Business
Cyngn Reports Second Quarter 2023 Financial Results
Quarterly revenue of $0.6 million following successful achievement of milestones on autonomous vehicle development contracts MENLO PARK, Calif., Aug. 9, 2023
About this update from Cyngn Inc.
[{"type":"text","content":"Quarterly revenue of $0.6 million following successful achievement of milestones on autonomous vehicle development contracts \nMENLO 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.\n\n \n \n \n \n \n \n\n \nRecent Operating Announcements:\nPre-order for 100 autonomous DriveMod Forklifts from Arauco - a global supplier of sustainable forestry products, paper pulp, and engineered wood to the furniture and construction industriesLatest stockchaser deployment, with a Fortune 100 heavy equipment manufacturerPartnership with Motrec to launch Cyngn's latest autonomous vehicle typePartnership with BYD on the autonomous forklift development project\"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.\n\"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.\"\nFinancial Review\nSecond Quarter ending June 30, 2023:\nSecond 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 incr...