NEON · CIK 87050
What Neonode Inc. told the SEC could break it.
Neonode's disclosures describe a sub-scale technology-licensing company with extreme customer concentration. Four customers made up about 95.4% of its receivables and unbilled revenue, and Seiko Epson (34.3%), Alps Alpine (19.4%), and Hewlett-Packard (19.0%) were each over 10% of 2025 revenue, so losing any one would materially impair its small revenue base. That base is both small and shrinking — total net revenue fell 33.7% to $2.1 million in 2025 — and depends on a handful of OEM design wins converting to royalties, while its gesture and contactless-sensing model faces competition from Ultraleap and radar/ultrasonic chip suppliers like Texas Instruments and Acconeer.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- small and declining licensing revenue ($2.1M, down 33.7%); dependence on a few OEM design winshigh
Neonode is a sub-scale technology-licensing company — total net revenue fell 33.7% to $2.1M in 2025 — and its model depends on a small number of OEM design wins (printers, amusement, automotive) converting to royalties, leaving results volatile.
“Total net revenues were $2.1 million and $3.1 million for the years ended December 31, 2025 and 2024, respectively. The decrease in total net revenues by 33.7% for the year ended December 31, 2025 as compared to 2024 was caused by lower revenues from bo”
SEC filing →As of 2026 - competition in touch/gesture sensing (Ultraleap; radar/ultrasonic chip makers TI and Acconeer)medium
Neonode's IP-licensing model faces competition in gesture/contactless sensing from Ultraleap and radar/ultrasonic sensor-chip suppliers such as Texas Instruments and Acconeer, where detection range, resolution and cost are key differentiators — pressuring its design-win pipeline.
“ture sensing include Ultraleap and suppliers of radar and ultrasonic sensor chips, for instance Texas Instruments and Acconeer. Detection range, resolution and cost are the main differentiators.”
SEC filing →As of 2026
Customer concentration
- four customers = 95.4% of receivables; Seiko Epson 34.3%, Alps Alpine 19.4%, HP 19.0% of revenuehigh
Neonode's licensing revenue is extremely concentrated — four customers were 95.4% of consolidated receivables/unbilled revenue, and Seiko Epson (34.3%), Alps Alpine (19.4%) and Hewlett-Packard (19.0%) were each 10%+ of 2025 revenue — so loss of any one would materially impair its small revenue base.
“As of December 31, 2025 , four of our customers represented approximately 95.4 % of our consolidated accounts receivable and unbilled revenues.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Nexty Electronics Corporation
“Following the announcement that Nexty Electronics has selected Neonode's TSM technology for sensor development and manufacturing of the next-generation slot machines for a leading manufacturer in Japan's amusement market, we see further potential to deliver our technology to companies in the Japanese amusement market”
Cited →Seiko Epson Corporation
“Customers who accounted for 10% or more of our revenues during the year ended December 31, 2025 are as follows. ● Seiko Epson – 34.3 % ● Alps Alpine – 19.4 % ● Hewlett-Packard – 19.0 %”
Cited →“Customers who accounted for 10% or more of our revenues during the year ended December 31, 2025 are as follows. ● Seiko Epson – 34.3 % ● Alps Alpine – 19.4 % ● Hewlett-Packard – 19.0 %”
Cited →Alps Alpine Co., Ltd.
“Customers who accounted for 10% or more of our revenues during the year ended December 31, 2025 are as follows. ● Seiko Epson – 34.3 % ● Alps Alpine – 19.4 % ● Hewlett-Packard – 19.0 %”
Cited →
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