Cyngn Q1 revenue $0.9M; net loss widens to $5.6M, cash burn continues

Cyngn Inc.

2023-Q1 EPS reported -$0.17 revenue$872,800

Q1 revenue $0.9M (vs $0 YoY) from two multi-phase NRE contracts for forklifts and mining vehicles.
Net loss $5.6M ($0.17 loss per share) vs $3.8M ($0.14 loss) YoY; operating expenses rose to $6.7M.
Cash and short-term investments $17.0M at Mar 31, 2023, down from $22.6M at Dec 31, 2022.
Commercial deployment of autonomous stockchasers at U.S. Continental; Phase 2 of mining project completed.
Hired Chris Wright as Head of Sales and Felix Singh as VP of Engineering Services; EAS v9.0 released.

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 0.9

Cyngn Inc. reported the fiscal first quarter ended March 31, 2023 results: revenue $0.9 million, net income $5.6 million, EPS $0.17.

Period: the fiscal first quarter ended March 31, 2023
Revenue: $0.9 million
Net income: $5.6 million
EPS: $0.17
Result: reported results

Exact text from the filing

Cyngn Reports First Quarter 2023 Financial Results Quarterly revenue of $0.9 million from autonomous vehicle development contracts MENLO PARK, Calif., May 10, 2023 — Cyngn Inc. (the “Company” or “Cyngn”) (NASDAQ: CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, today announced its financial results for the fiscal first quarter ended March 31, 2023.

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Source: SEC EDGAR

accession 0001213900-23-038123

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