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Cyngn Scales Up Commercialization of Autonomous Vehicle Solutions in First Quarter 2024

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Cyngn announced significant milestones for the first quarter of 2024. Key achievements include joining John Deere's supply base and deploying DriveMod Tuggers in Dubuque, IA. The company renewed its contract with US Continental following a study revealing a 4x efficiency gain in their autonomous vehicles. Initial deployment was also completed with Rivian. Cyngn expanded its distributor network through a partnership with RobotLAB and aligned with Nvidia to enhance DriveMod's AI. The company premiered the DriveMod Tugger at MODEX alongside Motrec and secured its 19th US patent. They also launched an 'auto-unhitch' feature to further enhance operational efficiency.

Positive
  • Joined John Deere supply base for DriveMod Tuggers deployment.
  • Renewed contract with US Continental after demonstrating 4x efficiency gain.
  • Announced initial deployment with Rivian.
  • Formed strategic partnership with RobotLAB, expanding distributor network.
  • Aligned with Nvidia to power DriveMod's AI.
  • Premiered DriveMod Tugger at MODEX with over 30,000 attendees.
  • Secured 19th granted US patent.
  • Launched 'auto-unhitch' feature to improve operational efficiency.
Negative
  • The PR does not provide detailed financial data, which may leave investors questioning the company's financial health.
  • No specific revenue or earnings figures for Q1 2024 were disclosed.
  • The announcement lacks detailed timelines for future deployments, raising concerns about execution delays.

Cyngn's Q1 2024 updates highlight significant commercial and technological milestones that could influence its financial performance. The renewal of contracts and new deployments, particularly with industry leaders like John Deere and Rivian, signify strong validation and potential for increased revenue. The reported 4x efficiency gain from the autonomous vehicles further underscores the value proposition of Cyngn's offerings. This efficiency could translate into substantial cost savings for clients, making Cyngn's technology highly attractive in sectors grappling with labor shortages and high operational costs. From a financial perspective, the expansion of the distributor network and partnerships with prominent firms such as RobotLAB and Nvidia could pave the way for enhanced market penetration and sales growth. Investors should watch for quarterly financials to see if these developments yield concrete financial improvements.

The advancements in Cyngn’s technology, particularly the integration with Nvidia AI computers and the launch of features like auto-unhitch, are notable. These innovations demonstrate Cyngn's commitment to enhancing its autonomous driving solutions. Nvidia's powerful AI capabilities are likely to improve the performance and reliability of Cyngn's DriveMod system, making it more competitive. Additionally, securing 19 U.S. patents showcases Cyngn’s strong emphasis on proprietary technology, which could provide a significant competitive edge in the industry. The efficiency gains reported also highlight the practical benefits of these technological advancements, potentially driving higher adoption rates among manufacturers and logistics companies. The company's focus on retrofitting existing vehicles is a smart move, helping customers avoid high upfront costs and further broadening the potential market.

Cyngn's strategic moves indicate a strong push to capitalize on the growing demand for autonomous vehicle solutions in the manufacturing and logistics sectors. The company’s ability to secure high-profile clients like John Deere and Rivian, along with a renewed contract with U.S. Continental, signals robust market acceptance. The expanded distributor network, including partnerships with established players like RobotLAB, will likely enhance Cyngn’s market reach and penetration. Attending industry events like MODEX and showcasing their technology to a large audience aligns with effective market visibility strategies. As the industrial sector increasingly adopts automation to address labor shortages and improve efficiency, Cyngn appears well-positioned to capture a significant market share. Investors should consider the broader market trends and Cyngn's strategic positioning within this context.

MENLO PARK, Calif., May 16, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) today shared several commercial and technological accomplishments from the first quarter of 2024, including valuable progress with renowned brands like John Deere and Rivian, the expansion of our distribution network, and key collaborations aimed at advancing our artificial intelligence and robotics technologies. As Cyngn progresses through 2024, the Company remains focused on scaling to capitalize on opportunities with major heavy manufacturing, automotive, and defense corporations.

Learn more and watch our Q1 2024 review video here.

Commentary from Lior Tal, Cyngn's Chairman and Chief Executive Officer:

"Q1 showcased our achievement to be chosen by a marquee customer like John Deere. Our product offering achieves immense validation from being selected by a world-leading brand like Deere."

"Alongside valuable existing deployments that continued through the last several months, we conducted initial deployments at a number of new organizations across manufacturing and logistics. This progress with additional initial deployments continues to underscore the manufacturing sector's growing need for AVs and underpins the commercial momentum of our autonomous DriveMod solutions."

"This quarter, we also published the results of a study conducted through our production deployment with US Continental, where our vehicles automated nearly 900 monthly trips. The study revealed that our vehicles not only achieved a 4x increase in efficiency but also created opportunities for employee promotions. In addition, RobotLAB joined the Cyngn Distributor Network, paving the way for joint sales efforts. We also aligned ourselves with Nvidia to power DriveMod's artificial intelligence, secured our 19th US patent, and released our auto-unhitch feature.

"As we progress into 2024, Cyngn remains committed to developing state of the art technology and accelerating our sales efforts to create commercial success. I am excited by the opportunity that lies ahead."

Key Milestones and Achievements:

  • Valuable Progress with Renowned Brands. Cyngn joined John Deere supply base and was chosen to deploy its DriveMod Tuggers to their Dubuque, IA operation. Cyngn also announced the completion of an initial deployment with Rivian.
  • Demonstrable Efficiency Gains. In February, Cyngn also published the results of a study at one of its early deployment sites, U.S. Continental. There, Cyngn found that its vehicles were 4x more efficient than their human counterparts. This success resulted in the customer renewing its commercial contract to extend the deployment of DriveMod Stockchasers. Cyngn also deployed at additional organizations across manufacturing and logistics.
  • Key Collaborations. Cyngn added RobotLAB, a premier robotics integrator that has deployed over 10,000 robots with customers across the globe, to its Distributor Network. Cyngn also announced that its next-gen DriveMod Kit will harness NVIDIA AI computers and additionally showed off the first footage of the DriveMod Tugger in action. In March, Cyngn attended MODEX and premiered the Motrec MT-160 DriveMod Tugger to more than 30,000 attendees.
  • Proprietary Technology. Cyngn brought the total number of granted U.S. patents for the Company's autonomous vehicle and driving solutions to 19. Cyngn also released its auto-unhitch feature, a hands-off solution for our industrial autonomous vehicles to drop off cargo that enhances operational efficiency and brings greater value to customers.

About Cyngn

Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.

Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.

Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

Find Cyngn on:

Investor Contact:
Don Alvarez, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com

FORWARD-LOOKING STATEMENTS:

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the SEC, including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 7, 2024. 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. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites.

 

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SOURCE Cyngn

FAQ

What did Cyngn achieve in Q1 2024?

Cyngn joined John Deere's supply base, completed initial deployments with Rivian, renewed a contract with US Continental, partnered with RobotLAB, aligned with Nvidia, and launched an 'auto-unhitch' feature.

How did Cyngn's autonomous vehicles perform at US Continental?

Cyngn's autonomous vehicles achieved a 4x efficiency gain compared to human-operated vehicles.

What new partnership did Cyngn announce in Q1 2024?

Cyngn announced a new partnership with RobotLAB to expand its distributor network.

What technology advancements did Cyngn unveil in Q1 2024?

Cyngn aligned with Nvidia for AI enhancements and launched an 'auto-unhitch' feature for its DriveMod Tuggers.

Where did Cyngn premiere the DriveMod Tugger?

Cyngn premiered the DriveMod Tugger at MODEX alongside Motrec.

Cyngn Inc.

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