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Cyngn Reports Second Quarter 2023 Financial Results

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Cyngn Inc. (NASDAQ: CYN) reported its Q2 2023 financial results, highlighting $0.6 million in quarterly revenue from autonomous vehicle development contracts. Key announcements include a pre-order for 100 autonomous DriveMod Forklifts from Arauco, a new stockchaser deployment with a Fortune 100 heavy equipment manufacturer, and partnerships with Motrec and BYD. CEO Lior Tal emphasized the company's progress on commercial targets and the significant market opportunity for industrial vehicle autonomy.

Financial highlights include:

  • Q2 revenue of $0.6 million compared to no revenues in Q2 2022
  • Total costs and expenses increased to $7.0 million from $4.6 million in Q2 2022
  • Net loss of $6.4 million ($0.19 per share) compared to $4.6 million ($0.15 per share) in Q2 2022
  • Unrestricted cash and short-term investments totaled $12.1 million at quarter-end

Cyngn Inc. (NASDAQ: CYN) ha riportato i risultati finanziari del secondo trimestre 2023, evidenziando 0,6 milioni di dollari di ricavi trimestrali provenienti da contratti per lo sviluppo di veicoli autonomi. Tra gli annunci chiave viene menzionato un pre-ordine di 100 carrelli elevatori autonomi DriveMod da Arauco, un nuovo dispiegamento di carrelli con un produttore di attrezzature pesanti della Fortune 100 e partnership con Motrec e BYD. Il CEO Lior Tal ha sottolineato i progressi dell'azienda sugli obiettivi commerciali e la significativa opportunità di mercato per l'autonomia dei veicoli industriali.

Le evidenze finanziarie includono:

  • Ricavi del secondo trimestre di 0,6 milioni di dollari rispetto a nessun ricavo nel secondo trimestre 2022
  • I costi e le spese totali sono aumentati a 7,0 milioni di dollari rispetto a 4,6 milioni di dollari nel secondo trimestre 2022
  • Perdita netta di 6,4 milioni di dollari (0,19 dollari per azione) rispetto a 4,6 milioni di dollari (0,15 dollari per azione) nel secondo trimestre 2022
  • La liquidità non vincolata e gli investimenti a breve termine ammontavano a 12,1 milioni di dollari alla fine del trimestre

Cyngn Inc. (NASDAQ: CYN) informó sus resultados financieros del segundo trimestre de 2023, destacando 0,6 millones de dólares en ingresos trimestrales de contratos para el desarrollo de vehículos autónomos. Los anuncios clave incluyen un pedido anticipado de 100 montacargas autónomos DriveMod de Arauco, un nuevo despliegue de carretillas para un fabricante de equipos pesados de la Fortune 100, y asociaciones con Motrec y BYD. El CEO Lior Tal enfatizó el progreso de la empresa en los objetivos comerciales y la importante oportunidad de mercado para la autonomía de los vehículos industriales.

Los aspectos financieros destacados incluyen:

  • Ingresos del segundo trimestre de 0,6 millones de dólares en comparación con ningún ingreso en el segundo trimestre de 2022
  • Los costos y gastos totales aumentaron a 7,0 millones de dólares desde 4,6 millones de dólares en el segundo trimestre de 2022
  • Pérdida neta de 6,4 millones de dólares (0,19 dólares por acción) en comparación con 4,6 millones de dólares (0,15 dólares por acción) en el segundo trimestre de 2022
  • El efectivo no restringido y las inversiones a corto plazo totalizaron 12,1 millones de dólares al final del trimestre

Cyngn Inc. (NASDAQ: CYN)은 2023년 2분기 재정 결과를 발표하며 자율주행 차량 개발 계약에서 60만 달러의 분기 수익을 강조했습니다. 주요 발표로는 Arauco로부터의 100대의 자율 DriveMod 포크리프트 선주문, Fortune 100의 중장비 제조업체와의 새로운 차고 배치, Motrec 및 BYD와의 파트너십이 포함됩니다. CEO Lior Tal은 회사의 상업적 목표에 대한 진전과 산업 차량 자율성에 대한 상당한 시장 기회를 강조했습니다.

재무 하이라이트는 다음과 같습니다:

  • 2022년 2분기에 비해 60만 달러의 2분기 수익
  • 총 비용 및 경비가 2022년 2분기 460만 달러에서 700만 달러로 증가했습니다
  • 2022년 2분기 460만 달러(주당 0.15달러)에 비해 640만 달러(주당 0.19달러)의 순손실
  • 분기 말에 제약 없는 현금과 단기 투자가 1210만 달러에 달했습니다

Cyngn Inc. (NASDAQ: CYN) a annoncé ses résultats financiers pour le deuxième trimestre 2023, mettant en avant 600 000 dollars de revenus trimestriels provenant de contrats de développement de véhicules autonomes. Les annonces clés incluent une précommande de 100 chariots élévateurs autonomes DriveMod d'Arauco, un nouveau déploiement de chariots avec un fabricant d'équipements lourds de la Fortune 100, et des partenariats avec Motrec et BYD. Le PDG Lior Tal a souligné les progrès de l'entreprise sur ses objectifs commerciaux et l'important potentiel de marché pour l'autonomie des véhicules industriels.

Les points financiers saillants incluent :

  • Des revenus au deuxième trimestre de 600 000 dollars par rapport à aucun revenu au deuxième trimestre 2022
  • Les coûts et dépenses totaux ont augmenté à 7 millions de dollars contre 4,6 millions de dollars au deuxième trimestre 2022
  • Une perte nette de 6,4 millions de dollars (0,19 dollar par action) par rapport à 4,6 millions de dollars (0,15 dollar par action) au deuxième trimestre 2022
  • La trésorerie non restreinte et les investissements à court terme ont totalisé 12,1 millions de dollars à la fin du trimestre

Cyngn Inc. (NASDAQ: CYN) berichtete über die finanziellen Ergebnisse des 2. Quartals 2023 und hob 600.000 Dollar Umsatz im Quartal aus Verträgen zur Entwicklung autonomer Fahrzeuge hervor. Zu den wichtigen Ankündigungen gehören eine Vorbestellung von 100 autonomen DriveMod Gabelstaplern von Arauco, eine neue Einsatzübertragung mit einem Fortune 100 Hersteller von Schwermaschinen und Partnerschaften mit Motrec und BYD. CEO Lior Tal betonte die Fortschritte des Unternehmens in Bezug auf kommerzielle Ziele und die bedeutende Marktchance für die Autonomie von Industriefahrzeugen.

Finanzielle Highlights sind:

  • Umsatz im 2. Quartal von 600.000 Dollar im Vergleich zu keinen Einnahmen im 2. Quartal 2022
  • Die Gesamtkosten und Ausgaben stiegen auf 7 Millionen Dollar von 4,6 Millionen Dollar im 2. Quartal 2022
  • Nettverlust von 6,4 Millionen Dollar (0,19 Dollar pro Aktie) im Vergleich zu 4,6 Millionen Dollar (0,15 Dollar pro Aktie) im 2. Quartal 2022
  • Unbeschränkter Cashflow und kurzfristige Investitionen betrugen zum Quartalsende 12,1 Millionen Dollar
Positive
  • Secured pre-order for 100 autonomous DriveMod Forklifts from Arauco
  • Achieved $0.6 million in quarterly revenue from autonomous vehicle development contracts
  • Expanded partnerships with Fortune 100 heavy equipment manufacturer, Motrec, and BYD
  • Increased headcount from 59 to 75 employees, indicating company growth
Negative
  • Net loss increased to $6.4 million from $4.6 million in Q2 2022
  • Total costs and expenses rose to $7.0 million from $4.6 million in Q2 2022
  • Working capital decreased to $11.6 million from $22.4 million at 2022 year-end
  • Total stockholders' equity declined to $13.9 million from $24.1 million at 2022 year-end

Quarterly revenue of $0.6 million following successful achievement of milestones on autonomous vehicle development contracts

MENLO PARK, Calif., Aug. 9, 2023 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (NASDAQ: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced its financial results for the fiscal second quarter ended June 30, 2023.

Recent Operating Announcements:

"During the past few months, we have made incredible progress on our commercial targets," said Lior Tal, Cyngn's CEO. "In addition to the order from Arauco for our autonomous forklifts that we announced yesterday morning, we also announced our largest stockchaser customer to-date and a new vehicle type with the DriveMod enabled Motrec tow tractor. These announcements are a strong indication of the significant market opportunity for industrial vehicle autonomy and the excellent product market fit for Cyngn's solutions. Our focus for the second half of 2023 will be to continue securing additional commercial deployments.

"In the second quarter, we also achieved new milestones on our funded development projects to expand our Enterprise Autonomy Suite to additional vehicles. Cyngn's flexible, vehicle agnostic, autonomy solutions have the potential to transform the use of industrial vehicles worldwide and we are extremely encouraged with the inbound interest in our products and solutions."

Financial Review

Second Quarter ending June 30, 2023:

  • Second quarter revenue was $0.6 million compared to no revenues in the second quarter of 2022. Substantially all of this revenue was from the two multi-phase non-recurring engineering ("NRE") contracts related to expanding Cyngn's autonomy solutions to forklifts and heavy industry vehicles.
  • Total costs and expenses in the second quarter were $7.0 million, an increase from $4.6 million in the June quarter of 2022. This increase was primarily due to increases in cost of revenue, additional marketing and advertising expenses, higher legal and professional fees and the increase in headcount from 59 employees in the second quarter of 2022 to 75 employees today.
  • Net loss for the second quarter was $6.4 million compared to $4.6 million in the corresponding quarter of 2022. Second quarter 2023 net loss per share was $0.19, based on a weighted average of approximately 33.8 million basic and diluted shares outstanding in the quarter. This compares to a basic and diluted net loss per share of $0.15 in the second quarter of 2022, against a weighted average of approximately 30.7 million basic and diluted shares outstanding.

Balance sheet highlights:
Cyngn's unrestricted cash and short-term investments at the end of the June quarter of 2023 totaled $12.1 million. At the end of the same period, working capital was $11.6 million and total stockholders' equity was $13.9 million, as compared to year-end working capital of $22.4 million and total stockholders' equity of $24.1 million respectively in 2022.

Conference Call and Webcast Information:
Cyngn will host a conference call at 1.30 p.m. PDT/4.30 p.m. EDT today (Wednesday, August 9, 2023), during which management will discuss the results of the fiscal second quarter ended June 30, 2023.

As the call will include a video presentation, the Company recommends viewing the live webcast of the call which will be available on the Cyngn website under "Events & Presentations" or by clicking here.

To participate via telephone:

Toll-Free:




877-407-0890

International:




201-389-0918

Those who are unable to attend the live conference call may access the recording, approximately one hour after the conclusion of the call, at the above webcast link or at the "Investor Relations" page of the Company's website (https://investors.cyngn.com/).

Shareholders are also encouraged to visit Cyngn's second quarter earnings Q&A page at sequirecommunity.com where they can post questions for company management.

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).

Find Cyngn on:
Website: https://cyngn.com
Twitter: http://twitter.com/cyngn
LinkedIn: https://www.linkedin.com/company/cyngn
YouTube: https://www.youtube.com/@cyngnhq

Investor Contact: Ben Mimmack, ben.mimmack@cyngn.com
Media Contact: Bill Ong, bill@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, such as statements about the Company's growth, ability to deliver sustainable long-term value, ability to respond to the changing environment, operational focus, strategic growth plans, product launches and corresponding revenue generation, operations and financial results. Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company's management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company's reports filed with the Securities and Exchange Commission, including, without limitation the risk factors discussed in the Company's annual reports on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements.

 






CYNGN INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS








(Unaudited)





June 30,


December 31,



2023


2022






Assets





Current assets





Cash


$     30,55,843


$   1,05,36,273

Restricted cash


-


50,000

Short-term investments


90,63,675


1,20,64,337

Prepaid expenses and other current assets


11,34,255


11,26,137

Total current assets


1,32,53,773


2,37,76,747






Property and equipment, net


11,91,275


8,84,000

Right of use asset, net


5,53,919


3,71,189

Intangible assets, net


5,56,778


4,73,076

Total Assets


$   1,55,55,745


$   2,55,05,012






Liabilities and Stockholders' Equity





Current liabilities





Accounts payable


$       3,05,403


$       1,55,943

Accrued expenses and other current liabilities


7,51,190


8,54,920

Operating lease liability, current portion


5,57,108


3,76,622

Total liabilities (all current)


16,13,701


13,87,485






Commitments and contingencies





Stockholders' Equity





Preferred stock, $0.00001, 10 million shares authorized; no shares issued and
 outstanding as of June 30, 2023 and December 31, 2022


-


-

Common stock, Par $0.00001; 100,000,000 shares authorized,
 33,830,900 and 33,684,864 shares issued and outstanding as of
 June 30, 2023 and December 31, 2022


338


337

Additional paid-in capital


16,16,53,902


15,98,47,229

Accumulated deficit


(14,77,12,196)


(13,57,30,039)

Total stockholders' equity


1,39,42,044


2,41,17,527

Total Liabilities and Stockholders' Equity


$   1,55,55,745


$   2,55,05,012

 










CYNGN INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)












Three months ended


Six months ended



June 30,


June 30,



2023


2022


2023


2022










Revenue


$       5,50,952


$                -


$     14,23,752


$                -

Costs and expenses









Cost of revenue


4,62,624




10,79,318



Research and development


37,37,818


22,55,666


67,67,874


39,36,811

General and administrative


28,45,922


23,57,247


59,16,841


44,94,763

Total costs and expenses


70,46,364


46,12,913


1,37,64,033


84,31,574










Loss from operations


(64,95,412)


(46,12,913)


(1,23,40,281)


(84,31,574)










Other income, net









Interest income (expense), net


18,891


(1,607)


65,793


(1,986)

Other income


1,23,122


2,559


2,92,331


2,560

Total other income, net


1,42,013


952


3,58,124


574










Net loss


(63,53,399)


(46,11,961)


(1,19,82,157)


(84,31,000)










Net loss per share attributable to common stockholders',
 basic and diluted


$           (0.19)


$           (0.15)


$           (0.36)


$           (0.29)










Weighted-average shares used in computing net loss per
 share attributable to common stockholders', basic and
 diluted


3,37,94,325


3,07,06,235


3,37,48,799


2,86,82,245

 






CYNGN INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Six Months Ended



June 30,



2023


2022

Cash flows from operating activities





Net loss


$ (1,19,82,157)


$    (84,31,000)

Adjustments to reconcile net loss to net cash used in operating activities:





Depreciation and amortization


4,74,990


2,29,102

Stock-based compensation


17,98,607


12,33,712

Realized gain on short-term investments


(2,91,555)


-

Changes in operating assets and liabilities:





Prepaid expenses, operating lease right-of-use assets, and other current assets


(4,73,047)


(9,02,512)

Accounts payable


1,49,460


1,31,260

Accrued expenses, lease liabilites, and other current liabilities


76,756


7,36,805

Net cash used in operating activities


(1,02,46,946)


(70,02,633)






Cash flows from investing activities





Purchase of property and equipment


(4,81,777)


(4,10,289)

Acquisition of intangible asset


(1,01,991)


(1,53,550)

Purchase of short-term investments


(1,70,11,782)


(2,70,00,000)

Proceeds from maturitity of short-term investments


2,03,04,000


-

Net cash provided by (used in) investing activities 


27,08,450


(2,75,63,839)






Cash flows from financing activities





Proceeds from private placement offering, net of offering costs


-


1,81,21,945

Proceeds from exercise of pre-funded warrants


-


2,662

Proceeds from exercise of stock options


8,066


97,658

Net cash provided by financing activities


8,066


1,82,22,265






Net decrease in cash and restricted cash


(75,30,430)


(1,63,44,207)

Cash and restricted cash, beginning of period


1,05,86,273


2,19,95,981

Cash and restricted cash, end of period


$     30,55,843


$     56,51,774






Reconciliation of cash and restricted cash, end of period





Cash


30,55,843


56,01,774

Restricted cash


-


50,000

Total cash and restricted cash


30,55,843


56,51,774






Supplemental disclosure of cash flow:





Cash paid during the period for interest and taxes


$                    -


$                   -

Supplemental disclosure of non-cash activities:





Recognition of operating lease right-of-use assets and operating lease liabilities


$      4,64,929


$       8,24,292

Change in deferred rent associated with ASC 842


$                   -


$          58,676

Acquisition of property and equipment included in accounts payable and accrued
 expenses


-


22,185

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cyngn-reports-second-quarter-2023-financial-results-301897109.html

SOURCE Cyngn

FAQ

What was Cyngn's (CYN) revenue for Q2 2023?

Cyngn (CYN) reported quarterly revenue of $0.6 million for Q2 2023, primarily from autonomous vehicle development contracts.

How many autonomous DriveMod Forklifts did Arauco pre-order from Cyngn (CYN)?

Arauco placed a pre-order for 100 autonomous DriveMod Forklifts from Cyngn (CYN).

What was Cyngn's (CYN) net loss per share in Q2 2023?

Cyngn (CYN) reported a net loss of $0.19 per share in Q2 2023, based on approximately 33.8 million basic and diluted shares outstanding.

How much cash and short-term investments did Cyngn (CYN) have at the end of Q2 2023?

Cyngn (CYN) reported $12.1 million in unrestricted cash and short-term investments at the end of Q2 2023.

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