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 ...

Core Insights - Cyngn Inc. has been granted a new patent, U.S. Patent No. 12,032,099, which enhances the accuracy of data collected by autonomous vehicle sensors during movement [1] - The total number of U.S. patents granted to Cyngn has reached 20, with ten patents granted since August 2023 [2] - The new patent optimizes sensor data processing by integrating advanced LiDAR and image technologies, ensuring precise predictions of future positions [3][4] - The patent significantly improves the reliability and precision of sensor data in dynamic environments, enhancing safety and efficiency [4] - Cyngn's CEO emphasized the importance of this patent in strengthening the company's intellectual property strategy within the autonomous vehicle industry [5] Patent Details - The newly granted patent focuses on adaptive motion compensation of perception channels, which is crucial for autonomous vehicle operations [6] - Previous patents include systems for large-scale autonomous driving validation, adaptive traffic rule-based decision making, and modular behavioral decision systems [6][7] - The comprehensive patent portfolio reflects Cyngn's commitment to advancing autonomous vehicle technologies and protecting its intellectual property [5][8] Company Overview - Cyngn develops scalable autonomous vehicle technology aimed at improving productivity and efficiency for industrial organizations [8] - The company's DriveMod Kit allows for seamless adoption of self-driving technology without high upfront costs, enabling retrofitting on existing vehicles [9] - Cyngn's flagship product, the Enterprise Autonomy Suite, includes various tools for fleet management, teleoperation, and data analytics [10]

[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 |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.00001 CYN Nasdaq Stock Market LLC FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file numb ...

Core Insights - Cyngn reported a significant decrease in revenue for Q2 2024, totaling $8.7 thousand compared to $550.9 thousand in Q2 2023, primarily due to a shift from NRE contracts to EAS software subscriptions [6][8] - The company has made strides in expanding its sales channels and partnerships, particularly with established dealers and automation leaders, which is expected to enhance commercialization efforts [2][4] - Cyngn's financial health remains stable, with no debt and a clean balance sheet, positioning the company favorably for future growth [5][9] Financial Performance - Q2 2024 revenue was $8.7 thousand, a decrease from $550.9 thousand in Q2 2023, with year-to-date revenue at $14.2 thousand compared to $1.4 million in the same period last year [6][8] - Total costs and expenses in Q2 2024 were $5.8 million, down from $7.0 million in Q2 2023, driven by reductions in cost of revenue, G&A, and R&D expenses [6][8] - The net loss for Q2 2024 was $(5.8) million, an improvement from $(6.4) million in Q2 2023, with net loss per share decreasing from $(12.97) to $(4.11) [6][7] Balance Sheet Highlights - As of June 30, 2024, Cyngn's cash and short-term investments totaled $7.0 million, down from $8.2 million at the end of 2023, with working capital at $6.1 million [9][10] - The company had no debt and total stockholders' equity of $9.7 million as of June 30, 2024, compared to $10.6 million at the end of 2023 [9][10] Strategic Initiatives - Cyngn is focusing on expanding its dealer network to enhance commercial opportunities, having doubled the number of marketing-sourced leads while reducing acquisition costs by 67% [3][4] - The company is actively engaging with Fortune 500 brands and aims to demonstrate the reliability and safety of its autonomous vehicles through extensive testing at customer facilities [4][5]