Cyngn Inc., a Delaware-based company focused on developing autonomous vehicle technology for industrial applications, reported its financial results for the third quarter and nine months ended September 30, 2024. The company experienced a notable increase in revenue for the three months, generating $47.6 thousand compared to $25.2 thousand in the same period of 2023. However, for the nine months ended September 30, 2024, revenue significantly declined to $61.8 thousand from $1.4 million in the prior year, primarily due to a lack of non-recurring engineering (NRE) revenue, which dropped from $1.4 million to zero.
Total costs and expenses for the third quarter of 2024 were $5.6 million, slightly down from $5.6 million in the same quarter of 2023. For the nine-month period, total costs decreased to $17.3 million from $19.4 million year-over-year. The net loss for the third quarter was $5.4 million, a marginal improvement from a loss of $5.5 million in the same quarter of 2023. For the nine months, the net loss was $17.2 million, compared to $17.5 million in the previous year.
Cyngn's cash position has weakened, with cash decreasing to $2.0 million as of September 30, 2024, down from $3.6 million at the end of 2023. Short-term investments also fell to $0.8 million from $4.6 million. The company reported total current assets of $4.5 million, down from $9.5 million at the end of 2023, while total assets decreased to $8.5 million from $13.0 million.
The company has been actively raising capital, with net cash provided by financing activities reaching $11.4 million for the nine months ended September 30, 2024, compared to $1.0 million in the same period of 2023. This included proceeds from public offerings of common stock, which raised approximately $5.2 million in April 2024 and $5 million in December 2023.
Cyngn's operational focus remains on increasing revenue and controlling costs, with management expressing substantial doubt about the company's ability to continue as a going concern over the next 12 months due to insufficient funds for sustainable operations. The company aims to enhance its Enterprise Autonomy Suite (EAS) and expand its market presence in the autonomous vehicle sector, targeting scaled deployments by the end of 2024.
About Cyngn Inc.
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