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Cyngn Reports Third Quarter 2021 Results
Company to Host Conference Call Today at 2 p.m. PT/5 p.m. ET MENLO PARK, Calif.--(BUSINESS WIRE)-- Cyngn (or the “Company”) (NASDAQ: CYN), a developer of
About this update from Cyngn Inc.
[{"type":"text","content":"\nCompany to Host Conference Call Today at 2 p.m. PT/5 p.m. ET\n\n MENLO PARK, Calif.--(BUSINESS WIRE)--\nCyngn (or the “Company”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial enterprises, today announced its unaudited financial results for the third quarter ended September 30, 2021.\n\nBackground on Cyngn – A Company Targeting Full-scale Commercialization and Recurring Revenue Streams\n\nCyngn is a pre-revenue company developing the Enterprise Autonomy Suite (“EAS”) that combines advanced in-vehicle autonomous driving technology with leading supporting technologies like data analytics, fleet management, cloud, and connectivity. EAS provides a differentiated solution that the Company believes will drive pervasive proliferation of industrial autonomous vehicles and create value for customers at every stage of their journey towards full automation and the adoption of Industry 4.0.\n\nEAS is currently available as a beta release, and both the components and the combined solution are still under development. Components of EAS have previously been used for a paid customer trial and pilot deployments; EAS is currently available to select beta customers. The Company expects EAS to continually be developed and enhanced according to evolving customer needs, which will take place concurrently while other completed features of EAS are commercialized.\n\nCyngn expects annual research and development (“R&D”) expenditures in the foreseeable future to equal or exceed that of 2019 and 2020. The Company also expects that limited paid pilot deployments in 2022 and 2023 will offset some of the ongoing R&D costs of continually developing EAS. The Company is targeting for scaled deployments to begin in 2024.\n\nRecent Operating Highlights:\n\n\nOn October 13, 2021, Cyngn announced its partnership with Columbia Vehicle Group. The partnership marks a key milestone in Cyngn’s roadmap to bringing scalable, secure, and reliable autonomous vehicle technologies to industrial enterprises. The pairing of Cyngn’s DriveMod with Columbia’s fleet of electric utility vehicles means material handling organizations can begin to implement autonomy today, either by retrofitting their existing fleets or by buying new industrial vehicles with DriveMod pre-installed.\n\n\nOn October 19, 2021, Cyngn’s regist...