Cyngn reported Q2 2024 revenue of $8.7K, down from $550.9K in Q2 2023, with net loss narrowing to $5.8M from $6.4M YoY. Total costs decreased to $5.8M from $7.0M, primarily due to reduced cost of revenue, G&A, and R&D expenses. The company maintained a solid balance sheet with $7.0M in cash and no debt as of June 30, 2024.The quarter saw significant strategic progress as Cyngn joined John Deere's supply base and established partnerships with RobotLAB and Alta Equipment Group. The company expanded its dealer network and doubled marketing-sourced leads while reducing acquisition costs by 67%. Additionally, Cyngn received notices for its 20th and 21st U.S. patents for AI-powered autonomous vehicle solutions.Post quarter-end, the company raised $1.8M through ATM stock sales, bringing pro-forma cash position to $8.8M. The company continues to focus on commercialization efforts, engaging with Fortune 500 companies, automotive manufacturers, defense contractors, and heavy equipment manufacturers while maintaining 85 employees, up from 75 YoY.

Cyngn reported Q2 2024 revenue of $8.7K, down from $550.9K in Q2 2023, with net loss narrowing to $5.8M from $6.4M YoY. Total costs decreased to $5.8M from $7.0M, primarily due to reduced cost of revenue, G&A, and R&D expenses. The company maintained a solid balance sheet with $7.0M in cash and no debt as of June 30, 2024.The quarter saw significant strategic progress as Cyngn joined John Deere's supply base and established partnerships with RobotLAB and Alta Equipment Group. The company expanded its dealer network and doubled marketing-sourced leads while reducing acquisition costs by 67%. Additionally, Cyngn received notices for its 20th and 21st U.S. patents for AI-powered autonomous vehicle solutions.Post quarter-end, the company raised $1.8M through ATM stock sales, bringing pro-forma cash position to $8.8M. The company continues to focus on commercialization efforts, engaging with Fortune 500 companies, automotive manufacturers, defense contractors, and heavy equipment manufacturers while maintaining 85 employees, up from 75 YoY.