Cyngn Q3 2022 net loss widens to $5.3M; cash $27.7M; announces new contracts

Cyngn Inc.

2022-Q3 EPS reported -$0.45

Net loss of $5.3M ($0.16 loss per share) vs. $2.1M loss ($2.17) in Q3 2021; operating expenses $5.3M.
Cash and short-term investments $27.7M as of Sep 30, 2022, up from $22.0M at Dec 31, 2021.
R&D expense $1.6M increase to $3.7M; G&A expense $1.6M increase to $1.6M due to stock-based comp and public company costs.
Signed multi-phase contract to apply DriveMod to electric forklifts for a global building materials manufacturer.
Engaged manufacturing partner to scale DriveMod Kit production and signed exclusive vehicle tracking deal with HEVI.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Cyngn Inc. reported the third fiscal quarter ended September 30, 2022 results: net income Net loss was $5.3 million for the quarter ended September 30, 2022, EPS Net loss per share on a basic and diluted basis was $0.16.

Period: the third fiscal quarter ended September 30, 2022
Net income: Net loss was $5.3 million for the quarter ended September 30, 2022
EPS: Net loss per share on a basic and diluted basis was $0.16
Result: reported results

Exact text from the filing

Cyngn Inc. issued a press release announcing its financial results for the third fiscal quarter ended September 30, 2022.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Cyngn Inc. reported the nine months ended September 30, 2022 results: net income Net loss was $13.7 million for the nine months ended September 30, 2022, EPS Net loss per share on a basic and diluted basis was $0.45.

Period: the nine months ended September 30, 2022
Net income: Net loss was $13.7 million for the nine months ended September 30, 2022
EPS: Net loss per share on a basic and diluted basis was $0.45
Result: reported results

Exact text from the filing

Cyngn Inc. issued a press release announcing its financial results for the third fiscal quarter ended September 30, 2022.

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-22-070660

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