Cyngn(US:CYN) Prnewswireยท2024-08-07 20:05Core Insights - Cyngn reported a significant decrease in revenue for Q2 2024, totaling $8.7 thousand compared to $550.9 thousand in Q2 2023, primarily due to a shift from NRE contracts to EAS software subscriptions [6][8] - The company has made strides in expanding its sales channels and partnerships, particularly with established dealers and automation leaders, which is expected to enhance commercialization efforts [2][4] - Cyngn's financial health remains stable, with no debt and a clean balance sheet, positioning the company favorably for future growth [5][9] Financial Performance - Q2 2024 revenue was $8.7 thousand, a decrease from $550.9 thousand in Q2 2023, with year-to-date revenue at $14.2 thousand compared to $1.4 million in the same period last year [6][8] - Total costs and expenses in Q2 2024 were $5.8 million, down from $7.0 million in Q2 2023, driven by reductions in cost of revenue, G&A, and R&D expenses [6][8] - The net loss for Q2 2024 was $(5.8) million, an improvement from $(6.4) million in Q2 2023, with net loss per share decreasing from $(12.97) to $(4.11) [6][7] Balance Sheet Highlights - As of June 30, 2024, Cyngn's cash and short-term investments totaled $7.0 million, down from $8.2 million at the end of 2023, with working capital at $6.1 million [9][10] - The company had no debt and total stockholders' equity of $9.7 million as of June 30, 2024, compared to $10.6 million at the end of 2023 [9][10] Strategic Initiatives - Cyngn is focusing on expanding its dealer network to enhance commercial opportunities, having doubled the number of marketing-sourced leads while reducing acquisition costs by 67% [3][4] - The company is actively engaging with Fortune 500 brands and aims to demonstrate the reliability and safety of its autonomous vehicles through extensive testing at customer facilities [4][5]