Cyngn(US:CYN)2025-05-08 20:15Financial Performance - Q1 2025 revenue was $47.2 thousand, a significant increase from $5.5 thousand in Q1 2024, primarily from EAS software subscriptions[11] - Total costs and expenses decreased by $710 thousand or 11.8% to $5.3 million in Q1 2025, down from $6.0 million in Q1 2024[12] - Net loss for Q1 2025 was $(7.6) million, compared to $(6.0) million in Q1 2024, with a net loss per share of $(6.60) based on approximately 1.2 million shares outstanding[13] Cash and Investments - Cyngn's unrestricted cash and short-term investments totaled $16.3 million as of March 31, 2025, down from $23.6 million at the end of 2024[14] - Cyngn's total stockholders' equity increased to $22.1 million as of March 31, 2025, compared to $11.6 million at the end of 2024[14] Research and Development - The company experienced a $1 million decrease in R&D expenses, primarily due to capitalizing costs for specific customers and software development[12] Business Development - Cyngn secured approximately $308k in new bookings for DriveMod vehicles from direct sales during Q1 2025[2] - Cyngn has conducted DriveMod deployments with five major automotive OEMs and Tier-1 suppliers across the U.S. and Mexico, indicating strong momentum in the automotive sector[5] - The company expanded into new verticals, with DriveMod vehicles now used in manufacturing, CPG, logistics, and defense environments[6] Innovation and Patents - Cyngn received its 22nd U.S. patent for AI-powered autonomous vehicle technologies, reinforcing its innovation in the sector[2]