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Neonode Reports Quarter Ended September 30, 2012 Financial Results

© 2012 Neonode Inc. All rights reserved. Neonode is a registered trademark of Neonode Inc.

   

NEONODE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

 

September30, 2012

December31, 2011

ASSETS (Unaudited)
Current assets:
Cash $ 11,246 $ 12,940
Accounts receivable 1,526 3,345
Prepaid expenses and other current assets   382   234
Total current assets 13,154 16,519
Property and equipment, net   340   108
Total assets $ 13,494 $ 16,627
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 498 $ 447
Accrued expenses 737 601
Deferred revenue   2,594   1,906
Total current liabilities   3,829   2,954
Total liabilities   3,829   2,954
Commitments and contingencies
 
Stockholders' equity:
Series A Preferred stock, 444,541 shares authorized with par value $0.001 per
share; 83 shares issued and outstanding at September 30, 2012 and
December 31, 2011. (In the event of dissolution,
each share of Series A Preferred stock has a liquidation preference equal to
par value of $0.001 over the shares of common stock) - -
Series B Preferred stock, 54,425 shares authorized with par
value $0.001 per share; 95 and 114 shares issued and outstanding
at September 30, 2012 and December 31, 2011, respectively. (In the event of
dissolution, each share of Series B Preferred stock has a liquidation
preference equal to par value of $0.001 over the shares of common stock) - -
Common stock, 70,000,000 shares authorized with par value $0.001 per share;
33,125,319 and 32,778,993 shares issued and outstanding at
September 30, 2012 and December 31, 2011, respectively 33 33
Additional paid-in capital 146,067 142,955
Accumulated other comprehensive income 52 13
Accumulated deficit   (136,487 )   (129,328 )
Total stockholders' equity   9,665   13,673
Total liabilities and stockholders' equity $ 13,494 $ 16,627
 
 

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 
 

Three months endedSeptember 30,

   

Nine months endedSeptember 30,

2012     2011 2012     2011
 
Net revenues $ 1,679 $ 1,287 $ 4,817 $ 2,109
Cost of revenues   337     333     1,080     726  
Gross margin   1,342     954     3,737     1,383  
 
Operating expenses:
Product research and development 1,451 385 3,616 1,043
Sales and marketing 920 411 3,437 1,126
General and administrative   1,086     518     3,772     2,303  
Total operating expenses   3,457     1,314    

10,825

    4,472  
Operating loss   (2,115 )   (360

)

 

  (7,088 )   (3,089

)

 

Other expense, net:
Interest expense -- (76

)

 

-- (211

)

 

Non-cash items related to debt discounts and
deferred financing fees and the valuation of
conversion features and warrants   --     (1,475 )   --     (11,043 )
Total other expense, net   --     (1,551 )   --     (11,254

)

 

Loss before provision for income taxes (2,115 ) (1,911

)

 

(7,088 ) (14,343

)

 

Provision for income taxes   29     19     71     30  
Net loss $ (2,144 ) $ (1,930

)

 

$ (7,159 ) $ (14,373

)

 

Loss per common share:
Basic and diluted loss per share $ (0.06 ) $ (0.07

)

 

$ (0.22 ) $ (0.55

)

 

Basic and diluted – weighted average shares used in per share

computations

  33,021     27,934     32,934     26,050  
 
 

NEONODE INC

Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA

(In thousands)

 
   

Three Months endedSeptember 30,

   

Nine Months endedSeptember 30,

  2012         2011     2012       2011  
 
GAAP net loss $ (2,144 ) $ (1,930 ) $ (7,159 ) $ (14,373 )
Interest expense - 76 - 211
Provision for income taxes 29 19 71 30
Depreciation and amortization   28     7     68     17  
EBITDA (2,087 ) (1,828 ) (7,020 ) (14,115 )
 
Stock-based compensation 607 42 2,957 517
Other expense, net   -     1,475     -     11,043  
 
Adjusted EBITDA $ (1,480 ) $ (311 ) $ (4,063 ) $ (2,555 )
 
The table above reconciles net loss to EBITDA and Adjusted EBITDA. EBITDA is defined as net loss before interest expense, provision for income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA before stock-based compensation expense and net other expense. Although EBITDA and Adjusted EBITDA are not measures of performance calculated in accordance with GAAP, management believes that it is useful to Neonode Inc. and to an investor in evaluating the Company because it is a widely used measure to evaluate a company's operating performance.




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