Summary by Futu AI
Cyngn Inc., an autonomous vehicle technology company, reported financial results for the quarter ended June 30, 2024. The company recognized revenue of $8,665, primarily from Enterprise Autonomy Suite (EAS) subscriptions and hardware sales, compared to $550,952 in the same period of the previous year. Cost of revenue was $14,922, mainly due to deployment costs. Research and development expenses decreased by 14.4% to $3.2 million, attributed to the capitalization of software costs. General and administrative expenses also saw a decrease of 8.4% to $2.6 million. The company experienced a net loss of $5,818,952, with a basic and diluted net loss per share of $4.11. Cyngn's liquidity position included $5.9 million in cash and $1.1 million in short-term investments. The company's future plans involve enhancing its operating cash flow, obtaining capital financing, and executing its business plan to increase revenue and control operating costs. Cyngn aims to expand its customer base and deploy its EAS to a wider range of industrial uses, with scaled deployments expected to begin towards the end of 2024.