Business
Cyngn Reports First Quarter 2023 Financial Results
Quarterly revenue of $0.9 million from autonomous vehicle development contracts MENLO PARK, Calif.--(BUSINESS WIRE)-- Cyngn Inc. (the “Company” or “Cyngn”)
About this update from Cyngn Inc.
[{"type":"text","content":"\nQuarterly revenue of $0.9 million from autonomous vehicle development contracts\n\n\n MENLO PARK, Calif.--(BUSINESS WIRE)--\nCyngn 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 first quarter ended March 31, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230510005259/en/Cyngn 1Q23 Earnings Release (Graphic: Business Wire)\nRecent Operating Highlights:\n\n\n\nAnnounced automated robotics sales veteran Chris Wright as Head of Sales\n\n\n\nDelivered autonomous vehicles to U.S Continental Inc., the first commercial deployment of the Company’s autonomous stockchasers\n\n\n\nHired Felix Singh as VP of Engineering Services to streamline deployment automation and expand customer technical support\n\n\n\nAnnounced the successful completion of Phase 2 of the multi-phase autonomous driving for mining project with a global mining vehicle OEM\n\n\n\nReleased version 9.0 of the Company’s Enterprise Autonomy Suite (EAS)\n\n\n\n“During the first quarter, we continued the strong progress we made during 2022,” said Lior Tal, Cyngn’s CEO. “We successfully completed the deployment of our autonomous stock chaser solution at U.S. Continental and our sales team saw significant interest from potential new customers for our commercially available products. Their focus for the rest of the year will be on securing additional, and larger, stockchaser deployments.\n\n\n“We also made excellent progress on two funded projects to bring autonomous operations to forklifts and mining vehicles. We achieved new milestones on both projects and also increased the scope and length of the forklift engagement as we anticipate commercializing that project in 2024. The expansion of our product offering from stock chasers to forklifts and mining vehicles, are a testament to the power of EAS, how broadly it can be applied, and its huge potential. It is these strategic new development efforts in parallel with sales of our commercially released products that will continue to expand the industrial vehicle automation solutions that are available on the EAS platform.”\n\n\nFinancial Review\n\n\nFirst Quarter ending March 31, 2023:\n\n\n\nRevenue was $0.9 million f...