Neonode Inc (NEON) 2023 Q4 法說會逐字稿

Hi, and welcome to Neonode's Q4 2023 Earnings Call. And today, I will start with a brief company presentation and a review of the Q4 results by the company's CEO, Urban Forssell and CFO, Fredrik Nihlen. And then we'll move over to a Q&A session with me and the company's other analysts participating.

大家好，歡迎參加 Neonode 的 2023 年第四季財報電話會議。今天，我將首先進行簡短的公司介紹，並由公司執行長 Urban Forssell 和財務長 Fredrik Nihlen 對第四季業績進行回顧。然後我們將進入問答環節，由我和公司的其他分析師參與。

So with that said, I leave the word over to CEO, Urban Forssell. Welcome.

話雖如此，我還是把這個問題交給執行長厄本‧福塞爾 (Urban Forssell)。歡迎。

Thank you very much, Jesper. And also from my side, welcome to this Q4 and full year 2023 earnings call. Today's presenter will be me myself Urban Forsell, CEO and with me here on stage in just a few minutes Fredrik Nihlen, our CFO.

非常感謝你，傑斯珀。我也歡迎參加本次第四季和 2023 年全年財報電話會議。今天的演講者是我本人，執行長 Urban Forsell，幾分鐘後我們的財務長 Fredrik Nihlen 就會上台。

We have a pretty short agenda today. We have a brief introduction, and then I will go through two slides summarizing strategic and operational developments in 2023. And next, I will give the word to Fredrik, who will summarize the financial results for 2023. And then I will come back and give you a strategy update, which also will include the current status update and some comments about the rest of this year.

我們今天的議程很短。我們先做一個簡短的介紹，然後我將透過兩張投影片總結 2023 年的策略和營運發展。接下來，我將轉告 Fredrik，他將總結 2023 年的財務表現。然後我會回來給大家更新策略，其中還包括當前狀態更新和對今年剩餘時間的一些評論。

So with that said, as part of the introduction, I would like you to take a minute to read this legal disclaimer, and while you read, I will summarize this disclaimer in the following way. This presentation contains and related oral and written statements of Neonode Incorporated, the company and its management may contain forward-looking statements.

話雖如此，作為介紹的一部分，我希望您花一點時間閱讀這份法律免責聲明，在您閱讀的同時，我將透過以下方式總結這份免責聲明。本簡報包含 Neonode Incorporated 的相關口頭和書面陳述，該公司及其管理層可能包含前瞻性陳述。

Forward-looking statements include information about current expectations, strategy plans, potential financial performance, or future events. They may also include statements about market opportunity and sales growth, financial results, use of cash, product development and the introduction, regulatory matters and sales efforts.

前瞻性陳述包括有關當前預期、策略計劃、潛在財務績效或未來事件的資訊。它們還可能包括有關市場機會和銷售成長、財務業績、現金使用、產品開發和介紹、監管事項和銷售努力的聲明。

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.

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、不確定性和其他因素，這些因素可能導致公司的實際結果、活動水平、業績或成就發生重大變化。

Prospective investors are advised to carefully consider these various risks, uncertainties and other factors. Any forward-looking statements included in this presentation are made as of today's date. The company and its management undertake no duty to update or revise forward-looking statements.

建議潛在投資者仔細考慮這些各種風險、不確定性和其他因素。本簡報中包含的任何前瞻性陳述均截至今天。本公司及其管理階層不承擔更新或修改前瞻性陳述的責任。

This presentation has been prepared by the company based on its own information as well as information from public sources. Certain on 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.

本簡報由該公司根據其自身資訊以及公共來源的資訊編寫。本文所包含的某些資訊可能來自產業來源提供的資訊。該公司相信這些資訊是準確的，並且獲得這些資訊的來源是可靠的。但該公司尚未獨立核實該等信息，無法保證該等信息的準確性。

Thank you for your patience. And with that said, I'll move directly to the next points summary of 2023. So throughout 2023, we continued to operate in our two business areas that we have been operating in the last few years, namely one focusing on technology licensing and the other one, focusing on product sales. We illustrate these with a green color on the left for the licensing business and the blue color on the right for the products business.

感謝您的耐心等待。話雖如此，我將直接進入 2023 年的下一個要點總結。因此，整個2023年，我們繼續經營過去幾年一直在運營的兩個業務領域，即一個專注於技術許可，另一個專注於產品銷售。我們用左側的綠色表示授權業務，右側的藍色表示產品業務。

As we show here, the main target sectors in our licensing business is and has been printers and different types of automotive customers. We offer solutions based on two technology platforms, C fours and multi sensing and the business we employ in our licensing businesses to work with the customers to integrate and adapt our solutions to their platforms. Here, we have an opportunity to get NRE or any revenues. And when the underlying product goes into mass production, we typically get a royalty per produced unit as a license fee.

正如我們在此所示，我們許可業務的主要目標行業現在是印表機和不同類型的汽車客戶。我們提供基於兩個技術平台（C fours 和多重感測）的解決方案，以及我們在授權業務中使用的業務，與客戶合作，將我們的解決方案整合並適應他們的平台。在這裡，我們有機會獲得NRE或任何收入。當基礎產品投入大量生產時，我們通常會獲得每個生產單位的特許權使用費作為許可費。

So this is about the licensing business illustrated here on the left. In the products business, we have targeted customers mainly in the elevator and interactive kiosk sectors. We also done some inroads into industry automation and MedTech with our products there. We have and our offering, we have been and are offering what we call touch sensor modules or TSMs for short.

這是關於左側所示的授權業務。在產品業務方面，我們的目標客戶主要集中在電梯和互動式資訊亭領域。我們也利用我們的產品在工業自動化和醫療技術領域取得了一些進展。我們已經提供了我們的產品，我們已經並且正在提供所謂的觸控感應器模組或簡稱 TSM。

In fact, these products are a special realization of our C four technology that we also license in the licensing business. But these touch sensor modules we have packaged into any physical package and we produce these modules in our production unit in [Kung Taka] in the West Coast of Sweden, and we sell directly to end customers and indirectly the value-added resellers and distributors.

事實上，這些產品是我們C四技術的特殊實現，我們也在授權業務中進行了授權。但我們將這些觸控感測器模組封裝成任何實體包裝，並在瑞典西海岸[Kung Taka]的生產單位生產這些模組，我們直接銷售給最終客戶，並間接銷售給增值經銷商和分銷商。

The main business model is simply here product sales of these commercial off-the-shelf sensor module products. We have continued to operate on this strategy throughout 2023. There's been a lot of activity in the company with marketing, with sales to reach new customers to create demand and to lab new deals for our licensing offerings and our product.

主要業務模式就是這些商業現成感測器模組產品的產品銷售。2023 年我們將繼續執行這項策略。本公司在行銷、銷售方面進行了大量活動，以吸引新客戶以創造需求，並為我們的授權產品和產品進行新交易。

We also have strengthened the organization in different ways, in particular, we have during the second half of the year, recruited some very senior persons that have strengthened our team, both in engineering and in marketing and sales.

我們也以不同的方式加強了組織，特別是在今年下半年，我們招募了一些非常資深的人員，這些人員增強了我們的團隊，無論是在工程方面還是在行銷和銷售方面。

We have improved our operational efficiency. We have improved our cybersecurity and in general, strengthen our IT environment in the company. Nevertheless, 2023 was a tough year for us and the outcome and the results that we managed to achieve in terms of sales where I would say, below expectations and actually as we write in the 10-K and in our earnings release we are disappointed about the decrease in sales revenues.

我們提高了營運效率。我們改善了網路安全，並整體加強了公司的 IT 環境。儘管如此，2023 年對我們來說是艱難的一年，我想說的是，我們在銷售方面取得的成果和成果低於預期，實際上，正如我們在10-K 和收益發布中所寫的那樣，我們對銷售收入減少。

Taking this step by step in our licensing business, what we can say for our automotive licensing business, our license revenues from legacy customers was stable throughout 2023. In Q4, we announced also breakthrough driver monitoring software award from a leading commercial vehicle manufacturer. This is the result of actually several years hard work with product development, marketing, and sales. And as I will come back to in the second half of the presentation. This is a very, very important stepping stone for us and gives us momentum for 2024 and beyond.

在我們的授權業務中逐步採取此舉措，對於我們的汽車授權業務來說，我們來自傳統客戶的授權收入在 2023 年保持穩定。在第四季度，我們也宣布了一家領先商用車製造商頒發的突破性駕駛員監控軟體獎。這是多年來產品開發、行銷和銷售努力的成果。我將在演講的後半部分回顧這一點。這對我們來說是非常非常重要的墊腳石，為我們 2024 年及以後的發展提供動力。

In general we see with automotive that our different product offerings are generating a lot of interest from customers. So we have a strong sales pipeline and we are working to sign new deals and also fill up the pipeline even further in automotive.

總的來說，我們在汽車領域看到，我們提供的不同產品引起了客戶的極大興趣。因此，我們擁有強大的銷售管道，我們正在努力簽署新協議，並進一步填補汽車領域的銷售管道。

In our licensing business, we also have substantial license revenues from printer manufacturers. They were stable during the first half, but starting to weaken in Q3 and especially Q4. These royalty revenues fell in some cases. This has obviously to do with underlying product sales of these customers of ours and also in one or two cases about inventory that they wanted to reduce at the end of last year. Anyway, that impacted the sales on new printers and hence decreased our license revenues.

在我們的授權業務中，我們還從印表機製造商那裡獲得了大量授權收入。他們在上半年表現穩定，但在第三季尤其是第四季開始減弱。在某些情況下，這些特許權使用費收入會下降。這顯然與我們這些客戶的基礎產品銷售有關，也與他們去年年底想要減少的庫存有關。不管怎樣，這影響了新印表機的銷售，從而減少了我們的授權收入。

In our products business, unfortunately, we are struggling to sell more tier sounds as we have projected and as we have targeted and planned for, instead, we saw that the sales volumes decreased and we feel that the main reason for this is simply weak demand, now when the COVID-19 pandemic has sort of blown over and people move back to old habits of how they operate different types of kiosks and elevator controls and so on.

不幸的是，在我們的產品業務中，我們正在努力按照我們的預期、目標和計劃銷售更多級別的聲音，​​相反，我們看到銷量下降，我們認為造成這種情況的主要原因只是需求疲軟現在，當COVID-19 大流行已經過去，人們又恢復了操作不同類型的自助服務終端和電梯控制等的舊習慣。

This led us to a big decision internally, that has been carefully considered for some time, but we announced it in December that we are phasing out our products business and will instead offer key customers in that business to license the technology and produce these touch sensor modules on their own. I will come back to this as well in a second part of the presentation. But let me end this first part by saying that we are and I am not happy with the sales revenues that we managed to achieve in 2023.

這導致我們在內部做出了一個重大決定，我們已經仔細考慮了一段時間，但我們在12 月宣布，我們將逐步淘汰我們的產品業務，轉而向該業務的關鍵客戶提供技術許可並生產這些觸摸感應器自己的模組。我將在演示的第二部分中再次討論這一點。但在結束第一部分時，我要說的是，我們對 2023 年實現的銷售收入感到不滿。

We have taken the consequence for this, and we make a big strategic change and launching a new sharpened strategy which takes 100% focus on technology licensing. And we believe this is a very important move for us and strengthen us as a company going forward.

我們已經接受了這一後果，並做出了重大策略調整，推出了新的強化策略，100% 專注於技術授權。我們相信，這對我們來說是一個非常重要的舉措，可以增強我們公司的未來發展。

More on that in the second part of the presentation. Now to summarize '23, from a financial point of view, I would like to invite Fredrik Nihlen, our CFO, up on stage here to take us through the financial results for the previous year.

演示的第二部分將對此進行更多介紹。現在從財務角度總結 23 年，我想邀請我們的財務長 Fredrik Nihlen 上台為我們介紹上一年的財務表現。

Fredrik?

弗雷德里克？

Thank you, Urban. As always, you can find our 10-K and earnings release on neonode.com under Investor section. I will in this presentation on summarize the key points. Total revenues for 2023 was $4.4 million, That is a decrease of 22% compared to 2022.

謝謝你，厄本。像往常一樣，您可以在 neonode.com 的「投資者」部分找到我們的 10-K 和收益發布。我將在這次演講中總結要點。2023 年總收入為 440 萬美元，比 2022 年下降 22%。

License revenues decreased by 15% to $3.8 million in 2023. And this has to do with surplus in inventory and volumes at our customers, those sales volumes at our customers. As Urban said before. Product revenues was $0.6 million, a decrease of 38% compared to 2022. This is due to low demand for our products and as Urban said, we made announcement in December to take out the products business.

2023 年授權收入下降 15% 至 380 萬美元。這與我們客戶的庫存和數量過剩以及我們客戶的銷售有關。正如厄本之前所說。產品收入為 60 萬美元，比 2022 年下降 38%。這是由於我們產品的需求較低，正如 Urban 所說，我們在 12 月宣布取消產品業務。

Operating expenses increased with 5% to $10.7 million in 2023 compared to 2022. Major things here is that we increased marketing spend, as Urban said before, and also some increase in payroll and related costs.

與 2022 年相比，2023 年營運費用增加 5%，達到 1,070 萬美元。這裡的主要事情是，正如厄本之前所說，我們增加了行銷支出，工資和相關成本也有所增加。

Summarizing the financial result in a profit and loss, we had a net loss of $10.1 million in 2023 compared to $4.9 million in 2022. What you can see here, what stands out is the cost of revenues it is impacted by one-time costs due to the phase-out of the products business. I will come back to that in a later slide.

總結損益中的財務結果，我們 2023 年的淨虧損為 1,010 萬美元，而 2022 年為 490 萬美元。您可以在這裡看到，最突出的是收入成本受到由於產品業務逐步淘汰而導致的一次性成本的影響。我將在後面的幻燈片中回顧這一點。

Even though we had a net loss of $10.1 million, our net cash burn operating activities for 2023 was $6.3 million, a decrease of 7% compared to 2022. And we had $17.1 million in cash and accounts receivable as of December 31, 2023, it's [$0.8 million] more than the year before.

儘管我們的淨虧損為 1,010 萬美元，但我們 2023 年營運活動的淨現金消耗為 630 萬美元，比 2022 年減少了 7%。截至 2023 年 12 月 31 日，我們的現金和應收帳款為 1,710 萬美元，比前一年增加了 [80 萬美元]。

And for more information on the phase-out of the products business and what has happened in the cost of revenues. So inventory P&L effects, we had an income impairment loss of $3.6 million and in 2023, and we had also a loss in purchase commitment that we had components, we had to buy in the future that we canceled and had to pay a fee for, both of them impact the cost of revenues in 2023.

並了解有關產品業務逐步淘汰以及收入成本變化的更多資訊。因此，庫存損益影響，我們的收入減損損失為 360 萬美元，到 2023 年，我們的組件採購承諾也出現了損失，我們必須在未來購買，但我們必須取消並支付費用，它們都會影響2023 年的收入成本。

The $3.6 million impairment loss has no cash flow effect. And there can be some efforts here to recover this loss by selling components to potential license customers. The plan for 2024 is to produce and sell TSMs during the first half and during the second half, we will wind down the production unit income bucket and the rent agreement will end at September. And with that, some more stretched out there from Urban.

360 萬美元的減損損失沒有現金流影響。透過向潛在的許可客戶出售組件，可以採取一些措施來彌補這種損失。2024年的計畫是上半年生產和銷售TSM，下半年我們將逐步減少生產單位收入，租金協議將於9月結束。就這樣，更多的人從烏爾班伸出來。

Thank you, Fredrik. So as I said and also that you heard from Fredrik, it's a big strategic move that we are making in phasing out our products business and closing our production unit then comes back as Sweden. This will affect obviously the stuff in that production unit. And we have -- in our P&L have taken some impairment losses and other things which explains the bulk of the sort of negative result compared to, for instance, 2022. And they are sort of onetime effects. Cash effects are much, much smaller. And we would rather say that they are almost negligible.

謝謝你，弗雷德里克。正如我所說，以及您從弗雷德里克那裡聽到的，這是我們正在採取的一項重大戰略舉措，逐步淘汰我們的產品業務並關閉我們的生產部門，然後以瑞典的名義回歸。這顯然會影響該生產單位的人員。我們在損益表中計入了一些減損損失和其他因素，這些因素解釋了與 2022 年等情況相比出現的大部分負面結果。它們是一次性的效果。現金效應小得多。我們寧願說它們幾乎可以忽略不計。

Let me summarize and explain the new sharpened strategy that we launched on December 12. This strategy focuses 100% on technology and software licensing. The actual consequence of this in our company means greatly reduced operational complexity. We have been running a licensing business and our products business in parallel, they are intrinsically quite different.

讓我總結並解釋一下我們在 12 月 12 日推出的新的強化策略。該策略 100% 專注於技術和軟體授權。這對我們公司的實際後果意味著營運複雜性大大降低。我們一直在並行經營授權業務和我們的產品業務，它們本質上有很大不同。

And for instance, in marketing and sales of the TSM products, we have been as you that have followed us during the last three years, four years, we have been working with both direct sales and indirect sales through value-added resellers and distributors.

例如，在TSM產品的營銷和銷售方面，我們和您一樣在過去的三年、四年裡一直關注我們，我們一直在透過加值經銷商和經銷商進行直接銷售和間接銷售。

A lot of this network now will be this mounted and all these customers and partners that we worked on in the products business are offered to license the TSM technology instead of buying the products from us in the future. And we are happy to say that actually more than a handful of these bigger customers and value-added resellers are seriously interested and we are currently negotiating licensing agreements with these and supporting them to investigate how to best set up their own production of these type of sensor modules.

現在這個網路的許多部分都將採用這種安裝方式，並且我們在產品業務中合作的所有這些客戶和合作夥伴都將獲得 TSM 技術的許可，而不是將來從我們這裡購買產品。我們很高興地說，實際上有不少大客戶和增值經銷商對此非常感興趣，我們目前正在與這些客戶和增值經銷商談判許可協議，並支持他們研究如何最好地自行生產此類產品。

And as Fredrik said, regarding the impairment loss for component inventory that we have, we also have quite good hopes to recover a substantial part of that by selling these components to customers, licensing the technology. Some of them are standard electronic components, but some of the key components are fairly unique for these sensor modules, and we can offer to sell them to these new licensing customers.

正如 Fredrik 所說，關於我們擁有的組件庫存減損損失，我們也非常希望透過向客戶出售這些組件、獲得技術許可來收回其中的很大一部分。其中一些是標準電子元件，但一些關鍵元件對於這些感測器模組來說是相當獨特的，我們可以將它們出售給這些新的授權客戶。

The focusing on technology licensing also means that we get the better market fit. For instance, in the products business, we have been offering embedded complex sensor module produced in Sweden by Neonode, a fairly small company in the global scale, and in many cases, the customers are big electronics companies that themselves are experts in manufacturing. By offering them to license our technology, they can leverage their supply chains and their manufacturing footprint. So it's a much better fit. Also, it's a better fit for Neonode given our strong licensing DNA.

對技術授權的關注也意味著我們能夠更好地適應市場。例如，在產品業務中，我們一直提供由Neonode在瑞典生產的嵌入式複雜感測器模組，Neonode是一家在全球範圍內規模相當小的公司，而且在許多情況下，客戶都是本身就是製造專家的大型電子公司。透過向他們提供我們的技術許可，他們可以利用他們的供應鏈和製造足跡。所以這是一個更好的選擇。此外，鑑於我們強大的許可 DNA，它更適合 Neonode。

So we are 100% convinced that this is the right move. You can always debate whether we should have made this decision earlier or later, but we have come to the conclusion end of last year to make this move and now we are operating according to the new strategy. Also to -- and explain what we are doing and we continue to work in the two application areas of human machine interaction or HMI.

所以我們 100% 相信這是正確的舉措。你總是可以爭論我們是否應該早點或晚點做出這個決定，但我們在去年底就已經得出了採取這一舉措的結論，現在我們正在按照新的戰略進行運營。也要解釋我們正在做什麼，我們將繼續在人機互動或 HMI 兩個應用領域開展工作。

In our case, that means touch less interaction with the displays with the keyboards and so on, but also gesture control and similar technologies in media. That's the one up application area that we are focusing on and the other one is machine perception or computer vision, not abandon, this is no change from before, but I just underline that with our new focus, we are continuing to work in these application areas, and we are continuing to use our two patented and well-proven technology platforms, C fours, which underpins optical touch and gesture sensing applications and multiple sensing, which are used for driver and in-cabin monitoring computer vision applications.

在我們的例子中，這意味著透過鍵盤等與顯示器進行更少的觸控交互，也意味著手勢控制和媒體中的類似技術。這是我們關注的一個應用領域，另一個是機器感知或電腦視覺，不是放棄，這與之前沒有變化，但我只是強調，隨著我們的新焦點，我們將繼續在這些應用領域工作我們將繼續使用我們的兩個經過充分驗證的專利技術平台C fours，它支援光學觸控和手勢感測應用以及多重感測，用於駕駛員和車內監控電腦視覺應用。

So licensing is the one and only focus going forward. We continue to work in the areas that we know. Human-machine interaction, machine perception, and we base our offerings on the two technology platforms that we have and that are protected by several patents.

因此，許可是未來唯一的焦點。我們將繼續在我們熟悉的領域開展工作。人機互動、機器感知，我們的產品是基於我們擁有且受多項專利保護的兩個技術平台。

Going forward, as of this year, we are -- in our marketing and sales operating in two business areas, one that we call IT and industrial and the other one simply, we call automotive and in IT and industrial, we focus on sectors, printers, interactive kiosks, MedTech and industrial automation. And in automotive, we focus 100% on the automotive sector, but on the segments, commercial vehicles, light vehicles, and off-highway vehicles.

展望未來，截至今年，我們在兩個業務領域開展行銷和銷售業務，一個我們稱之為 IT 和工業領域，另一個簡單地稱為汽車領域，在 IT 和工業領域，我們專注於行業，印表機、互動式資訊亭、醫療技術和工業自動化。在汽車領域，我們 100% 專注於汽車產業，但也關注細分市場：商用車、輕型車和非公路用車。

Common to both business areas now is that the key business model is based on technology and software licensing. We also offer engineering services to integrate and adapt our offerings to the customers' underlying products. And we see a big potential actually to generate some substantial revenues also from sales are demonstrators, prototypes and similar projects that we can do with large vehicle manufacturers are large electronics companies.

現在這兩個業務領域的共同點是，關鍵業務模式都基於技術和軟體授權。我們還提供工程服務，以整合我們的產品並使其適應客戶的基礎產品。我們看到了透過銷售演示器、原型機和類似項目實際上產生大量收入的巨大潛力，我們可以與大型汽車製造商和大型電子公司合作。

So we are unifying the business model, but we are for different reasons, continue to work in two business areas with their own [foci] and we believe very much in this split where we have a lot of commonality in the two technology platforms, there are two application areas we work and the business model, but where we focus exclusively around the different sectors that these business areas are designed to work on.

因此，我們正在統一業務模式，但我們出於不同的原因，繼續在兩個具有自己的[焦點]的業務領域開展工作，我們非常相信這種分裂，我們在兩個技術平台上有很多共同點，是我們工作的兩個應用領域和商業模式，但我們只專注於這些業務領域旨在工作的不同領域。

To illustrate our offerings, our products and how they can be used and how they add value to our customers products, I just want to share a few pictures here about product examples. So in IT and industrial, the worked with printer manufacturers to create robust, easy-to-use touch features for their control displays.

為了說明我們的產品、我們的產品以及如何使用它們以及它們如何為我們的客戶產品增加價值，我只想在這裡分享一些有關產品範例的圖片。因此，在 IT 和工業領域，人們與印表機製造商合作，為其控制顯示器創建強大、易於使用的觸控功能。

This has been an important business for Neonode since 2010. And there continues to be a very, very interesting revenue stream from these customers. Currently, we are working with some of the leading printer manufacturers in the world and we see also potential to upgrade our offerings to these customers. And indeed, we are working with some of them now to see if they should increase the use of Neonode's technology also in other printer families. But overall printers remain an important sector for us.

自 2010 年以來，這一直是 Neonode 的一項重要業務。這些客戶仍然帶來非常非常有趣的收入來源。目前，我們正在與世界上一些領先的印表機製造商合作，我們也看到了為這些客戶升級我們的產品的潛力。事實上，我們現在正在與其中一些公司合作，看看他們是否應該在其他印表機系列中增加 Neonode 技術的使用。但總體而言，印表機仍然是我們的一個重要領域。

We work with touch less features for interactive kiosks, touch less features for elevators. So far, we have been selling touch sensor modules directly to such manufacturers or indirectly via value-added reseller distributors.

我們為互動式資訊亭提供非接觸式功能，為電梯提供非接觸式功能。到目前為止，我們一直直接向此類製造商銷售觸控感測器模組，或透過加值經銷商間接銷售。

Going forward, we will be offering to license this technology to companies interested in producing both the sensor modules and these underlying products. And for us, both interactive kiosks and elevator will be important going forward.

展望未來，我們將向有興趣生產感測器模組和這些基礎產品的公司提供這項技術的許可。對我們來說，互動式資訊亭和電梯都將在未來發揮重要作用。

We have other customers that are in the MedTech area where we can support with technology that supports touch and touch less features for medical systems and types of displays and keyboards, for instance, in sterile operating rooms and other clinics. It could be either touchless to avoid any risk for contamination at all or rugged touch where nurses and doctors have gloves on their hands and still want to operate touch panel and in automotive, those that have followed us during the last couple of years have noticed we have a strong and strong focus on automotive and in automotive on driver and in-cabin monitoring.

我們在醫療技術領域還有其他客戶，我們可以為醫療系統以及顯示器和鍵盤類型提供支援觸控和非觸控功能的技術，例如在無菌手術室和其他診所。它可以是非接觸式的，以避免任何污染風險，也可以是粗糙的接觸式，護士和醫生手上戴著手套，但仍然想操作觸摸屏，在汽車中，過去幾年關注我們的人已經注意到我們非常關注汽車以及汽車領域的駕駛和車內監控。

And indeed, the breakthrough order that we announced in December is a very, very important stepping stone for us and has opened many doors that we had previously opened but that were lingering on and also made us interesting for new customers.

事實上，我們在 12 月宣布的突破性訂單對我們來說是一個非常非常重要的墊腳石，它打開了許多我們之前打開但一直揮之不去的大門，也讓我們對新客戶產生了興趣。

We feel here that we have a very, very strong offering, even though we are sort of late incumbent in this market, but we have a very, very strong technical offer and also a lot of experience with several million vehicles on the road with Neonode's technology already in them. And at least 12 years legacy or working with automotive, Tier 1 and manufacturers.

我們覺得我們擁有非常非常強大的產品，儘管我們在這個市場上起步較晚，但我們擁有非常非常強大的技術產品，並且擁有使用 Neonode 上路數百萬輛汽車的豐富經驗技術已在其中。擁有至少 12 年與汽車、一級和製造商合作的經驗。

We are also sensing that our very scalable and flexible software platform is attracting now both vehicle manufacturers and tier 1s that have maybe integrate the sort of first generation, driver monitoring systems and now want to upgrade to more future-proof scalable solutions. And then they come to us and ask for proposals, and we are quite busy now answering up to this and developing this business as we speak.

我們也感覺到，我們非常可擴展且靈活的軟體平台現在正在吸引汽車製造商和一級供應商，他們可能整合了第一代駕駛員監控系統，現在希望升級到更具面向未來的可擴展解決方案。然後他們來找我們尋求建議，我們現在正忙著回答這個問題並發展這項業務。

Another very interesting application area that we are targeting is head-up display obstruction detection. Head-up display penetration in automotive for light vehicles is increasing rapidly. We also see some OEMs and simply removing the standard classical instrument cluster and will rely exclusively on head-up displays going forward.

我們瞄準的另一個非常有趣的應用領域是平視顯示器障礙物偵測。輕型車輛中的平視顯示器滲透率正在快速成長。我們也看到一些原始設備製造商只是簡單地取消標準的經典儀錶板，而今後將完全依賴平視顯示器。

For different reasons, it is important to know if there are any foreign objects sitting on the top of the head-up display projector. It's both that they may obstruct the image, including warning messages that you are projecting on the windshield. And they may also have other technical problems with objects sitting on the top of the head up display, causing overheating and other types of problems in the units.

由於不同的原因，了解平視顯示投影機頂部是否有異物非常重要。它們可能會遮擋影像，包括您在擋風玻璃上投射的警告訊息。他們還可能存在其他技術問題，例如平視顯示器頂部的物體，導致設備過熱和其他類型的問題。

This is a fairly unique offering from Neonode, and we are now exploring how we can best exploit this, but this is a very interesting. Second, market opportunity for us in automotive. And we continue to work on touch solutions for infotainment displays and other chips, types of displays and control panels in vehicles.

這是 Neonode 提供的一個相當獨特的產品，我們現在正在探索如何最好地利用它，但這是一個非常有趣的事情。第二，我們在汽車領域的市場機會。我們持續致力於開發車載資訊娛樂顯示器和其他晶片、顯示器類型和控制面板的觸控解決方案。

We also have some discussions ongoing about holographic displays for infotainment systems in vehicles. And there we will probably work through other partners but also touch and touch less features is important. And I want to underline here that in automotive with our current touch solutions, we are around 8 million vehicles on the road with this technology, very, very good quality, very, very satisfied customers.

我們也針對車輛資訊娛樂系統的全像顯示器進行了一些討論。在那裡，我們可能會與其他合作夥伴合作，但觸摸和少觸摸功能也很重要。我想在這裡強調的是，在採用我們目前觸控解決方案的汽車領域，我們大約有 800 萬輛汽車採用了這項技術，品質非常非常好，客戶非常非常滿意。

And this, of course, strengthen us also when we talk about other offerings that we have today, like driver and in-cabin monitoring and head-up display obstruction detection. This track record and this legacy of working with different vehicle manufacturers and tier 1s suppliers, is very, very important for that.

當然，當我們談論我們今天擁有的其他產品時，例如駕駛員和車內監控和平視顯示器障礙物偵測，這也增強了我們的實力。這種與不同汽車製造商和一級供應商合作的記錄和傳統對此非常非常重要。

We feel that we are entering 2024 with momentum, we are well positioned for future growth. Our breakthrough driver monitoring software win as really triggered an increase interest from both other vehicle manufacturers and the Tier 1 system suppliers. And also, we feel that we have strong interest in our head-up display obstruction detection and human-machine interface solutions from other automotive customers.

我們認為，我們正以強勁的勢頭進入 2024 年，為未來的成長做好了充分的準備。我們突破性的駕駛員監控軟體獲勝，真正引發了其他汽車製造商和一級系統供應商的興趣增加。此外，我們認為其他汽車客戶對我們的平視顯示器障礙物偵測和人機介面解決方案很感興趣。

I would also say that customers that previously were buying our TSM products are our value-added resellers and distributors. Some of the larger of these have shown strong interest in licensing technology, as I mentioned, upfront. And this is also adding to this feeling that we are well positioned for future growth.

我還想說，以前購買我們 TSM 產品的客戶是我們的加值經銷商和經銷商。正如我預先提到的，其中一些較大的公司對授權技術表現出了濃厚的興趣。這也增強了我們為未來成長做好準備的感覺。

We are taking out a lot of complexity of our internal operation and we will focus on fewer but larger customers and the new strategy in addition, it taps into our licensing DNA, which is very, very strong in Neonode since actually more than 20 years.

我們正在消除內部營運的大量複雜性，我們將專注於數量更少但規模更大的客戶，此外，新策略還利用了我們的許可DNA，這實際上在Neonode 已有20 多年的歷史，非常非常強大。

So even during the first era of Neonode, where the company was focusing on mobile phone, business, Neonode license technology to Samsung and other large companies in the world. So the new strategy really takes aim at this and gives us a lot of power to focus on the real opportunities we have in the marketplace.

因此，即使在 Neonode 的第一個時代，該公司專注於手機、商業，Neonode 也向三星和世界其他大公司授權技術。因此，新策略確實瞄準了這一點，並賦予我們很大的力量來專注於市場上的真正機會。

Coming to an end of this presentation and my description of our strategy and our business operation going forward, let me summarize where we are today, end of February 2024. So in the business area, IT and industrial, we are still selling and producing TSM products during the first half of the year and that business is actually progressing well.

在本次演示以及我對我們的策略和未來業務運營的描述結束時，讓我總結一下我們今天（2024 年 2 月末）的情況。所以在IT和工業業務領域，我們上半年仍然在銷售和生產TSM產品，而且業務實際上進展良好。

We are aiming to exceed sales that we managed to accumulate in both 2021 and 2022 during the first half of this year. And currently, we are out selling these products and offering customers to place last time buy orders to stock up. This is on these products. And that can be customers that are interested in licensing the technology and want to bridge over until they are up and running with their own production and can also be customers. I want to simply continue selling their products for an extended time. So this is the idea behind that.

我們的目標是今年上半年超越 2021 年和 2022 年累積的銷售額。目前，我們正在出售這些產品，並為客戶提供最後一次購買訂單以備貨。這是關於這些產品的。這可能是對技術許可感興趣並希望過渡到他們自己的生產開始運作的客戶，也可能是客戶。我只想繼續長期銷售他們的產品。這就是背後的想法。

And during the second half of the year, we will then close the factory and shut down the operation in our subsidiary, [pro no] technologies, AB. That closing is prepared, but right now, they are producing TFM at full speed and everything is actually going quite well in that production. So that's fantastic to see.

下半年，我們將關閉工廠並關閉子公司 [pro no] Technologies, AB 的營運。關閉已經準備好了，但現在，他們正在全速製作 TFM，而且製作中的一切實際上都很順利。所以這真是太棒了。

The team is still very committed and we are running sort of flat-out right now on both marketing and sales efforts and producing units to meet the demand that we have. And then ongoing with a handful of larger TSM customers and value-added resellers, distributors, we are negotiating terms and conditions for their licensing of this technology. So quite busy, and we hope that we will announce further wins there and we will keep you posted on the progress of that business.

團隊仍然非常忠誠，我們現在在行銷和銷售工作以及生產部門方面都在全力以赴，以滿足我們的需求。然後，我們正在與一些較大的 TSM 客戶和增值經銷商、分銷商就這項技術的授權條款和條件進行談判。非常忙碌，我們希望我們能在那裡宣布進一步的勝利，我們將隨時向您通報該業務的進展。

In automotive, we obviously execute the breakthrough project we have for our driver in-cabin monitoring software and for all of you to explain here, we are a Tier 1 software supplier directly to this OEM. And our software will be used across that OEMs, different brands and models. And it's also a project that we'll continue to evolve and we will have continuous software updates for an extended period of time.

在汽車領域，我們顯然正在為駕駛員艙內監控軟體執行突破性項目，在這裡向大家解釋一下，我們是該 OEM 的直接一級軟體供應商。我們的軟體將用於 OEM、不同品牌和型號。這也是一個我們將繼續發展的項目，我們將在很長一段時間內持續進行軟體更新。

We are very busy with that customer now and taking the first steps. We will also accumulate both NRE revenues and some license revenues already this year, and that will continue into next year. SOP will follow, and then we will generate license revenues per vehicle produced. And the projections are that these production volumes will increase as new brands and new models are added to the program.

我們現在非常忙於與該客戶合作並邁出第一步。我們今年還將累積 NRE 收入和一些授權收入，並將持續到明年。SOP 將隨之而來，然後我們將為生產的每輛車帶來許可收入。預計隨著新品牌和新車型加入該計劃，這些產量將會增加。

So that's very exciting for us of course, and as I've said many times, this has spawned a renewed interest from customers that we have been in contact with before and that we have been and maintaining contact with over the last years. But of course, this is proof that we have a really good offering. We are capable of functioning as a Tier 1 supplier of this type of software directly to an OEM.

這對我們來說當然是非常令人興奮的，正如我多次說過的，這引起了我們之前接觸過並且在過去幾年中一直保持聯繫的客戶的新興趣。當然，這證明我們提供了非常好的產品。我們有能力作為此類軟體的一級供應商直接向 OEM 提供服務。

So several other commercial vehicle OEMs and also passenger vehicle OEMs are interested in working directly with us now, but also an important channel for us will probably be to work with partners that are themselves suppliers, typically Tier 1 system suppliers offering electronic modules and or cameras, and that we can work with and they integrate our software and offer this to the vehicle manufacturers.

因此，其他幾家商用車原始設備製造商和乘用車原始設備製造商現在有興趣直接與我們合作，但對我們來說，一個重要的管道可能是與本身就是供應商的合作夥伴合作，通常是提供電子模組和/或攝影機的一級系統供應商，我們可以與他們合作，他們整合我們的軟體並將其提供給汽車製造商。

And we continue to market and sell our head-up display obstruction detection solution that will be mainly to head-up display system suppliers that integrated solution into their products and sell to different vehicle manufacturers.

我們將繼續行銷和銷售我們的平視顯示障礙偵測解決方案，該解決方案將主要面向平視顯示系統供應商，將解決方案整合到其產品中並銷售給不同的車輛製造商。

So there's -- in that business, we will have a clear Tier 2 position in the value chain, but that is also classical and how Neonode has been operating for at least 12 years, as I mentioned, as a Tier 2 technology provider into the automotive industry and licensing technology to Tier 1s and OEMs. So very, very busy. We are actually quite happy with the outlook and as I said in the previous slide, we are entering 2024 with momentum.

因此，在該業務中，我們將在價值鏈中擁有明確的二級地位，但這也是經典的，正如我所提到的，Neonode 作為二級技術提供者已經運營了至少 12 年。一級供應商和原始設備製造商授權技術。非常非常忙碌。事實上，我們對前景非常滿意，正如我在上一張幻燈片中所說，我們正以強勁的勢頭進入 2024 年。

We have two great shows. If I go back one slide here, we participated with a big team at CES in Las Vegas in January. Then we moved over to the big retail show NRF in New York week after. Both events were great. A lot of new contacts and leads were generated. We had both planned visitors and a lot of spontaneous visitors that come and see us and looked us up after our announcements end of last year. And we are now capitalizing on this by following up directly and different ways with these different customers to grow our business.

我們有兩場精彩的表演。如果我回顧這裡的一張幻燈片，我們與一個大團隊一起參加了一月份在拉斯維加斯舉行的 CES。一週後，我們又前往紐約舉辦的大型零售展 NRF。兩次活動都很棒。產生了許多新的聯絡人和潛在客戶。我們既有計劃的訪客，也有很多自發性的訪客，他們在去年年底發佈公告後來探望我們並詢問我們。我們現在正在利用這一點，透過直接和不同的方式跟進這些不同的客戶來發展我們的業務。

So we are quite excited about our future potential, and we look forward to the rest of 2024 and the coming years. And that ends our presentation from the company today, and we move on to a short Q&A session here. Jesper?

因此，我們對未來的潛力感到非常興奮，並對 2024 年剩餘時間和未來幾年充滿期待。今天我們公司的演講就到此結束，接下來我們將進行一個簡短的問答環節。傑斯帕？

Perfect. Thank you so much for that presentation. Right, so let's move in to follow-up on the on the last slide about the automotive progress and so on. And you want your first design win as a software Tier 1 as it could you just go into a bit more detail about the process of the like from now into the ramp-up stage?

完美的。非常感謝您的演講。好的，讓我們繼續關注最後一張投影片上有關汽車進展等的內容。您希望您的第一個設計贏得一級軟體，因為您可以更詳細地介紹從現在到啟動階段的類似過程嗎？

Yeah.

是的。

And also, if possible, like a quantification like about revenues or some?

另外，如果可能的話，例如將收入等量化？

In all automotive projects like this, we are -- first of all, I want to say that in automotive sales cycles are typically very long. Before we secure this business, we have been actually been working with these customers for more than two years.

在所有這樣的汽車專案中，我們——首先，我想說，汽車銷售週期通常非常長。在我們獲得這項業務之前，我們實際上已經與這些客戶合作了兩年多。

And of course, this is all super confidential while it's ongoing. And right now, we have a number of similar conversations. So you have to have some patience. You have to have some stamina to hang in there. But here we managed finally to get the official award which was end of it -- was in Q4. That triggers then the start of application development, as I call it, where you integrate an adapter solutions to the underlying in this case platform.

當然，這一切在進行過程中都是高度機密的。現在，我們有很多類似的對話。所以你必須有一些耐心。你必須有一些耐力才能堅持下去。但在這裡我們終於獲得了官方獎項，這一切都結束了——在第四季。這會觸發應用程式開發的開始，正如我所說的那樣，您可以將適配器解決方案整合到本案例中的底層平台中。

And that's typically a process between 18 months and 36 months. During that development phase -- application development phase, you can earn NRE revenues and indeed we will earn from this year and also next year, quite substantial NRE revenues in this project.

這個過程通常需要 18 個月到 36 個月。在開發階段——應用程式開發階段，你可以賺取 NRE 收入，事實上，我們將從今年和明年的這個專案中獲得相當可觀的 NRE 收入。

When the first vehicles based on this platform are launched and start to be mass-produced, we will get royalties for the production license that we use, typically per vehicle. And of course, we want to have as much NRE revenues per program as possible. But also, we want to keep up the license revenues per vehicle.

當基於該平台的第一批車輛推出並開始批量生產時，我們將獲得我們使用的生產許可證的特許權使用費，通常是每輛車。當然，我們希望每個項目都能獲得盡可能多的 NRE 收入。而且，我們也希望維持每輛車的授權收入。

Sometimes you can manage also to get some kind of downpayment. And there we as I mentioned in the slide, we always tried to sell also prototypes demonstrators. We can also sell specially designed development tools to certain customers or we can license other type of software like development tools to customers to generate additional revenues, both during the development phase and later on for production support.

有時您還可以設法獲得某種首付。正如我在幻燈片中提到的，我們總是嘗試銷售原型演示器。我們也可以向某些客戶銷售專門設計的開發工具，或者我們可以向客戶授權其他類型的軟體（例如開發工具），以在開發階段和後期的生產支援中產生額外收入。

So being an automotive supplier means that you have to have a quite long timeframe for a for your business. You have to look quite far into the future before you see that you have a breakeven and then start to have big payoffs.

因此，作為汽車供應商意味著您的業務必須有相當長的時間框架。在你看到自己實現盈虧平衡並開始獲得豐厚回報之前，你必須放眼未來。

And of course, you need to rack up some several of these to have really a growing and over time stable business. But during development phase NRE revenues and some prototype demonstrator revenues, then you're in production phase per unit royalties.

當然，您需要累積其中的一些才能擁有真正不斷增長且隨著時間的推移而穩定的業務。但在開發階段，NRE 收入和一些原型演示收入，那麼你就處於生產階段的每單位特許權使用費。

Great. And then, I mean, this is here is it possible to -- like do you have like aa span for your like average selling price like as it comes to the royalty period per unit that you could communicate?

偉大的。然後，我的意思是，這是否有可能——就像你有一個類似平均售價的跨度，就像你可以溝通的每單位特許權使用費期限一樣？

I think everyone that has some insight into automotive and this type of software licensing, they can estimate, but it's a fairly low royalty per vehicle. The point being that in automotive, the typical production volumes are high. So you can talk about number of dollars per vehicle, but then in high volumes that you do sort of the calculations there.

我認為每個對汽車和此類軟體許可有一定了解的人都可以估計，但每輛車的使用費相當低。關鍵是在汽車領域，典型的產量很高。因此，您可以談論每輛車的美元數量，但隨後您將進行大量計算。

We are no different. We are competing with a lot of both Tier 1s suppliers, offering DMS systems and also other Tier 2. And we are all facing the same type of pressure from the vehicle manufacturers to keep the prices low.

我們沒有什麼不同。我們正在與許多一級供應商競爭，提供 DMS 系統和其他二級供應商。我們都面臨著來自汽車製造商的同樣類型的壓力，要求保持低價。

And in our case, we are quite comfortable relatively speaking because we have a very, very flexible software that's easier to adapt to new customers and also, we offer them to use our very flexible development tools that simplifies the work for them and for us. So I think our margins still will be very, very good going forward, and we are now working hard to fill up the pipeline on more projects like this.

就我們而言，相對而言，我們感到非常舒服，因為我們擁有非常非常靈活的軟體，更容易適應新客戶，而且我們為他們提供了使用我們非常靈活的開發工具，從而簡化了他們和我們的工作。因此，我認為我們的利潤率未來仍將非常非常好，我們現在正在努力填補更多此類項目的管道。

Yeah. And speaking about filling up the pipeline of projects, I mean, you do spend a quite substantial amounts on marketing such as CES and so on. Do you feel that the market is producing the results that you wish for?

是的。說到填補專案管道，我的意思是，你確實在 CES 等行銷上花費了大量資金。您覺得市場正在產生您希望的結果嗎？

If you look specifically at our digital marketing, definitely yes, but also certain key events, CES was a great success. I am actually thrilled to see the exposure and the interest we got from a lot of customers. I was also went and we met customers from Asia, from Europe, from North America had one event. It was really, really good.

如果你專門看看我們的數位行銷，肯定是的，但也包括某些關鍵活動，CES 取得了巨大的成功。事實上，我很高興看到許多客戶對我們的曝光和興趣。我也去了，我們遇到了來自亞洲、歐洲、北美的客戶，舉辦了一場活動。真的非常非常好。

Looking at our products business, we admit the sales were weak and we saw weakening demand during last year despite investing with our partners in many cases. So we call exhibited at several elevator and kiosk events and other events with partners. So that, of course, reduce our cost. But still we were there, we were present and you can see there the results were sort of meager, and that's part of the decision why we changed the strategy.

看看我們的產品業務，我們承認銷售疲軟，儘管在許多情況下與我們的合作夥伴進行了投資，但去年我們看到需求疲軟。因此，我們呼籲與合作夥伴一起在一些電梯和資訊亭活動以及其他活動中展出。這樣，當然就降低了我們的成本。但我們仍然在那裡，我們在場，你可以看到結果有點微薄，這就是我們改變策略的決定的一部分。

So everything in our operation will be more simplify. We will focus more on fewer, but bigger segments and fewer and bigger customers. Meaning that we can also target our marketing spend and effort to fewer targets with better efficiency.

這樣我們操作中的一切都會變得更簡單。我們將更專注於更少但更大的細分市場以及更少但更大的客戶。這意味著我們還可以以更高的效率將行銷支出和精力瞄準更少的目標。

Right. And then like swimming out obviously, you're changing quite a bit of your strategy and also the segments that you're aiming for. But do you have -- and previously we've spoken about when asked as the products business was still like up and up and running, we spoke about like tens of, millions of dollars in revenues. But like do you have any targets for revenue growth and also profitability as you move over to the more software oriented business model?

正確的。然後，就像明顯地遊出去一樣，您正在改變相當多的策略以及您的目標細分市場。但你有嗎 - 之前我們談過，當被問及產品業務仍然正常運作時，我們談到了數千萬、數百萬美元的收入。但是，當您轉向更以軟體為導向的業務模式時，您是否有收入成長和獲利能力的目標？

Yeah. So we don't give any guidance on growth or margins, but let me say like this that we are aiming to double our turnover actually several times around in the coming years. And we also see that it's reasonable to assume that we will reach in steady-state, a very, very healthy gross margin being also focusing more and more on software.

是的。因此，我們不會就成長或利潤率提供任何指導，但讓我這樣說，我們的目標是在未來幾年內將營業額實際上翻一番。我們也看到，可以合理地假設我們將達到穩定狀態，非常非常健康的毛利率，同時也越來越關注軟體。

So we are aiming at very, very high gross margins going forward. And we think that also the growth on the top line will be very interesting. I admit, we are at a very low level in 2023. So I personally see this as an inflection point where different things come together at one focus points. We have a breakthrough new design win and an award for a big program that has a long lifespan. That triggered a lot of interest.

因此，我們的目標是未來非常非常高的毛利率。我們認為收入的成長也將非常有趣。我承認，2023 年我們處於非常低的水平。因此，我個人認為這是一個轉捩點，不同的事物在一個焦點上匯聚在一起。我們贏得了突破性的新設計，並獲得了具有長壽命的大型專案獎。這引起了很多人的興趣。

And at the same time, we are boosting this with our strategy move to focus on horizontal licensing. So I think that will support both the growth ambition and the improvement of the margins by simplifying our internal operations, allowing us to focus more in our marketing and our sales and in our product development on fewer but bigger opportunities.

同時，我們正在透過專注於橫向許可的策略性舉措來推動這一目標。因此，我認為，這將透過簡化我們的內部營運來支持成長雄心和利潤率的提高，使我們能夠更加專注於行銷和銷售以及產品開發，抓住更少但更大的機會。

Great. And then we only have time for one last question, but I'd like to ask like how you view your ownership stake in the company. I mean, we haven't seen any like insider purchases for quite a time. So yeah, please elaborate.

偉大的。然後我們只有時間回答最後一個問題，但我想問您如何看待您在公司的所有權股份。我的意思是，我們已經有一段時間沒有看到類似的內部購買了。所以是的，請詳細說明。

Yeah, we are -- in our Board and also in our management, we have some significant holdings in Neonode. I think everyone needs to speak for themselves. From my personal, I feel that they have a quite big exposure to the Neonode, the share. They said, actually current share prices are quite attractive. So let's see what we do. I'm in an interesting position. We are, of course, working hard to grow this business with our current market cap. It's I think a good investment and could easily give a good return if you enter today or if you scale up today.

是的，我們在董事會和管理階層中持有 Neonode 的一些重要股份。我認為每個人都需要為自己說話。從我個人來說，我覺得他們對Neonode有相當大的接觸，份額。他們表示，實際上目前的股價相當有吸引力。那麼讓我們看看我們做什麼。我的處境很有趣。當然，我們正在努力以目前的市值發展這項業務。我認為這是一項很好的投資，如果你今天進入或今天擴大規模，很容易獲得良好的回報。

So let's see, I will not promise anything today, but I agree with you and I can see where the questions are coming from. And I'm certainly still a strong believer. I believe what we do. I believe that with our Board, we are having a very professional independent Board of Directors. I work very closely with them in shaping the strategy, and this move that we made and on us is not the last one. We are continuing to refine and massage and looking for the best way to grow our both top line and the margins and of course, how to maximize the market cap.

所以讓我們看看，我今天不會承諾任何事情，但我同意你的觀點，我可以看到問題來自哪裡。我當然仍然是堅定的信徒。我相信我們所做的。我相信我們的董事會是一個非常專業的獨立董事會。我與他們密切合作制定策略，我們採取的這項措施並不是最後一次。我們正在繼續改進和調整，尋找增加收入和利潤的最佳方法，當然還有如何最大化市值。

As I said, several of us are big shareholders, and we speak both for Neonode, of course, but also for our own interests. So we are very optimistic still about the future of Neonode. So it's a good investment.

正如我所說，我們幾個人都是大股東，我們當然既為Neonode說話，也為自己的利益說話。所以我們對Neonode的未來還是非常樂觀的。所以這是一項很好的投資。

You should buy more shares, Jesper.

你應該買更多股票，傑斯珀。

Yes. Thanks.

是的。謝謝。

And thank you, thank you so much for joining me today both of you and good luck going forward.

謝謝你們，非常感謝你們今天加入我的行列，祝你們一切順利。

Thank you.

謝謝。

Thank you.

謝謝。