Neonode Inc.
NEON Technology Electronic Components
Neonode Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 million, down 33.7% from fiscal 2024. In the quarter to June 2026, revenue fell 20.4%, EPS fell 18.2%, free cash flow fell 9.97% and total debt fell 61.9%, each against the same quarter a year earlier.
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Neonode Inc. (NEON) Altman Z-score
Neonode Inc.'s Altman Z-score for fiscal 2025 is −1.19, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −1.19 | (24.59) |
| FY2024 | 23.40 | 27.78 |
| FY2023 | −4.38 | (16.48) |
| FY2022 | 12.10 | 4.16 |
| FY2021 | 7.93 | 15.98 |
| FY2020 | −8.05 | 26.22 |
| FY2019 | −34.26 | (16.80) |
| FY2018 | −17.46 | (2.30) |
| FY2017 | −15.16 | 1.93 |
| FY2016 | −17.09 | 10.77 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.90 | — | 1.08 | |
| Retained earnings / total assets | (8.02) | — | −11.23 | |
| EBIT / total assets | 0.27 | — | 0.90 | |
| Market value of equity / total liabilities | 13.30 | — | 7.98 | |
| Sales / total assets | 0.08 | — | 0.08 | |
| Altman Z-score | Distress zone | −1.19 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −6.61 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WETH Wetouch Technology Inc. compare | 5.4× |
| HOLO MicroCloud Hologram Inc. compare | 2.9× |
| DAIO Data I/O Corporation compare | 2.9× |
| SELXF Semilux International Ltd. compare | 1.9× |
| MSAI MultiSensor AI Holdings, Inc. compare | −0.7× |
| OST Ostin Technology Group Co., Ltd. compare | −1.0× |
| NEON Neonode Inc. | −1.2× |
| GAUZ Gauzy Ltd. compare | −1.4× |
| REFR Research Frontiers Incorporated compare | −61.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets