Summary by Moomoo AI
On March 6, 2024, Cyngn Inc., a company listed on the Nasdaq under the symbol CYN, reported its financial results for the fourth quarter and the fiscal year ended December 31, 2023. The company announced a significant increase in annual revenue to $1.5 million, up from $262 thousand in the previous year, largely due to Non-Recurring Engineering contracts. Despite the revenue growth, Cyngn experienced a net loss of $22.8 million for the year, a slight increase from the $19.2 million loss in 2022. The net loss per share for 2023 was $(0.57), compared to $(0.55) in the previous year. The fourth quarter of 2023 saw revenues of $40.4 thousand, a decrease from the fourth quarter of 2022, which had $262 thousand in revenue. The company's total costs and expenses for 2023 were $24.8 million, up from...Show More