MENLO PARK, Calif., Oct. 25, 2024 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today announced the expansion of its dealer network to include Kennedy Robotics AI, a provider of innovative autonomous robotics solutions. Kennedy Robotics will begin selling Cyngn's autonomous DriveMod Tugger, which bundles Cyngn's AV technology with Motrec's MT-160 vehicle."We are excited to welcome Kennedy Robotics AI to our growing dealer network, bringing the DriveMod Tugger to even more businesses seeking reliable, safe, and i ...

In recent weeks, Cyngn — Executed its first paid DriveMod Forklift Deployment.Started deploying its next-gen 12,000 lb. DriveMod Tugger at customer facilities.Signed a commercial contract with a major automotive service equipment manufacturer.Expanded its dealer network, adding multiple sales channels that offer Motrec vehicles as well as other 3rd party system integrators.Secured its 20th and 21st US Patent.Announced DriveMod Tuggers capability to run missions outside.MENLO PARK, Calif., Oct. 22, 2024 /PRN ...

Core Insights - Cyngn has successfully completed its first paid deployment of the DriveMod Forklift at a customer facility, marking a significant milestone in the commercialization of its Enterprise Autonomy Suite (EAS) [1][2] - The DriveMod Forklift is designed to autonomously handle material moving flows without human intervention, targeting heavy loads on non-standard pallets, which positions it uniquely in the market [2][4] - The company plans to build and sell additional units of the DriveMod Forklift, with integration into the customer's operations expected in the first half of 2025 [1][3] Company Overview - Cyngn develops scalable autonomous vehicle technology aimed at improving productivity and efficiency for industrial organizations, addressing challenges such as labor shortages and safety incidents [4] - The DriveMod Forklift can handle loads over 10,000 lbs (4,545 kg) and is controlled via Cyngn Insight, a fleet management system that provides real-time monitoring and operational analytics [2][4] - The company has a history of successful advancements, including a contract signed in fall 2022 with a building materials manufacturer, Arauco, which pre-ordered 100 DriveMod Forklifts by summer 2023 [3]

MENLO PARK, Calif., Oct. 17, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) today announced a commercial deployment of its next-generation DriveMod Tugger, featuring a recent upgrade to 12,000-pound towing capacity, with a customer that is a major manufacturer of automotive service equipment. Furthermore, next-gen DriveMod Tuggers have been used in several pilot deployments with automotive and defense customers in recent weeks, highlighting continued traction in focal sectors that ...

Since August 2023, Cyngn has been granted eleven additional patents, bringing the total U.S. patents granted to 21. Patent 21 enhances Cyngn's autonomous vehicles' capability to make informed decisions regarding their surroundings. Previous patents include: MENLO PARK, Calif., Oct. 16, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) announced the official granting of a new patent, 12,039,867. This patent covers the Company's innovative autonomous vehicle (AV) solutions. Cyngn Secure ...

MENLO PARK, Calif., Oct. 15, 2024 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today announced the expansion of its dealer network to include Raymond West. A leading distributor and integrator of intralogistics solutions, Raymond West will begin selling Cyngn's autonomous DriveMod Tugger. The autonomous tugger integrates Cyngn's AV technology with Motrec's MT-160. Cyngn Announces Raymond West Will Begin Selling DriveMod TuggersCyngn Announces Raymond West Will Begin Selling DriveMod Tuggers "With 21 branches ac ...

MENLO PARK, Calif., Sept. 24, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) Cyngn today announced the first build of the next-generation 12,000 lb DriveMod Tugger has been successfully completed at the facility of its OEM partner, Motrec International Inc. This key milestone achieves the previously announced upgrade that increases towing capacity from 6,000 lb to 12,000 lb and marks a step forward for integrating Cyngn's proprietary DriveMod technology with Motrec's MT-160 tow tra ...

MENLO PARK, Calif., Sept. 10, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) today announced that its AI-powered autonomous driving solution, DriveMod, will be able to operate in outdoor environments. Organizations will be able to send the DriveMod Tugger on missions that go indoors and outdoors, giving facility managers even more opportunity to automate repetitive workflows and shift employees over to more interesting, higher-value tasks. Expanding DriveMod Capabilities to Outdoor ...

MENLO PARK, Calif., Sept. 4, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) today announced the official granting of a new patent, U.S. Patent No. 12,032,099, which introduces a method to maintain the accuracy of data collected by an autonomous vehicle's sensors as the vehicle moves. Since August 2023, Cyngn has been granted ten additional patents, bringing the total U.S. patents granted to 20. Patent 20 protects systems that improve the ability of Cyngn's autonomous vehicles to ma ...

[Operating Highlights and Management Commentary](index=1&type=section&id=Operating%20Highlights%20and%20Management%20Commentary) Cyngn expanded sales channels through new partnerships, strengthened its IP portfolio with two new patents, reported a healthy sales pipeline with reduced lead acquisition costs, and regained Nasdaq compliance with a debt-free balance sheet - Key operational achievements in Q2 2024 include: - Joining the John Deere supply base - Partnering with RobotLAB to add DriveMod Tugger vehicles to their portfolio - Expanding the dealer network with Alta Equipment Group - Receiving two new U.S. patents, bringing the total to **21** for its AI-powered autonomous vehicle solutions[1](index=1&type=chunk) - The company is expanding sales channels through partnerships with established dealers like Motrec, Alta, and RobotLAB to accelerate commercialization[2](index=2&type=chunk) - Marketing efforts have doubled the number of sourced leads while decreasing the acquisition cost per opportunity by **67%**. The sales pipeline is healthy, with engagement from Fortune 500 brands in automotive, defense, and heavy equipment sectors[3](index=3&type=chunk) - The company successfully regained compliance with Nasdaq's minimum bid price requirement and maintains a clean balance sheet with **no debt**[4](index=4&type=chunk) [Financial Performance Review](index=3&type=section&id=Financial%20Performance%20Review) Revenue significantly decreased due to a strategic shift from NRE contracts to EAS software subscriptions, yet reduced costs led to a lower net loss per share for both Q2 and year-to-date 2024, with all per-share data restated for a reverse stock split - All share and per-share information has been restated to reflect the 1-for-100 reverse stock split that occurred on July 3, 2024[5](index=5&type=chunk) [Q2 2024 Three-Month Financial Review](index=3&type=section&id=Q2%202024%20Three-Month%20Financial%20Review) Q2 2024 revenue sharply declined to **$8.7 thousand** due to a business model shift, but total costs and expenses decreased to **$5.8 million**, narrowing the net loss to **$(5.8) million** or **$(4.11)** per share Q2 Three-Month Financial Performance (2024 vs. 2023) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue ($ thousands) | $8.7 | $550.9 | -98.4% | | Total Costs & Expenses ($ millions) | $5.8 | $7.0 | -17.1% | | Net Loss ($ millions) | $(5.8) | $(6.4) | Improved | | Net Loss Per Share ($) | $(4.11) | $(12.97) | Improved | - The decrease in total expenses was primarily due to a **$447.7 thousand** decrease in cost of revenue, a **$239.1 thousand** reduction in G&A, and a **$538.7 thousand** decrease in R&D expenses[7](index=7&type=chunk) [Q2 2024 Six-Month Financial Review](index=3&type=section&id=Q2%202024%20Six-Month%20Financial%20Review) Six-month revenue declined to **$14.2 thousand** due to the NRE to EAS shift, but total costs decreased to **$11.8 million**, resulting in a slightly reduced net loss of **$(11.8) million** and improved net loss per share of **$(12.15)** Six-Month Financial Performance (2024 vs. 2023) | Metric | Six Months 2024 | Six Months 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue ($ thousands) | $14.2 | $1.4 million | -99.0% | | Total Costs & Expenses ($ millions) | $11.8 | $13.8 | -14.5% | | Net Loss ($ millions) | $(11.8) | $(12.0) | Improved | | Net Loss Per Share ($) | $(12.15) | $(24.48) | Improved | - The year-to-date decrease in expenses was driven by a **$950.6 thousand** decrease in cost of revenue, a **$606.6 thousand** reduction in G&A, and a **$414.1 thousand** decrease in R&D expenses[10](index=10&type=chunk) [Balance Sheet and Liquidity](index=4&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2024, Cyngn reported **$7.0 million** in cash and short-term investments, maintained **no debt**, and subsequently raised an additional **$1.8 million** through an ATM offering, bringing pro-forma cash to **$8.8 million** Balance Sheet Highlights (as of June 30, 2024) | Metric | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash & Short-term Investments ($ millions) | $7.0 | $8.2 | | Working Capital ($ millions) | $6.1 | $7.4 | | Total Stockholders' Equity ($ millions) | $9.7 | $10.6 | | Debt ($) | $0 | $0 | - Subsequent to Q2, the company sold **256,500** shares of common stock for gross proceeds of **$1.8 million**, resulting in pro-forma cash and short-term investments of **$8.8 million**[13](index=13&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) The unaudited consolidated financial statements show a significant revenue decrease from a business model shift, reduced operating expenses, a smaller net loss per share, a debt-free balance sheet with decreased cash, and stable operating cash outflow offset by equity financing [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2024 revenue was **$8.7 thousand** with a net loss of **$(5.8) million**, while six-month revenue was **$14.2 thousand** with a net loss of **$(11.8) million**, reflecting a business model shift and controlled spending Statement of Operations Summary (Unaudited) | (In thousands, except per share data) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue ($ thousands) | $8.7 | $551.0 | $14.2 | $1,423.8 | | Total costs and expenses ($ thousands) | $5,820.9 | $7,046.4 | $11,792.7 | $13,764.0 | | Loss from operations ($ thousands) | $(5,812.2) | $(6,495.4) | $(11,778.6) | $(12,340.3) | | Net loss ($ thousands) | $(5,819.0) | $(6,353.4) | $(11,789.0) | $(11,982.2) | | Net loss per share ($) | $(4.11) | $(12.97) | $(12.15) | $(24.48) | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets were **$11.9 million**, primarily due to reduced cash and short-term investments, with total liabilities at **$2.2 million** and stockholders' equity at **$9.7 million** Balance Sheet Summary (Unaudited) | (In thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash & Short-term investments ($ thousands) | $6,994.1 | $8,153.5 | | Total current assets ($ thousands) | $8,332.8 | $9,470.0 | | Total Assets ($ thousands) | $11,928.8 | $13,033.4 | | **Liabilities & Equity** | | | | Total current liabilities ($ thousands) | $2,226.0 | $2,080.8 | | Total Liabilities ($ thousands) | $2,226.0 | $2,398.2 | | Total stockholders' equity ($ thousands) | $9,702.8 | $10,635.2 | | Total Liabilities and Stockholders' Equity ($ thousands) | $11,928.8 | $13,033.4 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2024, net cash used in operations was **$(10.2) million**, offset by **$3.0 million** from investing and **$9.6 million** from financing activities, leading to a net cash increase of **$2.3 million** Statement of Cash Flows Summary (Unaudited, Six Months Ended June 30) | (In thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities ($ thousands) | $(10,225.5) | $(10,246.9) | | Net cash provided by investing activities ($ thousands) | $2,977.8 | $2,708.5 | | Net cash provided by financing activities ($ thousands) | $9,587.0 | $8.1 | | Net increase (decrease) in cash ($ thousands) | $2,339.4 | $(7,530.4) | | Cash, beginning of period ($ thousands) | $3,591.6 | $10,586.3 | | Cash, end of period ($ thousands) | $5,931.0 | $3,055.8 |