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Cyngn Reports First Quarter 2022 Results

Cyngn |

MENLO PARK, Calif. Cyngn (or the “Company”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial applications, today announced its financial results for the first quarter ended March 31, 2022.

Cyngn announces its financial results for the first quarter ended March 31, 2022, after the close of the stock market on May 11, 2022. The Company is also hosting its earnings call that same day. Source: Cyngn

Recent Operating Highlights:

The following operational updates occurred subsequent to March 31, 2022:

  • On April 21, 2022, Cyngn announced the official launch of DriveMod Kit, a fully-equipped turnkey autonomous vehicle (“AV”) hardware integration module for which Cyngn filed a patent in February 2022. DriveMod Kit’s inaugural manufacturing run started coming off the assembly line in the first half of April 2022.
  • On April 29, 2022, Cyngn closed a private placement pursuant to a securities purchase agreement entered into on April 28, 2022, with certain institutional and accredited investors for aggregate net proceeds of approximately $18.1 million, after deducting underwriting fees and other offering expenses.
  • On May 4, 2022, Cyngn announced the launch of Infinitracker, a global GPS asset-tracking device and Internet of things (“IoT”) data collection gateway. The Infinitracker product aligns with the Company’s mission to deliver new data insights in industrial domains such as manufacturing, fulfillment, logistics, construction, and mining.

Lior Tal, Cyngn’s CEO, stated, “The first few months of 2022 have been incredibly exciting for Cyngn. We announced both new products and new partnerships, all of which are key milestones toward our goal of delivering scaled deployments in 2024. In early April, we launched production of DriveMod Kit, which we believe puts us in a position to lead the rapid adoption of autonomy across a wide range of new and retrofit industrial and commercial vehicles. DriveMod Kit contains all the advanced sensors and hardware components needed for AV technology integration, allowing for quick and easy installation.

“We also launched Infinitracker last week. This product is an excellent addition to our industrial vehicle autonomy and data analytics suite, enabling a superior level of asset visibility with its IoT gateway capabilities and 15-year battery life. We will be offering Infinitracker through account-based enterprise sales and channel partners that will act as value-add resellers. There will also be an option to place direct orders though our website. We are pleased to have received our first bookings with strategic customers and resellers.

“As we continue to invest in our people and building out our team, we have expanded our Silicon Valley offices to accommodate our growing operations. We continue to recruit additional engineering resources and, with the completion of the recent financing, are well capitalized and in a strong position to execute on our strategic growth objectives in the coming quarters. In the second half of 2022, we anticipate new partnerships, additional deployments and other encouraging developments including the start of realizing some nominal revenue, all of which will help to support the positive momentum that we’ve established thus far in the year.”

GAAP Financial Review

First Quarter Ended March 31, 2022:

  • Total operating expenses were $3.8 million for the quarter ended March 31, 2022, compared to $1.5 million in the prior-year quarter. The increase was primarily due to a $1.5 million increase in general and administrative (“G&A”) expense related to significantly increased non-cash, stock-based compensation expense, costs incurred for additional personnel and professional services necessary to support becoming a public company and for additional occupancy costs following the renewal of the Company’s lease that expanded the square footage of its Menlo Park offices. R&D expense for the period also increased by $0.7 million, which was attributable to significantly increased non-cash, stock-based compensation expense, costs incurred for additional engineering staff and contractors, allocated occupancy costs and R&D-related travel costs. The Company expects R&D costs to continue to increase as it continues to restore the appropriate level of engineering and other personnel to support its R&D efforts.
  • Net loss was $3.8 million for the quarter ended March 31, 2022, compared to net loss of $1.5 million in the prior-year quarter. Net loss per share on a basic and diluted basis was $0.14 based on approximately 26.9 million weighted average shares for the quarter ended March 31, 2022, compared to net loss per share on a basic and diluted basis of $1.63 based on approximately 1.0 million weighted average shares in the prior-year quarter.

Balance Sheet Highlights:

As of March 31, 2022, Cyngn’s cash and cash equivalents were $18.5 million, working capital was $18.2 million, and total stockholders’ equity was $19.0 million; compared to cash and cash equivalents of $21.9 million, working capital of $22.1 million and total stockholders’ equity of $22.2 million, respectively, as of December 31, 2021.

Including the net proceeds from the recently closed private placement of $18.1 million, pro forma cash and cash equivalents, working capital and total stockholders’ equity as of March 31, 2022, are $36.6 million, $36.3 million and $37.2 million, respectively.

For more details on Cyngn’s financial results for the first quarter ended March 31, 2022, please refer to the Company’s Form 10-Q to be filed with the SEC, which will be accessible at

Conference Call and Webcast Information:

Cyngn will host a conference call at 2 p.m. PT/5 p.m. ET today (Wednesday, May 11, 2022), during which management will discuss the results of the first quarter ended March 31, 2022. To participate in the conference call, please use the following dial-in numbers about 5 minutes prior to the scheduled conference call time:

U.S. & Canada (Toll-Free): (877) 407-9753
International (Toll): (201) 493-6739

The conference call can also be accessed via webcast at the “Events & Presentations” page of Cyngn’s Investor Relations website by clicking here. The Company encourages all participants to also log into the live webcast as it expects to broadcast a short video showcasing its recently launched Infinitracker product.

Those who are unable to attend the live conference call may access the recording shortly after the conclusion of the call at the above webcast link or at the “Investor Relations” page of the Company’s website (

Consolidated Balance Sheets
Consolidated Balance Sheets

Consolidated Statement of OperationsConsolidated Statement of Operations

Consolidated Statement of Cash FlowsConsolidated Statement of Cash Flows


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).

Investor Contact:

Don Alvarez

Media Contact:

Luke Renner

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 17, 2023. 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.

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