Cyngn Reports 2025 First Quarter Financial Results
- Revenue growth: Q1 revenue increased to $47.2k from $5.5k YoY
- Secured $308k in new DriveMod vehicle bookings during Q1
- Operating costs decreased by 11.8% to $5.3M
- Strong cash position of $16.3M with zero debt
- Expanded market presence with five major automotive OEMs
- Obtained 22nd U.S. patent for autonomous vehicle technologies
- Regained Nasdaq compliance
- Net loss increased to $7.6M from $6.0M YoY
- Cash position decreased from $23.6M to $16.3M since December 2024
- Low revenue despite market expansion efforts
Insights
Cyngn shows early revenue growth but faces significant cash burn; automotive sector progress needs to accelerate to justify $7.6M quarterly losses.
Cyngn's Q1 2025 financial results reflect a company in early commercialization with minimal revenue despite signs of market traction. Revenue reached
The company's cash position declined to
Notably, Cyngn completed two reverse stock splits within eight months (1-for-100 in July 2024 and 1-for-150 in February 2025), dramatically reducing outstanding shares to just 1.2 million. While this helped regain Nasdaq compliance, such aggressive share consolidation typically signals prolonged share price pressure.
On the operational front, Cyngn's expansion into five major automotive OEMs and Tier-1 suppliers demonstrates industry interest in their autonomous vehicle technology. The diversification beyond automotive into manufacturing, CPG, logistics and defense sectors suggests broader applicability of their DriveMod platform. The shift from pure R&D to customer-specific implementations (evidenced by capitalizing rather than expensing certain development costs) indicates advancing product maturity.
The
Recent Operating Highlights:
- Continued momentum in the automotive sector, reaching a milestone of executing successful DriveMod Tugger deployments at various stages with five major automotive OEMs and Tier-1 suppliers across the
U.S. andMexico . - Signed a contract to deploy a DriveMod Tugger at a global Fortune 500 automotive supplier.
- Secured its 22nd
U.S. patent for AI-powered autonomous vehicle technologies. - Cyngn received approximately
$308 k
Cyngn entered 2025 with strong commercial momentum and a growing pipeline of autonomous tugger and forklift deployments. In Q1, the company announced several high‐profile customer wins across industries. These deals demonstrate further penetration into the automotive sector as well as the applicability of its autonomous industrial haulers to other manufacturing and distribution use cases.
In the automotive manufacturing sector, Cyngn continued to make notable inroads. The company has now conducted DriveMod deployments with five major OEMs and Tier‑1 suppliers across the
Beyond automotive, Cyngn expanded into new verticals in Q1. DriveMod vehicles have now been used in manufacturing, CPG, logistics and defense environments. "The strong demand we're seeing across different industries highlights the widespread need for our DriveMod technology," said Cyngn CEO Lior Tal. These multi‑industry deployments validate the scalability and adaptability of Cyngn's AV solutions, reinforcing the industry's growing appetite for automation.
In addition to regaining Nasdaq compliance in Q1, Cyngn also invested in its sales team to accelerate fleet‐scale deployments. This investment comes on the heels of expanding its management ranks with the hiring of industry veteran Marty Petraitis as VP of Sales in Q4 2024.
"Cyngn is poised for growth as demonstrated by getting into a cadence of booking new business for DriveMod Tuggers quarter-over-quarter. We have aligned our Go-To-Market strategy with target companies where our Autonomous Vehicles show a demonstrable business payback," said Petraitis.
Overall, the first quarter's achievements – from new contract wins to technological milestones – provide strong market validation of Cyngn's strategy. Management remains confident that this cross‑sector commercial traction and an expanding pipeline will translate into revenue growth in the quarters ahead, as Cyngn continues executing on its roadmap to scale autonomous material handling solutions.
Q1 2025 Financial Review:
First quarter revenue was
Total costs and expenses in the first quarter were
Net loss for the first quarter was
Balance Sheet Highlights:
Cyngn's unrestricted cash and short-term investments as of March 31, 2025 total
[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. |
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 6, 2025.
Investor Contact:
Donald Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
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
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 6, 2025. 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 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||
Three Months Ended | ||||||||
2025 | 2024 | |||||||
REVENUE | $ | 47,152 | $ | 5,513 | ||||
COSTS AND EXPENSES | ||||||||
Cost of revenue | 11,813 | 113,776 | ||||||
Research and development | 2,106,910 | 3,154,965 | ||||||
General and administrative | 3,143,462 | 2,703,401 | ||||||
TOTAL COSTS AND EXPENSES | 5,262,185 | 5,971,872 | ||||||
LOSS FROM OPERATIONS | (5,215,033) | (5,966,359) | ||||||
OTHER INCOME (EXPENSE), NET | ||||||||
Interest income, net | 74,819 | 1,327 | ||||||
Change in fair value of warrant liability | (2,544,518) | – | ||||||
Other income (expense), net | 91,890 | (5,047) | ||||||
TOTAL OTHER INCOME (EXPENSE), NET | (2,377,809) | (3,720) | ||||||
NET LOSS | $ | (7,592,842) | $ | (5,970,079) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (6.60) | $ | (422.87) | ||||
Weighted-average shares used in computing net loss per share attributable to | 1,150,882 | 14,118 | ||||||
(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. See Note 7, Capital Structure for details. |
CYNGN INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
March 31, | December 31, | |||||||
2025 | 2024 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 1,002,331 | $ | 23,617,733 | ||||
Short-term investments | 15,336,402 | – | ||||||
Prepaid expenses and other current assets | 2,388,167 | 1,965,222 | ||||||
TOTAL CURRENT ASSETS | 18,726,900 | 25,582,955 | ||||||
Property and equipment, net | 2,440,434 | 2,319,402 | ||||||
Right of use asset, net | 119,801 | 297,918 | ||||||
Intangible assets, net | 2,543,318 | 1,895,074 | ||||||
Security Deposit | 518,584 | – | ||||||
TOTAL ASSETS | $ | 24,349,037 | $ | 30,095,349 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 281,666 | $ | 297,778 | ||||
Accrued expenses and other current liabilities | 1,796,894 | 2,874,216 | ||||||
Current operating lease liability | 127,572 | 317,344 | ||||||
TOTAL CURRENT LIABILITIES | 2,206,132 | 3,489,338 | ||||||
Warrant liability | – | 15,012,361 | ||||||
TOTAL LIABILITIES | 2,206,132 | 18,501,699 | ||||||
Commitments and contingencies (Note 12) | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock, Par | – | – | ||||||
Common stock, Par December 31, 2024, respectively | 18 | 2 | ||||||
Additional paid-in capital(1) | 219,005,632 | 200,863,551 | ||||||
Accumulated deficit | (196,862,745) | (189,269,903) | ||||||
Total stockholders' equity | 22,142,905 | 11,593,650 | ||||||
Total Liabilities and Stockholders' Equity | $ | 24,349,037 | $ | 30,095,349 | ||||
(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. See Note 7, Capital Structure for details. |
CYNGN INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||
Three Months Ended | ||||||||
2025 | 2024 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net loss | $ | (7,592,842) | $ | (5,970,079) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 240,907 | 225,590 | ||||||
Stock-based compensation | 536,244 | 654,024 | ||||||
Realized gain on short-term investments | (67,160) | (39,938) | ||||||
Gain on asset | – | 52,723 | ||||||
Change in fair value of warrant liability | 2,544,518 | – | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses, operating lease right-of-use assets, and other assets | (941,529) | (185,689) | ||||||
Accounts payable | 33,888 | 51,714 | ||||||
Accrued expenses, lease liabilities, and other current liabilities | (1,267,094) | (628,739) | ||||||
NET CASH USED IN OPERATING ACTIVITIES | (6,513,068) | (5,840,394) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of property and equipment | (178,453) | (214,238) | ||||||
Acquisition of intangible asset | (655,574) | (19,634) | ||||||
Disposal of assets | 1,960 | – | ||||||
Purchase of short-term investments | (23,015,397) | (1,787,016) | ||||||
Proceeds from maturity of short-term investments | 7,746,155 | 3,810,000 | ||||||
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (16,101,309) | 1,789,112 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from at-the-market equity financing, net of issuance costs | – | 2,652,110 | ||||||
Issuance costs from public issuance of common stock and pre-funded warrants | (1,025) | – | ||||||
Issuance costs for stock dividend and restricted stock units | – | (53) | ||||||
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (1,025) | 2,652,057 | ||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | (22,615,402) | (1,399,225) | ||||||
Cash and cash equivalents and restricted cash, beginning of year | 23,617,733 | 3,591,623 | ||||||
Cash and cash equivalents and restricted cash, end of year | $ | 1,002,331 | $ | 2,192,398 | ||||
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SOURCE Cyngn
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