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Washington, D.C. 20549






Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): May 10, 2023



(Exact name of registrant as specified in charter)


Delaware   001-40932   46-2007094
(State or other jurisdiction   (Commission File Number)   (IRS Employer
of incorporation)       Identification No.)


1015 O’Brien Dr.

Menlo Park, CA 94025

(Address of principal executive offices) (Zip Code)


(650) 924-5905

(Registrant’s telephone number, including area code)


Not Applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:


Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   CYN   The Nasdaq Stock Market LLC (The Nasdaq Capital Market)


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).


Emerging growth company 


If an emerging growth company, indicate by check mart if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 







Item 2.02 Results of Operations and Financial Condition


On May 10, 2023, Cyngn Inc. issued a press release announcing its financial results for the fiscal quarter ended March 31, 2023. The full text of the press release is furnished herewith as Exhibit 99.1.


The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth in such filing.


Item 9.01 Financial Statements and Exhibits


Exhibit No.   Description
99.1   Press Release dated May 10, 2023
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)







Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: May 10, 2023


  By: /s/ Donald Alvarez
    Donald Alvarez
    Chief Financial Officer





Exhibit 99.1



Cyngn Reports First Quarter 2023 Financial Results


Quarterly revenue of $0.9 million from autonomous vehicle development contracts


MENLO PARK, Calif., May 10, 2023 — Cyngn Inc. (the “Company” or “Cyngn”) (NASDAQ: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced its financial results for the fiscal first quarter ended March 31, 2023.


Recent Operating Highlights:


Announced automated robotics sales veteran Chris Wright as Head of Sales


Delivered autonomous vehicles to U.S Continental Inc., the first commercial deployment of the Company’s autonomous stockchasers


Hired Felix Singh as VP of Engineering Services to streamline deployment automation and expand customer technical support


Announced the successful completion of Phase 2 of the multi-phase autonomous driving for mining project with a global mining vehicle OEM


Released version 9.0 of the Company’s Enterprise Autonomy Suite (EAS)


“During the first quarter, we continued the strong progress we made during 2022,” said Lior Tal, Cyngn’s CEO. “We successfully completed the deployment of our autonomous stock chaser solution at U.S. Continental and our sales team saw significant interest from potential new customers for our commercially available products. Their focus for the rest of the year will be on securing additional, and larger, stockchaser deployments.


“We also made excellent progress on two funded projects to bring autonomous operations to forklifts and mining vehicles. We achieved new milestones on both projects and also increased the scope and length of the forklift engagement as we anticipate commercializing that project in 2024. The expansion of our product offering from stock chasers to forklifts and mining vehicles, are a testament to the power of EAS, how broadly it can be applied, and its huge potential. It is these strategic new development efforts in parallel with sales of our commercially released products that will continue to expand the industrial vehicle automation solutions that are available on the EAS platform.”





Financial Review

First Quarter ending March 31, 2023:


Revenue was $0.9 million for the first quarter of 2023 compared to zero revenue in the corresponding quarter of 2022. Substantially, all of this revenue was related to two multi-phase non-recurring engineering (“NRE”) contracts related to projects that expand Cyngn’s technology to additional vehicle types - forklifts and mining vehicles.


First quarter total costs and expenses were $6.7 million, up from $3.8 million in the prior year quarter, mainly due to increases in cost of revenue, personnel costs, professional and contractor fees, and subscription costs. The increase in costs and expenses was driven by an increase in Research and Development (“R&D”) expenses, which totaled $3.0 million compared to $1.7 million in the first quarter of the prior year. The increase was due to higher personnel costs incurred for additional engineering staff and external contractor costs to support the development of Cyngn’s technology. Operating expenses were also higher due to a $1.0 million increase in General and Administrative (“G&A”) expenses which totaled $3.1 million for the first quarter of 2023 due to the increase in personnel related costs and professional services necessary for public company reporting obligations, as well as supporting the overall growth of the Company.


Net loss for the first quarter of 2023 was $5.6 million compared to $3.8 million in the corresponding quarter of 2022. Net loss per share was $0.17 for the first quarter of 2023, based on a weighted average of approximately 33.7 million basic and diluted shares outstanding in the first quarter. This compares to a first quarter 2022 basic and diluted net loss per share of $0.14 against a weighted average of approximately 26.9 million basic and diluted shares outstanding.


Balance sheet highlights:


Cyngn’s unrestricted cash and short-term investments at the end of the first quarter 2023 was $17.0 million, compared to $22.6 million at the end of 2022. Working capital was $17.4 million and total stockholders’ equity was $19.4 million at the end of the March quarter of 2023, compared to working capital of $22.4 million and total stockholders equity of $24.1 million respectively at the end of 2022.


Conference Call and Webcast Information:


Cyngn will host a conference call at 1.30 p.m. PDT/4.30 p.m. EDT today (Wednesday, May 10, 2023), during which management will discuss the results of the fiscal first quarter ended March 31, 2023.


A live webcast of the call will be available on the Cyngn website under “Events & Presentations” or by clicking here.


To participate via telephone:


Toll-Free: 877-407-0890
International: 201-389-0918


Those who are unable to attend the live conference call may access the recording, approximately one hour after the conclusion of the call, at the above webcast link or at 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 Contact: Ben Mimmack, ben.mimmack@cyngn.com

Media Contact: Bill Ong, bill@cyngn.com


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, such as statements about the Company’s growth, ability to deliver sustainable long-term value, ability to respond to the changing environment, operational focus, strategic growth plans, product launches and corresponding revenue generation, operations and financial results. Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company’s management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company’s reports filed with the Securities and Exchange Commission, including, without limitation the risk factors discussed in the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements.








   March 31,   December 31, 
   2023   2022 
Current assets        
Cash  $7,967,979   $10,536,273 
Restricted cash   -    50,000 
Short-term investments   8,988,753    12,064,337 
Prepaid expenses and other current assets   1,384,996    1,126,137 
Total current assets   18,341,728    23,776,747 
Property and equipment, net   1,250,276    884,000 
Right of use asset, net   233,167    371,189 
Intangible assets, net   509,275    473,076 
Total Assets  $20,334,446   $25,505,012 
Liabilities and Stockholders’ Equity          
Current liabilities          
Accounts payable  $443,599   $155,943 
Accrued expenses and other current liabilities   231,735    854,920 
Operating lease liability, current portion   238,600    376,622 
Total liabilities (all current)   913,934    1,387,485 
Commitments and contingencies          
Stockholders’ Equity          
Common stock, Par $0.00001; 100,000,000 shares authorized, 33,719,592 and 33,684,864 shares issued and outstanding as of March 31, 2023 and December 31, 2022   337    337 
Additional paid-in capital   160,778,972    159,847,229 
Accumulated deficit   (141,358,797)   (135,730,039)
Total stockholders’ equity   19,420,512    24,117,527 
Total Liabilities and Stockholders’ Equity  $20,334,446   $25,505,012 









   Three months ended 
   March 31, 
   2023   2022 
Revenue  $872,800   $- 
Costs and expenses:          
Cost of revenue   616,694    - 
Research and development   3,030,056    1,681,145 
General and administrative   3,070,920    2,137,516 
Total costs and expenses   6,717,670    3,818,661 
Loss from operations   (5,844,870)   (3,818,661)
Other income, net          
Interest income (expense)   46,902    (379)
Other income   169,210    1 
Total other income, net   216,112    (378)
Net loss   (5,628,758)   (3,819,039)
Net loss per share attributable to ordinary stockholders, basic and diluted  $(0.17)  $(0.14)
Weighted-average shares used in computing net loss per share attributable to ordinary stockholders, basic and diluted   33,702,767    26,862,227 









   Three Months Ended 
   March 31, 
   2023   2022 
Cash flows from operating activities        
Net loss  $(5,628,758)  $(3,819,039)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   228,031    69,054 
Stock-based compensation   924,899    520,142 
Realized gain on short-term investments   (169,210)   - 
Changes in operating assets and liabilities:          
Prepaid expenses, operating lease right-of-use assets, and other current assets   (258,859)   (808,350)
Accounts payable   287,656    (17,583)
Accrued expenses, lease liabilites, and other current liabilities   (761,207)   655,546 
Net cash used in operating activities   (5,377,448)   (3,400,230)
Cash flows from investing activities          
Purchase of property and equipment   (447,739)   (226,906)
Acquisition of intangible asset   (44,745)   - 
Purchase of short-term investments   (10,497,206)   - 
Proceeds from maturitity of short-term investments   13,742,000    - 
Net cash provided by (used in) investing activities   2,752,310    (226,906)
Cash flows from financing activities          
Proceeds from exercise of stock options   6,844    88,885 
Net cash provided by financing activities   6,844    88,885 
Net decrease in cash and restricted cash   (2,618,294)   (3,538,251)
Cash and restricted cash, beginning of period   10,586,273    21,995,981 
Cash and restricted cash, end of period  $7,967,979   $18,457,730 
Supplemental disclosure of cash flow:          
Cash paid during the period for interest and taxes  $-   $- 
Supplemental disclosure of non-cash activities:          
Initial recognition of operating lease right-of-use assets and operating lease liabilities  $-   $824,292 
Change in deferred rent associated with ASC 842   -    58,676 
Acquisition of property and equipment included in accounts payable and accrued expenses   139,568    -