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Cyngn | 8-K: Cyngn Reports First Quarter 2024 Financial Results

Cyngn | 8-K: Cyngn Reports First Quarter 2024 Financial Results

Cyngn | 8-K:Cyngn 公布 2024 年第一季度财务业绩
美股SEC公告 ·  05/10 05:42

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On May 8, 2024, Cyngn Inc., a Delaware-based autonomous vehicle technology company, reported its financial results for the first quarter ended March 31, 2024. The company, which is listed on the Nasdaq Capital Market under the symbol CYN, highlighted several operational achievements including joining the John Deere supply base, completing an initial DriveMod Tugger deployment with Rivian, and receiving a notice of allowance for a 20th U.S. patent. Cyngn also announced new partnerships and product advancements, such as RobotLAB joining its distributor network and the release of AI-powered autonomous DriveMod Tugger footage. Financially, Cyngn reported a Q1 revenue of $5.5 thousand, a significant decrease from $872.8 thousand in the same period last year, primarily due to a shift from NRE contracts to EAS software subscriptions...Show More
On May 8, 2024, Cyngn Inc., a Delaware-based autonomous vehicle technology company, reported its financial results for the first quarter ended March 31, 2024. The company, which is listed on the Nasdaq Capital Market under the symbol CYN, highlighted several operational achievements including joining the John Deere supply base, completing an initial DriveMod Tugger deployment with Rivian, and receiving a notice of allowance for a 20th U.S. patent. Cyngn also announced new partnerships and product advancements, such as RobotLAB joining its distributor network and the release of AI-powered autonomous DriveMod Tugger footage. Financially, Cyngn reported a Q1 revenue of $5.5 thousand, a significant decrease from $872.8 thousand in the same period last year, primarily due to a shift from NRE contracts to EAS software subscriptions. Total costs and expenses were reduced to $6.0 million from $6.7 million in Q1 2023, with a net loss of $6.0 million, slightly higher than the $5.6 million loss in the previous year. The company's cash and short-term investments stood at $4.8 million as of March 31, 2024, down from $8.2 million at the end of 2023. Subsequent to the end of the quarter, Cyngn raised $5.2 million through a public offering of its common stock. The company remains optimistic about its growth prospects and its ability to convert more customers to advanced sales discussions.
2024年5月8日,总部位于特拉华州的自动驾驶汽车技术公司Cyngn Inc. 公布了截至2024年3月31日的第一季度财务业绩。该公司在纳斯达克资本市场上市,股票代码为CYN,该公司重点介绍了多项运营成就,包括加入约翰迪尔供应基地、完成与Rivian的DriveMod Tugger的初始部署,以及收到第20项美国专利的批准通知。Cyngn还宣布了新的合作伙伴关系和产品进步,例如RobotLab加入其分销商网络,以及发布了基于人工智能的自主DriveMod Tugger镜头。财务方面,Cyngn报告称,第一季度收入为5,500美元,较去年同期的872,800美元大幅下降,这主要是由于从NRE合...展开全部
2024年5月8日,总部位于特拉华州的自动驾驶汽车技术公司Cyngn Inc. 公布了截至2024年3月31日的第一季度财务业绩。该公司在纳斯达克资本市场上市,股票代码为CYN,该公司重点介绍了多项运营成就,包括加入约翰迪尔供应基地、完成与Rivian的DriveMod Tugger的初始部署,以及收到第20项美国专利的批准通知。Cyngn还宣布了新的合作伙伴关系和产品进步,例如RobotLab加入其分销商网络,以及发布了基于人工智能的自主DriveMod Tugger镜头。财务方面,Cyngn报告称,第一季度收入为5,500美元,较去年同期的872,800美元大幅下降,这主要是由于从NRE合同转向EAS软件订阅。总成本和支出从2023年第一季度的670万美元减少到600万美元,净亏损600万美元,略高于上一年的560万美元亏损。截至2024年3月31日,该公司的现金和短期投资为480万美元,低于2023年底的820万美元。在本季度末之后,Cyngn通过公开发行普通股筹集了520万美元。该公司对其增长前景以及将更多客户转化为高级销售讨论的能力仍然持乐观态度。
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