Neonode Inc (NEON) 2022 Q4 法說會逐字稿

Hi, and welcome to Neonode's Q4 2022 Earnings Call hosted by Red Eye. We will today start with the company presentation and also a presentation of the Q4 results followed by a Q&A session by me and the companies of their analysts. So with that said, I leave the word over to the CEO, Urban Forssell, for the company presentation.

大家好，歡迎來到由 Red Eye 主持的 Neonode 2022 年第四季度財報電話會議。我們今天將從公司介紹開始，然後介紹第四季度的結果，然後是我和他們的分析師的公司的問答環節。因此，話雖如此，我將公司的介紹交給了首席執行官 Urban Forssell。

Thank you very much. Also from my side, welcome to our Q4 and full year 2022 earnings call. With me today is our CFO, Fredrik Nihlen, and he will present the financial results. And before we go into the main presentation, I would like to take a minute to read the legal disclaimer, and you find it here on the screen as well. This presentation contains and related oral and written statements of Neonode Inc. and its management may contain forward-looking statements. Forward-looking statements include information about the current expectations, strategy, plan, potential financial performance or future events. They also may include statements about market opportunities, sales growth, financial results, use of cash, product development and introduction, regulatory matters and sales efforts.

非常感謝。同樣從我的角度來看，歡迎來到我們的第四季度和 2022 年全年收益電話會議。今天和我在一起的是我們的首席財務官 Fredrik Nihlen，他將介紹財務結果。在我們進入主要演示之前，我想花一點時間閱讀法律免責聲明，您也可以在屏幕上找到它。本演示文稿包含 Neonode Inc. 及其相關口頭和書面聲明，其管理層可能包含前瞻性聲明。前瞻性陳述包括有關當前預期、戰略、計劃、潛在財務業績或未來事件的信息。它們還可能包括有關市場機會、銷售增長、財務結果、現金使用、產品開發和介紹、監管事項和銷售努力的陳述。

Forward-looking statements are based on assumptions, expectations and information available to the company and its management and involve a number of known and unknown risks, uncertainties and other factors that may cause the company's actual results, levels of activity, performance or achievements to be materially different from any expressed or implied by these forward-looking statements. Prospective investors are advised to carefully consider these various risks, uncertainties and other factors. Any forward-looking statements included in this presentation are made of today's date. The company and its management undertake no duty to update or revise forward-looking statements. This presentation has been prepared by the company based on its own information as well as information from public sources. Certain of the information contained herein may be derived from information provided by industry sources. The company believes such information is accurate and that the sources from which it has been obtained are reliable. However, the company has not independently verified such information and cannot guarantee the accuracy of such information. Thank you very much.

前瞻性陳述基於公司及其管理層可獲得的假設、預期和信息，涉及許多已知和未知的風險、不確定性和其他可能導致公司的實際結果、活動水平、績效或成就無法實現的因素。與這些前瞻性陳述的任何明示或暗示存在重大差異。建議準投資者仔細考慮這些各種風險、不確定性和其他因素。本演示文稿中包含的任何前瞻性陳述均以今天為準。公司及其管理層不承擔更新或修改前瞻性陳述的義務。本演示文稿由公司根據自己的信息以及來自公共資源的信息編制。此處包含的某些信息可能來自行業來源提供的信息。公司認為此類信息準確無誤，並且其來源可靠。但本公司並未獨立核實該等信息，無法保證該等信息的準確性。非常感謝。

With this, let's have a quick look at today's agenda. I will give first here a brief strategy and business update that will also connect to our previous earnings call in November. After this, I will invite Fredrik Nihlen to come up on stage and present the Q4 and full year 2022 financial results, followed by some comments regarding financing. When I return for 0.4, I will discuss current status and our plans going forward. I will also today give some comments about the patent litigations versus Apple and Samsung, and we finish off with some concluding remarks. With this, as an outline for today's presentation, let's just go right into it. For new followers and listeners to this presentation, I want to just give a brief update on our business strategy. And this is a combination of technology licensing and product sales. So we work today in 2 business areas, one where the focus is technology licensing.

有了這個，讓我們快速瀏覽一下今天的議程。我將首先在這裡提供一個簡短的戰略和業務更新，這也將與我們之前 11 月份的財報電話會議聯繫起來。之後，我將邀請 Fredrik Nihlen 上台介紹第四季度和 2022 年全年的財務業績，然後就融資發表一些評論。當我返回 0.4 時，我將討論當前狀態和我們未來的計劃。我今天還將就針對蘋果和三星的專利訴訟發表一些評論，並以一些總結性評論作為結束。有了這個，作為今天演講的大綱，讓我們直接進入。對於本次演講的新追隨者和聽眾，我只想簡要介紹一下我們的業務戰略。這是技術許可和產品銷售的結合。因此，我們今天在 2 個業務領域開展工作，其中一個重點是技術許可。

Looking at our current customers, they include printer manufacturers and automotive Tier 1 suppliers and also some other customers. We work here with 2 technology platforms. We call them zForce and MultiSensing. I will give examples of applications in the next slide. Whereas on the right side, we illustrate our products business, where we target customers in the elevator and interactive kiosk segments with our touch sensor module products. Key application areas and what we are working on in our day-to-day operations. In the licensing business, it's a lot of focus today on head-up display obstruction detection and also interior controls. This is something we base on our Cforce platform, and we use our multi-sensing platform to work on driving and in-cabin monitoring solutions and features. In our products business, we mainly work on contactless touch, either touchless touch on displays and other surfaces and key pads, keyboards and buttons or holographic touch.

從我們目前的客戶來看，他們包括打印機製造商和汽車一級供應商以及一些其他客戶。我們在這裡使用 2 個技術平台。我們稱它們為 zForce 和 MultiSensing。我將在下一張幻燈片中給出應用示例。而在右側，我們展示了我們的產品業務，我們的目標客戶是電梯和交互式自助服務機領域的觸摸傳感器模塊產品。關鍵應用領域以及我們在日常運營中所做的工作。在許可業務中，今天很多人關注平視顯示器障礙物檢測和內部控制。這是我們基於 Cforce 平台的東西，我們使用我們的多傳感平台致力於駕駛和車內監控解決方案和功能。在我們的產品業務中，我們主要從事非接觸式觸摸，即顯示器和其他表面以及鍵盤、鍵盤和按鈕上的非接觸式觸摸或全息觸摸。

So with our touch sensor modules, you can make holographic display images interactive, which is quite futuristic and cool, we think. We also work on rugged touch and gesture sensing with the TSM products. Recently, we updated our website quite fundamentally. And now what you will see there is different illustrations and descriptions that underline and reflects our strategy. So please visit neonode.com and check out the nice content that our marketing team has added to the website recently. What you will see is that we do a lot of sector-based marketing, and this is to support our growth strategy. And especially, if you look here to the left in the first step, we have a very, very strong focus today in several of our businesses to establish beats heads in important segments and markets. And everything we do in marketing and sales and also product development, is aimed at supporting this strategy. We also work with proof of concepts and different types of demo projects to also further show and demonstrate the value of our technology.

因此，使用我們的觸摸傳感器模塊，您可以使全息顯示圖像具有交互性，我們認為這非常具有未來感和酷感。我們還致力於使用 TSM 產品進行堅固耐用的觸摸和手勢感應。最近，我們從根本上更新了我們的網站。現在您將看到不同的插圖和描述，它們強調並反映了我們的戰略。因此，請訪問 neonode.com 並查看我們的營銷團隊最近添加到網站上的精彩內容。你會看到我們做了很多基於行業的營銷，這是為了支持我們的增長戰略。特別是，如果你在第一步中向左看，我們今天非常非常重視我們的幾項業務，以在重要的細分市場和市場建立節拍頭。我們在營銷和銷售以及產品開發方面所做的一切都是為了支持這一戰略。我們還使用概念驗證和不同類型的演示項目來進一步展示和展示我們技術的價值。

This is very, very important, and we follow this beachhead strategy to break through in key segments so that we later can focus on scaling up. In some of the segments, we are active, we feel that we already have achieved the breakthrough, and we have established beachheads, One example is elevators and also certain subsegments of the interactive kiosk market. But in others, we admittedly still are working really to establish the beachheads. So this is the clear strategy that we have been following for some time. We have refined it, and we believe that this is really now the right way forward for us. And more regarding marketing, during the second half of last year, especially during the fourth quarter, we are glad that we could again start to travel and join physical live events. And that you will see here some examples from automotive events in Detroit, in Munich and also a virtual event in China that we joined during November. They all focus on head-up display obstruction detection, interior controls and driver and in-cabin monitoring.

這是非常非常重要的，我們按照這個搶灘戰略，在關鍵的細分領域進行突破，這樣我們以後就可以專注於做大做大。在一些細分領域，我們是積極的，我們覺得我們已經取得了突破，我們已經建立了灘頭陣地，一個例子是電梯，還有互動亭市場的某些細分市場。但在其他方面，我們誠然仍在努力建立灘頭陣地。所以這是我們一段時間以來一直遵循的明確戰略。我們已經完善了它，我們相信這確實是我們現在正確的前進方向。更多關於營銷，在去年下半年，特別是在第四季度，我們很高興我們可以再次開始旅行並參加現場活動。你會在這裡看到一些來自底特律、慕尼黑汽車活動的例子，以及我們在 11 月參加的中國虛擬活動。他們都專注於平視顯示器障礙物檢測、內部控制以及駕駛員和車內監控。

We also attended Japan build, which is focused on PropTech, and this is different aspects of interactive kiosk applications that we showed here together with partners, very, very interesting and successful event for us with huge attention to our different offerings and our partners' products. In line with this, we were as late as last week, part of retail tech in Tokyo, Japan, also with great attendance and a lot of appreciation from people visiting our booth and taking part of our different solutions and our partners different products on display. So this is where we are at today and a little bit a short summary and overview of our business strategies and what we do in terms of marketing and sales. I will come back in a short while, but now I want to give the word to Fredrik Nihlen, our CFO.

我們還參加了專注於 PropTech 的 Japan build，這是我們與合作夥伴在這裡展示的交互式信息亭應用程序的不同方面，對我們來說非常非常有趣和成功的活動，非常關注我們的不同產品和我們合作夥伴的產品.與此相一致的是，直到上週，我們在日本東京的零售技術展上也有很多人參觀我們的展位並參與我們不同的解決方案和我們的合作夥伴展示不同的產品，並受到了很多人的讚賞.所以這就是我們今天所處的位置，對我們的業務戰略以及我們在營銷和銷售方面所做的工作進行了簡短的總結和概述。我很快就會回來，但現在我想把話告訴我們的首席財務官 Fredrik Nihlen。

Thank you, Urban. You can find our 10-K and earnings release, if you visit our Investors section on our webpage, neonode.com. I would in this presentation, just summarize the key highlights. I will also say a few words on financing. Total revenues for 2022 was $5.7 million. That is a decrease of 3% compared to 2021. We saw a slight decrease in license revenues in 2021 compared to 2022 compared to 2021. And this is due to component shortages within the automotive and printer industries, which affect our customers and hence, affecting our license revenues. However, we saw a recovery in the second half of 2022 in license revenues. For products revenues, we reached $995,000 in 2022. That is an increase of 4% compared to 2021. Also here, we saw a recovery in Q4 on product revenues. However, in 2022, we are still affected by lockdowns in Asia, and we are also affected of long development of large cycles at our customers.

謝謝你，城市。如果您訪問我們網頁 neonode.com 上的投資者部分，您可以找到我們的 10-K 和收益發布。在本次演講中，我只總結主要亮點。關於融資，我還要說幾句。 2022 年的總收入為 570 萬美元。與 2021 年相比下降了 3%。我們發現 2021 年的許可收入與 2022 年相比略有下降。這是由於汽車和打印機行業的組件短缺，這會影響我們的客戶，從而影響我們的許可收入。但是，我們看到許可收入在 2022 年下半年出現復甦。對於產品收入，我們在 2022 年達到了 995,000 美元。與 2021 年相比增長了 4%。同樣，我們在第四季度看到了產品收入的複蘇。但是2022年，我們仍然受到亞洲封鎖的影響，我們也受到客戶大周期長期發展的影響。

Gross margin for 2022 was 22%. That includes a onetime effect of obsolete write an obsolete stock in Q4. Adjusting for that, we would have a gross margin of 51%, which we think is a good level. Operating expenses was NOK10.2 million for 2022. That is a decrease of 15% compared to 2021. Main reason is that we have cost control, but we are also helped by the weak Swedish currency. As I stated in the last earnings call, the majority of our costs are in Swedish krona. Summarizing 2022 in a P&L, we had a net loss of NOK 4.9 million compared to SEK 6.5 million in 2021. And that is, as I discussed in previous slides, less operating expenses, but keeping the revenue at approximately the same level as 2021. Net cash burn in operating activities for 2020 was $6.8 million. That is a decrease of 11% compared to last year. We had a cash balance and accounts receivable balance of NOK 16.3 million as of 31st of December 2022. There is a decrease of NOK 2.4 million for the year. I will now just say a few words on financing.

2022 年的毛利率為 22%。這包括在第四季度過時寫入過時股票的一次性影響。對此進行調整後，我們的毛利率將達到 51%，我們認為這是一個不錯的水平。 2022 年的運營費用為 1020 萬挪威克朗。與 2021 年相比下降了 15%。主要原因是我們控制了成本，但也得益於瑞典貨幣疲軟。正如我在上次財報電話會議上所說，我們的大部分成本都以瑞典克朗計算。在損益表中總結 2022 年，我們的淨虧損為 490 萬挪威克朗，而 2021 年為 650 萬瑞典克朗。也就是說，正如我在之前的幻燈片中所討論的那樣，運營費用減少，但收入與 2021 年大致持平。 2020 年經營活動的淨現金消耗為 680 萬美元。與去年相比下降了 11%。截至 2022 年 12 月 31 日，我們的現金餘額和應收賬款餘額為 1630 萬挪威克朗。今年減少了 240 萬挪威克朗。我現在就融資說幾句話。

During October to January -- October 22 to January 23, we selectively used our ATM facility, and we raised net proceeds of $12.6 million to an average price per share of $7.24. The NOK 4.7 million we raised in Q4 are a part of the balance that I talked about in previous slides, but we increased also the balance by adding additional $7.9 million of net proceeds in January 2023. We think that the improved cash position will give financial stability to execute on our strategy. And to give some more color to this, I will give the word back to Urban.

從 10 月到 1 月——10 月 22 日到 1 月 23 日，我們有選擇地使用了我們的 ATM 設施，我們籌集了 1260 萬美元的淨收益，平均每股價格為 7.24 美元。我們在第四季度籌集的 470 萬挪威克朗是我在之前幻燈片中談到的餘額的一部分，但我們還通過在 2023 年 1 月增加額外的 790 萬美元淨收益來增加餘額。我們認為改善的現金狀況將使財務執行我們戰略的穩定性。為了給這個更多的顏色，我會把這個詞還給 Urban。

So in the rest of the presentation, I wanted to spend some time here to discuss current status and the plan going forward. To tie in what Fredrik said, our sales revenues were more or less on par with those of 2021. I must say that it's not bad, but we are not satisfied, and we're working hard to improve that and grow the business. And indeed, we are very optimistic about our ability to really turn this around and create some significant growth. And we also have during the last year, created strong interest in several of our solutions that we offer, and we have several very promising opportunities in our sales fund currently that we are working to capitalize on. Plan going forward. We believe they have a good strategy and also strong finances that together put us in a good position to significantly grow our business this year and the coming years. We are adding resources to our global sales team to support growth in key sectors and markets. We are also expanding our network of distributors, value-added resellers and other partners for a broader reach and a quicker market penetration.

因此，在演講的其餘部分，我想在這里花一些時間來討論當前狀態和未來的計劃。配合 Fredrik 所說，我們的銷售收入與 2021 年的銷售收入大致相當。我必須說這還不錯，但我們並不滿意，我們正在努力改善這一點並發展業務。事實上，我們對我們真正扭轉這一局面並創造一些顯著增長的能力非常樂觀。在過去的一年裡，我們也對我們提供的幾種解決方案產生了濃厚的興趣，目前我們正在努力利用我們的銷售基金中的幾個非常有前途的機會。計劃前進。我們相信他們擁有良好的戰略和雄厚的財務實力，這使我們處於有利地位，可以在今年和未來幾年顯著發展我們的業務。我們正在為我們的全球銷售團隊增加資源，以支持關鍵行業和市場的增長。我們還在擴大我們的分銷商、增值經銷商和其他合作夥伴網絡，以擴大影響範圍並加快市場滲透。

Regarding marketing, we continue to build on our brand and marketing platform to drive sales. We will increase the focus on physical demos, POC projects and also physical events quite significantly. Of course, this draws some resource. But again, given our strong cash position, we want to use this now to leverage the technology that we have developed and the IP that we have in the company. We will also continue to work a lot with digital marketing campaigns. And the key point, as shown previously in this presentation to show the value of our technology. We believe we have a very, very good technology base and an IP base in the company. And a key issue for us is to show the value and demonstrate the capabilities of the technology and of our team, how we can support customers and add value.

在營銷方面，我們繼續建立我們的品牌和營銷平台來推動銷售。我們將顯著增加對物理演示、POC 項目和物理事件的關注。當然，這需要一些資源。但同樣，鑑於我們強大的現金狀況，我們現在想利用它來利用我們開發的技術和我們在公司擁有的知識產權。我們還將繼續在數字營銷活動方面開展大量工作。關鍵點，如本演示文稿前面所示，展示了我們技術的價值。我們相信我們在公司擁有非常非常好的技術基礎和知識產權基礎。對我們來說，一個關鍵問題是展示技術和我們團隊的價值和能力，以及我們如何支持客戶和增加價值。

Moving over to engineering. We continue to invest in product development to improve the added customer value we can bring with our products and solutions and also to broaden our offering. We will share more details on this in later earnings calls this spring and after the summer. To support these efforts, we are not only investing internally with our own staff, but we also are engaging with some external engineering firms and other partners to shorten our time to market and increase our general development and manufacturing bandwidth. All aiming upwards and forwards. And again, just to repeat and illustrate what we are working on in practice. Multi-sensing licensing solution, the main focus and basically the only focus is to work on driver and in-cabin monitoring for different automotive OEM and Tier 1 customers, where we are encouraged and indeed, we are involved in some detailed discussions currently with a couple of such customers that we hope to capitalize on in the near future, very, very promising and interesting.

轉向工程。我們繼續投資於產品開發，以提高我們的產品和解決方案可以為客戶帶來的附加值，並擴大我們的產品範圍。我們將在今年春季和夏季之後的後期財報電話會議上分享更多細節。為了支持這些努力，我們不僅在內部投資我們自己的員工，而且我們還與一些外部工程公司和其他合作夥伴合作，以縮短我們的上市時間並增加我們的總體開發和製造帶寬。所有的目標都是向上和向前。再一次，只是為了重複和說明我們在實踐中所做的工作。多傳感許可解決方案，主要關注點，基本上唯一關注點是為不同的汽車 OEM 和一級客戶進行駕駛員和車內監控，我們受到鼓勵，事實上，我們目前正在與一家公司進行一些詳細討論我們希望在不久的將來利用這樣的幾個客戶，非常非常有前途和有趣。

Another area, which draws a lot of attention in our company and also from several different customers is head-up display obstruction detection. And we have here a very cost-effective and good, robust solution to detect foreign objects on head-up display projectors that may obstruct the image and cause safety hazard. And this is not acceptable neither by legislators nor by vehicle manufacturers. So therefore, we need for this type of systems in modern vehicles, also technical means of detecting this type of disturbances. And we have here a very good ready solution that is drawing a lot of attention from several customers. I mentioned also in the previous slide that we work on interior controls. And one example is we work with a French company called EPICNPOC who are developing and selling rapid prototyping, design studio solutions. And we are together with them, developing and launching different features based on our touch sensor modules and also our other offerings.

另一個引起我們公司和幾個不同客戶廣泛關注的領域是平視顯示器障礙物檢測。我們這裡有一個非常具有成本效益和良好、穩健的解決方案，用於檢測平視顯示投影儀上可能阻擋圖像並造成安全隱患的異物。這是立法者和汽車製造商都不能接受的。因此，我們需要在現代車輛中使用此類系統，以及檢測此類干擾的技術手段。我們這裡有一個非常好的現成解決方案，引起了一些客戶的廣泛關注。我在上一張幻燈片中也提到過我們致力於內部控制。一個例子是我們與一家名為 EPICNPOC 的法國公司合作，該公司正在開發和銷售快速原型製作、設計工作室解決方案。我們與他們一起，基於我們的觸摸傳感器模塊和我們的其他產品開發和推出不同的功能。

And just an example of how this cooperation is playing out. So we co-exhibited with the EPICNPOC at CES in Las Vegas in January this year, very successful, a lot of attention to their solution and also our contribution there was significant. So we are very, very glad of this cooperation and think that this is one way for us to reach new customers, mainly in Europe, but also in other regions. We continue to work in our products business with elevator customers, both elevator OEMs and companies developing and selling elevator control panels. And in the elevator industry, it's common that the companies work both OEM, meaning selling new equipment and also in the aftermarket selling retrofits and upgrades and simply do service maintenance services for the elevators. Interactive kiosks come in many different shapes and forms. This illustration is a particular kiosk developed by Maxell that they launched at Maxell Aqua Park in Tokyo. It's a very nice example of holographic interactive information kiosk, where visitors to this AquaPark, Candela browse and see small video clips and other information charge for different types of fish and animals in the sea.

這只是這種合作如何進行的一個例子。因此，我們今年 1 月在拉斯維加斯的 CES 上與 EPICNPOC 共同參展，非常成功，他們的解決方案受到了很多關注，我們在那裡的貢獻也很重要。所以我們對這次合作感到非常非常高興，並認為這是我們接觸新客戶的一種方式，主要是在歐洲，但也在其他地區。我們繼續與電梯客戶開展產品業務，包括電梯原始設備製造商和開發和銷售電梯控制面板的公司。在電梯行業，公司通常既從事 OEM 業務，即銷售新設備，也從事售後市場銷售改造和升級，以及簡單地為電梯提供服務維護服務。交互式信息亭有許多不同的形狀和形式。這幅插圖是 Maxell 開發的一個特別的售貨亭，他們在東京的 Maxell Aqua Park 推出。這是全息交互式信息亭的一個很好的例子，坎德拉這個水上公園的遊客可以在這裡瀏覽和觀看小視頻剪輯以及其他信息，對海中不同類型的魚類和動物收費。

This is a very nice graphical example. But of course, there are many, many other types of kiosks that we also support with our touch sensor module products. Related business, still related to the our touch sensor module business is Medtech, where we have actually a long cooperation with a Swiss company called Elix Systems that have developed a solution for medical imaging systems. Here, in particular, quite a big program with a leading med tech OEM that here have equipped an ultrasound system with our touch feature that adds functionality and adds value to their otherwise very, very high-performance system. So now nurses and the doctors doing examinations using the Ultrasound device and typically having gels on their fingers and using gloves when they do these studies. They can then zoom and point and click to the screen like you prefer to do for quick handling and ease of use. So we add a lot of value, both for the manufacturer of these systems who could add touch to their existing system and then to the end users, the nurses and the doctors that have a very, very robust, fast and accurate touch feature.

這是一個非常好的圖形示例。當然，我們的觸摸傳感器模塊產品還支持許多其他類型的信息亭。相關業務，仍然與我們的觸摸傳感器模塊業務相關的是 Medtech，我們實際上與一家名為 Elix Systems 的瑞士公司長期合作，該公司開發了一種醫療成像系統解決方案。在這裡，特別是與一家領先的醫療技術 OEM 合作的一個相當大的項目，他們在這里為超聲系統配備了我們的觸摸功能，為他們原本非常非常高性能的系統增加了功能和價值。因此，現在護士和醫生使用超聲波設備進行檢查，通常在手指上塗上凝膠並在進行這些研究時戴上手套。然後，他們可以像您喜歡的那樣縮放、指向和單擊屏幕，以便快速處理和易於使用。因此，我們為這些系統的製造商增加了很多價值，他們可以將觸摸添加到他們現有的系統，然後為終端用戶、護士和醫生提供了非常非常強大、快速和準確的觸摸功能。

In fact, we are so much encouraged by this success with this program that we will and have taken steps to increase our focus on medtech as one of the sectors that we will focus more and more on going forward. Other examples are retail and proptechand retail could be anything point of sales terminals, self-checkout terminals and similar. And the PropTech includes everything from elevators, it could be entry systems, alarm systems and other control panels for buildings. These are 3 examples of sectors that we will focus on going forward. And in med tech, we see simply several use cases where we have outstanding offerings that brings a lot of value to both the buying customers and the end users in the hospitals and also for patients and visitors to the hospitals. So there is a strong overlap with interactive kiosks here, but we also see that there are some particular requirements that we can meet and that we are now working to show different customers. And here, we will also come back in later earnings calls to share some more updates.

事實上，我們對這個項目的成功感到非常鼓舞，我們將並且已經採取措施增加對醫療技術的關注，將其作為我們未來越來越關注的行業之一。其他例子是零售和 proptech，零售可以是銷售終端、自助結賬終端等的任何點。 PropTech 包括從電梯到入口系統、警報系統和其他建築物控制面板的所有內容。這些是我們未來將重點關注的 3 個行業示例。在醫療技術領域，我們只看到了幾個用例，在這些用例中，我們提供了出色的產品，為醫院的採購客戶和最終用戶以及醫院的患者和訪客帶來了很多價值。所以這裡與交互式信息亭有很大的重疊，但我們也看到我們可以滿足一些特殊要求，我們現在正在努力向不同的客戶展示。在這裡，我們還將在以後的財報電話會議上回來分享更多更新。

Drawing closer to the end of this presentation, I promised to give some comments about the ongoing patent litigations versus Apple and Samsung. And we have one slide here, and I will basically only comments on the fact regarding our agreement with Equitas. So as many of you know, we have an embedded call option as we call it, associated with our patent agreement with Equitas Technologies LLC. Equitas is an American-based technology licensing company. And in 2019, Neonode signed 2 patent families related to old smartphone technology to Equitas for monetization. And the agreement states that we will get 50% of the net proceeds if Equitas succeeds in monetizing the patents. And what I want to underline here is that net proceeds should be understood as the gross proceeds less out-of-pocket expenses and legal fees. The agreement with Equitas is available on SEC's website and also you can find it through our website. If you look at our 8-K filing from May 2019, you will find the agreement in full and can there read all the terms and conditions.

在本次演講接近尾聲時，我承諾會就正在進行的針對蘋果和三星的專利訴訟發表一些評論。我們這裡有一張幻燈片，我基本上只會評論我們與 Equitas 達成的協議這一事實。正如你們許多人所知，我們有一個嵌入式看漲期權，與我們與 Equitas Technologies LLC 的專利協議相關聯。 Equitas 是一家總部位於美國的技術許可公司。並且在 2019 年，Neonode 與 Equitas 簽署了 2 個與舊智能手機技術相關的專利家族以進行貨幣化。協議規定，如果 Equitas 成功將專利貨幣化，我們將獲得 50% 的淨收益。我想在這裡強調的是，淨收益應該理解為總收益減去現金支出和法律費用。與 Equitas 的協議可以在 SEC 的網站上找到，您也可以通過我們的網站找到它。如果您查看我們 2019 年 5 月提交的 8-K 文件，您會發現完整的協議，並且可以閱讀所有條款和條件。

In June 2020, Neonode smartphone LLC. This is a subsidiary of Equitas and having no direct link to us other than the first part of the name. They filed 2 patent infringement lawsuits on against Apple and 1 against Samsung. And these 2 litigations are still ongoing. The Apple case has been moved to a district of Northern California and the Samsung case is still in the Western District of Texas. I want to underline also finally, our role in this. Our role in this is to be the owner of the regional patents that we transferred in 2019 to Equitas. We have no insight into or influence over Equitas operations. And in particular, we are not involved in the lawsuits against Apple and Samsung. Good thing here about the whole arrangement is that we will not bear any costs associated with the ongoing litigations, and we are not exposed to any risks because of them.

2020 年 6 月，Neonode 智能手機有限責任公司。這是 Equitas 的子公司，除了名稱的第一部分外，與我們沒有直接聯繫。他們對蘋果提起了 2 項專利侵權訴訟，對三星提起了 1 項專利侵權訴訟。而這2起訴訟仍在進行中。蘋果案已移至北加州地區，三星案仍在德克薩斯州西區。最後我還想強調一下，我們在這方面的作用。我們在這方面的角色是成為我們在 2019 年轉讓給 Equitas 的地區專利的所有者。我們無法深入了解或影響 Equitas 的運營。特別是，我們沒有參與針對蘋果和三星的訴訟。整個安排的好處是，我們不會承擔與正在進行的訴訟相關的任何費用，我們也不會因此而面臨任何風險。

And this is the whole idea behind this arrangement and Neonode's Board in 2019, therefore, entered into this agreement with Equitas. Still, we appreciate that many find it very, very interesting to both study and discuss and speculate about this. But we stay with these facts and these descriptions of the actual events that have taken place from 2019 until today. And basically, that is what we can and will communicate around these patent litigations. Thank you very much. And this brings me to our final concluding remarks slide. As Fredrik has presented, our sales revenues for 2022 were USD 5.7 million, similar results as in 2021. Net loss decreased and was SEK 4.9 million, and that's due to mainly very, very tight cost control and also favorable exchange rates. And net cash used in operation activities was SEK 6.8 million, and this is down from NOK 7.7 million in 2021.

這就是這一安排背後的全部想法，Neonode 董事會在 2019 年因此與 Equitas 達成了這項協議。儘管如此，我們仍然感謝許多人發現對此進行研究、討論和推測非常非常有趣。但我們保留這些事實以及這些對從 2019 年到今天發生的實際事件的描述。基本上，這就是我們可以並且將圍繞這些專利訴訟進行交流的內容。非常感謝。這讓我看到了我們最後的結論性幻燈片。正如 Fredrik 介紹的那樣，我們 2022 年的銷售收入為 570 萬美元，與 2021 年的結果相似。淨虧損減少為 490 萬瑞典克朗，這主要是由於非常非常嚴格的成本控制以及有利的匯率。經營活動使用的現金淨額為 680 萬瑞典克朗，低於 2021 年的 770 萬挪威克朗。

We continue to see strong interest in our TSN products in our Cforce and multi-sensing technology platforms. And we will use our strong cash position to drive growth through investments into sales, marketing and new product development. So we look very positive to the rest of this year and also the coming years. And we believe strongly that we will be able to grow our business significantly. Thank you very much. And now I invite Jesper up for Q&A.

我們繼續看到人們對我們的 Cforce 和多傳感技術平台中的 TSN 產品表現出濃厚的興趣。我們將利用我們強大的現金狀況，通過對銷售、營銷和新產品開發的投資來推動增長。因此，我們對今年餘下時間以及未來幾年都非常樂觀。我們堅信，我們將能夠顯著發展我們的業務。非常感謝。現在我邀請 Jesper 進行問答。

Thank you very much for that. All right. So let's start with the strong product sales of the quarter, which was many times as high as previous quarters. Could you just explain the reasons behind this?

非常感謝你。好的。因此，讓我們從本季度強勁的產品銷售開始，這是前幾個季度的好幾倍。你能解釋一下這背後的原因嗎？

Of course, it's -- as in many cases, a combination of different effects that works in our favor. But if you look at what we can control, we had some serious efforts, and we did a strong push, both in Q3 and Q4 to really drive sales. So that's good work by our team to really influence many customers to take the step to place orders, and we are happy for that. We also got help because situation, for instance, in China and other Asian countries started to normalize during the second half of last year, and I think that helped. And also in Europe, we have some good customers and partners that we were able to get new businesses with. And together, that gave a very positive end to the year for the products business. I would also say that second half and Q4 was positive in our licensing business and then some new projects that brought in NRE revenues. So for nonrecurring engineering services, we could invoice several customers during the third and fourth quarter, which also contributed.

當然，在許多情況下，它是對我們有利的不同效果的組合。但如果你看看我們能控制什麼，我們做了一些認真的努力，我們在第三季度和第四季度大力推動，真正推動了銷售。因此，我們團隊的出色工作真正影響了許多客戶採取下訂單的步驟，我們為此感到高興。我們也得到了幫助，例如去年下半年中國和其他亞洲國家的情況開始正常化，我認為這有所幫助。在歐洲，我們也有一些很好的客戶和合作夥伴，我們能夠與之開展新業務。總之，這為產品業務帶來了非常積極的結果。我還要說下半年和第四季度我們的許可業務是積極的，然後是一些帶來 NRE 收入的新項目。因此，對於非經常性工程服務，我們可以在第三和第四季度向多個客戶開具發票，這也有所貢獻。

Good. And if we stop at the product sales there, was it more from the retrofit business or was it from new sales?

好的。如果我們止步於那裡的產品銷售，是更多來自改造業務還是來自新銷售？

I would say that some of the bigger orders that customers place with us were for new equipment. But we also have sort of a healthy portion of retrofit businesses, but they tend to be smaller, several orders, but smaller. So we have a balance. I don't know have from the top of my head, the exact balance between retrofit applications and new equipment. But I believe that the majority of the bigger orders, they were indeed from a new equipment.

我會說客戶向我們下的一些更大的訂單是新設備。但我們也有相當一部分改裝業務，但它們往往規模較小，有幾個訂單，但規模較小。所以我們有一個平衡點。我不知道從頭到尾，改造應用程序和新設備之間的確切平衡。但我相信大多數較大的訂單確實來自新設備。

Okay. So from the new equipment, was it like 1 or 2 large ones that make like specific orders? Or should we anticipate that it was a few contributing?

好的。那麼從新設備來看，是否有 1 或 2 個大型設備發出特定訂單？還是我們應該預料到這是少數人的貢獻？

No, there was actually several different customers placing not huge orders because then we would have presented even stronger numbers, but still decent volumes came in from several customers that we were glad for.

不，實際上有幾個不同的客戶下了不多的訂單，因為那樣我們會提供更多的數字，但是我們很高興的幾個客戶仍然有不錯的數量。

Good. And regarding the license side and especially the NRE revenue there, could you say like what segments are those from? Is it fair to assume it's automotive or...

好的。關於許可證方面，尤其是那裡的 NRE 收入，您能說說這些來自哪些細分市場嗎？假設它是汽車還是...公平嗎？

It's a very clear focus from our side in our licensing business has been for a couple of years to focus on customers in the automotive sector. We work both today with OEM customers, meaning vehicle manufacturers directly and with some Tier 1 suppliers. And in fact, we have customers in all 3 main regions: Asia, Europe and North America. So we have contributions there. And it's for these 2 main topics that I stressed here in this presentation and also in previous presentations, driver in cabin monitoring on the one hand and head-up display obstruction detection there. So we see most activity to a most interest.

幾年來，我們在許可業務方面的一個非常明確的重點是專注於汽車行業的客戶。今天，我們既與 OEM 客戶合作，即直接與汽車製造商合作，也與一些一級供應商合作。事實上，我們在所有 3 個主要地區都有客戶：亞洲、歐洲和北美。所以我們在那裡有貢獻。這是我在本次演示和之前的演示中強調的這兩個主要主題，一方面是駕駛員在機艙內的監控，另一方面是平視顯示器障礙物檢測。所以我們看到最多的活動是最感興趣的。

And I mean, there has been a lot of activity on the RFQ side on the driver monitoring side there. Can you see some -- anything about like how close you are to being able to present anything there, like the results of RFQs?

我的意思是，那裡的驅動程序監控方面的 RFQ 方面有很多活動。你能看到一些 - 任何關於你有多接近能夠在那裡展示任何東西的東西，比如 RFQ 的結果？

We think we are very, very close. Of course, it's under NDA and it's sensitive. But we think that we have very, very good chances of winning some new businesses here in the near future. We also know and appreciate that there are many competitors, very strong competitors in this field. But still, I can share that we are encouraged by the feedback we get when we talk to different not least OEM customers that maybe have already chosen a certain other supplier for their first wave. But then for different reasons, they're looking for a better alternative. And then we have found some interesting prospects that we are now entertaining. Okay.

我們認為我們非常非常接近。當然，它處於保密協議之下，而且很敏感。但我們認為，在不久的將來，我們有非常非常好的機會在這裡贏得一些新業務。我們也知道並意識到在這個領域有很多競爭對手，非常強大的競爭對手。但是，我仍然可以分享，當我們與不同的 OEM 客戶交談時，我們得到的反饋讓我們感到鼓舞，這些客戶可能已經為他們的第一波選擇了某個其他供應商。但出於不同的原因，他們正在尋找更好的選擇。然後我們發現了一些有趣的前景，我們現在正在接受這些前景。好的。

Good. And is this for any specific region, would you say?

好的。你會說這是針對任何特定地區的嗎？

That's would be to disclose too much.

那將是透露太多。

Okay. Okay. All right. And also for the head-up display is that like yes, what's the status there, if you compare it, like the timing of RFQs for that compared to like driving monitoring systems?

好的。好的。好的。而且對於平視顯示器來說，是的，那裡的狀態是什麼，如果你比較它，比如 RFQ 的時間與駕駛監控系統相比？

It's driven by a few premium vehicle manufacturers that are going betting hard on head-up displays in the future. And they are looking to change the cockpit inside the vehicle and having maybe less of the traditional instrument clusters and big displays, but instead having more all the information projected onto the windshield in different types of arrangements, but some will project more in the field of you, some at the bottom of the windshield. And if you then remove some of these OEMs are planning to remove the traditional instrument cluster free space for, yes, space in the passenger compartment and also design issues, I believe, and third, to save cost, they need this type of feature that we are working with for safety reasons and to fulfill all legislations of general safety regulation in the EU and similar regulations in both China and U.S.

它是由一些高端汽車製造商推動的，這些製造商未來將大力押注平視顯示器。他們正在尋求改變車內的駕駛艙，可能會減少傳統的儀錶盤和大顯示器，而是將更多的信息以不同類型的排列方式投射到擋風玻璃上，但有些人會投射更多的領域你，一些在擋風玻璃的底部。而且，如果您隨後刪除其中一些 OEM 計劃刪除傳統儀表組的可用空間，是的，乘客艙的空間以及設計問題，我相信，第三，為了節省成本，他們需要這種類型的功能出於安全原因，我們正在與之合作，並履行歐盟的所有一般安全法規以及中國和美國的類似法規。

All right. And can you say anything about the prospective like average selling price per vehicle for that kind of solution?

好的。你能說說這種解決方案的每輛車的預期平均售價嗎？

In our case, we talk about technology licensing, and we have significant revenues from automotive customers today with our Cforce platform. And indeed, this will be another application of Cforce. so We talk about some dollars per vehicle, and that's very, very interesting because often in automotive, the programs run in very, very high volumes. So we hope that this will significantly contribute to our future license revenues. But of course, there is a fairly long now sales development and launch cycle that we have to work through, and everyone should be aware of this, that we are perhaps talking about 2.5 to 3.5 years until we get additional license revenues from these type of projects.

在我們的案例中，我們談論技術許可，我們今天通過我們的 Cforce 平台從汽車客戶那裡獲得了可觀的收入。事實上，這將是 Cforce 的另一個應用。所以我們談論每輛車一些美元，這非常非常有趣，因為通常在汽車領域，程序的運行量非常非常大。因此，我們希望這將對我們未來的許可收入做出重大貢獻。但是，當然，現在我們必須經歷相當長的銷售開發和發布週期，每個人都應該意識到這一點，我們可能會談論 2.5 到 3.5 年，直到我們從這些類型的產品中獲得額外的許可收入項目。

So possible revenues around like late 2025, 2026, something like that. All right, good. And I mean, you generally speak with quite a high optimism about 2023, like ramping up revenues and so on. And also in our last conference call, you anticipated that you will use your inventory that you had then for the next like 16 to 24 months.

所以可能的收入大約在 2025 年末、2026 年左右，諸如此類。好的，很好。我的意思是，你通常對 2023 年持相當樂觀的態度，比如增加收入等等。在我們上次電話會議中，您預計您將在接下來的 16 到 24 個月內使用您當時擁有的庫存。

You talking about Components inventory.

你在談論組件庫存。

Yes. Yes. Exactly. So how do you see 2023 like rolling out sales-wise?

是的。是的。確切地。那麼，您如何看待 2023 年在銷售方面的推廣？

In our products business, we certainly think that we can do much better than the previous year, which was indeed quite similar to the year before. So we are optimistic and we are confident that we can start to see some steps forward. We have also decided to develop some new product variants to broaden the portfolio because we think that we have established now some good sales channels in different markets. that we can use to sell additional products through the same channels. Sometimes our direct sales efforts or via partners. So we are doing different steps here every week basically to try to drive sales, both of the existing products and of new. And we have to improve because we have set very ambitious targets for the company. And my team and together with the Board of Neonode, we work really hard every week to make a difference here and to break out of this, say, single-digit million dollar type of turnover that we have had in the last years. I think this company deserves much more and the technology is certainly capable of driving much higher sales. So this is what we are working on and really fighting to achieve.

在我們的產品業務中，我們當然認為我們可以比前一年做得更好，這確實與前一年非常相似。所以我們很樂觀，我們有信心我們可以開始看到一些進步。我們還決定開發一些新產品變體以擴大產品組合，因為我們認為我們現在已經在不同市場建立了一些良好的銷售渠道。我們可以使用它來通過相同的渠道銷售其他產品。有時我們直接銷售或通過合作夥伴。因此，我們每週都會在這裡採取不同的步驟，基本上是為了推動現有產品和新產品的銷售。我們必須改進，因為我們為公司設定了非常雄心勃勃的目標。我的團隊和 Neonode 的董事會一起，我們每週都非常努力地工作，在這裡有所作為，並打破這種，比如說，我們在過去幾年中的百萬美元營業額。我認為這家公司應該得到更多，而且這項技術肯定能夠推動更高的銷售額。所以這就是我們正在努力並真正為實現而奮鬥的目標。

Okay. And for license sales, I mean, I guess the typical arrangement there that you would get like NRE revenue before you onboard into a new license sales program. So is it fair to assume that we will see the NRE revenue before you ramp up significantly there?

好的。對於許可證銷售，我的意思是，我猜那裡的典型安排是，在您加入新的許可證銷售計劃之前，您會獲得 NRE 收入。那麼假設我們會在你在那里大幅增加之前看到 NRE 收入是公平的嗎？

Yes, as we have tried to explain, but I can repeat that. And I know that you are well aware of how the automotive industry works. So if you are successful with certain RFQs this year, we can expect NRE revenues to ramp up for this next maybe 2 years. And then only when the underlying product, meaning the new vehicle or the new platform goes into mass production, this is when we start to get royalties from the licensing. But that NRE part can be significant because it's very time-consuming and draws a lot of effort from both the vehicle manufacturing and all the suppliers to develop, test, validate and launch a new vehicle platform. And of course, we are there to help. And our ambition is always to have at least breakeven during that development phase for the efforts we do to support both the Tier 1 supplier and the vehicle manufacturer to realize whatever ideas they have using our platform.

是的，正如我們試圖解釋的那樣，但我可以重複一遍。而且我知道您非常了解汽車行業的運作方式。因此，如果您今年在某些 RFQ 上取得成功，我們可以預計 NRE 收入將在接下來的 2 年內增加。然後只有當基礎產品，即新車輛或新平台進入量產時，我們才開始從許可中獲得版稅。但 NRE 部分可能很重要，因為它非常耗時，並且需要汽車製造商和所有供應商投入大量精力來開發、測試、驗證和推出新的汽車平台。當然，我們隨時為您提供幫助。我們的目標始終是在開發階段至少實現收支平衡，因為我們努力支持一級供應商和汽車製造商使用我們的平台實現他們的任何想法。

Sounds good. And then, I mean, now regarding licensing sales, you talked basically only about the Automotive segment. Previously, you've talked about a potential large customer in the military, for instance. Can you say anything about the status there?

聽起來不錯。然後，我的意思是，現在關於許可銷售，您基本上只談到了汽車領域。例如，您之前談到過軍隊中的一個潛在大客戶。你能說說那裡的狀況嗎？

Yes. So in our team, during last year, we have sort of focused step-by-step more on the high potentials and those we find in automotive, simply more interesting because of the higher volumes. Indeed, we still have quite strong interest from military and avionics companies and also medtech and we are trying to explore and exploit these interests that we get from different directions. But honestly, we are a small team, a small company. So that's why we focus and also in our communication, we are very, very clear that the main focus is automotive. And now I can underline that in our products business, we will think more like sector based. Again, I repeat that we will talk more about retail, PropTech and medtech as 3 very interesting segments in the Products business, maybe together with hospitality, where you can include travel and hotels and restaurants. So sector-based marketing, sector-based sales and to some extent, also adjusting our technical offerings to each sector and the specific needs. So we think that's the model going forward for Neonode, both in our licensing business and also in the products business.

是的。因此，在我們的團隊中，在去年，我們逐步將重點更多地放在高潛力和我們在汽車領域發現的潛力上，因為產量更高，所以更有趣。事實上，軍事和航空電子公司以及醫療技術公司仍然對我們有相當濃厚的興趣，我們正在努力探索和利用我們從不同方向獲得的這些利益。但老實說，我們是一個小團隊，一個小公司。所以這就是我們關注的原因，並且在我們的溝通中，我們非常非常清楚主要關注點是汽車。現在我可以強調，在我們的產品業務中，我們將更像基於行業的思維方式。我再次重申，我們將更多地討論零售、PropTech 和醫療技術，它們是產品業務中三個非常有趣的部分，也許還有酒店業，其中可以包括旅遊、酒店和餐館。因此，基於行業的營銷、基於行業的銷售，在某種程度上，還根據每個行業和特定需求調整我們的技術產品。因此，我們認為這就是 Neonode 未來的模式，無論是在我們的許可業務中還是在產品業務中。

All right. And I mean both in Q4, but also in January, you stated in the report that you've used the ATM to some extent. I think it was about 900,000 new shares in January and then all 800,000 or something like that in Q4. Could you just state like where you see yourself financially, Fredrik?

好的。我的意思是，無論是在第四季度，還是在 1 月份，您在報告中都表示您在某種程度上使用了 ATM。我認為 1 月份大約有 900,000 股新股，然後在第四季度全部 800,000 股或類似數量。 Fredrik，你能說說你對自己的經濟狀況嗎？

We are in a strong position now. And as I said in the end of my presentation, we have this ability to execute on our strategy now and that we will do, as Urban said later on in the presentation.

我們現在處於強勢地位。正如我在演講結束時所說的那樣，我們現在有能力執行我們的戰略，我們將這樣做，正如 Urban 在演講中稍後所說的那樣。

And regarding that, is it fair to assume that, that statement is the same thing as like with the cash position that you have now, you expect yourself to be able to reach a breakeven with that amount of money?

關於這一點，是否可以公平地假設，該聲明與您現在擁有的現金頭寸一樣，您希望自己能夠用這筆錢達到收支平衡？

That could be one scenario, yes. But another scenario is that we start to have a really good traction in the business, and then we decide to maybe invest more. But in one scenario, we can run now and operate in a similar way as we are today. And indeed, that could be a very interesting trajectory to break even. So right now, we do not worry about running out of cash. Indeed, we want to be more aggressive and increase our spending compared to last year. And then we'll see. Together with the Board, Fredrik and I are constantly checking how things are developing, and we can make very quick adjustments to tighten a little bit or to give a little bit more gas on the accelerator. So this is how we will use it. But we are in a very good position, we think, and it gives us now a freedom to really focus on driving growth and developing the business. And this is what we are doing. And that what keeps us busy every day. I can promise you.

這可能是一種情況，是的。但另一種情況是，我們開始對業務產生很好的吸引力，然後我們決定可能會投資更多。但在一種情況下，我們現在可以運行並以與今天類似的方式運行。事實上，這可能是一個非常有趣的收支平衡軌跡。所以現在，我們不用擔心現金用完。事實上，與去年相比，我們希望更加積極並增加支出。然後我們會看到。我和 Fredrik 與董事會一起不斷檢查事情的發展情況，我們可以做出非常快速的調整以收緊一點或給加速器多一點油。這就是我們將如何使用它。但我們認為，我們處於一個非常有利的位置，這讓我們現在可以自由地真正專注於推動增長和發展業務。這就是我們正在做的。這讓我們每天都很忙。我可以答應你。

I can imagine. All right. But as a follow-up on that, is it fair to assume that, I mean, if the product sales of TSMs, if that accelerates a lot, then you would have to invest more in that kind of area. But if it's more of the if product sales does not ramp up, but license sales does that would mean like you wouldn't have to invest as much.

我能想像。好的。但作為對此的後續行動，是否可以公平地假設，我的意思是，如果 TSM 的產品銷售加速很多，那麼你將不得不在該領域進行更多投資。但是，如果更多的是產品銷售沒有增加，但許可證銷售增加，那就意味著你不必投資那麼多。

Yes, no. The licensing business for the first year, we talk about a lot of automotive but also military and med tech customers. Typically, we will always have long development cycles and launch cycles. That will be engineering intensive. So we would need engineering resources to manage growth there. But then you're right. Then it scales very nicely because it's a classic royalty model. And if you focus on high-volume programs that can give you a good leverage after mass production. In the Products business, it's more complex. Then we will have some CapEx investments and also investments into components and and operating expenses, traditional operating expenses. So that will tie up more capital for sure. It's also a question of how we drive the sales and if it's through our own channels or through our partners. But this is a way we can also balance the cash burn. If we work more with external partners, it's more on their account to invest in marketing and sales.

是的，不。第一年的許可業務，我們談論了很多汽車，還有軍事和醫療技術客戶。通常，我們總是會有很長的開發週期和發布週期。這將是工程密集型的。因此，我們需要工程資源來管理那裡的增長。但那你是對的。然後它可以很好地擴展，因為它是一個經典的版稅模型。而如果你專注於大批量的程序，那麼在量產後可以給你很好的槓桿作用。在產品業務中，情況更為複雜。然後我們將進行一些資本支出投資，以及對組件和運營費用、傳統運營費用的投資。所以這肯定會佔用更多的資金。這也是我們如何推動銷售以及是通過我們自己的渠道還是通過我們的合作夥伴推動銷售的問題。但這是我們也可以平衡現金消耗的一種方式。如果我們更多地與外部合作夥伴合作，他們就會更多地投資於營銷和銷售。

On the other hand, if we have the ability, I think we can have more direct results and also better results for Neonode. So going forward, we will use that cash position to try to strengthen our presence in the different arenas where we are today promoting our products, either alone or together with partners. So you will see more Neonode in these key markets and segments. And again, I was talking about we'll join more physical events. We will do more marketing. So we will travel more, we will be waiving the Neonode flag and interacting more directly with customers. And that's why we need to then hire some additional headcount to our sales team. Some here in Stockholm, Sweden, already hired 3 actually last week, and we will hire some more also internationally.

另一方面，如果我們有能力，我認為我們可以有更直接的結果，也可以為 Neonode 帶來更好的結果。因此，展望未來，我們將利用這一現金狀況來努力加強我們在今天單獨或與合作夥伴一起推廣我們產品的不同領域的影響力。因此，您將在這些關鍵市場和細分市場中看到更多 Neonode。再一次，我說的是我們將參加更多的體育賽事。我們會做更多的營銷。所以我們會更多地旅行，我們將放棄 Neonode 標誌並更直接地與客戶互動。這就是為什麼我們需要為我們的銷售團隊僱用一些額外的員工。瑞典斯德哥爾摩的一些人上週實際上已經僱用了 3 人，我們還將在國際上僱用更多人。

All right. Sounds good. And then we will see if we have any additional questions from other analysts. No. All right. Then that's all for us, and I'll leave some final remarks over to you, Urban.

好的。聽起來不錯。然後我們會看看其他分析師是否還有其他問題。不，好吧。那麼這就是我們的全部內容，最後我將向你發表一些最後的評論，Urban。

No. Thank you for your attention and continue to follow us. Please log into our website, neonode.com, and read everything there. I see -- I think you will find a lot of interesting content there. Thank you very much. Have a nice day.

沒有，感謝您的關注，繼續關注我們。請登錄我們的網站 neonode.com，然後閱讀那裡的所有內容。我明白了——我想你會在那裡找到很多有趣的內容。非常感謝。祝你今天過得愉快。