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Cyngn Reports Second Quarter 2023 Financial Results

Cyngn today announced its financial results for the fiscal second quarter ended June 30, 2023.

Cyngn |

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).

Investor Contact:

Don Alvarez

Media Contact:

Luke Renner

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 (the "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.

Cautionary Note. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites.

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