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Cyngn | 10-Q: Q3 2024 Earnings Report

Cyngn | 10-Q: Q3 2024 Earnings Report

Cyngn | 10-Q:2024財年三季報
美股SEC公告 ·  2024/11/08 06:08

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Cyngn Inc. reported Q3 2024 revenue of $47,584, representing an 89% increase year-over-year, driven by Enterprise Autonomy Suite (EAS) subscriptions and hardware sales. However, the company posted a net loss of $5.4 million for the quarter as it continued significant R&D investments in autonomous vehicle technology development.Research and development expenses decreased 4.6% to $2.8 million compared to Q3 2023, while general and administrative costs declined 2.3% to $2.6 million. The company ended the quarter with $2.0 million in cash and $0.8 million in short-term investments, after raising $5.2 million through a public offering in April 2024.Management expressed concerns about sustainable operations funding, noting substantial doubt about continuing as a going concern without additional financing. The company is focusing on expanding its EAS deployment and subscription revenue model while developing new autonomous vehicle capabilities, with scaled deployments targeted for late 2024.
Cyngn Inc. reported Q3 2024 revenue of $47,584, representing an 89% increase year-over-year, driven by Enterprise Autonomy Suite (EAS) subscriptions and hardware sales. However, the company posted a net loss of $5.4 million for the quarter as it continued significant R&D investments in autonomous vehicle technology development.Research and development expenses decreased 4.6% to $2.8 million compared to Q3 2023, while general and administrative costs declined 2.3% to $2.6 million. The company ended the quarter with $2.0 million in cash and $0.8 million in short-term investments, after raising $5.2 million through a public offering in April 2024.Management expressed concerns about sustainable operations funding, noting substantial doubt about continuing as a going concern without additional financing. The company is focusing on expanding its EAS deployment and subscription revenue model while developing new autonomous vehicle capabilities, with scaled deployments targeted for late 2024.
Cyngn公司報告2024年第三季度營業收入爲47,584美元,同比增長89%,主要得益於企業自主套件(EAS)訂閱和硬件銷售。然而,公司在本季度虧損540萬,因爲它在自主車輛科技開發上繼續進行重大研發投資。與2023年第三季度相比,研發費用下降4.6%,降至280萬,而一般和行政費用下降2.3%,降至260萬。公司在本季度末擁有200萬現金和80萬短期投資,在2024年4月通過公開募股籌集了520萬。管理層表示對可持續運營資金表示擔憂,指出沒有額外融資的情況下,公司繼續作爲持續經營主體的重大疑慮。公司專注於擴大EAS部署和訂閱營業模型,同時開發新的自主車輛能力,計劃於2024年底進行大規模部署。
Cyngn公司報告2024年第三季度營業收入爲47,584美元,同比增長89%,主要得益於企業自主套件(EAS)訂閱和硬件銷售。然而,公司在本季度虧損540萬,因爲它在自主車輛科技開發上繼續進行重大研發投資。與2023年第三季度相比,研發費用下降4.6%,降至280萬,而一般和行政費用下降2.3%,降至260萬。公司在本季度末擁有200萬現金和80萬短期投資,在2024年4月通過公開募股籌集了520萬。管理層表示對可持續運營資金表示擔憂,指出沒有額外融資的情況下,公司繼續作爲持續經營主體的重大疑慮。公司專注於擴大EAS部署和訂閱營業模型,同時開發新的自主車輛能力,計劃於2024年底進行大規模部署。
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