Revenue remains in a state of contraction, with the most recent 2026Q1 period showing a revenue base of only $614.0K, failing to cover the $2.7M combined R&D and SG&A expense burden.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 2.16M | 2.06M | 3.11M | 3.83M | 5.67M | 5.84M | 5.98M | 6.65M | 8.54M | 10.24M | 10.21M | 11.12M | 4.74M | 3.72M | 7.14M | 6.07M | 440K | 0 | 7.28M | 3.13M | 6.13M | 8.06M | 11.07M | 7.46M | 6.9M | 7.73M | 29.18M | 18M | 19M | 25M | 13.4M |
| Revenue Growth % | -22.94% | -33.66% | -18.83% | -32.47% | -2.84% | -2.47% | -9.96% | -22.16% | -16.63% | 0.27% | -8.12% | 134.49% | 27.52% | -47.92% | 17.64% | 1278.86% | - | -100% | 132.5% | -48.88% | -23.94% | -27.2% | 48.42% | 8.09% | -10.72% | -73.52% | 62.1% | -5.26% | -24% | 86.57% | -30.93% |
| Cost of Goods Sold | 140K | 362K | 116K | 12K | 804K | 955K | 1.08M | 683K | 921K | 2.34M | 1.34M | 3.78M | 1.51M | 1.64M | 1.47M | 908K | 268K | 0 | 15.46M | 2.32M | 4.05M | 5.4M | 6.65M | 2.75M | 3.17M | 4.86M | 9.46M | 5.9M | 6.5M | 11.1M | 6.6M |
| COGS % of Revenue | - | 17.56% | 3.73% | 0.31% | 14.18% | 16.36% | 18.01% | 10.28% | 10.79% | 22.88% | 13.1% | 34.01% | 31.84% | 44.18% | 20.53% | 14.97% | 60.91% | - | 212.29% | 73.98% | 66.04% | 67.08% | 60.06% | 36.87% | 45.96% | 62.9% | 32.41% | 32.78% | 34.21% | 44.4% | 49.25% |
| Gross Profit | 2.02M | 1.7M | 2.99M | 3.82M | 4.87M | 4.88M | 4.91M | 5.96M | 7.62M | 7.9M | 8.88M | 7.33M | 3.23M | 2.08M | 5.67M | 5.16M | 172K | 0 | -8.18M | 815K | 2.08M | 2.65M | 4.42M | 4.71M | 3.73M | 2.87M | 19.72M | 12.1M | 12.5M | 13.9M | 6.8M |
| Gross Margin % | 93.53% | 82.44% | 96.27% | 99.69% | 85.82% | 83.64% | 81.99% | 89.72% | 89.21% | 77.12% | 86.9% | 65.99% | 68.16% | 55.82% | 79.47% | 85.03% | 39.09% | - | -112.29% | 26.02% | 33.96% | 32.92% | 39.94% | 63.13% | 54.04% | 37.1% | 67.59% | 67.22% | 65.79% | 55.6% | 50.75% |
| Gross Profit Growth % | - | -43.18% | -21.61% | -21.56% | -0.31% | -0.51% | -17.73% | -21.71% | -3.56% | -11.01% | 21% | 127.02% | 55.71% | -63.42% | 9.94% | 2899.42% | - | 100% | -1103.31% | -60.84% | -21.53% | -40% | -6.1% | 26.26% | 30.08% | -85.47% | 62.99% | -3.2% | -10.07% | 104.41% | -38.74% |
| Operating Expenses | -5.24M | 9.77M | 9.54M | 9.55M | 10.15M | 11.99M | 11.1M | 11.69M | 11.49M | 13.37M | 14.02M | 15.03M | 17.42M | 15.05M | 14.83M | 7.2M | 9.2M | 9.38M | 16.55M | 12.68M | 18.3M | 6.89M | 6.1M | 4.33M | 8.02M | 12.02M | 15.81M | 12.1M | 12.2M | 11.4M | 14.5M |
| OpEx % of Revenue | - | 473.96% | 306.92% | 249.52% | 179.05% | 205.41% | 185.44% | 175.94% | 134.62% | 130.59% | 137.27% | 135.23% | 367.55% | 404.79% | 207.85% | 118.72% | 2089.77% | - | 227.25% | 404.73% | 298.66% | 85.56% | 55.16% | 58.09% | 116.21% | 155.6% | 54.19% | 67.22% | 64.21% | 45.6% | 108.21% |
| Selling, General & Admin | 6.68M | 6.4M | 6.09M | 5.72M | 6.19M | 8.44M | 6.96M | 6.45M | 6.22M | 7.3M | 6.95M | 8.75M | 10.05M | 7.81M | 9.09M | 5.34M | 4.15M | 2.04M | 9.9M | 8.23M | 4.43M | 4.2M | 3.69M | 3M | 4.51M | 6.37M | 9.21M | 6.7M | 7.6M | 7.5M | 12.8M |
| SG&A % of Revenue | - | 310.23% | 196.11% | 149.41% | 109.15% | 144.65% | 116.28% | 97.11% | 72.8% | 71.24% | 68.05% | 78.74% | 212% | 210.14% | 127.41% | 88.1% | 944.09% | - | 135.95% | 262.68% | 72.24% | 52.12% | 33.37% | 40.25% | 65.45% | 82.45% | 31.58% | 37.22% | 40% | 30% | 95.52% |
| Research & Development | 3.71M | 3.78M | 3.44M | 3.83M | 3.96M | 3.55M | 4.14M | 5.24M | 5.28M | 6.08M | 7.07M | 6.28M | 7.37M | 7.24M | 5.74M | 1.86M | 1.87M | 999K | 3.29M | 4.45M | 3.98M | 2.69M | 2.41M | 1.33M | 3.03M | 5.65M | 5.63M | 4.6M | 3.6M | 2.8M | 0 |
| R&D % of Revenue | - | 183.27% | 110.81% | 100.1% | 69.89% | 60.76% | 69.17% | 78.83% | 61.82% | 59.35% | 69.22% | 56.49% | 155.55% | 194.65% | 80.44% | 30.62% | 425.68% | - | 45.15% | 142.05% | 64.94% | 33.44% | 21.79% | 17.84% | 43.88% | 73.16% | 19.31% | 25.56% | 18.95% | 11.2% | - |
| Other Operating Expenses | -1.12M | -403K | 0 | 0 | 0 | 0 | 0 | 0 | -3K | -24K | -91K | -28K | -30K | 0 | 0 | 0 | 3.17M | 6.34M | 3.36M | 0 | 9.89M | 0 | 0 | 0 | 474K | 0 | 962K | 800K | 1M | 1.1M | 1.7M |
| Operating Income | 7.26M | -8.07M | -6.55M | -5.74M | -5.29M | -7.11M | -6.19M | -5.73M | -3.88M | -5.48M | -5.14M | -7.7M | -14.19M | -12.97M | -9.16M | -2.04M | -9.02M | -9.38M | -21.36M | -11.86M | -16.22M | -4.24M | -1.68M | 530K | -4.73M | -10.12M | 3.91M | 0 | 300K | 2.5M | -7.7M |
| Operating Margin % | 335.83% | -391.51% | -210.65% | -149.83% | -93.23% | -121.78% | -103.46% | -86.22% | -45.41% | -53.47% | -50.37% | -69.24% | -299.39% | -348.96% | -128.37% | -33.69% | -2050.68% | - | -293.39% | -378.7% | -264.7% | -52.64% | -15.22% | 7.11% | -68.63% | -130.99% | 13.4% | - | 1.58% | 10% | -57.46% |
| Operating Income Growth % | - | -23.31% | -14.12% | -8.53% | 25.62% | -14.8% | -8.05% | -47.79% | 29.2% | -6.45% | 33.16% | 45.77% | -9.41% | -41.57% | -348.24% | 77.35% | 3.8% | 56.1% | -80.13% | 26.87% | -282.41% | -151.84% | -417.74% | 111.2% | 53.22% | -358.76% | - | -100% | -88% | 132.47% | -28.33% |
| EBITDA | 7.54M | -7.74M | -6.41M | -5.58M | -4.77M | -5.97M | -5.02M | -4.47M | -2.87M | -4.52M | -4.78M | -7.51M | -13.99M | -12.83M | -9.06M | -2.02M | -9.01M | -9.37M | -21.03M | -11.56M | -12.34M | -3M | -855K | 973K | -4M | -9.04M | 4.87M | 400K | 1.3M | 3.6M | -6M |
| EBITDA Margin % | 348.45% | -375.22% | -206.24% | -145.65% | -84.07% | -102.3% | -83.87% | -67.27% | -33.6% | -44.17% | -46.84% | -67.56% | -295.13% | -345.09% | -127.01% | -33.26% | -2048.18% | - | -288.74% | -369.19% | -201.37% | -37.24% | -7.73% | 13.05% | -58.05% | -117.05% | 16.7% | 2.22% | 6.84% | 14.4% | -44.78% |
| EBITDA Growth % | 215.65% | -20.7% | -14.94% | -16.99% | 20.15% | -18.95% | -12.26% | -55.84% | 36.57% | 5.46% | 36.29% | 46.32% | -9.06% | -41.5% | -349.21% | 77.61% | 3.82% | 55.44% | -81.84% | 6.28% | -311.27% | -250.88% | -187.87% | 124.3% | 55.72% | -285.57% | 1118.25% | -69.23% | -63.89% | 160% | -27.66% |
| D&A (Non-Cash Add-back) | 273K | 336K | 137K | 160K | 519K | 1.14M | 1.17M | 1.26M | 1.01M | 953K | 360K | 187K | 202K | 144K | 97K | 26K | 11K | 9K | 339K | 298K | 3.88M | 1.24M | 829K | 443K | 730K | 1.08M | 962K | 800K | 1M | 1.1M | 1.7M |
| EBIT | 7.39M | -8.07M | -6.55M | -5.74M | -5.29M | -7.11M | -6.2M | -5.73M | -3.88M | -5.48M | -5.24M | -7.72M | -14.21M | -12.97M | -9.16M | -16.78M | -31.4M | -11.14M | -21.36M | -11.86M | -4.89M | -4.24M | -1.68M | 376K | -4.29M | -9.16M | 3.91M | -400K | 0 | 2.5M | -7.7M |
| Net Interest Income | 0 | 0 | 0 | 730K | 0 | -15K | -27K | -34K | -49K | -75K | -47K | -18K | -14K | 0 | 0 | -288K | -179K | 0 | -352K | -572K | 42K | 22K | 5K | 26K | 51K | 225K | 185K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 730K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 0 | 42K | 22K | 5K | 26K | 51K | 225K | 185K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 15K | 27K | 34K | 49K | 75K | 47K | 18K | 14K | 0 | 0 | 288K | 179K | 70K | 368K | 572K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.9M |
| Other Income/Expense | 712K | 16.1M | 687K | 736K | 121K | -15K | -32K | -34K | -52K | -75K | -138K | -46K | -30K | 0 | 0 | -15.02M | -22.56M | -1.76M | 15.78M | -36.58M | 42K | 16K | 5K | 16K | 2.83M | 225K | 185K | 0 | 100K | 900K | -1.9M |
| Pretax Income | 7.98M | 8.03M | -5.86M | -5M | -5.17M | -7.12M | -6.22M | -5.76M | -3.93M | -5.55M | -5.28M | -7.74M | -14.22M | -12.97M | -9.16M | -17.07M | -31.58M | -11.14M | -5.58M | -48.44M | -16.18M | -4.22M | -1.68M | 546K | -1.91M | -9.89M | 4.1M | 0 | 300K | 3.4M | -9.6M |
| Pretax Margin % | 368.75% | 389.33% | -188.55% | -130.61% | -91.09% | -122.04% | -103.99% | -86.73% | -46.02% | -54.2% | -51.72% | -69.65% | -300.02% | -348.96% | -128.37% | -281.31% | -7177.5% | - | -76.67% | -1546.65% | -264.01% | -52.45% | -15.17% | 7.32% | -27.66% | -128.07% | 14.04% | - | 1.58% | 13.6% | -71.64% |
| Income Tax | 2K | -9K | 15K | 115K | 118K | 146K | 59K | 38K | 13K | -56K | 367K | 93K | 13K | 109K | 125K | 78K | 45K | 3.62M | -34.94M | 0 | 7K | 5K | -5K | -17K | -177K | 1K | 126K | -200K | -200K | 100K | 0 |
| Effective Tax Rate % | 0.03% | -0.11% | -0.26% | -2.3% | -2.28% | -2.05% | -0.95% | -0.66% | -0.33% | 1.01% | -6.95% | -1.2% | -0.09% | -0.84% | -1.36% | -0.46% | -0.14% | -32.49% | 625.85% | 0% | -0.04% | -0.12% | 0.3% | -3.11% | 9.28% | -0.01% | 3.08% | - | -66.67% | 2.94% | 0% |
| Net Income | 8.36M | 8.49M | -6.47M | -10.12M | -4.88M | -6.45M | -5.61M | -5.3M | -3.06M | -4.71M | -5.29M | -7.82M | -14.23M | -13.08M | -9.29M | -17.14M | -31.63M | -11.3M | -5.93M | -48.44M | -16.18M | -4.23M | -1.68M | 563K | -1.73M | -9.9M | 3.97M | 200K | 400K | 3.3M | -9.6M |
| Net Margin % | 386.64% | 411.88% | -208.04% | -264.38% | -86.12% | -110.52% | -93.67% | -79.72% | -35.84% | -45.94% | -51.81% | -70.36% | -300.3% | -351.9% | -130.12% | -282.59% | -7187.73% | - | -81.49% | -1546.65% | -264.13% | -52.51% | -15.17% | 7.55% | -25.09% | -128.09% | 13.61% | 1.11% | 2.11% | 13.2% | -71.64% |
| Net Income Growth % | 236.76% | 231.35% | 36.13% | -107.31% | 24.29% | -15.08% | -5.79% | -73.14% | 34.96% | 11.08% | 32.34% | 45.06% | -8.82% | -40.84% | 45.83% | 45.79% | -179.75% | -90.51% | 87.75% | -199.33% | -282.58% | -151.94% | -398.22% | 132.52% | 82.51% | -349.27% | 1885% | -50% | -87.88% | 134.38% | -108.7% |
| Net Income (Continuing) | 7.97M | 8.04M | -5.88M | -5.12M | -5.28M | -7.27M | -6.28M | -5.8M | -3.94M | -5.5M | -5.65M | -7.83M | -14.23M | -13.08M | -9.29M | -17.14M | -31.63M | -11.21M | -5.93M | -48.44M | -16.18M | -4.23M | -1.68M | 563K | -1.73M | -9.9M | 3.97M | -300K | 200K | 3.3M | -9.6M |
| Discontinued Operations | 389K | 456K | -591K | -5.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | -4.04M | -3.22M | -2.55M | -2.04M | -1.16M | -370K | -12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.50 | 0.51 | -0.41 | -0.66 | -0.39 | -0.61 | -0.63 | -0.66 | -0.52 | -0.89 | -1.16 | -1.90 | -3.60 | -3.71 | -2.81 | -6.40 | -17.29 | -6.75 | -52.67 | -786.38 | -1963.24 | -821.20 | -417.97 | 150.00 | -575.66 | -3648.97 | 1300.00 | -100.00 | 75.00 | 1500.00 | -5630.50 |
| EPS Growth % | 236.62% | 224.39% | 37.88% | -69.23% | 36.07% | 3.17% | 4.55% | -26.92% | 41.57% | 23.28% | 38.95% | 47.22% | 2.96% | -32.03% | 56.09% | 62.98% | -156.15% | 87.18% | 93.3% | 59.94% | -139.07% | -96.47% | -378.65% | 126.06% | 84.22% | -380.69% | 1400% | -233.33% | -95% | 126.64% | -101.11% |
| EPS (Basic) | - | 0.51 | -0.41 | -0.66 | -0.39 | -0.61 | -0.63 | -0.66 | -0.52 | -0.89 | -1.16 | -1.90 | -3.60 | -3.71 | -2.81 | -6.40 | -17.29 | -6.77 | -52.67 | -786.38 | -1963.24 | -821.20 | -417.97 | 162.50 | -575.66 | -3648.97 | 1550.00 | -100.00 | 87.50 | 1500.00 | -5630.50 |
| Diluted Shares Outstanding | 16.78M | 16.78M | 15.87M | 15.32M | 13.63M | 11.91M | 9.99M | 8.84M | 5.88M | 5.29M | 4.57M | 4.12M | 3.95M | 3.53M | 3.3M | 2.68M | 1.83M | 1.68M | 112.66K | 61.6K | 8.24K | 5.15K | 4.02K | 3.77K | 3.01K | 2.71K | 3.05K | 2.48K | 2.44K | 2.22K | 1.71K |
| Basic Shares Outstanding | 16.78M | 16.78M | 15.87M | 15.32M | 13.63M | 11.91M | 9.99M | 8.84M | 5.88M | 5.29M | 4.57M | 4.12M | 3.95M | 3.53M | 3.3M | 2.68M | 1.83M | 1.67M | 112.66K | 61.6K | 8.24K | 5.15K | 4.02K | 3.41K | 3.01K | 2.71K | 2.57K | 2.48K | 2.2K | 2.22K | 1.71K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary litigation dependency
As indicated by the most recent quarterly filings, Neonode's revenue trajectory remains in a state of contraction, with the company struggling to maintain top-line momentum as evidenced by the significant year-over-year declines observed across the majority of the last ten reported fiscal periods.
The consistent inability to sustain revenue growth suggests that the company's current product offerings are failing to gain meaningful traction within their target automotive and industrial markets. Investors should monitor whether the recent 19.7% growth in 2026Q1 represents a genuine turnaround or merely a temporary fluctuation against a depressed historical baseline.
Based on the provided financial data, Neonode exhibits extreme volatility in gross margins, which frequently fluctuate between near-perfect efficiency and significant impairment, as seen in the 2023Q4 period where margins collapsed to negative 3.3% due to anomalous cost of goods sold spikes.
While the company typically maintains high gross margins characteristic of an IP-licensing model, the periodic collapse in these figures suggests a lack of operational consistency in its hardware module segment. This instability implies that the company's cost structure is highly sensitive to supply chain disruptions or inventory write-downs that periodically erode the benefits of its licensing revenue.
According to the income statement history, Neonode's reported net income is frequently distorted by non-operating items, most notably in 2025Q3, where a massive one-time gain resulted in a 33% net margin that bears little resemblance to the company's underlying core operating performance.
The wide divergence between operating losses and net income suggests that the company relies on non-recurring events, such as legal settlements, to mask its fundamental inability to achieve profitability. Analysts should treat these bottom-line spikes with extreme skepticism, as they do not reflect a sustainable improvement in the company's core business model.
As reported in financial statements, Neonode continues to carry a heavy fixed-cost burden, with R&D and SG&A expenses consistently exceeding gross profit, which indicates that the company's current scale is insufficient to support its existing operational infrastructure without ongoing reliance on its cash reserves.
The persistent operating losses suggest that management has yet to find the right balance between maintaining a competitive IP portfolio and controlling overhead costs. Unless the company can significantly increase its licensing revenue, the current cost structure appears unsustainable and may necessitate further capital raises to fund ongoing operations.
Quick answers to the most common questions about buying NEON stock.
For fiscal year 2025, Neonode Inc. (NEON) reported total revenue of $2.1M. This represents a 84.6% decline compared to $13.4M in 1996.
Neonode Inc. (NEON) is profitable, generating $8.5M in net income for the fiscal year ending 2025 with a net profit margin of 411.9%.
Neonode Inc. (NEON) reported an operating income of $-8.1M, resulting in an operating profit margin of -391.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Neonode Inc. (NEON) generated $1.7M in gross profit for the year, representing a gross profit margin of 82.4%. This demonstrates the company's core pricing power and production efficiency.