Cyngn Reports 2026 3rd Quarter Financial Results

Nine-month losses widened despite higher subscription revenue, while equity financing provided $17,915,893 in net proceeds.

Rhea-AI Summary

Cyngn (NASDAQ: CYN) reported third-quarter revenue of $156,495, with a narrower net loss and a follow-on order from an existing customer. Revenue rose from $69,973 a year earlier. Net loss narrowed to $5,959,616 from $8,438,641, while loss per share improved to $0.41 from $1.20.

For the nine months ended September 30, 2026, revenue increased to $405,527 from $150,851, but net loss widened to $18,800,885 from $17,798,600. Operating cash use reached $17,334,049, versus $16,835,542 a year earlier. Unrestricted cash and short-term investments totaled $34.9 million, with no debt. Net equity financing proceeds were $17,915,893 during the nine months.

The Fortune 100 customer's follow-on order extends DriveMod into another assembly-line application. Cyngn also achieved ISO 27001 certification in September and completed a SOC 2 Type II examination with zero exceptions in October.

13 points · 1 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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1 major · 11 points

How the balance works

Positive

• Major pointNine-month net equity financing proceeds totaled $17,915,893. 4.6× market cap
• Moderate pointQ3 revenue increased to $156,495 from $69,973 a year earlier.
• Moderate pointQ3 net loss narrowed to $5,959,616 from $8,438,641; loss per share fell to $0.41 from $1.20.
• Minor pointNine-month revenue increased to $405,527 from $150,851 a year earlier.
• Minor pointFollow-on Fortune 100 customer order extends DriveMod into an additional assembly-line material handling application.

8 minor points

• Minor pointUnrestricted cash and short-term investments reached $34.9 million September 30, versus $34.7 million December 31, 2025.
• Minor pointNo debt at September 30, 2026 or December 31, 2025.
• Minor pointQ3 research and development expense fell to $2,971,411 from $5,254,953 a year earlier.
• Minor pointNine-month research and development expense fell to $9,014,214 from $9,331,987 a year earlier.
• Minor pointQ3 operating loss narrowed to $6,405,674 from $8,417,000 a year earlier.
• Minor pointQ3 total other income reached $446,058, versus a $21,641 loss a year earlier.
• Minor pointISO 27001 certification achieved in September; security controls examination completed with zero exceptions in October.
• Minor pointStockholders' equity increased to $38,979,209 September 30, from $38,754,406 December 31, 2025.

Negative

• Major pointCommon shares outstanding rose to 15,348,281 September 30, from 7,974,380 December 31, 2025, diluting holders.
• Moderate pointNine-month net loss widened to $18,800,885 from $17,798,600, despite per-share loss narrowing to $1.41 from $5.20.
• Minor pointNine-month operating cash use increased to $17,334,049 from $16,835,542 a year earlier.
• Minor pointNine-month operating loss widened to $20,101,447 from $19,133,898 a year earlier.
• Minor pointNine-month general and administrative expense rose to $11,131,999 from $9,873,188 a year earlier.

6 minor points

• Minor pointQ3 general and administrative expense rose to $3,376,330 from $3,181,204 a year earlier.
• Minor pointNine-month cost of revenue increased to $360,761 from $79,574 a year earlier.
• Minor pointQ3 cost of revenue increased to $214,428 from $50,816 a year earlier.
• Minor pointWorking capital declined to $34.3 million September 30, from $35.7 million December 31, 2025.
• Minor pointNine-month total other income declined to $1,300,562 from $1,335,298 a year earlier.
• Minor pointNine-month property and equipment purchases increased to $1,581,203 from $872,369 a year earlier.

News Explained

Launched in October, EasyLaunch offers qualifying customers one tugger and one route for a monthly payment, without upfront capital or a long-term commitment.

In this third-quarter release, Cyngn reports 15,348,281 common shares outstanding at September 30, 2026, compared with 7,974,380 at December 31, 2025; a higher share count means a holder with the same number of shares owns a smaller percentage, absent offsetting changes.

Cyngn says it launched DriveMod EasyLaunch in October, offering qualifying customers one autonomous tugger and one route for a monthly payment, without an upfront capital investment or long-term commitment.

Key Figures

Q3 revenue: $156.5 thousand vs. $70 thousand Q3 net loss: $(6.0) million vs. $(8.4) million Q3 net loss per share: $(0.41) vs. $(1.20) +3 more

Q3 revenue

$156.5 thousand vs. $70 thousand

Q3 2026 vs. Q3 2025

Q3 net loss

$(6.0) million vs. $(8.4) million

Q3 2026 vs. Q3 2025

Q3 net loss per share

$(0.41) vs. $(1.20)

Q3 2026 vs. Q3 2025

Nine-month revenue

$405.5 thousand vs. $150.9 thousand

Nine months ended September 30, 2026 vs. 2025

Nine-month net loss

$(18.8) million vs. $(17.8) million

Nine months ended September 30, 2026 vs. 2025

Unrestricted cash and short-term investments

$34.9 million vs. $34.7 million

September 30, 2026 vs. December 31, 2025

Previous Earnings Reports

2 past events · Latest: Aug 12

Same Type 2 events

1. Aug 12

   Q2 earnings

   24h Move

   -11.6%

   Quarterly revenue increased while net loss widened; the company reported cash and short-term investments.

2. Nov 18

   Q3 earnings

   24h Move

   -24.0%

   Year-to-date revenue increased while net loss widened; quarterly revenue was reported at $70.0 thousand.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

soc 2 type ii examination, iso 27001 certification, at-the-market equity financing, weighted-average shares

4 terms

soc 2 type ii examination technical

"completing a SOC 2 Type II examination with zero exceptions in October"

A SOC 2 Type II examination is an independent audit, performed by a licensed CPA firm using AICPA standards, that tests whether a service organization's controls relevant to the Trust Services Criteria (such as security, availability, processing integrity, confidentiality and privacy) were operating effectively over a defined period of time. The report issued states the auditor’s opinion about the design and operational effectiveness of those controls for the stated period and is limited to the systems and controls specified in the engagement—it does not certify future performance or cover controls outside the agreed scope.

iso 27001 certification technical

"achieving ISO 27001 certification"

ISO 27001 certification is formal, third‑party verification that an organization’s information security management system (ISMS) meets the requirements of the international ISO/IEC 27001 standard. The standard requires a documented process for identifying and managing information security risks, implementing appropriate controls (commonly chosen from Annex A), and operating a cycle of monitoring, corrective action and continual improvement; certification is issued by an accredited audit body after initial assessment and is maintained through regular surveillance audits and periodic recertification. Certification indicates conformity to the standard’s requirements at the time of audit but does not guarantee absolute protection against security incidents.

at-the-market equity financing financial

"Proceeds from at-the-market equity financing, net of issuance costs"

A method for a company to raise money by selling newly issued shares directly into the open market at the current trading price, typically through a broker over time rather than all at once. For investors it matters because it provides the company with flexible, on-demand funding but can reduce existing shareholders’ ownership and may put steady downward pressure on the stock price if large volumes are sold, much like adding more seats to an airplane dilutes the value of each ticket.

weighted-average shares financial

"Weighted-average shares used in computing net loss per share"

Weighted-average shares is the average number of a company’s outstanding shares calculated over a reporting period, adjusted for any stock issuances, repurchases, or splits during that time. Investors use it to fairly compare earnings per share and other per-share metrics, because it smooths out changes in the share count the way an average speed reflects trips of different lengths rather than a single snapshot.

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Enterprise adoption advances with a follow-on Fortune 100 order, record monthly fleet activity, and a completed SOC 2 Type II examination

Recent Operating Highlights

• Ended the quarter with $34.9 million in unrestricted cash and short-term investments and no debt.
• Announced a follow-on order from an existing Fortune 100 heavy equipment manufacturer, extending autonomous material handling into an additional assembly-line application.
• Strengthened enterprise security credentials, achieving ISO 27001 certification and completing a SOC 2 Type II examination with zero exceptions in October.

MOUNTAIN VIEW, Calif., Nov. 12, 2026 /PRNewswire/ -- Cyngn (NASDAQ: CYN) today announced financial results for its third quarter ended September 30, 2026, highlighting continued progress expanding adoption of its autonomous industrial vehicle technology.

During the quarter, Cyngn announced a follow-on order from an existing Fortune 100 heavy equipment manufacturer, extending DriveMod into an additional assembly-line material handling application. Building on an established customer relationship, the order illustrates Cyngn's strategy of expanding autonomous operations beyond initial deployments as manufacturers identify additional workflows suitable for automation.

Cyngn also advanced initiatives to strengthen commercial execution and operating efficiency. Following changes to its sales organization, the Company implemented a more disciplined approach to customer qualification, pipeline accountability, and identifying applications aligned with the DriveMod Tugger. These efforts were accompanied by a streamlined organizational structure and expanded use of AI-assisted tools across engineering and business operations, with the objective of improving productivity and concentrating resources on priority initiatives.

The Company continued strengthening its capabilities to support enterprise customers. Cyngn announced its achievement of ISO 27001 certification in September and completed its inaugural SOC 2 Type II examination with zero exceptions in October, ahead of its previously announced year-end target. Together with its portfolio of 24 issued U.S. patents, these milestones reflect continued investment in the technology and security infrastructure supporting the Company's autonomous vehicle platform.

In October, Cyngn also formally announced the launch of DriveMod EasyLaunch™, a simplified deployment program offering qualifying customers one autonomous tugger, one route, and a single monthly payment without an upfront capital investment or long-term commitment. The program is designed to lower barriers to initial adoption while providing customers with a practical starting point for expanding autonomous material handling across additional workflows.

Q3 2026 Nine Month Financial Review:

Year-to-date third quarter revenue was $405.5 thousand compared to $150.9 thousand in the nine months ended September 30, 2025. Similar to prior year, year-to-date 2026 revenue consisted of EAS software subscriptions from DriveMod tugger vehicle deployments.

Total costs and expenses for the nine months ended September 30, 2026 were $20.5 million, an increase of $1.2 million or 6% from $19.3 million for the nine months ended September 30, 2025. This increase was due to a $1.2 million increase in general and administrative (G&A) expenses, primarily driven by an increase in board of director's pay in lieu of the equity component of the director compensation program for 2025 and an increase in marketing and advertising expenses. In addition, there was an increase of $281.2 thousand in cost of revenue due to the deployment costs being recognized over the life of the awarded contracts. This was offset by a $317.8 thousand decrease in research and development (R&D), primarily due to personnel costs driven by the change in accounting estimate related to capitalized software, partially offset by an increase in contractor fees and occupancy costs. For the nine months ended September 30, 2026, other income (expense), net remained consistent at $1.3 million compared to $1.3 million for the nine months ended September 30, 2025.

Net loss for the nine months ended September 30, 2026 was $(18.8) million compared to $(17.8) million in the nine months ended September 30, 2025. Net loss per share for the nine-month period was $(1.41), based on basic and diluted weighted average shares outstanding of approximately 13.3 million. This compares to a net loss per share of $(5.20) for the nine months ended September 30, 2025, based on approximately 3.4 million basic and diluted weighted average shares outstanding.

Q3 2026 Three Month Financial Review:

Revenue in Q3 2026 was $156.5 thousand compared to $70 thousand in the third quarter of 2025. Similar to prior year, third quarter of 2026 revenue consisted of EAS software subscriptions from DriveMod tugger vehicle deployments.

Total costs and expenses in the second quarter were $6.6 million, a decrease of $1.9 million or (23%) from $8.5 million in the third quarter of 2025. This decrease was primarily due to a $2.3 million decrease in research and development (R&D), primarily due to personnel costs driven by the change in accounting estimate related to capitalized software. This was partially offset by a $195.1 thousand increase in General and administrative (G&A), primarily driven by an increase in board of director's pay in lieu of the equity component of the director compensation program for 2025 and an increase in occupancy costs.  In addition, There was an increase of $163.6 thousand in cost of revenue due to the deployment costs being recognized over the life of the awarded contracts. For the third quarter of 2026, other income (expense), net was $446.1 thousand compared to ($21.6) thousand in the third quarter of 2025. The increase in other income was primarily driven by income from short-term investments.

Net loss for the third quarter was $(6.0) million compared to $(8.4) million in the corresponding quarter of 2025. Third quarter net loss per share was $(0.41), based on basic and diluted weighted average shares outstanding of approximately 14.7 million in the quarter. This compares to a net loss per share of $(1.20) in the third quarter of 2025, based on approximately 7.0 million basic and diluted weighted average shares outstanding.

Balance Sheet Highlights:

Cyngn's unrestricted cash and short-term investments as of September 30, 2026 totaled $34.9 million compared to $34.7 million as of December 31, 2025.  At the end of the same period, working capital was $34.3 million and total stockholders' equity was $39 million, as compared to year-end working capital of $35.7 million and total stockholders' equity of $38.8 million, respectively as of December 31, 2025.  The Company had no debt as of September 30, 2026 and December 31, 2025 and to date, no member of the current management team has sold any shares of the Company's stock.

CYNGN INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Revenue		$	156,495			$	69,973			$	405,527			$	150,851
Costs and expenses
Cost of revenue			214,428				50,816				360,761				79,574
Research and development			2,971,411				5,254,953				9,014,214				9,331,987
General and administrative			3,376,330				3,181,204				11,131,999				9,873,188
Total costs and expenses			6,562,169				8,486,973				20,506,974				19,284,749
Loss from operations			(6,405,674)				(8,417,000)				(20,101,447)				(19,133,898)
Other income (loss), net
Interest income, net			19,073				(252,497)				62,737				(375,670)
Warrant liability issuance costs
Change in fair value of warrant liabilities			‒				‒				‒				1,136,677
Loss on issuance of warrants			‒				‒				‒				‒
Loss on deconsolidation of foreign subsidiary			‒				‒				‒				‒
Other income, net			426,985				230,856				1,237,825				574,291
Total other income (loss), net			446,058				(21,641)				1,300,562				1,335,298
Net loss		$	(5,959,616)			$	(8,438,641)			$	(18,800,885)			$	(17,798,600)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.41)			$	(1.20)			$	(1.41)			$	(5.20)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted			14,714,857				7,039,266				13,291,330				3,424,032

 

CYNGN INC. CONSOLIDATED BALANCE SHEETS (Unaudited)
		September 30,				December 31,
		2026				2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	3,081,033			$	990,023
Short-term investments			31,801,167				33,736,091
Accounts and other receivables			928,194				1,544,213
Inventory			1,630,299				2,039,655
Prepaid expenses and other current assets			816,490				885,800
TOTAL CURRENT ASSETS			38,257,183				39,195,782
NON-CURRENT ASSETS
Property and equipment, net			4,587,282				3,268,196
Right of use asset, net			5,318,512				5,971,800
Intangible assets, net			446,996				466,223
Other non-current assets			1,292,681				1,151,214
TOTAL NON-CURRENT ASSETS			11,645,471				10,857,433
TOTAL ASSETS		$	49,902,654			$	50,053,215
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable		$	559,140			$	217,439
Deferred revenue			575,289				395,348
Current operating lease liability			984,478				312,365
Accrued expenses and other current liabilities			1,861,157				2,615,734
TOTAL CURRENT LIABILITIES			3,980,064				3,540,886
NON-CURRENT LIABILITIES
Non-current deferred revenue			1,251,629				1,262,667
Non-current operating lease liability			5,691,752				6,495,256
TOTAL NON-CURRENT LIABILITIES			6,943,381				7,757,923
TOTAL LIABILITIES			10,923,445				11,298,809
Commitments and Contingencies (Note 13)
STOCKHOLDERS' EQUITY
Common stock, Par $0.00001; 400,000,000 shares authorized as of      September 30, 2026 and December 31, 2025; 15,348,281 and      7,974,380 shares issued and outstanding as of September 30, 2026 and      December 31, 2025, respectively			153				80
Additional paid-in capital			274,602,412				255,576,797
Accumulated deficit			(235,623,356)				(216,822,471)
TOTAL STOCKHOLDERS' EQUITY			38,979,209				38,754,406
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	49,902,654			$	50,053,215

 

CYNGN INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
		Nine Months Ended
		September 30,
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(18,800,885)			$	(17,798,600)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			928,756				894,312
Stock-based compensation			1,109,795				1,347,987
Realized gain on short-term investments			(18,167)				(85,117)
Accretion on short-term investments			(1,145,864)				(459,977)
Loss on disposed assets			14,464				11,429
Change in fair value of warrant liability			‒				(1,136,677)
Change in estimate of capitalized software			‒				2,590,491
Change in assets and liabilities:
Accounts and other receivables			616,019				(481,492)
Inventory			409,356				(735,260)
Prepaid expenses, operating lease right-of-use assets, and other assets			(72,157)				(1,542,030)
Accounts payable			341,700				112,638
Deferred revenue			168,903				240,210
Accrued expenses, lease liabilities, and other current liabilities			(885,969)				206,544
Net cash used in operating activities			(17,334,049)				(16,835,542)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment			(1,581,203)				(872,369)
Acquisition of intangible asset			(8,587)				(1,190,613)
Disposal of assets			‒				‒
Purchase of short-term investments			(59,824,258)				(62,710,899)
Proceeds from maturity of short-term investments			62,923,214				33,201,501
Net cash used in investing activities			1,509,166				(31,572,380)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from at-the-market equity financing, net of issuance costs			9,166,427				‒
Proceeds from public issuance of common stock, net of offering costs			8,749,467				29,611,678
Issuance costs for public issuance of common stock and pre-funded warrants and exercise of pre-funded warrants			‒				(1,025)
Issuance costs for stock dividend and restricted stock units			‒				‒
Net cash provided by financing activities			17,915,893				29,610,653
Net increase in cash and cash equivalents			2,091,010				(18,797,269)
Cash and cash equivalents at beginning of period			990,023				23,617,733
Cash and cash equivalents at end of period		$	3,081,033			$	4,820,464
Supplemental disclosure:
Recognition of operating lease right-of-use assets and operating lease liabilities		$	‒			$	274,659
Acquisition of property and equipment included in accounts payable and accrued expenses		$	42,578			$	30,261
Acquisition of right-of-use asset in exchange for new operating lease obligation		$	‒			$	6,589,332

About Cyngn

Cyngn develops and deploys autonomous vehicle technology for industrial organizations like manufacturers and logistics companies. The Company addresses significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents.

Cyngn's DriveMod technology empowers customers to seamlessly bring self-driving technology to their operations without high upfront costs or infrastructure installations. DriveMod is currently available on Motrec MT-160 Tuggers.

The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years.

Investor Contact:
Natalie Russell
CFO
investors@cyngn.com 

Media Contact:
Luke Renner
Head of Marketing
media@cyngn.com 

Where to Find Cyngn:

• Website: https://cyngn.com
• X: https://x.com/cyngn
• LinkedIn: https://www.linkedin.com/company/cyngn
• YouTube: https://www.youtube.com/@cyngnhq

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. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 26, 2026. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

 

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SOURCE Cyngn

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Cyngn's Q3 2026 revenue and net loss?

Cyngn reported $156,495 in revenue and a $5,959,616 net loss for the three months ended September 30, 2026. A year earlier, revenue was $69,973 and net loss was $8,438,641. Basic and diluted loss per share narrowed to $0.41 from $1.20.

How much cash did Cyngn have at the end of Q3 2026?

Cyngn had $34.9 million in unrestricted cash and short-term investments at September 30, 2026, compared with $34.7 million at December 31, 2025. The company had no debt at either date.

What does Cyngn's DriveMod EasyLaunch program offer customers?

DriveMod EasyLaunch offers qualifying customers one autonomous tugger, one route and a single monthly payment, without an upfront capital investment or long-term commitment. Formally announced in October, the program is intended by Cyngn to lower barriers to initial adoption.

Why did Cyngn's Q3 2026 research and development expense decline?

The decline primarily reflected personnel costs affected by a change in accounting estimate related to capitalized software. Third-quarter research and development expense fell to $2,971,411 from $5,254,953 a year earlier.