On August 7, 2024, Cyngn Inc., a developer of industrial autonomous vehicles, reported its financial results for the second quarter ended June 30, 2024. The company announced a second-quarter revenue of $8.7 thousand, a significant decrease from $550.9 thousand in the same quarter of the previous year. The revenue for Q2 2024 primarily came from EAS software subscriptions from DriveMod Stockchaser vehicle deployments. Total costs and expenses were reduced to $5.8 million from $7.0 million in Q2 2023, with decreases across cost of revenue, general and administrative expenses, and research and development expenses. The net loss for the quarter was $(5.8) million, an improvement from a net loss of $(6.4) million in Q2 2023. Cyngn highlighted several operational achievements, including joining the John Deere supply base, partnering with RobotLAB, receiving notices of allowance for its...Show More

On August 7, 2024, Cyngn Inc., a developer of industrial autonomous vehicles, reported its financial results for the second quarter ended June 30, 2024. The company announced a second-quarter revenue of $8.7 thousand, a significant decrease from $550.9 thousand in the same quarter of the previous year. The revenue for Q2 2024 primarily came from EAS software subscriptions from DriveMod Stockchaser vehicle deployments. Total costs and expenses were reduced to $5.8 million from $7.0 million in Q2 2023, with decreases across cost of revenue, general and administrative expenses, and research and development expenses. The net loss for the quarter was $(5.8) million, an improvement from a net loss of $(6.4) million in Q2 2023. Cyngn highlighted several operational achievements, including joining the John Deere supply base, partnering with RobotLAB, receiving notices of allowance for its 20th and 21st U.S. patents, and expanding its dealer network. The company's CEO, Lior Tal, emphasized the healthy pipeline and progress with Fortune 500 companies. Cyngn's CFO, Don Alvarez, noted the company's clean balance sheet with no debt and compliance with Nasdaq's minimum bid price requirement. As of June 30, 2024, Cyngn had cash and short-term investments totaling $7.0 million.