Cyngn Inc. - CYN STOCK NEWS

Cyngn Inc. (NASDAQ: CYN) has signed an exclusive contract with HEVI, a brand under Greenland Technologies Holding Corporation (NASDAQ: GTEC), to provide vehicle tracking systems for HEVI's electric industrial vehicles. Customers purchasing HEVI's forklifts, excavators, or loaders will receive the Infinitracker device, enabling real-time location and temperature monitoring. Infinitracker’s long battery life and IoT capabilities enhance operational efficiency by collecting data even when vehicles are off. This partnership aligns with Cyngn's strategy to expand its autonomous vehicle technology offerings.

Cyngn Inc. (NASDAQ: CYN) has selected a U.S.-based manufacturing partner to scale production of its DriveMod Kit for autonomous stockchasers. This partnership aims to increase production volume and reduce manufacturing costs, enabling quicker upgrades for companies with existing stockchasers. The DriveMod Kit, launched in April 2022, is lauded for its retrofitting capabilities, allowing for easy integration into current vehicle fleets. CEO Lior Tal highlights that this initiative addresses current supply chain and labor challenges faced by the industry.

Cyngn Inc. (NASDAQ: CYN) announced a multi-phase contract with a leading global building materials manufacturer to develop a new DriveMod-enabled electric forklift platform. The customer generated over $5 billion in revenues in 2021 and is recognized for its commitment to sustainability as a carbon-neutral company. CEO Lior Tal expressed enthusiasm for this collaboration, emphasizing the potential economic and safety benefits of implementing autonomous vehicles in material handling operations.

Cyngn Inc. (NASDAQ: CYN) has released a white paper highlighting the critical role of automation across various industries. The report outlines that the industrial automation market is projected to exceed $306 billion by 2027. Cyngn emphasizes the immediate benefits of automation, including a reported 48% productivity increase and a 42% reduction in operational costs in certain sectors. Additionally, autonomous vehicles represent a significant capital expenditure in key industries. The company aims to provide innovative solutions to address industry challenges such as labor shortages and high investment costs.

Cyngn Inc. (NASDAQ: CYN) reported its financial results for Q2 and the first half of 2022. Total operating expenses surged to $4.6 million, driven by increased R&D and G&A costs, resulting in a net loss of $4.6 million for Q2, compared to $2.1 million the previous year. Despite these losses, cash and equivalents rose to $32.7 million, reflecting a solid financial position. The company launched its Enterprise Autonomy Suite v8.0, enhancing performance and reducing costs. Cyngn also initiated a pilot with Flambeau, indicating its expanding market presence and operational capabilities.

Cyngn (NASDAQ: CYN) has announced that CEO Lior Tal will present at the Sidoti Micro-cap Virtual Conference on August 17, 2022 at 3:15 p.m. ET. The presentation will cover Cyngn's innovative solutions in autonomous driving technology for industrial applications. Attendees can access the presentation on Cyngn's Investor Relations webpage. Management will also hold virtual one-on-one meetings during the conference, focusing on enhancing the adoption of autonomous vehicles to tackle industry challenges like labor shortages and high investments.

Cyngn (NASDAQ: CYN) will release its financial results for the second quarter and six months ended June 30, 2022, after market close on August 10, 2022. A conference call will be held the same day at 2 p.m. PT / 5 p.m. ET to discuss these results. The company is focused on developing autonomous driving software to address challenges in industrial applications, such as labor shortages and high upfront costs. Participants can join via a toll-free number or webcast, with a client testimonial of their technology featured during the call.

Cyngn (NASDAQ: CYN) has released a significant case study demonstrating the impact of its autonomous vehicle technology on Global Logistics and Fulfillment (GLF). The study highlights a 64% reduction in labor costs and a 33% boost in productivity at GLF’s Las Vegas warehouse. Cyngn estimates potential savings exceeding $100,000 per vehicle annually. This deployment not only enhanced operational efficiency but also provided real-time data analytics and improved workplace safety. The findings underscore the growing relevance of autonomous solutions amidst rising labor costs in the warehousing sector.

Hunter Communications has announced the appointment of Ehrika Gladden to its board of directors, who brings over 30 years of IT and telecom leadership experience. Her background includes managing significant P&Ls at major firms like Logitech, Cisco, and Avaya. This strategic move aims to enhance Hunter's sales strategies and market penetration in Oregon. CEO Michael Wynschenk noted that Gladden's global telecom expertise will support the company's long-term goals. Gladden is also recognized for her leadership initiatives and currently serves on the board of City National Bank (NYSE:CYN).