Cyngn Reports 2025 First Quarter Financial Results
Overall, the first quarter's achievements – from new contract wins to technological milestones – provide strong market validation of Cyngn's strategy. Management remains confident that this cross‑sector commercial traction and an expanding pipeline will translate into revenue growth in the quarters ahead, as Cyngn continues executing on its roadmap to scale autonomous material handling solutions.
"Cyngn is poised for growth as demonstrated by getting into a cadence of booking new business for DriveMod Tuggers quarter-over-quarter. We have aligned our Go-To-Market strategy with target companies where our Autonomous Vehicles show a demonstrable business payback," said Petraitis.
In addition to regaining Nasdaq compliance in Q1, Cyngn also invested in its sales team to accelerate fleet‐scale deployments. This investment comes on the heels of expanding its management ranks with the hiring of industry veteran Marty Petraitis as VP of Sales in Q4 2024.
Beyond automotive, Cyngn expanded into new verticals in Q1 . DriveMod vehicles have now been used in manufacturing, CPG, logistics and defense environments. "The strong demand we're seeing across different industries highlights the widespread need for our DriveMod technology," said Cyngn CEO Lior Tal. These multi‑industry deployments validate the scalability and adaptability of Cyngn's AV solutions, reinforcing the industry's growing appetite for automation.
In the automotive manufacturing sector, Cyngn continued to make notable inroads. The company has now conducted DriveMod deployments with five major OEMs and Tier‑1 suppliers across the U.S. and Mexico.
Cyngn entered 2025 with strong commercial momentum and a growing pipeline of autonomous tugger and forklift deployments. In Q1, the company announced several high‐profile customer wins across industries. These deals demonstrate further penetration into the automotive sector as well as the applicability of its autonomous industrial haulers to other manufacturing and distribution use cases.
MENLO PARK, Calif., May 7, 2025 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today announced financial results for its first quarter, which ended March 31, 2025.
Cyngn received approximately $308k of new bookings for DriveMod vehicles from direct sales during Q1 2025.
Continued momentum in the automotive sector , reaching a milestone of executing successful DriveMod Tugger deployments at various stages with five major automotive OEMs and Tier-1 suppliers across the U.S. and Mexico.
Story Continues
Q1 2025 Financial Review:
First quarter revenue was $47.2 thousand compared to $5.5 thousand in the first quarter of 2024. Similar to prior year, first quarter 2025 revenue consisted of EAS software subscriptions from DriveMod Stockchaser vehicle deployments.
Total costs and expenses in the first quarter were $5.3 million, a decrease of $710 thousand or 11.8% from $6.0 million in the first quarter of 2024. This decrease was due to a decrease of $102 thousand in cost of revenue due to the deployment costs being recognized over the life of the won contracts in 2025 vs the costs of initial deployment pilots immediately recognized in 2024. In addition, the Company experienced a decrease of $1 million in R&D primarily driven by capitalizing costs for specific customers and capitalizing costs related to the development of software and a decrease in headcount. This is offset by a $440 thousand increase in G&A, primarily due to an increase in personnel costs reflecting an investment in sales and executive bonuses. For the first quarter 2025, other income (expense), net was $2.4 million compared to $(3.7) thousand in the first quarter of 2024. The increase in income was primarily driven by the fair value measurement of $2.5 million for the warrant liability.
Net loss for the first quarter was $(7.6) million compared to $(6.0) million in the corresponding quarter of 2024. First quarter 2025 net loss per share was $(6.60), based on basic and diluted weighted average shares outstanding of approximately 1.2 million in the quarter. This compares to a net loss per share of $(422.87)[1] in the first quarter of 2024, based on approximately 14 thousand basic and diluted weighted average shares outstanding.
Balance Sheet Highlights:
Cyngn's unrestricted cash and short-term investments as of March 31, 2025 total $16.3 million compared to $23.6 million as of December 31, 2024. At the end of the same period, working capital was $16.5 million and total stockholders' equity was $22.1 million, as compared to year-end working capital of $22.1 million and total stockholders' equity of $11.6 million, respectively as of December 31, 2024. The Company had no debt as of March 31, 2025 and December 31, 2024 and to date, no one on the current management team has sold any shares of Company stock.
[1] All information has been retroactively adjusted to reflect the 1-for-100 reverse stock split effected on July 3, 2024 and the 1-for-150 reverse stock split effected on February 18, 2025.
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 6, 2025.
Investor Contact:
Donald Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
Where to find Cyngn:
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 6, 2025. 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
March 31,
2025
2024
REVENUE
$
47,152
$
5,513
COSTS AND EXPENSES
Cost of revenue
11,813
113,776
Research and development
2,106,910
3,154,965
General and administrative
3,143,462
2,703,401
TOTAL COSTS AND EXPENSES
5,262,185
5,971,872
LOSS FROM OPERATIONS
(5,215,033)
(5,966,359)
OTHER INCOME (EXPENSE), NET
Interest income, net
74,819
1,327
Change in fair value of warrant liability
(2,544,518)
–
Other income (expense), net
91,890
(5,047)
TOTAL OTHER INCOME (EXPENSE), NET
(2,377,809)
(3,720)
NET LOSS
$
(7,592,842)
$
(5,970,079)
Net loss per share attributable to common stockholders, basic and diluted
$
(6.60)
$
(422.87)
Weighted-average shares used in computing net loss per share attributable to
common stockholders, basic and diluted(1)
1,150,882
14,118
(1)
All information has been retroactively adjusted to reflect the 1-for-100 reverse stock split effected on July 3, 2024 and the 1-for-150 reverse stock split effected on February 18, 2025. See Note 7, Capital Structure for details.
CYNGN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
December 31,
2025
2024
ASSETS
CURRENT ASSETS
Cash
$
1,002,331
$
23,617,733
Short-term investments
15,336,402
–
Prepaid expenses and other current assets
2,388,167
1,965,222
TOTAL CURRENT ASSETS
18,726,900
25,582,955
Property and equipment, net
2,440,434
2,319,402
Right of use asset, net
119,801
297,918
Intangible assets, net
2,543,318
1,895,074
Security Deposit
518,584
–
TOTAL ASSETS
$
24,349,037
$
30,095,349
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
281,666
$
297,778
Accrued expenses and other current liabilities
1,796,894
2,874,216
Current operating lease liability
127,572
317,344
TOTAL CURRENT LIABILITIES
2,206,132
3,489,338
Warrant liability
–
15,012,361
TOTAL LIABILITIES
2,206,132
18,501,699
Commitments and contingencies (Note 12)
STOCKHOLDERS' EQUITY
Preferred stock, Par $0.00001, 10,000,000 shares authorized; no shares
issued and outstanding as of March 31, 2025 and December 31, 2024
–
–
Common stock, Par $0.00001; 200,000,000 shares authorized, 1,751,906
and 199,110(1) shares issued and outstanding as of March 31, 2025 and
December 31, 2024, respectively
18
2
Additional paid-in capital(1)
219,005,632
200,863,551
Accumulated deficit
(196,862,745)
(189,269,903)
Total stockholders' equity
22,142,905
11,593,650
Total Liabilities and Stockholders' Equity
$
24,349,037
$
30,095,349
(1)
All information has been retroactively adjusted to reflect the 1-for-100 reverse stock split effected on July 3, 2024 and the 1-for-150 reverse stock split effected on February 18, 2025. See Note 7, Capital Structure for details.
CYNGN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$
(7,592,842)
$
(5,970,079)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
240,907
225,590
Stock-based compensation
536,244
654,024
Realized gain on short-term investments
(67,160)
(39,938)
Gain on asset
–
52,723
Change in fair value of warrant liability
2,544,518
–
Changes in operating assets and liabilities:
Prepaid expenses, operating lease right-of-use assets, and other assets
(941,529)
(185,689)
Accounts payable
33,888
51,714
Accrued expenses, lease liabilities, and other current liabilities
(1,267,094)
(628,739)
NET CASH USED IN OPERATING ACTIVITIES
(6,513,068)
(5,840,394)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
(178,453)
(214,238)
Acquisition of intangible asset
(655,574)
(19,634)
Disposal of assets
1,960
–
Purchase of short-term investments
(23,015,397)
(1,787,016)
Proceeds from maturity of short-term investments
7,746,155
3,810,000
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
(16,101,309)
1,789,112
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from at-the-market equity financing, net of issuance costs
–
2,652,110
Issuance costs from public issuance of common stock and pre-funded warrants
and exercise of pre-funded warrants
(1,025)
–
Issuance costs for stock dividend and restricted stock units
–
(53)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
(1,025)
2,652,057
Net increase (decrease) in cash and cash equivalents and restricted cash
(22,615,402)
(1,399,225)
Cash and cash equivalents and restricted cash, beginning of year
23,617,733
3,591,623
Cash and cash equivalents and restricted cash, end of year
$
1,002,331
$
2,192,398
Cyngn Logo (PRNewsfoto/Cyngn)
Cision
View original content to download multimedia:https://www.prnewswire.com/news-releases/cyngn-reports-2025-first-quarter-financial-results-302449012.html
SOURCE Cyngn
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
21 minutes ago
- Business Wire
Securities Fraud Investigation Into Neogen Corporation (NEOG) Continues – Investors Who Lost Money Urged To Contact The Law Offices of Frank R. Cruz
LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Frank R. Cruz continues its investigation of Neogen Corporation ('Neogen' or the 'Company') (NASDAQ: NEOG) on behalf of investors concerning the Company's possible violations of federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON NEOGEN CORPORATION (NEOG), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS. What Is The Investigation About? On June 4, 2025, Neogen disclosed that, while its fourth quarter fiscal 2025 financial results would be 'materially approximate [to] where [the Company] had put [its] guide,' it 'would expect EBITDA margin to probably be around the high-teens' compared to the previous quarter's 22%. The Company explained that EBITDA margins would likely 'be in the low-20s, if not for the elevated inventory write-offs.' On this news, Neogen's stock price fell $1.04, or 17.3%, to close at $4.96 per share on June 4, 2025, thereby injuring investors. Contact Us To Participate or Learn More: If you purchased Neogen securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us: The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 Call us at: 310-914-5007 Email us at: info@ Visit our website at: Follow us for updates on Twitter at If you inquire by email, please include your mailing address, telephone number, and number of shares purchased. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Yahoo
23 minutes ago
- Yahoo
Informa TechTarget and Salesloft Announce Strategic Partnership to Help Customers Grow Revenue Through Precise, Data-Driven Prospecting
Together, the companies help sellers engage with active buying groups showing demonstrated interest in and genuine need for their solutions. NEWTON, Mass. & ATLANTA, June 23, 2025--(BUSINESS WIRE)--TechTarget, Inc. ("Informa TechTarget") (Nasdaq: TTGT), global growth accelerator and leading provider of intent data and insights to the B2B technology sector, and Salesloft, a leading Revenue Orchestration Platform that helps B2B organizations drive durable revenue growth, today announced a partnership and integration designed to help mutual customers build and accelerate pipeline by efficiently identifying and effectively engaging prospects in an active buying journey. "While 85% of BDRs are laser-focused on outbound prospecting, many of them waste precious cycles pursuing cold contacts who aren't ready to buy. We help reps hit their pipeline targets by identifying buyers who are actively researching relevant solutions through their membership to our trusted editorial communities," said Jillian Coffin, Senior Vice President of Customer Enablement and Strategy, Informa TechTarget. "By automatically delivering these active, permissioned contacts into topically aligned Salesloft cadences, we help sellers engage the right people with the right message at the right time so they can convert more interest into opportunity." The new integration empowers sales teams to: Streamline workflows between Informa TechTarget and Salesloft to maximize sales efficiency Easily add Active Prospects from Informa TechTarget's Priority Engine intent data platform directly into relevant Salesloft cadences in seconds Automatically push Active Prospects to topically aligned Salesloft cadences each week "The combination of Informa TechTarget's active, permissioned contacts with Salesloft's engagement capabilities gives sales teams a meaningful advantage," said Lesley Renna, SVP of Alliances and Ecosystem at Salesloft. "This integration helps our joint customers drive higher productivity and conversion rates by automatically adding prospects in an active buying cycle to Salesloft Cadences tailored to the topics that matter most to them." Key benefits of this strategic partnership include: Precision targeting: Customers can leverage Informa TechTarget's person-level intent data to confidently focus sellers on in-market buyers and buying groups in their territory or ABM targets. Accelerated engagement: Informa TechTarget constantly monitors for new individuals beginning their research journey and automatically delivers these permissioned buyers to Salesloft, drastically reducing the time between intent signals and sales outreach. Higher conversion: With Informa TechTarget, sellers get visibility into the needs, pain points, and current topics of interest for each individual buyer so they can better personalize across every touchpoint, which helps them book more meetings and have meaningful conversations that convert. "The Add to SEP feature integration between Priority Engine and Salesloft is impressively intuitive. I love how new additions appear right at the top in Salesloft," said Theresa Woodiel, Director, ABM & Integrated Marketing at Deep Instinct. "The seamless workflow means our reps can instantly see and engage with their newest priority contacts. It's exactly the kind of straightforward, efficient solution our team needs." The Informa TechTarget-Salesloft integration is available now to current Priority Engine Sales subscribers at no additional cost. Customers must have both a Priority Engine Sales subscription and a Salesloft license to utilize the integration. To learn more, click here. About Informa TechTarget TechTarget, Inc. (Nasdaq: TTGT), which also refers to itself as Informa TechTarget, informs, influences and connects the world's technology buyers and sellers, helping accelerate growth from R&D to ROI. With a vast reach of over 220 highly targeted technology-specific websites and over 50 million permissioned first-party audience members, Informa TechTarget has a unique understanding of and insight into the technology market. Underpinned by those audiences and their data, we offer expert-led, data-driven, and digitally enabled services that have the potential to deliver significant impact and measurable outcomes to our clients: Trusted information that shapes the industry and informs investment Intelligence and advice that guides and influences strategy Advertising that grows reputation and establishes thought leadership Custom content that engages and prompts action Intent and demand generation that more precisely targets and converts Informa TechTarget is headquartered in Boston, MA and has offices in 19 global locations. For more information, visit and follow us on LinkedIn. About Salesloft Salesloft powers durable revenue growth for the world's most demanding companies. Salesloft's industry-leading Revenue Orchestration Platform uses purpose-built AI to help market-facing teams prioritize and take action on what matters most, from first touch to upsell and renewal. More than 5,000 customers including Google, 3M, IBM, Shopify, Square, and Cisco gain a performance force multiplier with Salesloft by shifting to a durable revenue engagement model, helping them solve the complexities of modern B2B sales and unlock revenue efficiency. © 2025 TechTarget, Inc d/b/a Informa TechTarget. All rights reserved. All trademarks are the property of their respective owners. View source version on Contacts Garrett MannVP of Corporate CommunicationsInforma Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23 minutes ago
- Yahoo
WorkWave Opens Registration and Announces Keynote Speaker for its Annual Beyond Service Customer Conference
The 2026 Beyond Service Customer Conference will ignite innovation and drive transformation, uniting customers as they collaborate, share real-world insights, and explore innovative trends and strategies in field service. HOLMDEL, N.J., June 23, 2025 /PRNewswire/ -- WorkWave®, a leading provider of software and solutions that help mobile service companies thrive, has opened registration for its 2026 Beyond Service Customer Conference, inviting its customers to attend the three-day event filled with learning, networking and collaboration. The conference will be held February 1-4, 2026, at the Hilton Anatole in Dallas, TX. WorkWave leadership, experts and customers from its family of brands, including PestPac, RealGreen and TEAM Software, will all be in attendance. "At WorkWave, we know that the work our customers perform every day is essential in keeping the world safe, clean and beautiful," says CEO Kevin Kemmerer. "Our mission is to support and provide value to our customers by not only delivering innovative software and fintech solutions, but also creating an event experience where they can learn, grow and be inspired. As the field service industry continues to face new challenges, technologies and economic factors, it is pivotal we help enable our customers to tap into their innovative spirit that will take our industries to new levels of growth, efficiency and success." Kemmerer, joined by WorkWave executives Robbie Hobbs (CPO), John Phelan (CTO) and others, will headline the Beyond Service stage. They will deliver invaluable insights into our software, outlining the future of WorkWave and presenting on the pivotal roles of data and AI in our products, the importance of fintech in field service, and overarching industry trends relevant to all WorkWave customers. WorkWave is dedicated to its customer-first mentality, with a focus on customer-led sessions and strategic, actionable insights. Sessions will include tracks for executive-level attendees seeking big-picture strategy and fresh, new ideas; front- and back-office users across all specialties to help maximize the day-to-day impact of our software solutions; customers interested in M&A-based growth or PE-backed opportunities; and more. WorkWave has also announced Shawn Kanungo as this year's keynote speaker. Kanungo is a widely recognized innovation strategist and bestselling author, and has emerged as one of the world's most sought-after voices on innovation and generative AI. With WorkWave's newest offering, Wavelytics, providing unmatched data and AI capabilities to its customers, it's critical for customers to understand the depth of AI and data and how it will bring value to their businesses. "AI is going to transform jobs across all industries, including those in field service, and it is absolutely crucial that these industries realize the full potential and benefits of this technology if they want to grow and outperform their competitors," says Kanungo. "I'm thrilled to be speaking at the Beyond Service Customer Conference and cannot wait for the opportunity to share my knowledge with WorkWave customers and help them bring the best in technology to their business." Other highlights for the 2026 conference include: Tailored and immersive product bootcamps for every skill level Thought leadership sessions that address key industry challenges and provide actionable insight Product-specific sessions to empower customers with the knowledge to master their software Opportunities for 1:1 meetings with product experts Networking events with industry peers and nightly entertainment Early bird pricing for the 2026 Beyond Service Customer Conference starts June 23, 2025, and ends August 31, 2025. Please visit our website to learn more, and click here to register for the event. Our website will continue to be updated with this year's agenda, session information and other details. About WorkWave WorkWave delivers innovative software and fintech solutions to the millions of hardworking service professionals that keep the world safe, clean and beautiful. Partnering with thousands of customers worldwide, the leading lawn care, pest control, commercial cleaning and security guarding companies rely on its end-to-end SaaS solutions to run and grow their businesses – everything from customer acquisition to mobile communications to billing and invoicing, and beyond. Backed by decades of experience, passionate teams, and strong commitment to its customers, WorkWave's vision is to empower the world's mobile service workers to build a brighter future. For more information, visit Media Contact press@ View original content to download multimedia: SOURCE WorkWave Sign in to access your portfolio
