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Cyngn Inc. (CYN) develops autonomous driving systems that transform industrial vehicles through AI and computer vision. This news hub provides investors and industry professionals with official updates on technological advancements, strategic partnerships, and commercial deployments.
Discover press releases covering DriveMod solution enhancements, enterprise autonomy developments, and cross-industry applications in manufacturing, logistics, and defense sectors. Track milestones in NVIDIA-powered computer vision innovations and retrofittable automation kits.
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Cyngn Inc. (NASDAQ: CYN) reported its Q2 2023 financial results, highlighting $0.6 million in quarterly revenue from autonomous vehicle development contracts. Key announcements include a pre-order for 100 autonomous DriveMod Forklifts from Arauco, a new stockchaser deployment with a Fortune 100 heavy equipment manufacturer, and partnerships with Motrec and BYD. CEO Lior Tal emphasized the company's progress on commercial targets and the significant market opportunity for industrial vehicle autonomy.
Financial highlights include:
- Q2 revenue of $0.6 million compared to no revenues in Q2 2022
- Total costs and expenses increased to $7.0 million from $4.6 million in Q2 2022
- Net loss of $6.4 million ($0.19 per share) compared to $4.6 million ($0.15 per share) in Q2 2022
- Unrestricted cash and short-term investments totaled $12.1 million at quarter-end
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