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Cyngn | 8-K: Cyngn Reports First Quarter 2024 Financial Results

SEC announcement ·  May 10 04:42
Summary by Futu AI
On May 8, 2024, Cyngn Inc., a Delaware-based autonomous vehicle technology company, reported its financial results for the first quarter ended March 31, 2024. The company, which is listed on the Nasdaq Capital Market under the symbol CYN, highlighted several operational achievements including joining the John Deere supply base, completing an initial DriveMod Tugger deployment with Rivian, and receiving a notice of allowance for a 20th U.S. patent. Cyngn also announced new partnerships and product advancements, such as RobotLAB joining its distributor network and the release of AI-powered autonomous DriveMod Tugger footage. Financially, Cyngn reported a Q1 revenue of $5.5 thousand, a significant decrease from $872.8 thousand in the same period last year, primarily due to a shift from NRE contracts to EAS software subscriptions...Show More
On May 8, 2024, Cyngn Inc., a Delaware-based autonomous vehicle technology company, reported its financial results for the first quarter ended March 31, 2024. The company, which is listed on the Nasdaq Capital Market under the symbol CYN, highlighted several operational achievements including joining the John Deere supply base, completing an initial DriveMod Tugger deployment with Rivian, and receiving a notice of allowance for a 20th U.S. patent. Cyngn also announced new partnerships and product advancements, such as RobotLAB joining its distributor network and the release of AI-powered autonomous DriveMod Tugger footage. Financially, Cyngn reported a Q1 revenue of $5.5 thousand, a significant decrease from $872.8 thousand in the same period last year, primarily due to a shift from NRE contracts to EAS software subscriptions. Total costs and expenses were reduced to $6.0 million from $6.7 million in Q1 2023, with a net loss of $6.0 million, slightly higher than the $5.6 million loss in the previous year. The company's cash and short-term investments stood at $4.8 million as of March 31, 2024, down from $8.2 million at the end of 2023. Subsequent to the end of the quarter, Cyngn raised $5.2 million through a public offering of its common stock. The company remains optimistic about its growth prospects and its ability to convert more customers to advanced sales discussions.

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