Frequently asked questions

neon's participation certificates are not listed on a stock exchange, therefore they did not have an observable market value as of 31.12.2024. Instead of a market value, for startups like neon, the Swiss tax authorities resort to a formula to determine the value of the participation certificates, called the net asset value.

This net asset value is based on the audited annual financial statements, not on the price that was initially paid for the participation certificate. It is also not indicative of the value of neon as a company nor of what its share value would be on a stock exchange. Tesla, for example, has a net asset value of around 22.11 USD per share, while its stock market value was around 400 USD per share in January 2025.

One reason for tax authorities to assess a lower net asset value is to fairly tax investors, as they haven't yet been able to benefit from their investment. And it keeps the incentive for investors high enough to further invest in companies. Another reason is that the price set per participation certificate during our crowdinvesting campaigns was based on the value at which professional investors invested in neon, also taking into account future growth and value creation.

For the 2024 tax return, the tax authorities recommended us to use the same net asset value as their 2024 assessment (which was based on our 2023 annual financial statements). As they did not yet reassess our 2024 annual financial statements, this value is subject to change based on the authorities' definitive assessment – but no action will be required by crowd investors in this case, since the tax authorities would use the updated value automatically for your tax calculation.