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  Title	Cyngn Reports Third Quarter 2024 Financial Results PR Newswire Today at 9:05pm UTC
  ID	3938054
  External ID	7280355655
  Author	Unknown
  Published Date	Nov. 6, 2024, 3:18 p.m.
  Summary	PR Newswire MENLO PARK, Calif., Nov. 6, 2024 Recent Operating Highlights: MENLO PARK, Calif. Nov. 6, 2024 /PRNewswire/ -- Cyngn (or the "Company") (Nasdaq: CYN), developer of industrial autonomous
  Tags	press-release
  URL	https://pr.greenvillebusinessmag.com/article/cyngn-reports-third-quarter-2024-financial-results?storyid=672bdad6def489cc6de2418e
  Sentiment	Negative: 0.00913    Neutral: 0.06174    Positive: 0.92913
  Relevance	0.01154

• Content Details

  Content ID	2215534
  Key	79e9c74a-b973-4df5-86bb-79998cdd0f20
  Content	PR Newswire MENLO PARK, Calif., Nov. 6, 2024 Recent Operating Highlights: MENLO PARK, Calif. Nov. 6, 2024 /PRNewswire/ -- Cyngn (or the "Company") (Nasdaq: CYN), developer of industrial autonomous vehicles , today announced financial results for its third quarter, ended September 30, 2024 "Our third quarter marked meaningful additional commercial traction of our autonomous DriveMod technology," said Lior Tal , Cyngn CEO. "Building on the progress we made with direct sales efforts in the first half of the year, including being selected by Deere to supply the DriveMod Tugger, we have expanded our strategy to increase our channel sales efforts. "We have also achieved a significant milestone with the first paid deployment of our DriveMod Forklift, an important progression into sales activities after initial R&D and projects focused on funding development." "Through our OEM partner Motrec, we are able to expand our sales strategy beyond direct sales by leveraging a strong incumbent dealer network while also adding specialized distributors and system integrators like Kennedy Robotics AI and RobotLAB "By expanding our sales and distribution collaborations, we are enhancing our sales channels and creating consistent opportunities that strengthen our sales pipeline." In addition to increasing lead generation and building a more robust pipeline, we also hired Marty Petraitis , a seasoned vet of the industrial automation industry, as our VP of Sales to capitalize on our growing opportunities. Broadly, our sales pipeline has matured into more advanced stages as per the process outlined in our recent update . We are actively converting more Pilot Purchases, creating a larger pool of existing and newly onboarded customers to grow into Fleet Purchases. We are continuing to see validation of our solution through traction in heavy manufacturing industries like automotive and defense, highlighted by the first deployments of our next-generation 12,000 lb. DriveMod Tugger at customer facilities and multiple new customer contracts and LOIs as outlined above. The next-gen DriveMod Tugger boasts increased towing capacity and enhanced autonomous capabilities that enable it to support outdoor operations . These improvements have expanded our use cases, broadened the environments where our autonomous vehicles deliver value, and ultimately created new sales opportunities. Having ramped up the production of our DriveMod Tugger, we have also been able to shift to revenue-generating activities with our autonomous forklift solution. Our first paid DriveMod Forklift deployment marks a key turning point in monetizing the valuable solution offered by an autonomous forklift. The global forklift market is expected to double to $103.9 billion by 2031. The opportunity for autonomous forklifts is significant, and this milestone positions us for the critical next steps that will result in the DriveMod Forklift being widely available to under-served forklift automation applications that require >10,000 lb. load capacity and use non-standard pallets. When reviewing the financial information below, note that all share and per share information, Common stock and Additional paid-in capital, has been restated to reflect the 1-for-100 reverse stock split effected on July 3, 2024 Q3 2024 Three Month Financial Review: Q3 2024 Nine Month Financial Review: Balance Sheet Highlights: Cyngn's cash and short-term investments at September 30, 2024 total $2.8 million compared to $8.2 million as of December 31 , 2023. At the end of the same period, working capital was $2.6 million and total stockholders' equity was $6.65 million , as compared to year-end working capital of $7.4 million and total stockholders' equity of $10.6 million , respectively as of December 31 , 2023. The Company had no debt as of September 30, 2024 and December 31, 2023 and to date, no one on the current management team has sold any shares of Company stock For more information on Cyngn, visit the Investor Relations Page of the Company's website. 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). For all terms referenced within, please refer to the Company's annual report on Form 10-K with the SEC filed on March 7, 2024 Find Cyngn on: 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 Securities and Exchange Commission (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 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, Revenue Costs and expenses Cost of revenue Research and development General and administrative Total costs and expenses Loss from operations Other income, net Interest income, net Other income Total other income, net Net loss Net loss per share attributable to common stockholders, basic and diluted Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted CYNGN INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, Assets Current assets Cash Short-term investments Prepaid expenses and other current assets Total current assets Property and equipment, net Right of use asset, net Intangible assets, net Total Assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Accrued expenses and other current liabilities Current operating lease liability Total current liabilities Non-current operating lease liability Total liabilities Commitments and contingencies Stockholders' Equity Preferred stock, Par $0.00001, 10 million shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 Common stock, Par $0.00001; 200,000,000 shares authorized, 2,026,575 and 759,831 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively Additional paid-in capital Accumulated deficit Total stockholders' equity Total Liabilities and Stockholders' Equity CYNGN INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30, Cash flows from operating activities Net loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization Stock-based compensation Realized gain on short-term investments Patent impairment Changes in operating assets and liabilities: Prepaid expenses, operating lease right-of-use assets, and other current assets Accounts payable Accrued expenses, lease liabilities, and other current liabilities Net cash used in operating activities Cash flows from investing activities Purchase of property and equipment Acquisition of intangible asset Disposal of assets Purchase of short-term investments Proceeds from maturity of short-term investments Net cash provided by investing activities Cash flows from financing activities Proceeds from at-the-market equity financing, net of issuance costs Proceeds from private placement offering and pre-funded warrants, net of offering costs Proceeds from exercise of stock options Issuance of stock dividend, net of issuance costs Net cash provided by financing activities Net increase (decrease) in cash Cash, beginning of period Cash, end of period View original content to download multimedia: https://www.prnewswire.com/news-releases/cyngn-reports-third-quarter-2024-financial-results-302297356.html SOURCE Cyngn
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  Publisher Name	Greenville Business Magazine (#463)
  Publisher URL	https://pr.greenvillebusinessmag.com
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  Citation Flow Score	26

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  Data Source Name	Quantexa News (#5)
  Data Source Type	news
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  Weight	10