployed in over 80 million products, among the best-known Fortune 500 companies. The firm is well-positioned to benefit from the growing demand for contactless touch, gesture control, and in-cabin monitoring. However, the current supply chain constraints and component shortages within the printer and automotive markets remain a concern. Neonode continues to execute on its dual focus of technology licensing and product sales, and management has confidence in its ability to grow the business in 2023 and beyond.