neon20250930

neon20250930_10q.htm

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025

☐ Transition report pursuant to section 13 or 15(d) of the Securities and Exchange Act of 1934

For the transition period from ________ to ________

Commission File No. 001-35526

NEONODE INC.

(Exact name of registrant as specified in its charter)

Delaware		94-1517641
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

Karlavägen 100, 115 26 Stockholm, Sweden		N/A
(Address of principal executive offices)		(Zip code)

+46 (0) 70 29 58 519

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		NEON		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒

The number of shares of the registrant’s common stock outstanding as of November 3, 2025 was 16,782,922.

Table of Contents

NEONODE INC.

Quarterly Report on Form 10-Q

For the Fiscal Quarter Ended September 30, 2025

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION		1

Item 1	Financial Statements (Unaudited)	1

	Unaudited Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	1

	Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	2

	Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024	3

	Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024	4

	Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	5

	Notes to Unaudited Condensed Consolidated Financial Statements	6

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 3	Quantitative and Qualitative Disclosures about Market Risk	24

Item 4	Controls and Procedures	24

PART II OTHER INFORMATION		25

Item 1	Legal Proceedings	25

Item 1A	Risk Factors	25

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	25

Item 3	Defaults Upon Senior Securities	25

Item 4	Mine Safety Disclosures	25

Item 5	Other Information	25

Item 6	Exhibits	25

SIGNATURES		26

EXHIBITS

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

NEONODE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands, except share and per share amounts)

	September 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	11,585		$	16,427
Accounts receivable and unbilled revenues, net		649			732
Contract asset		-			51
Prepaid expenses and other current assets		529			475
Receivable from patent assignment		19,389			-
Current assets of discontinued operations		41			-
Total current assets		32,193			17,685

Non-current assets:
Property and equipment, net		160			62
Operating lease right-of-use assets, net		466			634
Total non-current assets		626			696
Total assets	$	32,819		$	18,381

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	525		$	229
Accrued payroll and employee benefits		909			760
Accrued expenses		248			404
Accrued broker fee from patent assignment		3,878			-
Contract liabilities		62			-
Current portion of finance lease obligations		12			2
Current portion of operating lease obligations		295			225
Total current liabilities		5,929			1,620

Non-current liabilities:
Finance lease obligations, net of current portion		18			-
Operating lease obligations, net of current portion		69			319
Total non-current liabilities		87			319
Total liabilities		6,016			1,939

Commitments and contingencies (Note 4)

Stockholders’ equity:
Preferred stock, 1,000,000 shares authorized, with par value of $0.001; no shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively.		-			-
Common stock, 25,000,000 shares authorized, with par value of $0.001; 16,782,922 and 16,782,922 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively.		17			17
Additional paid-in capital		240,955			240,955
Accumulated other comprehensive loss		(672	)		(450	)
Accumulated deficit		(213,497	)		(224,080	)
Total stockholders’ equity		26,803			16,442
Total liabilities and stockholders’ equity	$	32,819		$	18,381

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

NEONODE INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)

Three months ended

Nine months ended

SEC Form 10-Q filed by Neonode Inc.