Neonode Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Neonode Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10.2	10.2	8.54	6.65	5.98	5.84	5.67	3.83	3.11	2.06
Cost of revenue	1.34	2.34	0.92	0.68	1.08	0.96	0.8	0.01	0.12	0.03
Gross profit	8.88	7.9	7.62	5.96	4.91	4.88	4.87	3.82	2.99	2.04
Research and development	7.07	6.08	5.28	5.24	4.14	3.55	3.96	3.83	3.44	3.78
Selling, general and administrative							0.04	1.48	1.3
Selling and marketing	2.86	2.77	2	2.16	2.53	2.84	2.03	2.46	2.33	2.27
General and administrative	4.09	4.52	4.22	4.3	4.42	5.6	4.16	3.27	3.77	4.12
Operating expenses	14	13.4	11.5	11.7	11.1	12	10.2	9.55	9.54	10.2
Operating income	-5.14	-5.48	-3.88	-5.73	-6.19	-7.11	-5.29	-5.74	-6.55	7.37
Interest expense	0.05	0.08	0.05	0.03	0.03	0.02
Other non-operating income	-0.14	-0.08	-0.05	-0.03	-0.03	-0.02	0.12	0.74	0.69	0.66
Pre-tax income	-5.28	-5.55	-3.93	-5.76	-6.22	-7.12	-5.17	-5	-5.86	8.03
Income tax	0.37	-0.06	0.01	0.04	0.06	0.15	0.12	0.12	0.02	-0.01
Income from continuing operations								-5.12	-5.88	8.04
Net income to minority interests	-0.36	-0.79	-0.88	-0.5	6.28	-0.82	-0.4
Net income	-5.29	-4.71	-3.06	-5.3	-6.28	-6.45	-4.88	-10.1	-6.47	8.49
EBITDA	-4.78	-4.52	-2.87	-4.88	-5.42	-6.48	-5.17	-5.69	-6.49	7.42
EPS, basic	-1.19	-0.89	-0.52	-0.60	0.56	-0.54	-0.36	-0.66	-0.41	0.51
EPS, diluted	-1.19	-0.89	-0.52	-0.60	0.56	-0.54	-0.36	-0.66	-0.41	0.51
Shares, basic (weighted)	0	0.01	0.01	8.84	0.01	0.01	0.01	0.02	15.9	16.8
Shares, diluted (weighted)	4.62	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.02	16.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.48	5.8	6.56	2.36	10.5	17.4	14.8	16.2	16.4	25.4
Receivables	1.55	1.01	1.83	1.32	1.74	1.29	1.45	0.92	0.73	0.39
Inventory	0.7	1.15	1.22	1.03	1.27	2.52	0.61	0.61
Other current assets	0.22	0.26	0.23	0.23	1.16	0.84	0.71	0.89	0.48	0.5
Total current assets	7.67	9.8	10.5	5.43	14.7	22	20.8	18.6	17.7	26.3
Property, plant and equipment	2.03	3.33	2.48	1.58	1	0.38	0.28	0.11	0.06	0.15
Lease right-of-use assets				0.42	0.92	0.58	0.12	0.05	0.63	0.46
Other non-current assets			0.26
Total assets	9.7	13.1	13.2	7.44	16.6	23	21.2	19	18.4	26.9
Accounts payable	1.29	0.51	0.5	0.56	1.08	0.78	0.33	0.4	0.23	0.46
Accrued liabilities	0.17	0.18	0.27	0.54	0.55	0.37	0.2	0.31	0.4	0.46
Deferred revenue	1.92	1.25	0.08	0.07	0.14	0.11	0.03	0	0	0.04
Total current liabilities	4.61	3.58	2.31	3.02	4.21	2.97	1.7	1.83	1.62	2.18
Lease liabilities						0.12	0.04		0.32	0
Other non-current liabilities				0.06	0.38	0.12
Total liabilities	5.57	5.26	3.45	3.59	4.68	3.16	1.78	1.85	1.94	2.2
Paid-in capital	184	193	198	198	212	227	227	235	241	241
Retained earnings	-179	-184	-185	-191	-196	-203	-207	-218	-224	-216
Other comprehensive income	-0.17	-0.1	-0.46				-0.34	-0.4	-0.45	-0.7
Shareholders' equity	4.51	9.02	11.8	6.39	15.1	19.8	19.4	17.2	16.4	24.7
Minority interests	-0.37	-1.16	-2.04	-2.55	-3.22	-4.04
Total equity	4.14	7.86	9.8	3.85	11.9	19.8	19.4	17.2	16.4	24.7
Total liabilities and equity	9.7	13.1	13.2	7.44	16.6	23	21.2	19	18.4	26.9
Shares outstanding	4.94	5.86	8.8	9.17	11.5	13.6	14.5	15.4	16.8	16.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.65	-5.5	-3.94	-5.8	-6.28	-7.27	-5.28	-10.1	-6.47	8.49
Depreciation and amortization	0.36	0.95	1.01	0.86	0.77	0.63	0.12	0.05	0.06	0.05
Stock-based compensation	0.26	0.07	0.03		0.08	0.16	0.12	0.06	0	0
Deferred income tax									0	0
Change in receivables	-0.2	0.54	0.48	0.4	-0.39	0.43	-0.14	0.54	-0.05	0.49
Change in inventory	-0.74	-0.37	-0.14	0.12	-0.09	-1.44	-1.13	-0.4	0.22	0
Change in payables						-0.41	-0.46	0.17	-0.21	0.16
Cash from operations	-6.25	-5.58	-2.86	-3.52	-5.75	-7.68	-6.81	-6.31	-5.59	-10.3
Capital expenditures	-0.99	-0.66	-0.24	-0.09	-0.06		-0.05	-0.12	-0.04	-0.09
Cash from investing	-0.99	-0.66	-0.23	-0.09	-0.06	-0.07	-0.05	-0.12	0.15	19.3
Stock issued	7.91	79.1	4.62	0.04			4.69	7.87	5.8	0
Share buybacks							-0.01
Cash from financing	7.8	8.64	4.07	-0.5	13.6	14.6	4.51	7.78	5.78	-0.01
Exchange rate effect	-0.17	-0.08	-0.22	-0.09	0.32	0.08	-0.22	-0.01	-0.07
Net change in cash	0.39	2.32	0.76	-4.2	8.12	6.91	-2.57	1.34	0.27	8.93
Free cash flow	-7.24	-6.24	-3.1	-3.61	-5.81		-6.86	-6.43	-5.63	-10.3
Interest paid	0.05	0.07	0.01	0.03	0.03	0.02	0.01	0.01	0	0
Income taxes paid	0.37	0.22	0.05	0.04	0.06	0.15	0.13	0.12	0.02	-0.01

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.92 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	98.8%	Gross profit / revenue.
Operating margin	345.6%	Operating income / revenue.
EBITDA margin	348.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	383.2%	Pre-tax income / revenue.
Net margin	397.8%	Net income / revenue.
FCF margin	-550.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-546.1%	Cash from operations / revenue.
Effective tax rate	0.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	39.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	34.4%	Net income / average total assets.
R&D / revenue	178.3%	Research and development expense / revenue.
Capex / revenue	4.4%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-33.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-28.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-19.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-32.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-25.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-16.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-1.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	50.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	46.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	105,633.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	971.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	341.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	10.9x	Current assets / current liabilities.
Quick ratio	10.6x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	10.3x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	12.2%	Total liabilities / total assets.
Working capital	$20.3M	Current assets - current liabilities.
Tangible book value	$20.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.09x	Revenue / average total assets.
Fixed asset turnover	16.5x	Revenue / average property, plant and equipment.
Receivables turnover	4.80x	Revenue / average receivables.
Days sales outstanding	76 days	365 x average receivables / revenue.
Days payables	3,756 days	365 x average accounts payable / cost of revenue.
FCF conversion	-138.4%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.12	Revenue / diluted weighted shares.
FCF per share	-$0.67	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.66	Cash from operations / diluted weighted shares.
Book value per share	$1.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.24	Tangible book value / shares outstanding.
Cash per share	$1.27	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$15.4M	Share price x shares outstanding.
Enterprise value	-$5.9M	Market cap + total debt - cash - short-term investments.
P/E	1.89x	Market cap / net income. Only when net income is positive.
P/S	7.53x	Market cap / revenue.
P/B	0.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.74x	Market cap / tangible book value, when positive.
FCF yield	-73.1%	Free cash flow / market cap.
Earnings yield	52.8%	Net income / market cap (the inverse of P/E).

What was Neonode Inc.'s revenue in fiscal 2025?

Neonode Inc. reported revenue of $2.1M for fiscal 2025, 33.7% lower than the year before.

Was Neonode Inc. profitable in fiscal 2025?

Yes. Net income was $8.5M, a net margin of 411.9%.

How much free cash flow did Neonode Inc. generate in fiscal 2025?

Cash from operations of $10.3M minus capital expenditures of $91.0K left free cash flow of -$10.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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