Neonode Announces Preliminary Second Quarter 2020 Revenue and Future Conference Call

Second Quarter 2020 Conference Call on August 14, 2020 at 10AM EDT/4PM CET

Neonode Announces Preliminary Second Quarter 2020 Revenue and Future Conference Call

Second Quarter 2020 Conference Call on August 14, 2020 at 10AM EDT/4PM CET

STOCKHOLM, SWEDEN, August 5, 2020 — Neonode Inc. (NASDAQ: NEON), today announced it expects revenues for the second quarter of 2020 to range between $650,000 and $850,000, a decrease of approximately 62% to 50% compared to the second quarter of 2019. Neonode also expects net loss per share for the second quarter of 2020 to range between $(0.17) to $(0.21), an increase of approximately 21% to 50% compared to the second quarter of 2019.

Neonode also announced a summary of key strategic initiatives and developments during the second quarter using the company’s sensor modules:

• Neonode entered into a distributor agreement with HY-LINE Computer Components to promote and sell Neonode’s sensor modules technology to European customers in the medical, interactive kiosk, and industrial markets.
• Through an engineering partner, Neonode’s sensor modules were used to retrofit self-service kiosks, vending machines, and other equipment at a large state-of-the-art airport in Asia with contactless touch user interfaces.
• In the U.S., Europe, and Asia the company is working with several leading elevator maintenance, service, and engineering companies to develop systems to retrofit existing elevator button and keypads to create touchless activation of the elevators.
• Neonode is working with a large global OEM and engineering partners for integration of Neonode’s contactless touch technology into retail store self-checkout kiosks.

Dr. Urban Forssell, CEO of Neonode, commented, “The second quarter was impacted by softer sales in the global printer and automotive market due to COVID-19, as anticipated in earlier announcements. We expect these markets to rebound. COVID-19 has also rapidly projected our technology into new areas of growth. Our contactless touch sensor technology is an elegant and cost-effective solution that can protect consumers from having to physically touch surfaces on devices in public spaces.  We see COVID-19 as a paradigm shift in global consumer behavior, where people do not want to touch buttons, keypads, and screens on public space devices. We anticipate this demand will continue to build over the coming quarters and years from new applications of our contactless touch sensors in self-service kiosks, vending machines, elevators, and other applications. We look forward to reporting more on these developments on our conference call on August 14.”

Note: The revenue estimates in this press release are preliminary based upon the most current information available to management. Neonode’s actual revenue may differ materially from these preliminary estimates due to, among other things, Neonode’s financial closing procedures and the completion of Neonode’s consolidated financial statements.

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