Cyngn(CYN) - 2025 Q4 - Annual Results

Financial Performance - In 2025, Cyngn's revenue was $219 thousand, a decrease from $368 thousand in 2024[11] - Total costs and expenses in 2025 were $25.9 million, an increase of 11.6% from $23.2 million in 2024[12] - The net loss for 2025 was $(23.5) million, compared to $(33.3) million in 2024, resulting in a net loss per share of $(5.17) based on approximately 4.5 million shares outstanding[13] - In Q4 2025, revenue was $68.1 thousand, down from $306.4 thousand in Q4 2024[14] - Total costs and expenses in Q4 2025 were $6.6 million, an increase of 17% from $5.6 million in Q4 2024[15] - The net loss for Q4 2025 was $(5.7) million, compared to $(16.1) million in Q4 2024, with a net loss per share of $(0.78) based on approximately 7.2 million shares outstanding[16] - Net loss for the year ended December 31, 2024, was $23,469,273, compared to a net loss of $33,335,579 in 2025, indicating an improvement of approximately 29%[25] Cash and Investments - Cyngn's unrestricted cash and short-term investments as of December 31, 2025, totaled $34.7 million, up from $23.6 million as of December 31, 2024[17] - Total stockholders' equity as of December 31, 2025, was $38.8 million, compared to $(1) million as of December 31, 2024[17] - Cash used in operating activities for 2024 was $23,576,656, an increase from $19,196,081 in 2025, reflecting a higher cash burn rate[25] - Cash provided by financing activities in 2024 was $35,083,353, slightly down from $36,286,961 in 2025, showing a stable financing environment[25] - The company reported a significant increase in cash and cash equivalents, ending 2024 with $990,023 compared to $23,617,733 at the beginning of the year[25] Business Development - Cyngn reported a record expansion among enterprise and Fortune 100 customers, with Q1 2026 sales expected to exceed total 2025 bookings[6] - The company closed a $9.65 million registered direct offering, extending its runway until 2028[9] - Cyngn plans to continue expanding its product offerings and market presence in the autonomous vehicle sector, leveraging its innovative technology[29] Product and Technology - Cyngn's DriveMod technology is currently available on Motrec MT-160 Tuggers and BYD Forklifts, targeting industrial organizations facing labor shortages[27] - DriveMod Tugger can haul up to 12,000 lbs and aims for a typical payback period of less than 2 years, enhancing operational efficiency for customers[27] - The company is focused on addressing challenges in industrial organizations, such as costly safety incidents and labor shortages, through its autonomous vehicle technology[26] Financial Adjustments and Risks - The company has made adjustments to its financial statements to reflect a 1-for-100 reverse stock split and a 1-for-150 reverse stock split, impacting share structure[25] - Cyngn's management emphasizes the importance of forward-looking statements, highlighting potential risks and uncertainties that could affect future results[29]