Summary by Futu AI
On August 7, 2024, Cyngn Inc., a developer of industrial autonomous vehicles, reported its financial results for the second quarter ended June 30, 2024. The company announced a second-quarter revenue of $8.7 thousand, a significant decrease from $550.9 thousand in the same quarter of the previous year. The revenue for Q2 2024 primarily came from EAS software subscriptions from DriveMod Stockchaser vehicle deployments. Total costs and expenses were reduced to $5.8 million from $7.0 million in Q2 2023, with decreases across cost of revenue, general and administrative expenses, and research and development expenses. The net loss for the quarter was $(5.8) million, an improvement from a net loss of $(6.4) million in Q2 2023. Cyngn highlighted several operational achievements, including joining the John Deere supply base, partnering with RobotLAB, receiving notices of allowance for its...Show More