The recent months have been marked by:
MENLO PARK, Calif., November 8, 2023. – Cyngn Inc. (the “Company” or “Cyngn”) (Nasdaq: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today highlights several company achievements.
"I'm thrilled with the continuous flow of milestones achieved by our exceptional Cyngn team. The collaborative spirit that has driven our partnerships with customers, OEMs, and suppliers is the driving force behind the exciting commercial launch of our DriveMod Stockchaser this year, setting the stage for the eagerly anticipated launch of the DriveMod Forklift next year," said Lior Tal, the Chairman and Chief Executive Officer of Cyngn. "Our third quarter was especially significant as we recorded EAS software subscription revenue for the first time. As we approach the year's end in 2023, we're poised for a remarkablecommercial finish, filled with promise and success."
Arauco, a global wood supplier company, has been an instrumental Cyngn partner-customer and industry innovator leading the way to adopting advanced technology solutions in improving warehouse supply logistics safety and efficiency. Arauco’s recent initial paid preorder placement for 100 autonomous electric DriveMod Forklifts provides Cyngn the potential of up to $5 million per year in recurring subscription revenue. Deployment is expected to begin in mid-2024 at Arauco’s facility in Bennettsville, South Carolina with expectations to scale to additional Arauco sites, which includes more than 40 global locations. The DriveMod Forklift meets Arauco’s challenges that we believe are underserved by the solutions available today, automating the handling of heavy loads while using non-standard pallet pockets.
In early Q3, Cyngn announced a partnership with Motrec International, a globally recognized industrial electric vehicle manufacturer that will integrate Cyngn’s DriveMod into their electric tuggers. Motrec’s MT-160 tow tractor has a towing capacity of 6,000 pounds and expects to make its debut in Q4 with further expansion to a broader customer base in 2024.
We also announced a deployment at the facility of a Fortune 100 heavy equipment manufacturer. With more than 50 sites requiring similar towing applications needs, including electric forklifts, this represents the beginning of a significant opportunity for Cyngn to expand our technology to dozens of facilities.
As Cyngn continues to expand its partnership to a broader scope of industrial customers and OEMs in the supply chain network, our recently announced Autonomous Vehicle (AV) Consultancy Services provide an onboarding solution to new customers for planning AV solutions to yield more successful AV deployment and development projects. To date, several companies including Arauco, a global OEM in the mining industry, a multinational organization in the defense and aerospace sector, and others have benefitted from this capability to streamline their operations and increase workforce productivity.
OEM partnerships are among the most pivotal in enabling the adoption of our self-driving solutions, and our key partnerships include DriveMod Stockchasers with Columbia Vehicle Group, DriveMod Tuggers with Motrec, and the highly anticipated DriveMod Forklifts with BYD.
Cyngn has been granted 16 U.S. patents, reflecting its technology leadership in autonomous driving systems technology. These patents are a result of our proprietary advances in vehicle sensor systems, multi-channel sensing and obstacle detection, computation acceleration, and adaptive systems to meet the challenges of a multitude of different vehicle configurations and applications. Further, we have submitted an additional 9 U.S. patents and 20 international patents that are expected to be granted in the coming months and years.
Cyngn recently raised $1.5 million from sales of common stock through an at-the-market (ATM) sales agreement as of October 31st. The raised capital was achieved in a cost-effective manner to support our growth and strategic hiring, primarily for our teams that are crucial to revenue generation. As a result, more customer opportunities were added to our pipeline in the month of October than in all of the third quarter of 2023.
Cyngn recently distributed a pro rata 10% common stock dividend as a way of rewarding and thanking our shareholders for their continued support. On October 30th, all holders of record on October 23rd received one share of Cyngn common stock for every ten shares of Cyngn common stock.