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Neonode Inc., which provides advanced optical sensing solutions for contactless touch, gesture control and in-cabin monitoring, improved earnings for Q1 2022 against the prior year period despite a revenue decline, citing component shortages within the printer and automotive markets related to the COVID-19 pandemic, according to an earnings report.
Net revenues for the quarter ended March 31, 2022 were $1.3 million, a 20.8% decrease compared to the same period in 2021.
Net loss attributable to Neonode for Q1 2022 was $1.4 million, or 10 cents per share, compared to a net loss of $1.6 million, or 14 cents per share, for the same period in 2021.
License revenues were $1.1 million, a decrease of 14.7% compared to the 2021 period, primarily the result of component shortages within the printer and automotive markets related to the COVID-19 pandemic.
Shares traded today at $4.50 against a 52-week range of $3.70-$12.42.
«Despite challenging market conditions that continued to affect our overall business in the first quarter of 2022, I am pleased to see that our revised strategy, with a focus on our touch sensor modules business for leading elevator and interactive kiosk customers as well as new applications for automotive customers, is beginning to show results,» Dr. Urban Forssell, Neonode’s CEO, said in the press release.
For an update on how the coronavirus pandemic has affected kiosks,click here.