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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): August 9, 2023



(Exact name of registrant as specified in charter)


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


1015 O’Brien Dr.

Menlo ParkCA 94025

(Address of principal executive offices) (Zip Code)



(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 August 9, 2023, 2023, Cyngn Inc. issued a press release announcing its financial results for the fiscal quarter ended June 30, 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 August 9, 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: August 9, 2023


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






Exhibit 99.1




Cyngn Reports Second Quarter 2023 Financial Results


Quarterly revenue of $0.6 million following successful achievement of milestones on autonomous vehicle development contracts


MENLO PARK, Calif., August 9, 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 second quarter ended June 30, 2023.


Recent Operating Announcements:


Pre-order for 100 autonomous DriveMod Forklifts from Arauco - a global supplier of sustainable forestry products, paper pulp, and engineered wood to the furniture and construction industries
Latest stockchaser deployment, with a Fortune 100 heavy equipment manufacturer
Partnership with Motrec to launch Cyngn’s latest autonomous vehicle type
Partnership with BYD on the autonomous forklift development project


“During the past few months, we have made incredible progress on our commercial targets,” said Lior Tal, Cyngn’s CEO. “In addition to the order from Arauco for our autonomous forklifts that we announced yesterday morning, we also announced our largest stockchaser customer to date and a new vehicle type with the DriveMod enabled Motrec tow tractor. These announcements are a strong indication of the significant market opportunity for industrial vehicle autonomy and the excellent product market fit for Cyngn’s solutions. Our focus for the second half of 2023 will be to continue securing additional commercial deployments.


“In the second quarter, we also achieved new milestones on our funded development projects to expand our Enterprise Autonomy Suite to additional vehicles. Cyngn’s flexible, vehicle agnostic, autonomy solutions have the potential to transform the use of industrial vehicles worldwide and we are extremely encouraged with the inbound interest in our products and solutions.”





Financial Review


Second Quarter ending June 30, 2023:


Second quarter revenue was $0.6 million compared to no revenues in the second quarter of 2022. Substantially all of this revenue was from the two multi-phase non-recurring engineering (“NRE”) contracts related to expanding Cyngn’s autonomy solutions to forklifts and heavy industry vehicles.
Total costs and expenses in the second quarter were $7.0 million, an increase from $4.6 million in the June quarter of 2022. This increase was primarily due to increases in cost of revenue, additional marketing and advertising expenses, higher legal and professional fees and the increase in headcount from 59 employees in the second quarter of 2022 to 75 employees today.
Net loss for the second quarter was $6.4 million compared to $4.6 million in the corresponding quarter of 2022. Second quarter 2023 net loss per share was $0.19, based on a weighted average of approximately 33.8 million basic and diluted shares outstanding in the quarter. This compares to a basic and diluted net loss per share of $0.15 in the second quarter of 2022, against a weighted average of approximately 30.7 million basic and diluted shares outstanding.


Balance sheet highlights: 

Cyngn’s unrestricted cash and short-term investments at the end of the June quarter of 2023 totaled $12.1 million. At the end of the same period, working capital was $11.6 million and total stockholders’ equity was $13.9 million, as compared to year-end working capital of $22.4 million and total stockholders’ equity of $24.1 million respectively in 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, August 9, 2023), during which management will discuss the results of the fiscal second quarter ended June 30, 2023.

As the call will include a video presentation, the Company recommends viewing the live webcast of the call which 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/).


Shareholders are also encouraged to visit Cyngn’s second quarter earnings Q&A page at sequirecommunity.com where they can post questions for company management.





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.








   June 30,   December 31, 
   2023   2022 
Current assets        
Cash  $3,055,843   $10,536,273 
Restricted cash   -    50,000 
Short-term investments   9,063,675    12,064,337 
Prepaid expenses and other current assets   1,134,255    1,126,137 
Total current assets   13,253,773    23,776,747 
Property and equipment, net   1,191,275    884,000 
Right of use asset, net   553,919    371,189 
Intangible assets, net   556,778    473,076 
Total Assets  $15,555,745   $25,505,012 
Liabilities and Stockholders’ Equity          
Current liabilities          
Accounts payable  $305,403   $155,943 
Accrued expenses and other current liabilities   751,190    854,920 
Operating lease liability, current portion   557,108    376,622 
Total liabilities (all current)   1,613,701    1,387,485 
Commitments and contingencies          
Stockholders’ Equity          
Preferred stock, $0.00001, 10 million shares authorized; no shares issued and outstanding as of June 30, 2023 and December 31, 2022   -    - 
Common stock, Par $0.00001; 100,000,000 shares authorized, 33,830,900 and 33,684,864 shares issued and outstanding as of June 30, 2023 and December 31, 2022   338    337 
Additional paid-in capital   161,653,902    159,847,229 
Accumulated deficit   (147,712,196)   (135,730,039)
Total stockholders’ equity   13,942,044    24,117,527 
Total Liabilities and Stockholders’ Equity  $15,555,745   $25,505,012 









   Three months ended   Six months ended 
   June 30,   June 30, 
   2023   2022   2023   2022 
Revenue  $550,952   $-   $1,423,752   $- 
Costs and expenses                    
Cost of revenue   462,624         1,079,318      
Research and development   3,737,818    2,255,666    6,767,874    3,936,811 
General and administrative   2,845,922    2,357,247    5,916,841    4,494,763 
Total costs and expenses   7,046,364    4,612,913    13,764,033    8,431,574 
Loss from operations   (6,495,412)   (4,612,913)   (12,340,281)   (8,431,574)
Other income, net                    
Interest income (expense), net   18,891    (1,607)   65,793    (1,986)
Other income   123,122    2,559    292,331    2,560 
Total other income, net   142,013    952    358,124    574 
Net loss   (6,353,399)   (4,611,961)   (11,982,157)   (8,431,000)
Net loss per share attributable to common stockholders’, basic and diluted  $(0.19)  $(0.15)  $(0.36)  $(0.29)
Weighted-average shares used in computing net loss per share attributable to common stockholders’, basic and diluted   33,794,325    30,706,235    33,748,799    28,682,245 









   Six Months Ended 
   June 30, 
   2023   2022 
Cash flows from operating activities        
Net loss  $(11,982,157)  $(8,431,000)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   474,990    229,102 
Stock-based compensation   1,798,607    1,233,712 
Realized gain on short-term investments   (291,555)   - 
Changes in operating assets and liabilities:          
Prepaid expenses, operating lease right-of-use assets, and other current assets   (473,047)   (902,512)
Accounts payable   149,460    131,260 
Accrued expenses, lease liabilites, and other current liabilities   76,756    736,805 
Net cash used in operating activities   (10,246,946)   (7,002,633)
Cash flows from investing activities          
Purchase of property and equipment   (481,777)   (410,289)
Acquisition of intangible asset   (101,991)   (153,550)
Purchase of short-term investments   (17,011,782)   (27,000,000)
Proceeds from maturitity of short-term investments   20,304,000    - 
Net cash provided by (used in) investing activities   2,708,450    (27,563,839)
Cash flows from financing activities          
Proceeds from private placement offering, net of offering costs   -    18,121,945 
Proceeds from exercise of pre-funded warrants   -    2,662 
Proceeds from exercise of stock options   8,066    97,658 
Net cash provided by financing activities   8,066    18,222,265 
Net decrease in cash and restricted cash   (7,530,430)   (16,344,207)
Cash and restricted cash, beginning of period   10,586,273    21,995,981 
Cash and restricted cash, end of period  $3,055,843   $5,651,774 
Reconciliation of cash and restricted cash, end of period          
Cash   3,055,843    5,601,774 
Restricted cash   -    50,000 
Total cash and restricted cash   3,055,843    5,651,774 
Supplemental disclosure of cash flow:          
Cash paid during the period for interest and taxes  $-   $- 
Supplemental disclosure of non-cash activities:          
Recognition of operating lease right-of-use assets and operating lease liabilities  $464,929   $824,292 
Change in deferred rent associated with ASC 842  $-   $58,676 
Acquisition of property and equipment included in accounts payable and accrued expenses   -    22,185