Cyngn Inc. reported Q3 2024 revenue of $47,584, representing an 89% increase year-over-year, driven by Enterprise Autonomy Suite (EAS) subscriptions and hardware sales. However, the company posted a net loss of $5.4 million for the quarter as it continued significant R&D investments in autonomous vehicle technology development.Research and development expenses decreased 4.6% to $2.8 million compared to Q3 2023, while general and administrative costs declined 2.3% to $2.6 million. The company ended the quarter with $2.0 million in cash and $0.8 million in short-term investments, after raising $5.2 million through a public offering in April 2024.Management expressed concerns about sustainable operations funding, noting substantial doubt about continuing as a going concern without additional financing. The company is focusing on expanding its EAS deployment and subscription revenue model while developing new autonomous vehicle capabilities, with scaled deployments targeted for late 2024.

Cyngn Inc. reported Q3 2024 revenue of $47,584, representing an 89% increase year-over-year, driven by Enterprise Autonomy Suite (EAS) subscriptions and hardware sales. However, the company posted a net loss of $5.4 million for the quarter as it continued significant R&D investments in autonomous vehicle technology development.Research and development expenses decreased 4.6% to $2.8 million compared to Q3 2023, while general and administrative costs declined 2.3% to $2.6 million. The company ended the quarter with $2.0 million in cash and $0.8 million in short-term investments, after raising $5.2 million through a public offering in April 2024.Management expressed concerns about sustainable operations funding, noting substantial doubt about continuing as a going concern without additional financing. The company is focusing on expanding its EAS deployment and subscription revenue model while developing new autonomous vehicle capabilities, with scaled deployments targeted for late 2024.