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Neonode Reports Quarter Ended March 31 , 2021 Financial Results Cnews.cision.com/neonode/r/neonode-reports-quarter-ended-march-31--2021-financial-results,c3346223 STOCKHOLM , SWEDEN - May 12 , 2021 - Neonode Inc. ( NASDAQ : NEON ) , today reported financial results for the three months ended March 31 , 2021 . FINANCIAL SUMMARY FOR THE QUARTER ENDED MARCH 31 , 2021 : • Revenue of $ 1.7 million , an increase of 28.7 % compared to the same period in the prior year . Operating expenses of $ 3.0 million , an increase of 29.0 % compared to the same period in the prior year . • Net loss of $ 1.6 million , or $ 0.14 per share , compared to $ 1.0 million , or $ 0.11 per share , for the same period in the prior year . • Cash used by operations of $ 2.0 million compared to $ 1.0 million for the same period in the prior year . • Cash and accounts receivable of $ 9.5 million as of March 31 , 2021 compared to $ 12.2 million as of December 31 , 2020 . ● THE CEO'S COMMENTS " During the first quarter we continued to build our business pipeline . Our main focus was and continues to be contactless touch solutions for elevators and kiosks , where our touch sensor modules provide an intuitive and safe user experience . The demand for our solutions is very high in Japan and Korea , where customers now have numerous development and onsite pilot projects underway for elevators and an array of different kiosks . We also have customers in other countries in Asia who are rolling out and installing retrofit contactless touch systems in airport ticketing and retail self - service checkout kiosks . In addition , we are seeing increasing interest in our contactless touch technology from European and North American customers . To better support our customers in these regions , as well as in Asia , we recently changed to a regional sales organization , which will help us accelerate growth , ” said Dr. Urban Forssell , CEO of Neonode . " Our license revenue from existing legacy customers increased during the first quarter compared to the same period in 2020. We believe this to be a rebound effect from the slow printer and automotive sales last year due to the COVID - 19 pandemic . Long term , we expect this legacy business to continue to decrease ( a trend we observed prior to the pandemic ) and to offset this we are focusing on growing our products business with elevator and kiosk customers . We are also continuing to promote our technology to new customers in the Military & Avionics , Industrial and Automotive segments . The sales and development cycles are much longer in these industries than in the elevator and kiosk 1/4