Latest news with #DriveMod
Yahoo
5 days ago
- Automotive
- Yahoo
Cyngn Launches Dealer Portal to Facilitate the Scaled Expansion of Its Dealer Network
MENLO PARK, Calif., June 2, 2025 /PRNewswire/ -- Cyngn (the "Company" or "Cyngn") (Nasdaq: CYN) today announced the launch of the Cyngn Dealer Portal, an online resource hub created to support its growing dealer network. The portal provides easy access to a comprehensive suite of Cyngn assets, including sales materials, detailed pricing information, and co-marketing resources. This new tool will allow dealers to effectively present Cyngn's autonomous solutions to their customers, increasing efficiency and facilitating faster sales cycles. "In the last several months, several Motrec dealers have begun to sell DriveMod Tuggers throughout North and Central America. With the Dealer Portal, we are making it easier than ever for dealers to access the information they need to confidently introduce our autonomous solutions to their customers. We see this as a key step in accelerating the adoption of our technology across various sectors," said Lior Tal, Cyngn's CEO. Through the Dealer Portal, Cyngn continues to deliver on its core competency of using technology to introduce innovative, value-generating solutions to an established industry. Partners can access information that will help them stay up-to-date with product offerings, pricing models, and marketing initiatives through a simple web portal. In addition to resources that simplify the sales process, the portal provides training materials and technical documentation to support dealers as they engage new customers and pursue opportunities in industrial autonomy. The launch of the Dealer Portal builds on the momentum of Cyngn's Dealer Network, which includes partnerships with prominent dealers and service providers in the industrial vehicle sector. These partnerships are essential for expanding Cyngn's reach and enhancing the ability of companies in various industries to implement autonomous vehicle solutions efficiently. Dealers who are not yet part of Cyngn's network are encouraged to explore the benefits of joining. For more information about joining Cyngn's Dealer Network and gaining access to the Dealer Portal, please visit: About Cyngn Cyngn develops and deploys autonomous vehicle technology for industrial organizations like manufacturers and logistics companies. The Company addresses significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents. Cyngn's DriveMod technology empowers customers to seamlessly bring self-driving technology to their operations without high upfront costs or infrastructure installations. DriveMod is currently available on Motrec MT160 Tuggers and BYD Forklifts. The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years. The DriveMod Forklift lifts heavy loads that use non-standard pallets and is currently available to select customers. For all terms referenced within, please refer to the Company's annual report on Form 10-K with the SEC filed on March 6, 2025. Investor Contactinvestors@ Media ContactLuke Renner | Head of Marketingmedia@ Find Cyngn on: Website: X: LinkedIn: YouTube: Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 6, 2025. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. View original content to download multimedia: SOURCE Cyngn
Yahoo
07-05-2025
- Automotive
- Yahoo
Cyngn Reports 2025 First Quarter Financial Results
Overall, the first quarter's achievements – from new contract wins to technological milestones – provide strong market validation of Cyngn's strategy. Management remains confident that this cross‑sector commercial traction and an expanding pipeline will translate into revenue growth in the quarters ahead, as Cyngn continues executing on its roadmap to scale autonomous material handling solutions. "Cyngn is poised for growth as demonstrated by getting into a cadence of booking new business for DriveMod Tuggers quarter-over-quarter. We have aligned our Go-To-Market strategy with target companies where our Autonomous Vehicles show a demonstrable business payback," said Petraitis. In addition to regaining Nasdaq compliance in Q1, Cyngn also invested in its sales team to accelerate fleet‐scale deployments. This investment comes on the heels of expanding its management ranks with the hiring of industry veteran Marty Petraitis as VP of Sales in Q4 2024. Beyond automotive, Cyngn expanded into new verticals in Q1 . DriveMod vehicles have now been used in manufacturing, CPG, logistics and defense environments. "The strong demand we're seeing across different industries highlights the widespread need for our DriveMod technology," said Cyngn CEO Lior Tal. These multi‑industry deployments validate the scalability and adaptability of Cyngn's AV solutions, reinforcing the industry's growing appetite for automation. In the automotive manufacturing sector, Cyngn continued to make notable inroads. The company has now conducted DriveMod deployments with five major OEMs and Tier‑1 suppliers across the U.S. and Mexico. Cyngn entered 2025 with strong commercial momentum and a growing pipeline of autonomous tugger and forklift deployments. In Q1, the company announced several high‐profile customer wins across industries. These deals demonstrate further penetration into the automotive sector as well as the applicability of its autonomous industrial haulers to other manufacturing and distribution use cases. MENLO PARK, Calif., May 7, 2025 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today announced financial results for its first quarter, which ended March 31, 2025. Cyngn received approximately $308k of new bookings for DriveMod vehicles from direct sales during Q1 2025. Continued momentum in the automotive sector , reaching a milestone of executing successful DriveMod Tugger deployments at various stages with five major automotive OEMs and Tier-1 suppliers across the U.S. and Mexico. Story Continues Q1 2025 Financial Review: First quarter revenue was $47.2 thousand compared to $5.5 thousand in the first quarter of 2024. Similar to prior year, first quarter 2025 revenue consisted of EAS software subscriptions from DriveMod Stockchaser vehicle deployments. Total costs and expenses in the first quarter were $5.3 million, a decrease of $710 thousand or 11.8% from $6.0 million in the first quarter of 2024. This decrease was due to a decrease of $102 thousand in cost of revenue due to the deployment costs being recognized over the life of the won contracts in 2025 vs the costs of initial deployment pilots immediately recognized in 2024. In addition, the Company experienced a decrease of $1 million in R&D primarily driven by capitalizing costs for specific customers and capitalizing costs related to the development of software and a decrease in headcount. This is offset by a $440 thousand increase in G&A, primarily due to an increase in personnel costs reflecting an investment in sales and executive bonuses. For the first quarter 2025, other income (expense), net was $2.4 million compared to $(3.7) thousand in the first quarter of 2024. The increase in income was primarily driven by the fair value measurement of $2.5 million for the warrant liability. Net loss for the first quarter was $(7.6) million compared to $(6.0) million in the corresponding quarter of 2024. First quarter 2025 net loss per share was $(6.60), based on basic and diluted weighted average shares outstanding of approximately 1.2 million in the quarter. This compares to a net loss per share of $(422.87)[1] in the first quarter of 2024, based on approximately 14 thousand basic and diluted weighted average shares outstanding. Balance Sheet Highlights: Cyngn's unrestricted cash and short-term investments as of March 31, 2025 total $16.3 million compared to $23.6 million as of December 31, 2024. At the end of the same period, working capital was $16.5 million and total stockholders' equity was $22.1 million, as compared to year-end working capital of $22.1 million and total stockholders' equity of $11.6 million, respectively as of December 31, 2024. The Company had no debt as of March 31, 2025 and December 31, 2024 and to date, no one on the current management team has sold any shares of Company stock. [1] All information has been retroactively adjusted to reflect the 1-for-100 reverse stock split effected on July 3, 2024 and the 1-for-150 reverse stock split effected on February 18, 2025. About Cyngn Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce. Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments. Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling). For all terms referenced within, please refer to the Company's annual report on Form 10-K with the SEC filed on March 6, 2025. Investor Contact: Donald Alvarez, CFO investors@ Media Contact: Luke Renner, Head of Marketing media@ Where to find Cyngn: Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 6, 2025. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. CYNGN INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2025 2024 REVENUE $ 47,152 $ 5,513 COSTS AND EXPENSES Cost of revenue 11,813 113,776 Research and development 2,106,910 3,154,965 General and administrative 3,143,462 2,703,401 TOTAL COSTS AND EXPENSES 5,262,185 5,971,872 LOSS FROM OPERATIONS (5,215,033) (5,966,359) OTHER INCOME (EXPENSE), NET Interest income, net 74,819 1,327 Change in fair value of warrant liability (2,544,518) – Other income (expense), net 91,890 (5,047) TOTAL OTHER INCOME (EXPENSE), NET (2,377,809) (3,720) NET LOSS $ (7,592,842) $ (5,970,079) Net loss per share attributable to common stockholders, basic and diluted $ (6.60) $ (422.87) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted(1) 1,150,882 14,118 (1) All information has been retroactively adjusted to reflect the 1-for-100 reverse stock split effected on July 3, 2024 and the 1-for-150 reverse stock split effected on February 18, 2025. See Note 7, Capital Structure for details. CYNGN INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, 2025 2024 ASSETS CURRENT ASSETS Cash $ 1,002,331 $ 23,617,733 Short-term investments 15,336,402 – Prepaid expenses and other current assets 2,388,167 1,965,222 TOTAL CURRENT ASSETS 18,726,900 25,582,955 Property and equipment, net 2,440,434 2,319,402 Right of use asset, net 119,801 297,918 Intangible assets, net 2,543,318 1,895,074 Security Deposit 518,584 – TOTAL ASSETS $ 24,349,037 $ 30,095,349 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 281,666 $ 297,778 Accrued expenses and other current liabilities 1,796,894 2,874,216 Current operating lease liability 127,572 317,344 TOTAL CURRENT LIABILITIES 2,206,132 3,489,338 Warrant liability – 15,012,361 TOTAL LIABILITIES 2,206,132 18,501,699 Commitments and contingencies (Note 12) STOCKHOLDERS' EQUITY Preferred stock, Par $0.00001, 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2025 and December 31, 2024 – – Common stock, Par $0.00001; 200,000,000 shares authorized, 1,751,906 and 199,110(1) shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 18 2 Additional paid-in capital(1) 219,005,632 200,863,551 Accumulated deficit (196,862,745) (189,269,903) Total stockholders' equity 22,142,905 11,593,650 Total Liabilities and Stockholders' Equity $ 24,349,037 $ 30,095,349 (1) All information has been retroactively adjusted to reflect the 1-for-100 reverse stock split effected on July 3, 2024 and the 1-for-150 reverse stock split effected on February 18, 2025. See Note 7, Capital Structure for details. CYNGN INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (7,592,842) $ (5,970,079) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 240,907 225,590 Stock-based compensation 536,244 654,024 Realized gain on short-term investments (67,160) (39,938) Gain on asset – 52,723 Change in fair value of warrant liability 2,544,518 – Changes in operating assets and liabilities: Prepaid expenses, operating lease right-of-use assets, and other assets (941,529) (185,689) Accounts payable 33,888 51,714 Accrued expenses, lease liabilities, and other current liabilities (1,267,094) (628,739) NET CASH USED IN OPERATING ACTIVITIES (6,513,068) (5,840,394) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (178,453) (214,238) Acquisition of intangible asset (655,574) (19,634) Disposal of assets 1,960 – Purchase of short-term investments (23,015,397) (1,787,016) Proceeds from maturity of short-term investments 7,746,155 3,810,000 NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (16,101,309) 1,789,112 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from at-the-market equity financing, net of issuance costs – 2,652,110 Issuance costs from public issuance of common stock and pre-funded warrants and exercise of pre-funded warrants (1,025) – Issuance costs for stock dividend and restricted stock units – (53) NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (1,025) 2,652,057 Net increase (decrease) in cash and cash equivalents and restricted cash (22,615,402) (1,399,225) Cash and cash equivalents and restricted cash, beginning of year 23,617,733 3,591,623 Cash and cash equivalents and restricted cash, end of year $ 1,002,331 $ 2,192,398 Cyngn Logo (PRNewsfoto/Cyngn) Cision View original content to download multimedia: SOURCE Cyngn
Yahoo
30-04-2025
- Automotive
- Yahoo
Cyngn Announces Date for First Quarter 2025 Financial Results
MENLO PARK, Calif., April 30, 2025 /PRNewswire/ -- Cyngn, Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) will announce its fiscal first quarter 2025 financial results for the period ended March 31, 2025, on Wednesday, May 7, 2025, after the close of market. The financial results will be available on the Cyngn website under "News & Events" at The Company will not host an earnings call. About Cyngn Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce. Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments. Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling). For all terms referenced within, please refer to the Company's annual report on Form 10-K with the SEC filed on March 6, 2025. Where to find Cyngn: Website: X: LinkedIn: YouTube: Investor Contact:Donald Alvarez, CFOinvestors@ Media Contact:Luke Renner, Head of Marketingmedia@ Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 6, 2025. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. View original content to download multimedia: SOURCE Cyngn Sign in to access your portfolio
Yahoo
11-03-2025
- Automotive
- Yahoo
Cyngn Signs Contract to Deploy DriveMod Tugger at Another Major Automotive Supplier
MENLO PARK, Calif., March 11, 2025 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today announced that it will be deploying its DriveMod Tugger at a global Fortune 500 automotive supplier. This milestone highlights Cyngn's growing proven ability to meet the unique demands of the automotive manufacturing industry and deliver innovative autonomous vehicle (AV) solutions. The automotive supplier company—whose name is withheld for confidentiality—intends to integrate DriveMod Tuggers to automate the transfer of finished goods. Cyngn's solutions continue to provide value within the sector, with this announcement building on the company's prior commercial contract with a separate, major manufacturer in the automotive service equipment space and a letter of intent that was signed in Q4. Additionally, Cyngn signed a recent contract to deploy DriveMod Tuggers with a major consumer packaged goods (CPG) company in January. "The automotive industry is increasingly looking for technology that not only meets immediate needs—like high-demand, high-uptime requirements—but also adapts to market and economic shifts," said Marty Petraitis. "Our DriveMod Tugger, with a 12,000-pound towing capacity, is built to do both. We're excited to see our AV solution enhance efficiency and scalability, ensuring manufacturers remain competitive in an ever-changing market." Factors such as recent tariffs and shifts in economic policies have underscored the critical need for automation in U.S. manufacturing. The implementation of tariffs on steel and aluminum imports aims to bolster domestic production but also poses challenges like increased material costs and potential inflation. These developments highlight the importance of integrating advanced autonomous vehicle (AV) solutions, such as Cyngn's DriveMod Tugger, to enhance operational efficiency, reduce dependency on fluctuating labor markets, and maintain competitiveness in a dynamic global market. The DriveMod Tugger features advanced AI technology combined with a comprehensive set of safety features, such as 360° visibility and collision avoidance, enabling smooth navigation in complex industrial environments. Powered by Cyngn Insight, the company's fleet management and analytics platform, users gain complete visibility into performance and control over fleets of DriveMod autonomous vehicles, driving enhanced coordination and operational efficiency. For more information on Cyngn's DriveMod Tuggers and other autonomous vehicle solutions, visit About Cyngn Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce. Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments. Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling). For all terms referenced within, please refer to the Company's annual report on Form 10-K with the SEC filed on March 6, 2025. Where to find Cyngn: Website: X: LinkedIn: YouTube: Investor Contact:Donald Alvarez, CFOinvestors@ Media Contact:Luke Renner, Head of Marketingmedia@ Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 6, 2025. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. View original content to download multimedia: SOURCE Cyngn Sign in to access your portfolio
Yahoo
05-03-2025
- Automotive
- Yahoo
Cyngn Reports 2024 Fourth Quarter and Year-End Financial Results
Recent Operating Highlights: Cyngn received approximately $1.3M of new bookings for DriveMod vehicles from direct sales during Q4-2024 Cyngn Signed Contract to Deploy DriveMod Tugger at a Major Consumer Packaged Goods Company Cyngn Announced Multiple Deployments at Major Automotive Brands, including Coats. Cyngn Raised $33m in December to Scale Customer Deployments and Fuel Its Growth Cyngn Highlighted its Proprietary Computer Vision Advancements with NVIDIA Accelerated Computing Cyngn Hired Marty Petraitis, a veteran of Industrial Automation, as VP of Sales. Cyngn Successfully Completed Initial Deployment of Its DriveMod Tugger at a Major Defense Contractor Cyngn Completed First Paid DriveMod Forklift Deployment at Customer Facility Cyngn's Next-Generation 12,000-lb DriveMod Tugger Completed Production Builds at Motrec Facility MENLO PARK, Calif., March 5, 2025 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today announced financial results for its fourth quarter and year, which ended December 31, 2024. "We continued to gain commercial momentum with our autonomous DriveMod technology," said Lior Tal, Cyngn CEO. "Building on the direct sales progress made earlier in the year—including our selection by John Deere to supply the DriveMod Tugger—we received over $1M in new bookings from direct sales in the fourth quarter and are actively expanding our focus on channel sales to accelerate adoption. "We have also recently achieved a meaningful market expansion milestone with a contract signed for our DriveMod Tugger at a Consumer Packaged Goods company, an important progression to bringing our solutions to an even wider swath of industries. Additionally, we kicked off a production deployment of our vehicles at Coats, a major North American Automotive Service Equipment Manufacturer, which continues to emphasize our traction in the automotive manufacturing industry." Steve Bergmeyer, Continuous Improvement and Quality Manager at Coats, said "Cyngn's self-driving tugger was the perfect solution to support our strategy of advancing automation and incorporating scalable technology seamlessly into our operations. With its high load capacity, we can concentrate on increasing our ability to manage heavier components and bulk orders, driving greater efficiency, reducing costs, and accelerating delivery timelines." Cyngn hired Marty Petraitis, an experienced veteran of the industrial automation industry, as VP of Sales to capitalize on its growing opportunities. The company is actively focusing on expanding into more Fleet Purchases, creating more scaled opportunities with onboarded customers. Cyngn is seeing validation of its solutions, especially through traction in heavy manufacturing industries like automotive. The company's momentum is highlighted by the additional recent deployments of the next-generation 12,000 lb. DriveMod Tugger at customer facilities and multiple new customer contracts and LOIs. The next-gen DriveMod Tugger boasts increased towing capacity and enhanced autonomous capabilities with a small form factor for its high towing capacity. Technological improvements have expanded possible use cases, broadened the environments where Cyngn's autonomous vehicles deliver value, and ultimately created new sales opportunities. Having ramped up the production of its DriveMod Tugger, Cyngn has also been able to shift to revenue-generating activities with its autonomous DriveMod Forklift solution. The first paid DriveMod Forklift deployment marked a key turning point in monetizing the valuable solution offered by an autonomous forklift. The global forklift market is expected to double to $103.9 billion by 2031. The opportunity for autonomous forklifts is significant, and this milestone positions Cyngn for the critical next steps that will result in the DriveMod Forklift being widely available to under-served forklift automation applications that require 10k+ lb. load capacity and use non-standard pallets. 2024 Financial Review: 2024 revenue was $368 thousand compared to $1.5 million in 2023. 2024 revenue was derived primarily from EAS software subscriptions from DriveMod Stockchaser vehicle deployments whereas prior year revenue was primarily the result of NRE ("Non-Recurring Engineering") contracts. Total costs and expenses in 2024 were $23.2 million, a decrease of $1.6M or 6.5% from $24.8 million in 2023. This decrease was caused by a decrease of $686.6 thousand in cost of revenue, $1.5 million in R&D, offset by an increase of $507.9 thousand in G&A. The decrease in cost of revenue is driven by the lower costs associated with EAS revenue compared to the NRE contracts in 2023. The decrease in R&D expense was primarily driven by capitalizing costs for specific customers and capitalizing costs related to the development of software. The increase in G&A expenses is due to an increase in executive bonuses offset by a decrease in personnel costs, reduced insurance premiums and spending improvements on general office expenses. Other income (expense), net were $(6.4) million compared to $534.7 thousand in 2023. The increase in expense was primarily driven by the fair value measurement of $5.4 million for the warrant liability. Net loss for 2024 was $(29.3) million compared to $(22.8) million in 2023. For the year-end 2024 net loss per share was $(2,213), based on basic and diluted weighted average shares outstanding of approximately 13.2(1) thousand. This compares to a net loss per share of $(6,529) in 2023, based on approximately 3.5(1) thousand basic and diluted weighted average shares outstanding. Q4 2024 Financial Review: Fourth quarter revenue was $306.4 thousand compared to $40.4 thousand in the fourth quarter of 2023. Similar to prior year, fourth quarter 2024 revenue consisted of EAS software subscriptions from DriveMod Stockchaser vehicle deployments. Total costs and expenses in the fourth quarter were $5.8 million, an increase of $400 thousand or 7.4% from $5.4 million in the fourth quarter of 2023. This increase was due to an increase of $149.2 thousand in cost of revenue due to additional EAS subscriptions in 2024 vs 2023, and an increase of $1.2 million in G&A primarily due to an increase in personnel costs. This is offset by a $912.6 thousand reduction in R&D expenses, primarily driven by capitalizing costs for specific customers and capitalizing costs related to the development of software. For the fourth quarter 2024, other income (expense), net was $(6.5) million compared to $38 thousand in the fourth quarter of 2023. The increase in expense was primarily driven by the fair value measurement of $5.4 million for the warrant liability. Net loss for the fourth quarter was $(12.0) million compared to $(5.4) million in the corresponding quarter of 2023. Fourth quarter 2024 net loss per share was $(502), based on basic and diluted weighted average shares outstanding of approximately 24 thousand in the quarter. This compares to a net loss per share of $(1,376) in the fourth quarter of 2023, based on approximately 3.9 thousand basic and diluted weighted average shares outstanding. (1) All information has been retroactively adjusted to reflect the 1-for-100 reverse stock split effected on July 3, 2024 and the 1-for-150 reverse stock split effected on February 18, 2025. Balance Sheet Highlights: Cyngn's unrestricted cash and short-term investments at the end of 2024 total $23.6 million compared to $3.6 million as of December 31, 2023. At the end of the same period, working capital was $22.1 million and total stockholders' equity was $11.6 million, as compared to year-end working capital of $7.4 million and total stockholders' equity of $10.6 million, respectively as of December 31, 2023. The Company had no debt as of December 31, 2024 and December 31, 2023 and to date, no one on the current management team has sold any shares of Company stock. About Cyngn Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce. Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments. Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling). For all terms referenced within, please refer to the Company's annual report on Form 10-K with the SEC filed on March 7, 2024. Where to find Cyngn: Website: X: LinkedIn: YouTube: Media ContactLuke Rennermedia@ Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 7, 2024. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. CYNGN INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONSYear Ended December 31,2024 2023Revenue$ 368,138 $ 1,489,317Costs and expenses Cost of revenue 535,7081,222,321Research and development 11,259,64112,719,983General and administrative 11,400,86410,892,955Total costs and expenses 23,196,21324,835,259 Loss from operations (22,828,075)(23,345,942) Other income (expense), net Interest income (expense), net (1,117,546)137,887Change in fair value of warrant liability (5,359,780)-Other income (expense), net 53,117396,825Total other income (expense), net (6,424,209)534,712 Net loss$ (29,252,284) $ (22,811,230) Net loss per share attributable to common stockholders, basic and diluted$ (2,212.56) $ (6,528.92) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted(1) 13,2213,494(1) All information has been retroactively adjusted to reflect the 1-for-100 reverse stock split effected on July 3, 2024 and the 1-for-150 reverse stock split effected on February 18, 2025. CYNGN INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETSDecember 31,December 31,20242023ASSETSCURRENT ASSETSCash$ 23,617,733$ 3,591,623Short-term investments – 4,561,928Prepaid expenses and other current assets 1,965,222 1,316,426TOTAL CURRENT ASSETS 25,582,955 9,469,977NON-CURRENT ASSETSProperty and equipment, net 2,319,402 1,486,672Right-of-use asset, net 297,918 992,292Intangible assets, net 1,895,074 1,084,415TOTAL NON-CURRENT ASSETS 4,512,394 3,563,379TOTAL ASSETS$ 30,095,349$ 13,033,356LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIESAccounts payable$ 297,778$ 196,963Accrued expenses and other current liabilities 2,874,216 1,201,142Current operating lease liability 317,344 682,718TOTAL CURRENT LIABILITIES 3,489,338 2,080,823Warrant liability 15,012,361 -Non-current operating lease liability – 317,344TOTAL LIABILITIES 18,501,699 2,398,167Commitments and contingencies (Note 12)STOCKHOLDERS' EQUITYCommon stock, Par $0.00001; 200,000,000 shares authorized, 199,110(1) and 5,147(1) shares issued and outstanding as of December 31, 2024 and 2023, respectively 2 -Additional paid-in capital(1) 200,863,551 170,652,808Accumulated deficit (189,269,903) (160,017,619)TOTAL STOCKHOLDERS' EQUITY 11,593,650 10,635,189TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$ 30,095,349$ 13,033,356(1) All information has been retroactively adjusted to reflect the 1-for-100 reverse stock split effected on July 3, 2024 and the 1-for-150 reverse stock split effected on February 18, 2025. CYNGN INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWSYear Ended December 31,2024 2023CASH FLOWS FROM OPERATING ACTIVITIES Net loss$ (29,252,284) $ (22,811,230)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 669,409961,281Stock-based compensation 2,449,1913,208,103Realized gain on short-term investments (113,072)(443,392)Patent impairment 118,831–Change in fair value of warrant liability 5,359,780–Accretion of interest and amortization of debt issuance costs 1,177,174–Changes in operating assets and liabilities: Prepaid expenses, operating lease right-of-use assets, and other current assets (646,282)(1,403,049)Accounts payable 100,81541,020Accrued expenses, lease liabilities, and other current liabilities 10,642,938969,662Net cash used in operating activities (9,493,500)(19,477,605) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (1,051,481)(1,045,822)Acquisition of intangible asset (954,229)(718,711)Disposal of assets 265,940180,898Purchase of short-term investments (7,562,761)(21,573,199)Proceeds from maturity of short-term investments 12,237,76129,519,000Net cash provided by investing activities 2,935,2306,362,166 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from at-the-market equity financing, net of issuance costs 6,789,4271,747,468Proceeds from public issuance of common stock and pre-funded warrants and exercise of pre-funded warrants, net of offering costs 22,369,2854,380,975Proceeds from the Notes, net of issuance costs 1,801,265–Repayment of the Notes (4,375,000)–Proceeds from exercise of stock options –8,528Issuance costs for stock dividend and restricted stock units (597)(16,182)Net cash provided by financing activities 26,584,3806,120,789 Net increase (decrease) in cash and cash equivalents and restricted cash 20,026,110(6,994,650)Cash and cash equivalents and restricted cash, beginning of year 3,591,62310,586,273Cash and cash equivalents and restricted cash, end of year$ 23,617,7333,591,623 View original content to download multimedia: SOURCE Cyngn Sign in to access your portfolio
