Cyngn(CYN) - 2024 Q4 - Annual Results

Revenue Performance - Cyngn reported Q4 2024 revenue of $306.4 thousand, a significant increase from $40.4 thousand in Q4 2023, primarily from EAS software subscriptions[12] - Total revenue for 2024 was $368 thousand, down from $1.5 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 $23.2 million, a decrease of $1.6 million or 6.5% from $24.8 million in 2023[10] - Depreciation and amortization expenses decreased to $669,409 in 2024 from $961,281 in 2023, a reduction of 30.4%[27] Net Loss - The net loss for 2024 was $(29.3) million, compared to $(22.8) million in 2023, resulting in a net loss per share of $(2,213) based on approximately 13.2 thousand shares outstanding[11] - Net loss for 2024 was $29,252,284, compared to a loss of $22,811,230 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 $9,493,500 in 2024 from $19,477,605 in 2023, indicating a 51.3% reduction in cash outflow[27] - Net cash provided by investing activities decreased to $2,935,230 in 2024 from $6,362,166 in 2023, reflecting a 53.9% decline[27] - Net cash provided by financing activities significantly increased to $26,584,380 in 2024, up from $6,120,789 in 2023, marking a 335.5% rise[27] - Cash and cash equivalents at the end of 2024 were $23,617,733, a substantial increase from $3,591,623 at the end of 2023, representing a 558.5% growth[27] - Proceeds from at-the-market equity financing in 2024 were $6,789,427, compared to $1,747,468 in 2023, showing a 287.5% increase[27] - Proceeds from public issuance of common stock and pre-funded warrants rose to $22,369,285 in 2024 from $4,380,975 in 2023, a 408.5% increase[27] Business Development - Cyngn secured approximately $1.3 million in new bookings for DriveMod vehicles from direct sales during Q4 2024[1] - The company raised $33 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 $103.9 billion by 2031, presenting significant opportunities for Cyngn's autonomous forklifts[7] - The company hired Marty Petraitis as VP of Sales to enhance its focus on expanding into more fleet purchases and scaling opportunities[4] Financial Adjustments - The company recorded a patent impairment of $118,831 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]