MENLO PARK, Calif., May 8, 2024 - Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) today announced its financial results for the fiscal first quarter ended March 31, 2024.
"During the first quarter, we continued the momentum we made during 2023, marked by rapid strides toward broad commercialization," said Lior Tal, Cyngn's CEO. "Our success is bolstered by the strength of our ecosystem partners, particularly with MCL Industries who is positioned to build DriveMod Kits at scale, and Motrec as an OEM partner with a long history of providing vehicles to our target markets in manufacturing and logistics."
"In my recent Business Update, I shed some light on the challenges of the industrial sales cycle—especially for a new, safety-critical technology that offers the competitive advantages that automation does to large enterprises. We remain confident in our ability to grow sales with our target customers, as was exemplified by our achievement of Deere selecting Cyngn to supply DriveMod Tuggers. Similarly, we are working with several customers to advance through the pilot purchase phase and unlock the fleet purchases that will establish our foundation for growth. In parallel, we continue to pursue new prospective customers. Advancements in our mapping and deployment tools have streamlined the demonstration phase that is often required early in the sales process to just a few days, which significantly lowers our customer acquisition costs and enables us to convert more customers to advanced sales discussions."
Cyngn's cash and short-term investments at March 31, 2024 total $4.8 million compared to $8.2 million as of December 31, 2023. At the end of the same period, working capital was $4.6 million and total stockholders' equity was $8.0 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 March 31, 2024 and December 31, 2023.
Subsequent to March 31, 2024, Cyngn completed a $5.2 million public offering of its common stock. After giving effect of the net proceeds of $4.6 million, Cyngn's pro-forma cash and short-term investments, working capital, and total stockholders' equity was $9.4 million, $9.2 million and $12.6 million, respectively.
For more information on Cyngn, visit the "Investor Relations" page of the Company's website (https://investors.cyngn.com/).