MeritValue

Neonode Inc.

NEONdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Neonode Inc. earns about -7857% on invested capital, but has diluted owners by 140851% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.84M1$5.67M2$3.83M3$3.11M4$2.06M4
Net income−$6.45M5−$4.88M6−$10.1M7−$6.47M8$8.49M8
Operating cash flow−$7.68M9−$6.81M10−$6.31M11−$5.59M12−$10.3M12
Capital expenditure—$52,00013$123,00014$37,00015$91,00015
Free cash flow (derived)—−$6.86M10−$6.43M11−$5.63M12−$10.3M12
Total debt—————
Cash & equivalents$17.4M16$14.8M17$16.2M18$16.4M19$25.4M19
Diluted shares11,90713,63215,32215,87316.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$14.71
your share of equity
Profit it earned you last year
$5.06
Free cash flow it threw off
−$6.16
Debt you’d be carrying
—

10 shares is a claim on $14.71 of net worth that earned you $5.06 and generated −$6.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-7857% avg · 5y
FY21 -86%FY22 -89%FY23 -392%FY24 -30863%FY25 —

It earned an average -7857% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+140851% shares · 5y

Share count is up 140851% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-018702 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-017782 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-000774 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-008759 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-018702 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-017782 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-000774 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-008759 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-018702 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-017782 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001013762-25-000774 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-008759 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-017782 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001013762-25-000774 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001437749-26-008759 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-24-017782 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-017782 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001013762-25-000774 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001437749-26-008759 (CashAndCashEquivalentsAtCarryingValue)