Cyngn, a company specializing in autonomous vehicle technology, reported its financial performance for the year ended December 31, 2023. The company recognized revenue from Non-Recurring Engineering contracts and product sales, totaling $1.5 million, a significant increase from the $0.2 million reported in the previous year. Despite this growth, Cyngn incurred a net loss of $22.8 million, which was higher than the $19.2 million loss in 2022. The loss per share for common stockholders was $0.57, compared to $0.55 in the prior year. Cyngn also reported an impairment charge of $30,000 associated with its intangible asset 'Right to intellectual property.' Advertising costs rose to $413,170 in 2023 from $194,566 in 2022. The company's balance sheet showed an increase in property and equipment, net, from $884,000 in 2022 to $1.5 million in 2023, reflecting investments in vehicles, furniture...Show More

Cyngn, a company specializing in autonomous vehicle technology, reported its financial performance for the year ended December 31, 2023. The company recognized revenue from Non-Recurring Engineering contracts and product sales, totaling $1.5 million, a significant increase from the $0.2 million reported in the previous year. Despite this growth, Cyngn incurred a net loss of $22.8 million, which was higher than the $19.2 million loss in 2022. The loss per share for common stockholders was $0.57, compared to $0.55 in the prior year. Cyngn also reported an impairment charge of $30,000 associated with its intangible asset 'Right to intellectual property.' Advertising costs rose to $413,170 in 2023 from $194,566 in 2022. The company's balance sheet showed an increase in property and equipment, net, from $884,000 in 2022 to $1.5 million in 2023, reflecting investments in vehicles, furniture, fixtures, and computer equipment. Cyngn's intangible assets, including developed software, patents, and trademarks, had a net carrying amount of $1.08 million after accounting for impairment and amortization. In terms of business development, Cyngn entered into an agreement for exclusive rights to certain hardware and software products, with a purchase price of $100,000. The company's future plans include using net proceeds from various financing activities, such as a public offering and private placement, to fund its cash needs. Cyngn also entered into an ATM Sales Agreement, allowing for the sale of common stock at market prices, and raised net proceeds of $1.7 million through this arrangement.