Blockchain Press Releases
Neonode Reports Quarter Ended June 30, 2023 Financial Results
STOCKHOLM, Aug. 10, 2023 /PRNewswire/ — Neonode Inc. (NASDAQ: NEON) today reported financial results for the three and six months ended June 30, 2023.
FINANCIAL SUMMARY FOR THE THREE MONTHS ENDED JUNE 30, 2023:
- Revenue of $1.2 million, a decrease of 5.3% compared to the same period in the prior year.
- Operating expenses of $2.8 million, a decrease of 1.9% compared to the same period in the prior year.
- Net loss of $1.5 million, or $0.10 per share, compared to $1.5 million, or $0.11 per share, for the same period in the prior year.
- Cash used by operations of $0.6 million compared to $2.9 million for the same period in the prior year.
- Cash and accounts receivable of $21.6 million as of June 30, 2023 compared to $16.3 million as of December 31, 2022.
FINANCIAL SUMMARY FOR THE SIX MONTHS ENDED JUNE 30, 2023:
- Revenue of $2.5 million, a decrease of 5.1% compared to the same period in the prior year.
- Operating expenses of $5.6 million, an increase of 1.4% compared to the same period in the prior year.
- Net loss of $2.9 million, or $0.19 per share, compared to $2.9 million, or $0.22 per share, for the same period in the prior year.
- Cash used by operations of $2.3 million compared to $5.2 million for the same period in the prior year.
THE CEO’S COMMENTS
“Our licensing revenues in Q2 were at the same level as in Q1 and 15% higher than in the same period last year, showing good stability. Our product sales revenues in Q2 were low and much below expectations, which we are addressing with different kinds of activities and changes in our strategies and tactics to ensure that we come back to a growth path for this business in the coming quarters”, said Dr. Urban Forssell, Neonode’s CEO.
“The changes we have started to implement include an increased focus on markets and sectors where we have good traction, supported by intensified marketing – both online and through participation in tradeshows and other types of events – to create beachheads from which we may continue to grow our licensing and products businesses. To help us drive these changes and become more effective in our marketing and sales efforts we have recruited experienced core competence to strengthen our sales and engineering teams in Stockholm. We remain optimistic about our ability to grow our business and return to profitability,” concluded Dr. Forssell.
FINANCIAL OVERVIEW FOR THE QUARTER ENDED JUNE 30, 2023
Net revenues for the quarter ended June 30, 2023 were $1.2 million, a 5.3% decrease compared to the same period in 2022. For the 2023 period, license revenues were $1.1 million, an increase of 14.8% compared to the 2022 period. The increase is primarily volume related as the global supply chain challenges related to semiconductor supply
shortages that hampered our printer and automotive customers’ production and sales for the last two years have improved and the demand for our customers’ products remains strong.
Revenues from product sales for the quarter ended June 30, 2023 were $0.1 million, a 60.0% decrease compared to the same period in 2022. The reason for the decrease is mainly low customer demand, which we are addressing with focused marketing and sales campaigns and updates to our partner network.
Gross margin related to products was 66.7% for the second quarter of 2023 compared to 55.7% in the same period in 2022. The gross margin for products is higher for lower order volumes and also varies with the product mix.
Our operating expenses decreased by 1.9% for the second quarter of 2023 compared to the same period in 2022, primarily due to lower payroll and related costs.
Net loss attributable to Neonode for the three months ended June 30, 2023 was $1.5 million, or $0.10 per share, compared to a net loss of $1.5 million, or $0.11 per share, for the same period in 2022. Cash used by operations was $0.6 million in the second quarter of 2023 compared to $2.9 million for the same period in 2022. The decrease is primarily the result of less component purchases.
Cash and accounts receivable totaled $21.6 million and working capital was $24.0 million as of June 30, 2023 compared to $16.3 million and $19.1 million as of December 31, 2022, respectively.
For more information, please contact:
Chief Financial Officer
Fredrik Nihlén
E-mail: [email protected]
Phone: +46 703 97 21 09
Chief Executive Officer
Urban Forssell
E-mail: [email protected]
Phone: +46 734 10 03 59
The following files are available for download:
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https://mb.cision.com/Main/17297/3815819/2222990.pdf |
Neonode – 2Q 2023 Earnings Release |
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https://news.cision.com/neonode/i/neonode—2q-2023-earnings-release,c3204815 |
Neonode – 2Q 2023 Earnings Release |
View original content:https://www.prnewswire.co.uk/news-releases/neonode-reports-quarter-ended-june-30-2023-financial-results-301897987.html
Blockchain Press Releases
Purchasers of Quantstamp QSP Tokens May Be Eligible for Payment from the Quantstamp Fair Fund
COSTA MESA, Calif., Jan. 22, 2025 /PRNewswire/ — The following statement is being issued by Simpluris, Inc., the SEC-appointed Fund Administrator.
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
In the Matter of Quantstamp, Inc.
Administrative Proceeding File No. 3-21535
This Notice is Pursuant to a Distribution Plan approved by the United States Securities and
Exchange Commission in the captioned matter.
If you purchased or acquired Quantstamp QSP tokens from October 1, 2017, through July 20, 2023, inclusive, you may be eligible for a distribution from the Fair Fund created in the Securities and Exchange Commission (“SEC”) administrative proceeding captioned above (the “Fair Fund”).
The Fair Fund is being distributed pursuant to a Distribution Plan (the “Plan”) approved by the SEC. The Plan provides for the distribution of the Fair Fund to compensate investors based on their losses, due to the misconduct of Quantstamp, Inc. described in the SEC’s administrative proceeding, on the purchase of QSP tokens from October 1, 2017 through July 20, 2023. You can view and download a copy of the SEC’s order and the Plan on the Important Documents tab on the website for this matter: www.QuantstampFairFund.com/documents.
To be considered for eligibility for a Distribution Payment from the Fair Fund, you must timely submit a completed Claim Form online or via mail. Claim Forms completed online must be submitted on or before 11:59 p.m. Eastern Standard Time (“EST”) on April 10, 2025. Claim Forms submitted via mail must be sent to the address provided on the Claim Form and postmarked (or if not sent by U.S. Mail, received) by April 10, 2025.
You may complete the Claim Form online here: www.QuantstampFairFund.com/form/claim. Alternatively, you may download a paper copy from of the Claim Form on the Important Documents page www.QuantstampFairFund.com/documents, or request a copy of the paper Claim Form from the Fund Administrator via email at [email protected] or by calling 833-215-6101, for submission by mail to the address set forth on the Claim Form.
ADDITIONAL INFORMATION
Additional information regarding the Fair Fund, including copies of the Plan, the Plan Notice, the Claim Form, and other relevant documents may be found at www.QuantstampFairFund.com. You may request copies or seek additional information by contacting the Fund Administrator.
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Email: |
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Call: |
833-215-6101 |
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Write: |
Quantstamp Fair Fund |
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Fund Administrator |
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P.O. Box 25381 |
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Santa Ana, CA 92799 |
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View original content:https://www.prnewswire.co.uk/news-releases/purchasers-of-quantstamp-qsp-tokens-may-be-eligible-for-payment-from-the-quantstamp-fair-fund-302357433.html
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
The post Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users appeared first on News, Events, Advertising Options.
Blockchain Press Releases
HTX Ventures: RWAFi and Stablecoin Payments Set to Dominate the Evolving DeFi Landscape
SINGAPORE, Jan. 22, 2025 /PRNewswire/ — The DeFi landscape has undergone a dramatic transformation since the “DeFi Summer” of 2020. With Donald Trump assuming office as the President of the United States, a new era of growth for DeFi is emerging, characterized by deeper integration with traditional finance.
HTX Ventures, the global investment division of HTX, has released a forward-looking report titled “A New Era for DeFi with Crypto Compliance and New Opportunities in RWA-Fi and Stablecoin Payments.“ This report analyzes the evolving environment of crypto trading in 2025, focusing on the significant opportunities and challenges RWAFi and stablecoin payments are facing.
Changes in the Crypto Trading Environment Favor Stablecoins and RWAs Prospects
The gradual easing of crypto regulatory policies is facilitating greater institutional investor participation within the crypto ecosystem. This shift has seen stablecoins and RWAs (Real-World Assets) emerge as crucial bridges connecting the traditional finance and decentralized finance worlds.
Data shows a remarkable surge in stablecoins usage in blockchain transactions, which has risen from 3% in 2020 to over 50% by the end of 2024. The core value proposition of stablecoins lies in their ability to facilitate seamless cross-border payments, making them strategically important in international trade.
The report underscores the immense potential of stablecoins, stating, “At present, the global cross-border B2B payments market processed through traditional channels is valued at approximately $40 trillion, while the consumer remittance market generates hundreds of billions of dollars in annual revenue. Stablecoins offer a new alternative for efficient cross-border payments via crypto channels. As the adoption gains momentum, stablecoins are set to penetrate and disrupt this market segment, becoming a key player in the global payments landscape.”
Furthermore, the U.S. House Financial Services Committee is actively preparing to introduce a stablecoin bill, which has the potential to be the first comprehensive crypto legislation passed by Congress. This legislation could drive widespread adoption of crypto wallets, stablecoins, and blockchain-based payment channels among traditional banks, enterprises, and individuals. Notably, several prominent traditional financial giants, including PayPal and Stripe, have already initiated active exploration within the stablecoin sector.
The RWA market saw positive growth during the recent bear market cycle, primarily driven by its stable returns. Unlike cryptocurrencies, the value of RWAs remains largely unaffected by the inherent volatility of the crypto market, a crucial characteristic for building a robust DeFi ecosystem. Industry leaders like Binance project that the RWA market could expand to $16 trillion by 2030. This immense market potential has driven companies like BlackRock and Tether to explore tokenized assets, leading to the emergence of compliance tools for RWA token issuance, such as Securitize.
Opportunities and Challenges for DeFi Projects
As stablecoins and RWAFi emerge as the cornerstones of the evolving DeFi landscape, project teams are tasked with developing innovative products tailored to the new environment and demands. While challenges are inevitable, these transformative shifts also unlock numerous opportunities.
In terms of realizing the vision of yield-generating stablecoins, the report identifies two prevailing market trends:
- Treasury-backed Stablecoins:
This approach involves utilizing the U.S. Treasury bonds as the underlying assets for stablecoins, effectively introducing traditional financial assets onto the blockchain through tokenization. This methodology preserves the stability and low-risk nature of Treasury bonds while seamlessly integrating the high liquidity and composability inherent to DeFi. Examples include USDY by Ondo Finance and a range of Treasury-backed Vault products from OpenTrade.
- Volatility-driven Yield:
The alternative approach leverages crypto market volatility and MEV to generate low-risk returns. Ethena, along with its native stablecoin USDe, serve as a prime example of this strategy.
Seamlessly integrating DeFi applications with RWAs presents another critical challenge for project teams. On one hand, the inherent stability of RWAs can effectively mitigate risk in DeFi applications. Collateralized Debt Position (CDP) stablecoins, such as Curve’s crvUSD, are increasingly incorporating RWAs as collateral to enhance their stability. On the other hand, the flexibility of DeFi can significantly boost the utilization rate of tokenized RWAs. Pendle’s newly introduced RWA section, boasting a current TVL of $150 million, exemplifies this synergy. Leveraging the composability of DeFi Lego, Pendle’s diverse yield-generating assets can offer highly attractive APYs, incentivizing users to invest in RWA stablecoins.
Emerging DeFi projects still possess significant untapped potential within niche sectors, such as addressing defaults scenarios within the private credit market within RWA domain and effectively leveraging RWA public chains to empower institutional finance. Looking ahead, the report suggests that on-chain forex, cross-border payment stacks, and multi-pool stablecoin aggregation platforms are among the promising development directions in the “New DeFi” era.
About HTX Ventures
HTX Ventures is the global investment arm of HTX, integrating investment, incubation, and research to identify and discover the best and most innovative projects in the market. Visit us here.
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View original content:https://www.prnewswire.co.uk/news-releases/htx-ventures-rwafi-and-stablecoin-payments-set-to-dominate-the-evolving-defi-landscape-302357287.html
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