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Cyngn Reports 2023 Fourth Quarter and Year-End Financial Results

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MENLO PARK, Calif., March 6, 2024 /PRNewswire/ — Cyngn Inc. (the “Company” or “Cyngn”) (Nasdaq: CYN) today announced its financial results for the fourth quarter and year ending on December 31, 2023.

Recent Operating Highlights:

U.S. Continental Renews Contract; 4x Gains in Efficiency AchievedNasdaq Grants Extension for Continued Exchange ListingU.S. patent office granted 19 patents to-date; Cyngn’s patent portfolio also includes 6 additional pending U.S. patents and 20 pending international patentsNext-Gen DriveMod Kit will Harness Nvidia AI ComputersCloses $5.0 million Public Offering of Common StockHands-off Automatic Unhitching Capabilities for Industrial Autonomous Vehicles

“I am pleased with the accomplishments of our Cyngn team as we transitioned from years of R&D into 2023 commercial readiness and finished the year with annual revenue at $1.5 million,” said Lior Tal, Chairman and Chief Executive Officer of Cyngn.  “Our success is also driven in part with our key leading OEM partnerships from Motrec and BYD, and, aided by our technology alignment with Ouster’s LiDAR sensors and Nvidia’s artificial intelligence computation capabilities that power Cyngn’s AI-driven autonomous vehicle software solutions. During the first couple of months of 2024 we already successfully completed multiple trial deployments of DriveMod Autonomous Vehicles with leading vehicle manufacturers and automotive suppliers, and anticipate 2024 to be a fast-paced and exciting year as these transition to follow-on sales, and we scale up production deployment and rapidly expand our customer installed base. This will happen in parallel to continued development of the DriveMod Autonomous Forklifts, which are expected to begin initial deployments during the second half of the year.”

To learn more, watch our 2023 year in review video here.

2023 Financial Review:

2023 revenue was $1.5 million compared to $262 thousand in 2022, the majority of which was substantially the result of NRE (Non-Recurring Engineering) contracts in both years.Total costs and expenses in 2023 were $24.8 million, an increase from $19.7 million in 2022. This increase was primarily related to R&D expenses, up $3.2 million due to increased technical staffing to support our AV technology offset by the recognition of an Employee Retention Credit of $572 thousand and capitalized software of $885 thousand. G&A expenses increased by $898 thousand year-over-year related to increased staffing to support public company responsibilities, increased marketing, advertising and other general and administrative expenses offset by the recognition of an Employee Retention Credit of $192 thousand. Cost of revenue increased by $1.0 million primarily from higher engineering development resources and hardware costs to support the completion of the final phases of NRE contracts. Headcount, including full time contractors, at the end of 2023 was 81 versus 79 from the prior year.Net loss for 2023 was $(22.8) million compared to $(19.2) million in 2022. 2023 net loss per share was $(0.57), based on basic and diluted weighted average shares outstanding of approximately 40.0 million. This compares to a net loss per share of $(0.55) in 2022, based on approximately 34.9 million basic and diluted weighted average shares outstanding.

Q4 2023 Financial Review:

Fourth quarter revenue was $40.4 thousand compared to $262 thousand in the fourth quarter of 2022. Fourth quarter 2023 revenue was derived primarily from EAS software subscriptions from DriveMod Stock chaser vehicle deployments whereas prior year revenue was primarily the result of NRE contracts.Total costs and expenses in the fourth quarter were $5.4 million, down from $6.0 million in the fourth quarter of 2022. This decrease was primarily due to a $635 thousand reduction in G&A expenses, partially due to the recognition of an Employee Retention Credit of $192 thousand. In addition, cost of revenue decreased by $86 thousand and R&D expenses increased by $204 thousand. The increase in R&D expense was primarily driven by commercial deployments, offset by the recognition of an Employee Retention Credit of $572 thousand and $123 thousand of capitalized software.Net loss for the fourth quarter was $(5.4) million compared to $(5.5) million in the corresponding quarter of 2022. Fourth quarter 2023 net loss per share was $(0.12), based on basic and diluted weighted average shares outstanding of approximately 46.0 million in the quarter. This compares to a net loss per share of $(0.15) in the fourth quarter of 2022, based on approximately 37.7 million basic and diluted weighted average shares outstanding.

Balance Sheet Highlights:
Cyngn’s unrestricted cash and short-term investments at the end of 2023 total $8.2 million compared to $22.6 million as of December 31, 2022.  At the end of the same period, working capital was $7.4 million and total stockholders’ equity was $10.6 million, as compared to year-end working capital of $22.4 million and total stockholders’ equity of $24.1 million, respectively as of December 31, 2022.  The Company had no debt as of December 31, 2023 and December 31, 2022.

For more information on Cyngn, visit the “Investor Relations” page of the Company’s website (https://investors.cyngn.com/).

About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn’s self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.

Cyngn’s DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.

Cyngn’s flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

Find Cyngn on:
Website: https://cyngn.com
Twitter: http://twitter.com/cyngn
LinkedIn: https://www.linkedin.com/company/cyngn
YouTube: https://www.youtube.com/@cyngnhq

Investor/Media Contact: Bill Ong, bill@cyngn.com; 650-204-1551

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “expects,” “anticipates,” “believes,” “will,” “will likely result,” “will continue,” “plans to,” “potential,” “promising,” and similar expressions. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company’s reports to the SEC, including, without limitation the risk factors discussed in the Company’s annual report on Form 10-K filed with the SEC on March 7, 2024. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

CYNGN INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

Three Months Ended December 31,

2023

2022

Revenue

$

40,356

$

262,000

Costs and expenses:

Cost of revenue

100,589

186,823

Research and development

3,022,884

2,818,599

General and administrative

2,312,843

2,947,394

Total costs and expenses

5,436,316

5,952,816

Loss from operations

(5,395,960)

(5,690,816)

Other income, net

Interest income

39,189

41,409

Other income (expense)

(790)

103,262

Total other income, net

38,399

144,671

Net loss

$

(5,357,561)

$

(5,546,145)

Net loss per share attributable to common
stockholders, basic and diluted

$

(0.12)

$

(0.15)

Weighted-average shares used in computing
net loss per share attributable to common
stockholders, basic and diluted

46,005,620

37,654,019

 

CYNGN INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

Year ended

December 31,

2023

2022

Revenue

$

1,489,317

$

262,000

Costs and expenses:

–

Cost of revenue

1,222,321

186,823

Research and development

12,719,983

9,481,329

General and administrative

10,892,955

9,994,575

Total costs and expenses

24,835,259

19,662,727

Loss from operations

(23,345,942)

(19,400,727)

Other income, net

Interest income

137,887

44,100

Other income

396,825

120,118

Total other income , net

534,712

164,218

–

Net loss

$

(22,811,230)

$

(19,236,509)

Net loss per share attributable to common
stockholders, basic and diluted

$

(0.57)

$

(0.55)

Weighted-average shares used in computing net
loss per share attributable to common
stockholders, basic and diluted

39,987,864

34,947,710

 

CYNGN INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31,

December 31,

2023

2022

Assets

Current assets

Cash

$

3,591,623

$

10,536,273

Restricted cash

–

50,000

Short-term investments

4,561,928

12,064,337

Prepaid expenses and other current assets

1,316,426

1,126,137

Total current assets

9,469,977

23,776,747

Property and equipment, net

1,486,672

884,000

Right-of-use asset, net

992,292

371,189

Intangible assets, net

1,084,415

473,076

Total Assets

$

13,033,356

$

25,505,012

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$

196,963

$

155,943

Accrued expenses and other current liabilities

1,201,142

854,920

Current operating lease liability

682,718

376,622

Total current liabilities

2,080,823

1,387,485

Non-current operating lease liability

317,344

Total liabilities

2,398,167

1,387,485

Commitments and contingencies (Note 12)

Stockholders’ Equity

Common stock, Par $0.00001; 200,000,000 shares authorized,
64,773,756 and 33,684,864 shares issued and outstanding as of
December 31, 2023 and December 31, 2022, respectively

648

337

Additional paid-in capital

170,652,160

159,847,229

Accumulated deficit

(160,017,619)

(135,730,039)

Total stockholders’ equity

10,635,189

24,117,527

Total Liabilities and Stockholders’ Equity

$

13,033,356

$

25,505,012

 

CYNGN INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

Year Ended

December 31,

2023

2022

Cash flows from operating activities

Net loss

$

(22,811,230)

$

(19,236,509)

Adjustments to reconcile net loss to net cash used in operating
activities:

Depreciation and amortization

961,281

604,871

Stock-based compensation

3,208,103

2,867,698

Realized gain on short-term investments

(443,392)

(90,216)

Changes in operating assets and liabilities:

Prepaid expenses and other current assets

(1,403,049)

(1,425,126)

Accounts payable

41,020

43,672

Accrued expenses and other current liabilities

969,662

936,387

Net cash used in operating activities

(19,477,605)

(16,299,223)

Cash flows from investing activities

Purchase of property and equipment

(1,045,822)

(918,318)

Acquisition of intangible asset

(718,711)

(456,822)

Purchase of short-term investments

(21,573,199)

(27,000,000)

Proceeds from maturities of short-term investments

29,519,000

15,025,879

Disposal of assets

180,898

–

Net cash provided by (used in) investing activities

6,362,166

(13,349,261)

Cash flows from financing activities

Proceeds from at-the-market equity financing, net of issuance costs

1,747,468

–

Proceeds from private placement offering and pre-funded warrants, net
of offering costs

4,380,975

18,121,945

Proceeds from exercise of pre-funded warrants

–

2,662

Issuance of stock dividend

(16,182)

–

Proceeds from exercise of stock options

8,528

114,169

Net cash provided by financing activities

6,120,789

18,238,776

Net decrease in cash and cash equivalents and restricted cash

(6,994,650)

(11,409,708)

Cash and cash equivalents and and restricted cash, beginning of year

10,586,273

21,995,981

Cash and cash equivalents and restricted cash, end of year

$

3,591,623

$

10,586,273

Reconciliation of cash and restricted cash, end of period:

Cash

$

3,591,623

$

10,536,273

Restricted cash

–

50,000

Total cash and restricted cash

$

3,591,623

$

10,586,273

 

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SOURCE Cyngn

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Capline Healthcare Management Expands RCM Support To 1,300+ Practices, Citing Rising Demand From Health Providers

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April 20, 2026

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The Houston-based company, founded in 2016 and BBB A+ accredited, says health providers are increasingly turning to third-parties to keep their revenue cycle running.

HOUSTON, April 20, 2026 /PRNewswire/ — Capline Healthcare Management has crossed a significant operational threshold, supporting more than 1,300 independent medical practices across the United States. The Houston-based revenue cycle management firm says the growth is not incidental. It reflects a measurable and accelerating shift in how independent providers are choosing to manage their RCM operations amid rising payer complexity and shrinking administrative capacity.

Independent medical practices are under increasing pressure due to complex payer requirements, workforce shortages, reimbursement challenges, and growing administrative demands.

According to the American Medical Association, the number of physicians in private practice dropped from 60.1% in 2012 to 42.2% in 2024. Meanwhile, denial rates across commercial payers have climbed steadily, with some studies pointing to denial volumes increasing by as much as 20% over five years. This highlights how difficult it has become for many practices to maintain both quality care and financial stability.

According to Capline, these growing pressures are why many practices are turning to outside partners. They’re looking for experts who can bring order and consistency to their revenue cycle. Capline supports healthcare providers across the board, from billing and coding to eligibility checks, provider credentialing, follow-ups, and denial handling.

“Independent practices need more than basic billing help,” said Abhinav Rastogi, Founder, Capline Healthcare Management. “They need a revenue cycle partner that understands the details, works with discipline, and helps protect the financial health of the practice. Reaching 1,300+ supported practices is an important milestone for us because it reflects the trust providers place in our team and in the way we work.”

Unlike generalist billing vendors, Capline said its model focuses on practical execution across the full revenue cycle. That includes front-end work such as eligibility checks and credentialing, as well as back-end support such as claim follow-up, denial review, and accounts receivable management. Practices working with Capline gain a single operational partner rather than patching together multiple vendors. The goal is to help practices reduce delays, improve collections, and gain a clearer view of financial performance.

Our role is to help practices build a stronger financial foundation and that requires more than billing experience. It takes process discipline and a clear understanding of how every stage of the revenue cycle connects to the health of the whole organization,” said Sumeet Patney, Director at Capline Healthcare Management.

Looking ahead, he noted that Capline plans to expand its proprietary AI-driven analytics capabilities and invest further in its specialized billing and coding teams, building the infrastructure needed to accelerate growth well into 2027 and beyond.

About Capline Healthcare Management

Capline Healthcare Management is a Houston-based healthcare management company founded in 2016. Capline has an A+ rating on the Better Business Bureau and has HIPAA-compliant practices to ensure confidentiality and the privacy of sensitive healthcare data.

The company offers end-to-end RCM support and other back-office support services to healthcare practices in the United States. Its services include medical billing, coding, denial management, accounts receivable follow-up, eligibility verification, and provider credentialing. Capline specializes in assisting healthcare organizations to enhance financial performance, reduce administrative workload, and streamline practice operations for healthcare providers.

Across its supported healthcare practices, Capline reports an average first-pass claim acceptance rate of 96% and a denial resolution turnaround of 3 business days.

Practices that have transitioned to Capline’s full-cycle model report measurable reductions in AR aging and double-digit percentage gains in net collections, with several multi-physician groups seeing those results within the first two quarters of engagement.

“A multi-specialty practice working with Capline reported a reduction in claim denials of over 25% and an 18% improvement in collections turnaround time within six months.”

To learn more about Capline’s revenue cycle services, visit https://caplinehealthcaremanagement.com/.

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SOURCE Capline Services

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Liene Launches Mother’s Day Campaign Celebrating the Individuality of Moms with PixCut S1 Smart Printer

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April 20, 2026

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Celebrating Every Mother’s True Self Beyond the Role of a Mom

LOS ANGELES, April 20, 2026 /PRNewswire/ — MOM is a title she earned, but it’s not the only story she owns. When a woman becomes a mom, some of her traits grow stronger, while others may be temporarily set aside. This Mother’s Day, Liene, a global leader in innovative smart printing solutions, today launches a campaign titled “Stick What Makes Her, HER”, celebrating the full and more authentic person behind every mom.

During this campaign, Liene teamed up with four real families to create heartfelt surprises for their moms. Each family used Liene’s PixCut S1 Smart Printer, the world’s first all-in-one photo printing and cutting machine for home use, to create custom stickers that honor a mother’s unique traits, passions, and hidden stories that make every mom an individual. Instead of praising “perfect mom”, Liene encourages people to see “the complete her”.

 

“Moms are often reduced to their role as caregivers, overshadowing the passions and personalities they carried before and continue to have alongside motherhood,” said Kim, Marketing Director of Liene, “With the PixCut S1, we want to give people a simple, joyful tool to say: ‘We love you not only for what you’ve done for us, but for exactly who you are.'”

PixCut: Stick What Makes Her, HER

Creating a heartfelt gift for mom is more achievable than you realize. With the PixCut S1, you can upload a cherished photo, a symbol of her favorite hobby, or a family moment that captures her essence. In just moments, the Liene app connects seamlessly to the printer, producing your design in vibrant, high-resolution 300 dpi. The process is smooth and effortless. If the design doesn’t quite look right in the preview, you can easily adjust it before printing to ensure it perfectly captures what makes your mom unique.

The PixCut S1 does more than just print. It combines AI-powered precision cutting into one machine, ensuring that each design is refined to perfection and delivers clean, detailed results with minimal waste, making the process as smooth and thoughtful as the gift itself. Additionally, the PixCut S1 uses thermal dye-sublimation technology to make every sticker waterproof, fade-resistant, and scratch-resistant, preserving the memories you create for years to come. Every creation becomes more than just a gift; it’s a lasting tribute to the mom you admire, celebrating her uniqueness and the love she shares.

Jenna, a daughter from one of the four families, is creating a personalized 3D photo book using the PixCut S1 to print stickers of her mother’s favorite video game character. “My mom loves video games,” Jenna said. “This year for Mother’s Day, I wanted to show my mom how cool her video game character is. Something so uniquely ‘my mom.'”

How to participate

In-Person Event: On Mother’s Day (May 10), Liene will host a pop-up activation at the Melrose Trading Post in Los Angeles from 10 AM to 5 PM. Visitors can print custom stickers for free, featuring their mom’s favorite things, to personalize any gift they bring. An artist KOL will also be on-site to offer crafting guidance.Online Participation: From April 25 to May 9, families are encouraged to record their mom’s reaction when she receives the sticker-decorated gift. Share the video on social media with #StickWhatMakesHerHer #PixCutS1, and tag @lienephotoprinter (on Instagram, YouTube, and TikTok) or @LienePhoto (on Facebook). Participants will have a chance to win a free Liene Pearl N200 Pro Portable Photo Printer, plus a special mystery gift.

Mother’s Day Discount

To celebrate Mother’s Day, Liene is offering Top 35% off on any product from May 4 to 10. Just click here to go to Liene’s official Amazon store and order the best gift!

Media contacts
Liene
liene.service@liene-life.com 

Media Resources
https://youtu.be/I5-lXN5H3PU

About Liene

Established in 2017, Liene was born from a deep belief in the enduring power of printed memories. Our journey is fueled by the desire to empower you to capture and preserve life’s most beautiful moments through our innovative photo printers.Liene photo printers are renowned for their exceptional print quality, whether it’s color reproduction, clarity, or detail. Designed with user convenience in mind, our printers offer smart connectivity features that make printing photos directly from a variety of devices quick and easy. Join us as we weave your digital memories into tangible treasures that you can touch, share, and hold close to your heart.

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SOURCE Liene

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In HelloNation, Property Management Expert Jennifer Oliver Highlights When to Hire a Property Manager

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April 20, 2026

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The article examines how growing demands in rental ownership can signal the need for more structured support and improved efficiency.

DETROIT, April 20, 2026 /PRNewswire/ — When should rental owners recognize that managing their properties alone is no longer sustainable? The answer is explored in a HelloNation article featuring Jennifer Oliver of Elite Real Estate Professionals that outlines how increasing demands can signal the need for property management and more consistent systems.

 

The HelloNation article explains that many property owners in Detroit, MI, begin their real estate investment journey with a hands-on approach. Early stages of rental property management often feel manageable, with owners handling leasing, property maintenance, and tenant communication directly. Over time, however, these responsibilities tend to grow and become more complex.

A key early indicator discussed is time pressure. The article notes that when daily property management tasks begin to interfere with schedules, it can lead to missed communications and slower responses. These small disruptions may affect tenant satisfaction and signal that support is needed.

Property maintenance is another area where strain often becomes clear. Coordinating repairs, managing vendors, and ensuring quality outcomes requires consistent attention. The article describes how inconsistent property maintenance can frustrate tenants, which may increase tenant turnover and create additional operational challenges.

Vacancy trends also provide valuable insight into performance. The article explains that extended vacancy periods may indicate issues with pricing, marketing, or tenant screening. Structured rental property management systems can help reduce vacancy by improving how quickly units are filled and how effectively listings reach qualified tenants.

Financial organization is equally important. The article emphasizes that accurate rent tracking and expense monitoring are essential to evaluating a real estate investment. When rent tracking becomes inconsistent or unclear, it limits an owner’s ability to make informed decisions about property performance and future planning.

The HelloNation article further explains that as workloads increase, owners often shift away from long term planning. Instead of focusing on improvements or expansion, time is spent addressing daily concerns. This shift can slow the growth of a real estate investment and reduce overall efficiency in rental property management.

Tenant relationships are also impacted by inconsistent processes. The article notes that without clear systems for screening, leasing, and communication, small issues can escalate. This can contribute to higher tenant turnover, affecting both stability and income for the property.

Local conditions in Detroit add another layer of responsibility. Regulations, inspections, and neighborhood trends require ongoing attention. The article highlights that keeping up with these factors while managing property maintenance and rent tracking can become difficult without structured property management support.

Growth further increases complexity. Managing multiple units requires coordination across maintenance, communication, and financial tracking. The article explains that rental property management becomes more system driven as portfolios expand, making professional support more valuable in reducing vacancy and maintaining consistency.

The article concludes that recognizing when demands outweigh the benefits of self management is an important step. When time constraints, rising tenant turnover, and inconsistent rent tracking begin to impact results, property management can help improve both efficiency and long term outcomes.

How Do Detroit Rental Owners Know It’s Time to Hire a Property Manager? features insights from Jennifer Oliver, Property Management Expert of Detroit, MI, in HelloNation.

About HelloNation

HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused digital publications and innovative “edvertising” approach, HelloNation delivers expert-driven, good-news content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities. HelloNation maintains partnerships with the National Governors Association, the U.S. Conference of Mayors, and the United States First Responders Association.

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