Revenue Performance - Cyngn reported Q4 2024 revenue of 306.4thousand,asignificantincreasefrom40.4 thousand in Q4 2023, primarily from EAS software subscriptions[12] - Total revenue for 2024 was 368thousand,downfrom1.5 million in 2023, with the decline attributed to a shift from NRE contracts to EAS software subscriptions[9] Costs and Expenses - Total costs and expenses in 2024 were 23.2million,adecreaseof1.6 million or 6.5% from 24.8millionin2023[10]−Depreciationandamortizationexpensesdecreasedto669,409 in 2024 from 961,281in2023,areductionof30.4(29.3) million, compared to (22.8)millionin2023,resultinginanetlosspershareof(2,213) based on approximately 13.2 thousand shares outstanding[11] - Net loss for 2024 was 29,252,284,comparedtoalossof22,811,230 in 2023, representing a 28.5% increase in losses year-over-year[27] Cash Flow and Investments - Net cash used in operating activities improved to 9,493,500in2024from19,477,605 in 2023, indicating a 51.3% reduction in cash outflow[27] - Net cash provided by investing activities decreased to 2,935,230in2024from6,362,166 in 2023, reflecting a 53.9% decline[27] - Net cash provided by financing activities significantly increased to 26,584,380in2024,upfrom6,120,789 in 2023, marking a 335.5% rise[27] - Cash and cash equivalents at the end of 2024 were 23,617,733,asubstantialincreasefrom3,591,623 at the end of 2023, representing a 558.5% growth[27] - Proceeds from at-the-market equity financing in 2024 were 6,789,427,comparedto1,747,468 in 2023, showing a 287.5% increase[27] - Proceeds from public issuance of common stock and pre-funded warrants rose to 22,369,285in2024from4,380,975 in 2023, a 408.5% increase[27] Business Development - Cyngn secured approximately 1.3millioninnewbookingsforDriveModvehiclesfromdirectsalesduringQ42024[1]−Thecompanyraised33 million in December 2024 to scale customer deployments and fuel growth[1] - Cyngn completed its first paid DriveMod Forklift deployment, marking a key monetization milestone for its autonomous solutions[6] - The global forklift market is projected to double to 103.9billionby2031,presentingsignificantopportunitiesforCyngn′sautonomousforklifts[7]−ThecompanyhiredMartyPetraitisasVPofSalestoenhanceitsfocusonexpandingintomorefleetpurchasesandscalingopportunities[4]FinancialAdjustments−Thecompanyrecordedapatentimpairmentof118,831 in 2024, which was not present in 2023[27] - The change in fair value of warrant liability contributed $5,359,780 in 2024, indicating new financial dynamics compared to the previous year[27]
Cyngn(CYN)2025-03-05 21:30