N2 recall leaves Neonode reeling, pleading for patience

From the outside, it has been easy to assume that everything was humming along nicely at Neonode's California / Sweden-based offices. Based on a recent open letter issued by the interim CEO and chairman Per Bystedt (not to mention the earnings report), that is indeed not at all the case. Neonode has failed at meeting guidance and anticipated sales for this year, with a number of things partially to blame. For starters, it admittedly tried to enter "too many markets, too fast," and a recall of the N2 surrounding "reception issues" didn't make things any better. Bystedt confessed to having just south of $3 million of his own money invested in the outfit, while he asked for other shareholders to be patient as he attempted to right the ship. Best of luck to ya -- we hear it's a pretty tough sector. [Warning: PDF read link]

[Via RCRWireless]