Cyngn Inc., an autonomous vehicle technology company, reported a net loss of approximately $29.3 million for the fiscal year ending December 31, 2024, compared to a net loss of $22.8 million in the previous year. The company's revenue for 2024 was $368,138, a significant decrease from $1.5 million in 2023. This decline in revenue is attributed to a reduction in non-recurring engineering (NRE) contracts, which generated $1.4 million in 2023 but saw no revenue in 2024. The company’s accumulated deficit increased to $189.3 million as of December 31, 2024, up from $160 million the previous year.
In terms of operational developments, Cyngn has focused on expanding its Enterprise Autonomy Suite (EAS), which includes its DriveMod autonomous driving software. The company has successfully deployed DriveMod on over ten different vehicle types, including stockchasers and forklifts. As of the end of 2024, Cyngn had secured paid projects with notable clients, including John Deere and Coats Automotive, and has plans to continue scaling its product offerings. The company’s employee headcount was reduced from approximately 80 to 60 in late 2024 as part of a cost-reduction strategy aimed at decreasing its monthly cash burn.
Cyngn's financial position improved significantly in 2024, with unrestricted cash increasing to $23.6 million from $3.6 million in 2023, primarily due to successful capital raises. The company raised approximately $40.9 million through various financing activities, including public offerings and private placements. However, despite this liquidity, management expressed concerns about the company's ability to sustain operations without additional funding, indicating substantial doubt about its ability to continue as a going concern over the next 12 months.
Looking ahead, Cyngn aims to enhance its revenue generation through a combination of EAS subscriptions and deployment of its autonomous vehicle technology. The company plans to focus on expanding its customer base and increasing production deployments, with a target to begin scaled deployments in 2025. Cyngn's management remains optimistic about its growth potential, particularly as demand for automation in industrial settings continues to rise amid labor shortages and increasing operational costs.
About Cyngn Inc.
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