Summary by Moomoo AI
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
