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Cyngn Reports 2024 Fourth Quarter and Year-End Financial Results
CYNCyngn(CYN) Prnewswire·2025-03-05 21:05

Core Insights - Cyngn Inc. reported financial results for Q4 and the full year 2024, highlighting a significant focus on its autonomous DriveMod technology and commercial momentum [1][3][4] Financial Performance - 2024 revenue was 368thousand,adecreasefrom368 thousand, a decrease from 1.5 million in 2023, primarily due to a shift from NRE contracts to EAS software subscriptions [8][22] - Total costs and expenses in 2024 were 23.2million,down6.523.2 million, down 6.5% from 24.8 million in 2023, driven by reduced costs in revenue and R&D [9][22] - The net loss for 2024 was (29.3)million,comparedto(29.3) million, compared to (22.8) million in 2023, with a net loss per share of (2,213)basedonapproximately13.2thousandsharesoutstanding[11][22]Q4FinancialReview−Q42024revenuewas(2,213) based on approximately 13.2 thousand shares outstanding [11][22] Q4 Financial Review - Q4 2024 revenue was 306.4 thousand, up from 40.4thousandinQ42023,withrevenueprimarilyfromEASsoftwaresubscriptions[12][22]−TotalcostsandexpensesinQ4were40.4 thousand in Q4 2023, with revenue primarily from EAS software subscriptions [12][22] - Total costs and expenses in Q4 were 5.8 million, an increase of 7.4% from 5.4 million in Q4 2023, mainly due to higher G&A expenses [13][22] - The net loss for Q4 was (12.0) million, compared to (5.4)millioninQ42023,withanetlosspershareof(5.4) million in Q4 2023, with a net loss per share of (502) based on approximately 24 thousand shares outstanding [14][22] Market Expansion and Product Development - Cyngn achieved a significant market expansion milestone with a contract for its DriveMod Tugger at a Consumer Packaged Goods company, indicating growth in various industries [4] - The company has ramped up production of its DriveMod Tugger and initiated revenue-generating activities with its DriveMod Forklift solution, marking a key monetization point [6][7] - The global forklift market is projected to double to 103.9billionby2031,presentingsubstantialopportunitiesforCyngn′sautonomousforklifts[7]BalanceSheetHighlights−AsofDecember31,2024,Cyngn′sunrestrictedcashandshort−terminvestmentstotaled103.9 billion by 2031, presenting substantial opportunities for Cyngn's autonomous forklifts [7] Balance Sheet Highlights - As of December 31, 2024, Cyngn's unrestricted cash and short-term investments totaled 23.6 million, a significant increase from 3.6millionattheendof2023[16][23]−Thecompanyhadnodebtandreportedtotalstockholders′equityof3.6 million at the end of 2023 [16][23] - The company had no debt and reported total stockholders' equity of 11.6 million, up from $10.6 million in 2023 [16][23]