Neonode Reports Third Quarter Ended September 30, 2016 Financial Results

STOCKHOLM, Sweden, Nov. 09, 2016 (GLOBE NEWSWIRE) -- Neonode Inc. (NASDAQ:NEON), the optical interactive sensing technology company, today reported financial results for the three and nine months ended September 30, 2016.

Highlights:
  • First shipments of AirBar to Ingram Micro U.S. and Europe for online distribution is now available for purchase from www.provantage.com 
  • Signed our first supply agreement for a sensor module with a U.S. automotive OEM with expected revenues of $11 million for the production lifecycle of this vehicle
  • Agreement for sensor modules with leading automotive Tier 1 supplier for door handles and tailgates for global automotive OEMs
  • Initial printer shipments from Canon and other U.S. based printer customer to be included in Q4 revenue
  • Signed agreement with Autoliv to bring our zForce DRIVE steering wheel module to market

"Our business model is based on generating revenue from three sources; royalty based license fees, B2B sensor modules and consumer products incorporating our sensor modules. We have built a scalable, fully automatic manufacturing processes to build our sensor modules. We can expand and locate these manufacturing facilities anywhere in the world. Our first consumer product is AirBar. Our partner, Salutica Allied Solutions does the final assembly and packaging of AirBar and ships it to Ingram Micro for both the U.S. and European markets. We made our first shipments of AirBar to Ingram Micro U.S. and Europe for online distribution and they are now available for purchase," said Thomas Eriksson, Neonode CEO.

"Our automotive market presence is expanding with new product offerings. This quarter we signed our first B2B sensor module supply agreement with a U.S. based auto OEM taking a significant step towards expanding our automotive market. We are growing our business beyond infotainment systems by supplying sensors for door handles, car and truck tailgates and steering wheels," continued Mr. Eriksson.

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