Recent Operating Highlights:
- Cyngn received approximately $1.3M of new bookings for DriveMod vehicles from
direct sales during Q4-2024
- Cyngn Signed Contract to Deploy DriveMod Tugger at a Major
Consumer Packaged Goods Company
- Cyngn Announced Multiple Deployments at Major Automotive
Brands, including Coats.
- Cyngn Raised $33m in December to
Scale Customer Deployments and Fuel Its Growth
- Cyngn Highlighted its Proprietary Computer Vision Advancements
with NVIDIA Accelerated Computing
- Cyngn Hired Marty Petraitis, a
veteran of Industrial Automation, as VP of Sales.
- Cyngn Successfully Completed Initial Deployment of Its DriveMod
Tugger at a Major Defense Contractor
- Cyngn Completed First Paid DriveMod Forklift Deployment at
Customer Facility
- Cyngn's Next-Generation 12,000-lb DriveMod Tugger Completed
Production Builds at Motrec Facility
MENLO
PARK, Calif., March 5,
2025 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today
announced financial results for its fourth quarter and year, which
ended December 31, 2024.
"We continued to gain commercial momentum with our autonomous
DriveMod technology," said Lior Tal,
Cyngn CEO. "Building on the direct sales progress made earlier in
the year—including our selection by John Deere to supply the
DriveMod Tugger—we received over $1M
in new bookings from direct sales in the fourth quarter and are
actively expanding our focus on channel sales to accelerate
adoption.
"We have also recently achieved a meaningful market expansion
milestone with a contract signed for our DriveMod Tugger at a
Consumer Packaged Goods company, an important progression to
bringing our solutions to an even wider swath of industries.
Additionally, we kicked off a production deployment of our vehicles
at Coats, a major North American Automotive Service Equipment
Manufacturer, which continues to emphasize our traction in the
automotive manufacturing industry."
Steve Bergmeyer, Continuous
Improvement and Quality Manager at Coats, said "Cyngn's
self-driving tugger was the perfect solution to support our
strategy of advancing automation and incorporating scalable
technology seamlessly into our operations. With its high load
capacity, we can concentrate on increasing our ability to manage
heavier components and bulk orders, driving greater efficiency,
reducing costs, and accelerating delivery timelines."
Cyngn hired Marty Petraitis, an
experienced veteran of the industrial automation industry, as VP of
Sales to capitalize on its growing opportunities. The company is
actively focusing on expanding into more Fleet Purchases, creating
more scaled opportunities with onboarded customers. Cyngn is seeing
validation of its solutions, especially through traction in heavy
manufacturing industries like automotive.
The company's momentum is highlighted by the additional recent
deployments of the next-generation 12,000 lb. DriveMod Tugger at
customer facilities and multiple new customer contracts and LOIs.
The next-gen DriveMod Tugger boasts increased towing capacity and
enhanced autonomous capabilities with a small form factor for its
high towing capacity. Technological improvements have expanded
possible use cases, broadened the environments where Cyngn's
autonomous vehicles deliver value, and ultimately created new sales
opportunities.
Having ramped up the production of its DriveMod Tugger, Cyngn
has also been able to shift to revenue-generating activities with
its autonomous DriveMod Forklift solution. The first paid DriveMod
Forklift deployment marked a key turning point in monetizing the
valuable solution offered by an autonomous forklift.
The global forklift market is expected to double to $103.9 billion by 2031. The opportunity for
autonomous forklifts is significant, and this milestone positions
Cyngn for the critical next steps that will result in the DriveMod
Forklift being widely available to under-served forklift automation
applications that require 10k+ lb. load capacity and use
non-standard pallets.
2024 Financial Review:
2024 revenue was $368 thousand
compared to $1.5 million in 2023.
2024 revenue was derived primarily from EAS software subscriptions
from DriveMod Stockchaser vehicle deployments whereas prior year
revenue was primarily the result of NRE ("Non-Recurring
Engineering") contracts.
Total costs and expenses in 2024 were $23.2 million, a decrease of $1.6M or 6.5% from $24.8
million in 2023. This decrease was caused by a decrease of
$686.6 thousand in cost of revenue,
$1.5 million in R&D, offset by an
increase of $507.9 thousand in
G&A. The decrease in cost of revenue is driven by the lower
costs associated with EAS revenue compared to the NRE contracts in
2023. The decrease in R&D expense was primarily driven by
capitalizing costs for specific customers and capitalizing costs
related to the development of software. The increase in G&A
expenses is due to an increase in executive bonuses offset by
a decrease in personnel costs, reduced insurance premiums and
spending improvements on general office expenses. Other income
(expense), net were $(6.4) million
compared to $534.7 thousand in 2023.
The increase in expense was primarily driven by the fair value
measurement of $5.4 million for the
warrant liability.
Net loss for 2024 was $(29.3)
million compared to $(22.8)
million in 2023. For the year-end 2024 net loss per share
was $(2,213), based on basic and
diluted weighted average shares outstanding of approximately
13.2(1) thousand. This compares to a net loss per
share of $(6,529) in 2023, based on
approximately 3.5(1) thousand basic and diluted
weighted average shares outstanding.
Q4 2024 Financial Review:
Fourth quarter revenue was $306.4
thousand compared to $40.4
thousand in the fourth quarter of 2023. Similar to prior
year, fourth quarter 2024 revenue consisted of EAS software
subscriptions from DriveMod Stockchaser vehicle deployments.
Total costs and expenses in the fourth quarter were $5.8 million, an increase of $400 thousand or 7.4% from $5.4 million in the fourth quarter of 2023. This
increase was due to an increase of $149.2
thousand in cost of revenue due to additional EAS
subscriptions in 2024 vs 2023, and an increase of $1.2 million in G&A primarily due to an
increase in personnel costs. This is offset by a $912.6 thousand reduction in R&D
expenses, primarily driven by capitalizing costs for specific
customers and capitalizing costs related to the development of
software. For the fourth quarter 2024, other income
(expense), net was $(6.5) million
compared to $38 thousand in the
fourth quarter of 2023. The increase in expense was primarily
driven by the fair value measurement of $5.4
million for the warrant liability.
Net loss for the fourth quarter was $(12.0) million compared to $(5.4) million in the corresponding quarter of
2023. Fourth quarter 2024 net loss per share was $(502), based on basic and diluted weighted
average shares outstanding of approximately 24 thousand in the
quarter. This compares to a net loss per share of $(1,376) in the fourth quarter of 2023, based on
approximately 3.9 thousand basic and diluted weighted average
shares outstanding.
|
(1)
|
All information has
been retroactively adjusted to reflect the 1-for-100 reverse stock
split effected on July 3, 2024 and the 1-for-150 reverse stock
split effected on February 18, 2025.
|
Balance Sheet Highlights:
Cyngn's unrestricted cash and short-term investments at the end
of 2024 total $23.6 million compared
to $3.6 million as of December 31, 2023. At the end of the same
period, working capital was $22.1
million and total stockholders' equity was $11.6 million, as compared to year-end working
capital of $7.4 million and total
stockholders' equity of $10.6
million, respectively as of December
31, 2023. The Company had no debt as of December 31, 2024 and December 31, 2023 and to date, no one on the
current management team has sold any shares of Company stock.
About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous
vehicle technology for industrial organizations. Cyngn's
self-driving solutions allow existing workforces to increase
productivity and efficiency. The Company addresses significant
challenges facing industrial organizations today, such as labor
shortages, costly safety incidents, and increased consumer demand
for eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial vehicles
at end of line or via retrofit, empowering customers to seamlessly
adopt self-driving technology into their operations without high
upfront costs or the need to completely replace existing vehicle
investments.
Cyngn's flagship product, its Enterprise Autonomy Suite,
includes DriveMod (autonomous vehicle system), Cyngn Insight
(customer-facing suite of AV fleet management, teleoperation, and
analytics tools), and Cyngn Evolve (internal toolkit that enables
Cyngn to leverage data from the field for artificial intelligence,
simulation, and modeling). For all terms referenced within, please
refer to the Company's annual report on Form 10-K with the SEC
filed on March 7, 2024.
Where to find Cyngn:
- Website: https://cyngn.com
- X: https://x.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Media Contact
Luke Renner
media@cyngn.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Any
statement that is not historical in nature is a forward-looking
statement and may be identified by the use of words and phrases
such as "expects," "anticipates," "believes," "will," "will likely
result," "will continue," "plans to," "potential," "promising," and
similar expressions. These statements are based on management's
current expectations and beliefs and are subject to a number of
risks, uncertainties and assumptions that could cause actual
results to differ materially from those described in the
forward-looking statements, including the risk factors described
from time to time in the Company's reports to the Securities and
Exchange Commission (SEC), including, without limitation the risk
factors discussed in the Company's annual report on Form 10-K filed
with the SEC on March 7, 2024.
Readers are cautioned that it is not possible to predict or
identify all the risks, uncertainties and other factors that may
affect future results. No forward-looking statement can be
guaranteed, and actual results may differ materially from those
projected. Cyngn undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new
information, future events, or otherwise.
|
CYNGN INC. AND
SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
Year Ended December
31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Revenue
|
|
$
|
368,138
|
|
|
$
|
1,489,317
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
535,708
|
|
|
|
1,222,321
|
|
|
Research and
development
|
|
|
11,259,641
|
|
|
|
12,719,983
|
|
|
General and
administrative
|
|
|
11,400,864
|
|
|
|
10,892,955
|
|
|
Total costs and
expenses
|
|
|
23,196,213
|
|
|
|
24,835,259
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(22,828,075)
|
|
|
|
(23,345,942)
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
|
|
|
|
|
|
|
|
Interest income
(expense), net
|
|
|
(1,117,546)
|
|
|
|
137,887
|
|
|
Change in fair value of
warrant liability
|
|
|
(5,359,780)
|
|
|
|
-
|
|
|
Other income (expense),
net
|
|
|
53,117
|
|
|
|
396,825
|
|
|
Total other income
(expense), net
|
|
|
(6,424,209)
|
|
|
|
534,712
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(29,252,284)
|
|
|
$
|
(22,811,230)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
|
$
|
(2,212.56)
|
|
|
$
|
(6,528.92)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computing net loss per share attributable to common
stockholders, basic and diluted(1)
|
|
|
13,221
|
|
|
|
3,494
|
|
|
(1)
|
All information has
been retroactively adjusted to reflect the 1-for-100 reverse stock
split effected on July 3, 2024 and the 1-for-150 reverse stock
split effected on February 18, 2025.
|
|
CYNGN INC. AND
SUBSIDIARIES
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2024
|
|
2023
|
|
|
ASSETS
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
Cash
|
|
$
|
23,617,733
|
|
$
|
3,591,623
|
|
|
Short-term
investments
|
|
|
–
|
|
|
4,561,928
|
|
|
Prepaid expenses and
other current assets
|
|
|
1,965,222
|
|
|
1,316,426
|
|
|
TOTAL CURRENT
ASSETS
|
|
|
25,582,955
|
|
|
9,469,977
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
2,319,402
|
|
|
1,486,672
|
|
|
Right-of-use asset,
net
|
|
|
297,918
|
|
|
992,292
|
|
|
Intangible assets,
net
|
|
|
1,895,074
|
|
|
1,084,415
|
|
|
TOTAL NON-CURRENT
ASSETS
|
|
|
4,512,394
|
|
|
3,563,379
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
30,095,349
|
|
$
|
13,033,356
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
297,778
|
|
$
|
196,963
|
|
|
Accrued expenses and
other current liabilities
|
|
|
2,874,216
|
|
|
1,201,142
|
|
|
Current operating lease
liability
|
|
|
317,344
|
|
|
682,718
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
|
3,489,338
|
|
|
2,080,823
|
|
|
|
|
|
|
|
|
|
|
Warrant
liability
|
|
|
15,012,361
|
|
|
-
|
|
|
Non-current operating
lease liability
|
|
|
–
|
|
|
317,344
|
|
|
TOTAL
LIABILITIES
|
|
|
18,501,699
|
|
|
2,398,167
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common stock, Par
$0.00001; 200,000,000 shares authorized, 199,110(1) and
5,147(1) shares issued and outstanding as of December
31, 2024 and 2023, respectively
|
|
|
2
|
|
|
-
|
|
|
Additional paid-in
capital(1)
|
|
|
200,863,551
|
|
|
170,652,808
|
|
|
Accumulated
deficit
|
|
|
(189,269,903)
|
|
|
(160,017,619)
|
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
|
|
11,593,650
|
|
|
10,635,189
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
30,095,349
|
|
$
|
13,033,356
|
|
|
(1)
|
All information has
been retroactively adjusted to reflect the 1-for-100 reverse stock
split effected on July 3, 2024 and the 1-for-150 reverse stock
split effected on February 18, 2025.
|
|
CYNGN INC. AND
SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
Year Ended December
31,
|
|
|
|
2024
|
|
|
2023
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(29,252,284)
|
|
|
$
|
(22,811,230)
|
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
669,409
|
|
|
|
961,281
|
|
|
Stock-based
compensation
|
|
|
2,449,191
|
|
|
|
3,208,103
|
|
|
Realized gain on
short-term investments
|
|
|
(113,072)
|
|
|
|
(443,392)
|
|
|
Patent
impairment
|
|
|
118,831
|
|
|
|
–
|
|
|
Change in fair value
of warrant liability
|
|
|
5,359,780
|
|
|
|
–
|
|
|
Accretion of interest
and amortization of debt issuance costs
|
|
|
1,177,174
|
|
|
|
–
|
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Prepaid expenses,
operating lease right-of-use assets, and other current
assets
|
|
|
(646,282)
|
|
|
|
(1,403,049)
|
|
|
Accounts
payable
|
|
|
100,815
|
|
|
|
41,020
|
|
|
Accrued expenses,
lease liabilities, and other current liabilities
|
|
|
10,642,938
|
|
|
|
969,662
|
|
|
Net cash used in
operating activities
|
|
|
(9,493,500)
|
|
|
|
(19,477,605)
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(1,051,481)
|
|
|
|
(1,045,822)
|
|
|
Acquisition of
intangible asset
|
|
|
(954,229)
|
|
|
|
(718,711)
|
|
|
Disposal of
assets
|
|
|
265,940
|
|
|
|
180,898
|
|
|
Purchase of short-term
investments
|
|
|
(7,562,761)
|
|
|
|
(21,573,199)
|
|
|
Proceeds from maturity
of short-term investments
|
|
|
12,237,761
|
|
|
|
29,519,000
|
|
|
Net cash provided
by investing activities
|
|
|
2,935,230
|
|
|
|
6,362,166
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Proceeds from
at-the-market equity financing, net of issuance costs
|
|
|
6,789,427
|
|
|
|
1,747,468
|
|
|
Proceeds from public
issuance of common stock and pre-funded warrants and exercise of
pre-funded warrants, net of offering costs
|
|
|
22,369,285
|
|
|
|
4,380,975
|
|
|
Proceeds from the
Notes, net of issuance costs
|
|
|
1,801,265
|
|
|
|
–
|
|
|
Repayment of the
Notes
|
|
|
(4,375,000)
|
|
|
|
–
|
|
|
Proceeds from exercise
of stock options
|
|
|
–
|
|
|
|
8,528
|
|
|
Issuance costs for
stock dividend and restricted stock units
|
|
|
(597)
|
|
|
|
(16,182)
|
|
|
Net cash provided
by financing activities
|
|
|
26,584,380
|
|
|
|
6,120,789
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents and restricted
cash
|
|
|
20,026,110
|
|
|
|
(6,994,650)
|
|
|
Cash and cash
equivalents and restricted cash, beginning of year
|
|
|
3,591,623
|
|
|
|
10,586,273
|
|
|
Cash and cash
equivalents and restricted cash, end of year
|
|
$
|
23,617,733
|
|
|
|
3,591,623
|
|
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SOURCE Cyngn
