Business
Cyngn Reports Fourth Quarter and Fiscal Year 2022 Financial Results
First revenue as a public company from autonomous vehicle development contracts Ended 2022 with $22.6 million in unrestricted cash and short-term investments
About this update from Cyngn Inc.
[{"type":"text","content":"\nFirst revenue as a public company from autonomous vehicle development contracts\n\nEnded 2022 with $22.6 million in unrestricted cash and short-term investments compared to $21.9 million at the end of 2021\n\n MENLO PARK, Calif.--(BUSINESS WIRE)--\nCyngn Inc. (the “Company” or “Cyngn”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial applications, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230315005694/en/\nRecent Operating Highlights:\n\n\nSigned a contract to deploy autonomous industrial vehicles for U.S. Continental Inc., the first commercial deployment of the Company’s autonomous stockchasers\n\n\nSuccessfully completed the first stage of the previously announced agreement with a leading global building materials manufacturer to develop autonomy in electric forklifts\n\n\nAnnounced a contract award from a Global 1000 company in the heavy industrial sector to implement autonomous vehicle technology\n\n\n“The fourth quarter was a transformational one for Cyngn on our mission to bring autonomous vehicles to industrial businesses across the globe” said Lior Tal, Cyngn’s CEO. “Our first commercial sales to U.S. Continental mark the transition of Cyngn from an R&D company to a commercial company. During the fourth quarter we also reported our first revenues from one of the two development contracts that we have signed to bring autonomy to electric forklifts and heavy industrial vehicles. Both these projects have the potential to realize significant benefits for the Company as we move through 2023 and into 2024.\n\n“When we first listed on Nasdaq in October 2021, we set out our ambition to develop one vehicle and deploy it on a single site by the end of 2022. It is a testament to the quality of our people and the ambition of the Company that by the end of the year we had a signed commercial contract for our first vehicle type, two further vehicle types in development for full commercialization with sponsor customers, multiple pilot deployments completed, and a significant expansion of our team. We are determined to carry this momentum into 2023 and build on the significant progress we have made.”\n\nFinancial Review\n\n...