CYNGN Inc
NASDAQ:CYN
CYNGN Inc
CYNGN, Inc. engages in the development of autonomous driving software that can be deployed on multiple vehicle types in various environments. The company is headquartered in Menlo Park, California and currently employs 42 full-time employees. The company went IPO on 2021-10-20. The firm develops autonomous driving software that can be deployed on multiple vehicle types in various environments. The company is engaged in developing an enterprise autonomy suite (EAS) that controls in-vehicle autonomous driving technology and incorporates supporting technologies like data analytics, fleet management, cloud and connectivity. EAS is a suite of technologies and tools that divided into three categories: DriveMod, Cyngn Insight, and Cyngn Evolve. The firm has built DriveMod as a modular software product that is compatible with various sensor and computer hardware components that are used throughout the autonomous vehicle industry. Cyngn Insight, is a customer-facing tool suite for monitoring and managing AV fleets and aggregating/analyzing data. Cyngn Evolve is an internal tool suite that underpins the relationship between AVs and data.
CYNGN, Inc. engages in the development of autonomous driving software that can be deployed on multiple vehicle types in various environments. The company is headquartered in Menlo Park, California and currently employs 42 full-time employees. The company went IPO on 2021-10-20. The firm develops autonomous driving software that can be deployed on multiple vehicle types in various environments. The company is engaged in developing an enterprise autonomy suite (EAS) that controls in-vehicle autonomous driving technology and incorporates supporting technologies like data analytics, fleet management, cloud and connectivity. EAS is a suite of technologies and tools that divided into three categories: DriveMod, Cyngn Insight, and Cyngn Evolve. The firm has built DriveMod as a modular software product that is compatible with various sensor and computer hardware components that are used throughout the autonomous vehicle industry. Cyngn Insight, is a customer-facing tool suite for monitoring and managing AV fleets and aggregating/analyzing data. Cyngn Evolve is an internal tool suite that underpins the relationship between AVs and data.
Revenue Growth: Cyngn booked $551,000 in Q2 revenue, marking its third consecutive revenue-generating quarter as a public company.
Major Contract Win: Secured a pre-order of 100 autonomous forklifts from Arauco, with deliveries expected in 2024.
Commercial Traction: Announced multiple new commercial deployments and partnerships, including with Motrec and a Fortune 100 Heavy Equipment Manufacturer.
Cash Burn & Profitability: Current cash burn is about $2 million per month; breakeven could be achieved with around 500 EAS licenses at $4,000 per month each.
R&D Investment: Research & development expenses rose by $1.5 million year-over-year to support technology development, with further increases expected.
Order Impact: The Arauco order alone is expected to cover about 20% of current monthly cash burn, with potential to grow significantly.
Focus Shift: The company is prioritizing material handling in logistics and manufacturing for recurring license revenues, while mining sector work remains in R&D.
