MENLO PARK, Calif., Nov. 8, 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 third quarter ended September 30, 2023.
Recent Operating Highlights:
"We've achieved a number of impressive successes in both the third quarter and in October, and we anticipate continued business momentum through the end of the fiscal year," said Lior Tal, Chairman and Chief Executive Officer of Cyngn. "Most notably, I am very pleased with the results of the DriveMod Stock chaser deployment at a North American facility for a Fortune 100 customer, the DriveMod Tugger debut with our partner Motrec's MT160 vehicle, and the identification of the Arauco South Carolina site for our DriveMod Forklift rollout in mid-2024 as these achievement are pivotal in the commercialization of EAS (Enterprise Autonomy Suite) and signal market acceptance of our ever-advancing product suite for industrial automation. Additionally, our recent dealer network launch will further expand our customer base as we scale deployments in 2024."
Q3 2023 Financial Review:
Balance Sheet Highlights:
Cyngn's unrestricted cash and short-term investments at the end of the third quarter of 2023 total $8.2 million compared to $22.6 million as of December 31, 2022. At the end of the same period, working capital was $7.2 million and total stockholders' equity was $10.2 million, as compared to year-end working capital of $22.4 million and total stockholders' equity of $24.1 million, respectively as of December 31, 2022.
For more information on Cyngn, visit the "Investor Relations" page of the Company's website (https://investors.cyngn.com/).
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/Media Contact: Bill Ong, This email address is being protected from spambots. You need JavaScript enabled to view it.; 650-204-1551
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 SEC, including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 17, 2023. 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 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | $ | 25,210 | $ | - | $ | 1,448,961 | $ | - | ||||||||
Costs and expenses | ||||||||||||||||
Cost of revenue | 42,414 | - | 1,121,732 | - | ||||||||||||
Research and development | 2,929,225 | 2,725,919 | 9,697,099 | 6,662,730 | ||||||||||||
General and administrative | 2,663,272 | 2,552,418 | 8,580,113 | 7,047,181 | ||||||||||||
Total costs and expenses | 5,634,911 | 5,278,337 | 19,398,944 | 13,709,911 | ||||||||||||
Loss from operations | (5,609,701) | (5,278,337) | (17,949,983) | (13,709,911) | ||||||||||||
Other income, net | ||||||||||||||||
Interest income (expense), net | 32,905 | 4,677 | 98,698 | 2,691 | ||||||||||||
Other income | 105,284 | 14,296 | 397,616 | 16,856 | ||||||||||||
Total other income , net | 138,189 | 18,973 | 496,314 | 19,547 | ||||||||||||
Net loss | $ | (5,471,512) | $ | (5,259,364) | $ | (17,453,669) | $ | (13,690,364) | ||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.14) | $ | (0.14) | $ | (0.47) | $ | (0.41) | ||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 37,771,928 | 37,005,071 | 37,344,276 | 33,458,338 |
CYNGN INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
September 30, | December 31, | |||||||
2023 | 2022 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash | $ | 3,536,381 | $ | 10,536,273 | ||||
Restricted cash | - | 50,000 | ||||||
Short-term investments | 4,619,260 | 12,064,337 | ||||||
Prepaid expenses and other current assets | 436,923 | 1,126,137 | ||||||
Total current assets | 8,592,564 | 23,776,747 | ||||||
Property and equipment, net | 1,393,393 | 884,000 | ||||||
Right of use asset, net | 404,868 | 371,189 | ||||||
Intangible assets, net | 1,159,642 | 473,076 | ||||||
Total Assets | $ | 11,550,467 | $ | 25,505,012 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 234,357 | $ | 155,943 | ||||
Accrued expenses and other current liabilities | 699,953 | 854,920 | ||||||
Operating lease liability, current portion | 413,371 | 376,622 | ||||||
Total liabilities (all current) | 1,347,681 | 1,387,485 | ||||||
Commitments and contingencies (Note 12) | ||||||||
Stockholders' Equity | ||||||||
Preferred stock, $0.00001, 10 million shares authorized; no shares issued and outstanding as of September 30, 2023 and December 31, 2022 | - | - | ||||||
Common stock, Par $0.00001; 100,000,000 shares authorized, 35,205,748 and 33,684,864 shares issued and outstanding as of September 30, 2023 and December 31, 2022 | 352 | 337 | ||||||
Additional paid-in capital | 163,386,142 | 159,847,229 | ||||||
Accumulated deficit | (153,183,708) | (135,730,039) | ||||||
Total stockholders' equity | 10,202,786 | 24,117,527 | ||||||
Total Liabilities and Stockholders' Equity | $ | 11,550,467 | $ | 25,505,012 | ||||
CYNGN INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2023 | 2022 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (17,453,669) | $ | (13,690,364) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 707,337 | 411,512 | ||||||
Stock-based compensation | 2,517,890 | 1,990,834 | ||||||
Realized gain on short-term investments | (396,141) | (13,541) | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses, operating lease right-of-use assets, and other current assets | 261,034 | (835,747) | ||||||
Accounts payable | 78,414 | 186,797 | ||||||
Accrued expenses, lease liabilities, and other current liabilities | (154,967) | 351,524 | ||||||
Net cash used in operating activities | (14,440,102) | (11,598,985) | ||||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (904,417) | (639,545) | ||||||
Acquisition of intangible asset | (698,527) | (340,850) | ||||||
Disposal of assets | 130,898 | |||||||
Purchase of short-term investments | (17,050,782) | (27,000,000) | ||||||
Proceeds from maturity of short-term investments | 24,892,000 | 5,025,879 | ||||||
Net cash provided by (used in) investing activities | 6,369,172 | (22,954,516) | ||||||
Cash flows from financing activities | ||||||||
Proceeds from at-the-market equity financing, net of issuance costs | 1,012,511 | |||||||
Proceeds from private placement offering, net of offering costs | 0 | 18,121,945 | ||||||
Proceeds from exercise of pre-funded warrants | - | 2,662 | ||||||
Proceeds from exercise of stock options | 8,527 | 114,169 | ||||||
Net cash provided by financing activities | 1,021,038 | 18,238,776 | ||||||
Net decrease in cash and restricted cash | (7,049,892) | (16,314,725) | ||||||
Cash and restricted cash, beginning of period | 10,586,273 | 21,995,981 | ||||||
Cash and restricted cash, end of period | $ | 3,536,381 | $ | 5,681,256 | ||||
Reconciliation of cash and restricted cash, end of period: | ||||||||
Cash | $ | 3,536,381 | $ | 5,631,256 | ||||
Restricted cash | - | 50,000 | ||||||
Total cash and restricted cash | $ | 3,536,381 | $ | 5,681,256 | ||||
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 | $ | 464,929 | $ | 824,292 | ||||
Acquisition of property and equipment included in accounts payable and accrued expenses | 20,625 | 28,854 | ||||||
Last Trade: | US$0.70 |
Daily Change: | 0.23 49.29 |
Daily Volume: | 93,355,451 |
Market Cap: | US$1.700M |
November 07, 2024 November 06, 2024 November 01, 2024 October 31, 2024 |
UGE International develops, owns, and operates commercial and community solar projects in the United States and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers...
CLICK TO LEARN MOREElse Nutrition is changing the face of early childhood nutrition with clean, sustainable, plant-based products. The company has developed the world’s first whole plant-based infant formula that is targeting the $100+ billion global...
CLICK TO LEARN MORECOPYRIGHT ©2022 GREEN STOCK NEWS