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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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Pillsbury Notice of Data Breach

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NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html

View original content to download multimedia:https://www.prnewswire.com/news-releases/pillsbury-notice-of-data-breach-302828892.html

SOURCE Pillsbury Winthrop Shaw Pittman LLP

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From Remote Racing to Embodied AI: Fibocom and Intedigo Bring 5G Bidirectional Data Transmission into Real-World Applications

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SHANGHAI, July 18, 2026 /PRNewswire/ — From July 17 to 20, Fibocom and Intedigo will jointly present a cross-regional, beyond-visual-line-of-sight (BVLOS) teleoperation demonstration at Booth H3-C408 during the World Artificial Intelligence Conference (WAIC) 2026. Visitors will be able to enter a remote driving cockpit and control a real race car located at HURA PARK in Jiading, Shanghai, steering, accelerating, and braking in real time while experiencing how 5G connectivity enables remote operation.

More than an immersive driving experience, the demonstration provides a live validation of 5G bidirectional data transmission for embodied AI teleoperation. The vehicle continuously sends live track video, vehicle status, and operating data to the remote cockpit, while control commands are transmitted back to the vehicle, creating a closed-loop teleoperation system. Stable, low-latency, and highly reliable connectivity is essential for high-dynamic maneuvers such as high-speed cornering, precision braking, and continuous lane changes.

Developed by Intedigo, the remote driving system connects a real race car with an immersive remote driving cockpit. It supports 1080p@60Hz video transmission, glass-to-glass (G2G) video latency of less than 80 ms, and control latency of less than 10 ms. The demanding racing environment magnifies differences in video continuity and control responsiveness, making communications performance directly perceptible, measurable, and verifiable.

At the joint demonstration, Fibocom’s FM160 5G module provides cellular connectivity for the system. Powered by the Qualcomm Snapdragon™ X62 5G Modem-RF System, the FM160 supports SA and NSA network architectures as well as 3GPP Release 16. On the downlink, it supports NR Carrier Aggregation (NR CA) with bandwidth of up to 120 MHz, delivering peak speeds of up to 3.5 Gbps in NSA mode and 2.5 Gbps in SA mode. On the uplink, it supports UL MIMO and delivers peak speeds of up to 900 Mbps in SA mode. These capabilities support the continuous transmission of HD video and vehicle status data, along with reliable delivery of control commands.

As embodied AI moves into factories, data centers, logistics operations, and industrial parks, robots are becoming increasingly capable of performing tasks autonomously. Yet complex environments, unexpected events, and edge cases still require Human-in-the-Loop (HITL) remote intervention to help ensure safe and reliable operation.

Daniel Liu, CEO of Intedigo, said:

“5G represents the pinnacle of human communications and the starting point of machine communications. In the past, communications connected people to people; in the future, they will connect people to robots and robots to robots. Remote racing is simply the easiest entry point for people to understand this concept. What we are truly validating is a communications system capable of supporting remote collaboration for embodied AI. HURA makes low-latency remote driving a tangible experience, while RoBOX extends this capability to robots and a broader range of intelligent terminals. Together with Fibocom, we hope to enable more machines to receive remote assistance whenever needed while remaining continuously connected and operating reliably.”

Simon Tao, VP of Wireless Solutions Business Group and General Manager of MBB BU at Fibocom, said:

“As embodied AI enters real-world industrial environments, reliable connectivity will become the foundation for telemetry feedback, remote control and operational management. Fibocom’s 5G solutions, represented by FM160, provide the cellular connectivity required for continuous on-site data transmission and reliable control command delivery. Fibocom will continue collaborating with ecosystem partners such as Intedigo to bring cellular connectivity to more robots, autonomous machines and mobile intelligent terminals, enabling embodied AI systems to stay continuously connected and respond reliably in real-world applications.”

From remote race cars to robots, unmanned equipment, and mobile intelligent terminals, 5G is evolving from connecting people to connecting machines. This joint demonstration makes the capabilities of 5G bidirectional data transmission directly perceptible, experiential, and verifiable, helping pave the way for embodied AI to scale across real-world applications.
 

About Fibocom

Fibocom, founded in 1999, is China’s first wireless communication module company listed on both the A-share and H-share markets (300638.SZ, 0638.HK). As a global leading provider of wireless communication modules and AI solutions, Fibocom leverages wireless communication and artificial intelligence as its core technologies to provide integrated hardware and software solutions that empower industry applications. These solutions accelerate the transformation from “Connect Everything” to “Intelligent Connectivity” across diverse industries.

Fibocom’s one-stop solutions encompass cellular communication, AI, automotive, and GNSS modules, as well as AI toolchains, supporting industry-side and mainstream large model integration, and providing AI Agent, global connectivity, and cloud services, driving the digital intelligence upgrades in industries such as robotics, consumer electronics, low-altitude economy, intelligent transportation, smart retail, and smart energy.

View original content to download multimedia:https://www.prnewswire.com/news-releases/from-remote-racing-to-embodied-ai-fibocom-and-intedigo-bring-5g-bidirectional-data-transmission-into-real-world-applications-302828996.html

SOURCE Fibocom Wireless Inc.

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DR. PHONE FIX ANNOUNCES SECOND TRANCHE CLOSING OF NON-BROKERED CONVERTIBLE DEBENTURE UNIT FINANCING

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

EDMONTON, AB, July 18, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) is pleased to announce that, further to its news release dated May 19, 2026 and June 24, 2026 (the “Prior News Releases”), it has closed the second tranche of its non-brokered private placement (the “Offering”) of convertible debenture units of the Company (each, a “Unit”). The Company issued 726 Units, at a price of $1,000 per Unit, for aggregate gross proceeds of $726,000. Each Unit is comprised of (i) one $1,000 principal amount unsecured convertible debenture of the Company (a “Convertible Debenture”) and (ii) 3,125 common share (“Common Share”) purchase warrants of the Company (each, a “Warrant”). Additional detail on the Offering, including terms of the Convertible Debentures and Warrants, is set out in the Prior News Releases.

In connection with the Offering, the Company paid a finder’s fee consisting of an aggregate cash fee of $50,820 and issued an aggregate of 317,625 common share purchase warrants of the Company (each, a “Finder’s Warrant”) to certain qualified arm’s length parties. Each Finder’s Warrant is exercisable to acquire one Common Share of the Company at an exercise price of $0.22 prior to the date that is 24 months from the date of issuance.

All securities issued pursuant to the Offering, including any Common Shares issuable upon conversion of the Convertible Debentures or exercise of the Warrants and Finder’s Warrants, are subject to a statutory hold period of four months and one day from the closing of the Offering, in accordance with applicable securities laws and TSX Venture Exchange (the “TSXV”) policies. 

The Offering remains subject to final acceptance of the TSXV.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Dr. Phone Fix

Dr. Phone Fix is a national, award-winning, eco-friendly, and customer-centric leader in Canada’s cell phone and electronics repair and certified pre-owned device industry. Founded in 2019, the Company now operates 44 retail locations nationwide through a standardized and scalable operating platform designed to support consistent execution across multiple markets, delivering fast, reliable, and environmentally conscious repair services alongside a curated selection of certified pre-owned devices and premium accessories. Dr. Phone Fix maintains strong partnerships with OEMs and certified suppliers, ensuring consistently high-quality standards across its national footprint. With a focus on responsible device lifecycle management, customer service, and operational discipline, Dr. Phone Fix continues to set the benchmark for device care and resale in Canada.

www.docphonefix.com

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Forward-Looking Information and Cautionary Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the final acceptance of the Offering by the TSXV; and the expected use of proceeds following the closing of the Offering. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; the TSXV will provide its final acceptance of the Offering; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV final acceptance for the Offering; the potential failure to complete the balance of the Offering or to raise the full anticipated gross proceeds; market conditions and investor demand for the Company’s securities; the Company’s inability to deploy the proceeds as currently intended; and general economic and market conditions. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

 

SOURCE Dr. Phone Fix

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