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Cyngn | 8-K: Cyngn Reports 2023 Fourth Quarter and Year-End Financial Results

SEC announcement ·  Mar 7 05:29
Summary by Futu AI
On March 6, 2024, Cyngn Inc., a company listed on the Nasdaq under the symbol CYN, reported its financial results for the fourth quarter and the fiscal year ended December 31, 2023. The company announced a significant increase in annual revenue to $1.5 million, up from $262 thousand in the previous year, largely due to Non-Recurring Engineering contracts. Despite the revenue growth, Cyngn experienced a net loss of $22.8 million for the year, a slight increase from the $19.2 million loss in 2022. The net loss per share for 2023 was $(0.57), compared to $(0.55) in the previous year. The fourth quarter of 2023 saw revenues of $40.4 thousand, a decrease from the fourth quarter of 2022, which had $262 thousand in revenue. The company's total costs and expenses for 2023 were $24.8 million, up from...Show More
On March 6, 2024, Cyngn Inc., a company listed on the Nasdaq under the symbol CYN, reported its financial results for the fourth quarter and the fiscal year ended December 31, 2023. The company announced a significant increase in annual revenue to $1.5 million, up from $262 thousand in the previous year, largely due to Non-Recurring Engineering contracts. Despite the revenue growth, Cyngn experienced a net loss of $22.8 million for the year, a slight increase from the $19.2 million loss in 2022. The net loss per share for 2023 was $(0.57), compared to $(0.55) in the previous year. The fourth quarter of 2023 saw revenues of $40.4 thousand, a decrease from the fourth quarter of 2022, which had $262 thousand in revenue. The company's total costs and expenses for 2023 were $24.8 million, up from $19.7 million in 2022, with the increase primarily attributed to research and development expenses. Cyngn ended the year with $8.2 million in unrestricted cash and short-term investments, a decrease from $22.6 million at the end of 2022. The company highlighted several operational achievements, including a renewed contract with U.S. Continental, a Nasdaq extension for continued exchange listing, the granting of 19 U.S. patents, and the development of next-generation autonomous vehicle technology. Cyngn's CEO, Lior Tal, expressed optimism for 2024, citing successful trial deployments and anticipated sales and production scale-up.

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