Summary by Moomoo AI
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