On November 8, 2023, Cyngn Inc (CYN, Financial), a developer of AI-powered autonomous driving software for industrial applications, released its financial results for the third quarter ended September 30, 2023. The company reported a net loss of $5.47 million, or $0.14 per share, compared to a net loss of $5.26 million, or $0.14 per share, for the same period in 2022. Despite the losses, Cyngn Inc (CYN) has achieved significant operational milestones, including the deployment of its DriveMod Stock chaser at a North American facility for a Fortune 100 customer.
Operational Highlights and Financial Review
Cyngn Inc (CYN, Financial) has seen several successes in the third quarter and October, with CEO Lior Tal expressing confidence in the company's business momentum. The deployment of DriveMod Stock chaser and the DriveMod Tugger debut, as well as the planned DriveMod Forklift rollout in mid-2024, are seen as pivotal in the commercialization of its Enterprise Autonomy Suite (EAS) and indicate market acceptance of Cyngn's product suite for industrial automation.
Financial Performance Analysis
The company's revenue for the nine months ended September 30, 2023, was $1.45 million, a significant increase from no revenue in the same period last year. However, the costs and expenses for the same period were $19.4 million, leading to a loss from operations of $17.95 million. Research and development expenses, as well as general and administrative expenses, continue to be the major cost drivers for Cyngn Inc (CYN, Financial).
Balance Sheet and Cash Flow Statement
As of September 30, 2023, Cyngn Inc (CYN, Financial) had unrestricted cash and short-term investments totaling $8.2 million, a decrease from $22.6 million at the end of 2022. The working capital was $7.2 million, and total stockholders’ equity was $10.2 million, compared to $22.4 million and $24.1 million, respectively, at the end of the previous year. The net cash used in operating activities for the nine months ended September 30, 2023, was approximately $14.4 million.
For more detailed information on Cyngn Inc (CYN, Financial) and its financials, investors are encouraged to visit the "Investor Relations" page of the company's website at https://investors.cyngn.com/.
While Cyngn Inc (CYN, Financial) continues to invest heavily in research and development to drive future growth, the company's current financial position reflects the challenges of scaling up operations and commercializing its technology. Investors and stakeholders will be watching closely to see if the strategic deployments and product suite advancements translate into financial stability and profitability in the coming periods.
It is important to note that the information provided in this article is based on the company's unaudited financial statements and is subject to change. Cyngn Inc (CYN, Financial) undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Explore the complete 8-K earnings release (here) from Cyngn Inc for further details.
