Cyngn Inc. reported its financial performance for the quarter ended September 30, 2024, with revenue at $47,584, a decrease from the previous year's quarter. Operating loss widened to $5,508,202, and net loss totaled $5,427,399, or $2.74 per share. The company's cash position decreased to $1,974,441, with short-term investments at $812,750. Research and development expenses slightly decreased to $2.8 million, while general and administrative expenses also saw a minor reduction to $2.6 million. Cyngn's business development included the continued advancement of its Enterprise Autonomy Suite (EAS), targeting industrial vehicle automation. The company's future plans involve increasing revenue through new customer acquisitions and expanding its EAS subscriptions. Cyngn's capital raising activities included a public offering, generating $5.2 million in gross proceeds, and an at-the-market equity financing agreement, which provided net proceeds of $8.6 million. The company also implemented a 1-for-100 reverse stock split to comply with NASDAQ's minimum bid price requirement.

Cyngn Inc. reported its financial performance for the quarter ended September 30, 2024, with revenue at $47,584, a decrease from the previous year's quarter. Operating loss widened to $5,508,202, and net loss totaled $5,427,399, or $2.74 per share. The company's cash position decreased to $1,974,441, with short-term investments at $812,750. Research and development expenses slightly decreased to $2.8 million, while general and administrative expenses also saw a minor reduction to $2.6 million. Cyngn's business development included the continued advancement of its Enterprise Autonomy Suite (EAS), targeting industrial vehicle automation. The company's future plans involve increasing revenue through new customer acquisitions and expanding its EAS subscriptions. Cyngn's capital raising activities included a public offering, generating $5.2 million in gross proceeds, and an at-the-market equity financing agreement, which provided net proceeds of $8.6 million. The company also implemented a 1-for-100 reverse stock split to comply with NASDAQ's minimum bid price requirement.