Cyngn(CYN) - 2025 Q3 - Quarterly Results

Financial Performance - Year-to-date revenue for Q3 2025 was $150.9 thousand, up from $61.8 thousand in Q3 2024, primarily from EAS software subscriptions related to DriveMod Tugger deployments[9] - Total costs and expenses for the year-to-date third quarter were $19.2 million, an increase of 11% from $17.3 million in Q3 2024, driven by a $2 million rise in general and administrative expenses[10] - Net loss for Q3 2025 was $(17.8) million, compared to $(17.2) million in Q3 2024, with a net loss per share of $(5.20) based on approximately 3.4 million shares outstanding[11] - Cyngn's net cash used in operating activities for the nine months ended September 30, 2025, was $(16.8) million, compared to $(15.6) million for the same period in 2024[23] Company Growth and Development - The company expanded its sales organization to the largest in its history, enhancing pipeline generation and lead quality[5] - Cyngn secured its 23rd U.S. patent for a modular sensor system designed for automated guided vehicles, strengthening its intellectual property portfolio[7] - Total stockholders' equity increased to $38.7 million as of September 30, 2025, compared to $(1) million at the end of 2024[15] - The company appointed Natalie Russell as Chief Financial Officer to enhance financial leadership and operational discipline[4] Cash and Investments - Cyngn's unrestricted cash and short-term investments totaled $34.9 million as of September 30, 2025, compared to $23.6 million at the end of 2024[15] Technology and Product Development - Cyngn develops autonomous vehicle technology aimed at addressing labor shortages and safety incidents in industrial organizations[24] - DriveMod technology allows seamless integration of self-driving capabilities without high upfront costs or infrastructure requirements[25] - The DriveMod Tugger can haul up to 12,000 lbs with a typical payback period of less than 2 years[26] - DriveMod Forklift is designed for heavy loads using non-standard pallets and is currently available to select customers[26] Compliance and Reporting - The company is pursuing SOC 2 Type II and ISO 27001 certifications as part of a broader cybersecurity and compliance initiative[7] - The company filed its annual report on Form 10-K/A with the SEC on November 14, 2025, detailing risk factors and forward-looking statements[27]