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Cyngn Reports Third Quarter 2022 Results
Company to Host Conference Call Today at 2 p.m. PT/5 p.m. ET MENLO PARK, Calif.--(BUSINESS WIRE)-- Cyngn Inc. (the “Company” or “Cyngn”) (NASDAQ: CYN), a
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 Inc. (the “Company” or “Cyngn”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial applications, today announced its financial results for the third quarter and nine months ended September 30, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221109005947/en/Cyngn announces its financial results for the third quarter and nine months ended September 30, 2022, after the close of the stock market on November 9, 2022. The Company is also hosting its earnings call that same day. Source: Cyngn\nRecent Operating Highlights:\n\n\nOn September 26, 2022, Cyngn announced the signing of a multi-phase contract with a global building materials manufacturer, which marks the beginning of the Company’s expansion of DriveMod to its next vehicle platform, electric forklifts.\n\n\nOn September 29, 2022, Cyngn announced a partnership with a U.S.-based manufacturing company to scale production of its DriveMod Kit for autonomous stockchasers. The kits can be installed on new vehicles or used to retrofit a customer’s existing fleet. The Company anticipates that engaging this manufacturing partner will substantially increase the volume of DriveMod Kits that can be produced while reducing the cost of manufacturing these AV hardware integration modules.\n\n\nOn October 20, 2022, Cyngn announced the signing of a contract with HEVI, a manufacturer of electric industrial vehicles under Greenland Holding Corporation, that engages Cyngn as HEVI’s exclusive supplier of vehicle tracking systems. Cyngn’s Infinitracker will be installed on each purchased HEVI vehicle as a value-added item for customers.\n\n\nLior Tal, Cyngn’s CEO, stated, “During the third quarter of 2022, we continued to make progress on our timeline to achieving scaled commercialization. We announced two significant developments at the end of September. The first was the signing of a multi-phase contract with a new key customer that has chosen Cyngn to apply DriveMod to its electric forklift fleet as the first autonomous vehicle in the customer’s rollout of its electrification and automation strategy. Our unique ability to retrofit vehicles and operate a heterogen...