Neonode Inc.
Neonode Inc. develops software and optical sensing technologies for machine perception, touch, contactless touch, and gesture input. Its core platforms include MultiSensing® for detecting and tracking persons and objects in video streams, and zForce® for optical sensing solutions used in embedded devices and industrial applications. The company operates through subsidiaries and licenses its technology to OEMs, ODMs, and Tier 1 suppliers across global markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSoftware platforms that detect and track persons and objects in video streams using machine learning.
zForce-based touch, contactless touch, and gesture sensing solutions for embedded products.
Per-unit and other license arrangements with OEMs, ODMs, and Tier 1 suppliers.
Application development, customization, and integration support for customer programs.
Products
Reported · share of revenue- License Fees88.4 %
- Nonrecurring Engineering11.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Neonode sells primarily to automotive customers, including OEMs and Tier 1 suppliers, and also has a meaningful installed base in printer and office equipment applications. Its technology is embedded into customer products, so demand depends on customer design wins, product launches, and shipment volumes. The company also supports industrial automation, medical, military, and avionics customers through existing zForce deployments.
They license MultiSensing and zForce technologies for embedded sensing and perception functions in vehicle programs.
They use zForce-based touch and contactless sensing in printers and related devices.
They embed Neonode technology into consumer and industrial products under license agreements.
They receive ongoing support for existing zForce deployments and related engineering services.
Strategy
Neonode’s strategy centers on monetizing its sensing and machine perception platforms through licensing and engineering support, while expanding the use of MultiSensing into new markets. The company also continues to support existing zForce customers even as that platform is placed into maintenance mode, preserving recurring relationships and installed-base revenue. Its commercial model depends on converting design wins into shipped products and scaling per-unit license fees over time.
Broader end-market adoption reduces dependence on automotive programs and increases licensing opportunities.
Revenue is tied to customer shipments, so converting programs into production is essential.
Existing customers can still generate support and license revenue even without new customer acquisition.
Geography
Q1/2026Neonode sells to customers located in the United States, Europe, and Asia, reflecting a globally distributed licensing model. The company also operates through foreign subsidiaries with functional currencies including the Swedish Krona, Japanese Yen, South Korean Won, and Taiwan Dollar, which creates translation and transaction exposure. Its customer and supplier relationships are tied to international product development cycles, especially in automotive and electronics markets.
Share of the revenue the company reports by geography.
Risks
Neonode is exposed to customer concentration, design-win timing, and shipment volatility because its revenue depends on embedded technology adoption by a limited number of OEM programs. The company also faces financing and going-concern risk typical of development-stage technology licensors, along with foreign exchange exposure from international subsidiaries. In addition, the transition of zForce into maintenance mode may limit future growth in that platform and increase reliance on MultiSensing execution.
License revenue is earned when customers ship products, so delays or cancellations can reduce revenue sharply.
Exposure: Automotive and printer programs
The business has historically required external capital to fund operations and development.
Exposure: Equity issuance or debt arrangements
New customer sales have stopped for zForce, which can shrink the addressable base over time.
Exposure: Legacy zForce installed base
Foreign subsidiaries use local currencies that can move against the U.S. dollar.
Accounting
Judgemental itemsPer-unit license revenue is tied to customer shipments and contract terms, which can shift revenue between periods.
Impact: Affects quarterly comparability and reported top-line volatility
Flat-rate or hourly engineering work may be recognized as services are delivered.
Impact: Can cause uneven revenue mix across quarters
Subsidiaries use local functional currencies, creating translation gains or losses.
Impact: Impacts other income and consolidated results
Management’s assessment depends on cash resources and future financing access.
Impact: Important for evaluating continuity and dilution risk
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Last updated: 24/09/2026