Cyngn Inc. ( (CYN) ) has released its Q4 earnings. Here is a breakdown of the information Cyngn Inc. presented to its investors.
Cyngn Inc., a company specializing in scalable autonomous vehicle technology for industrial organizations, has released its financial results for the fourth quarter and year-end 2024. The company focuses on enhancing productivity and efficiency through its self-driving solutions, addressing challenges such as labor shortages and safety incidents.
In the latest earnings report, Cyngn highlighted several operational achievements, including $1.3 million in new bookings for its DriveMod vehicles and a significant contract for deploying its DriveMod Tugger at a major consumer packaged goods company. The company also raised $33 million in December to support its growth and scale customer deployments.
Financially, Cyngn reported a revenue of $368,000 for 2024, a decrease from $1.5 million in 2023, primarily due to a shift from non-recurring engineering contracts to EAS software subscriptions. Despite a reduction in total costs and expenses to $23.2 million, the company faced a net loss of $29.3 million for the year, compared to a $22.8 million loss in 2023. The fourth quarter saw a revenue increase to $306,400, but the net loss widened to $12 million.
Looking ahead, Cyngn is poised to capitalize on the growing market for autonomous forklifts, with the global forklift market expected to double by 2031. The company is strategically positioned to expand its footprint in heavy manufacturing industries, leveraging its advanced DriveMod technology to meet the increasing demand for automation solutions.