Business
Cyngn Reports 2023 Fourth Quarter and Year-End Financial Results
MENLO PARK, Calif., March 6, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) today announced its financial results for the fourth
About this update from Cyngn Inc.
[{"type":"text","content":"MENLO PARK, Calif., March 6, 2024 /PRNewswire/ -- Cyngn Inc. (the \"Company\" or \"Cyngn\") (Nasdaq: CYN) today announced its financial results for the fourth quarter and year ending on December 31, 2023.\n\n \n \n \n \n \n \n\n \nRecent Operating Highlights:\nU.S. Continental Renews Contract; 4x Gains in Efficiency AchievedNasdaq Grants Extension for Continued Exchange ListingU.S. patent office granted 19 patents to-date; Cyngn's patent portfolio also includes 6 additional pending U.S. patents and 20 pending international patentsNext-Gen DriveMod Kit will Harness Nvidia AI ComputersCloses $5.0 million Public Offering of Common StockHands-off Automatic Unhitching Capabilities for Industrial Autonomous Vehicles\"I am pleased with the accomplishments of our Cyngn team as we transitioned from years of R&D into 2023 commercial readiness and finished the year with annual revenue at $1.5 million,\" said Lior Tal, Chairman and Chief Executive Officer of Cyngn. \"Our success is also driven in part with our key leading OEM partnerships from Motrec and BYD, and, aided by our technology alignment with Ouster's LiDAR sensors and Nvidia's artificial intelligence computation capabilities that power Cyngn's AI-driven autonomous vehicle software solutions. During the first couple of months of 2024 we already successfully completed multiple trial deployments of DriveMod Autonomous Vehicles with leading vehicle manufacturers and automotive suppliers, and anticipate 2024 to be a fast-paced and exciting year as these transition to follow-on sales, and we scale up production deployment and rapidly expand our customer installed base. This will happen in parallel to continued development of the DriveMod Autonomous Forklifts, which are expected to begin initial deployments during the second half of the year.\"\nTo learn more, watch our 2023 year in review video here.\n2023 Financial Review:\n2023 revenue was $1.5 million compared to $262 thousand in 2022, the majority of which was substantially the result of NRE (Non-Recurring Engineering) contracts in both years.Total costs and expenses in 2023 were $24.8 million, an increase from $19.7 million in 2022. This increase was primarily related to R&D expenses, up $3.2 million due to increased technical staffing to support our AV technology offset by the recognition of an Employee Retention Credit of $572 t...