Seeking Alpha

Neonode -13% following Q1 miss; CFO stepping down

  • Along with its Q1 results, Neonode (NEON -13.8%) has announced CFO David Brunton will retire within the next 12 months. Brunton has been Neonode's CFO for the last 8 years.
  • Gross margin fell to 83.6% from 97.1% a year ago, thanks to a decline in license fees (100% GM) as a percentage of revenue. Opex rose 19% Y/Y to $4.86M; R&D spend grew 9%, but only totaled $1.78M.
  • Neonode states the ramp of sales to tier-1 printer OEMs has been in-line with expectations, and that the company has "dynamic engagements with multiple Tier-One PC OEMs" looking to deploy its zForce Plus optical 2D touch tech for a variety of hardware.
  • Q1 results, PR
  • Previous: Neonode rallies after selling shares, warrant
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