Boston, MA 05/27/2014 (wallstreetpr) – The leading tech company Neonode Inc. (NASDAQ:NEON) is known for offering latest, cost savvy and second to none products. Recently NEON announced the financial results for the quarter ending on March 31st, 2014. The details of the financial results are as follows-
Financial Results Q12014:
As far as the investments made in the Q1 are concerned, Neonode Inc. (NASDAQ:NEON) did significantly well. According to the reports, it closed the quarter with a huge unregistered investment of $10 million made in equity capital by an institutional investment. The total revenue earned by the company in the most recent quarter was $1.0 million. If compared with the revenue of the last month, one can see that NEON grew at a good rate. In the Q1 of the previous year, the company earned $548,000 worth of revenues.
When it comes to the total revenue, Neonode Inc. (NASDAQ:NEON) managed to earn $896,000 worth of net revenue from technology license fees of the various products offered by the company. Other than this, $118,000 were earned from engineering design services.
The gross margin of the company was $848,000 in the Q1 of the year 2014. In the same period of previous year, the gross margin was $532,000. With revenues and profit, the expenses of the company also have increased by a huge margin. The R&D expenses of the company were recorded as $1.8 million for the first quarter of the current year, in comparison to $1.6 million worth of R&D expenses for the Q1 of the previous year.
Sales and marketing expenses for the Q1 were $1.0 million, in comparison to $805,000 for the last year’s first quarter. Other than these expenses, company also spent $2.0 million on general and administrative expenses in the Q1 of the year 2014. In the first quarter of the previous year, Neonode Inc. (NASDAQ:NEON) spent $1.7 million on the general and administrative expenses.
