Cyngn Q3 revenue $25k, net loss $5.5M; Arauco pre-orders 100 forklifts

Cyngn Inc.

2023-Q3 EPS reported -$0.47 revenue$1,448,961

Q3 revenue of $25.2k from first EAS subscriptions; net loss $5.5M ($0.14/share), vs $5.3M loss in Q3 2022.
Cash and short-term investments $8.2M at Sep 30, down from $22.6M at Dec 31, 2022.
Raised $1.5M from at-the-market equity sales through Oct 31; 10% common stock dividend distributed.
Arauco pre-orders 100 DriveMod Forklifts with potential $5M annual subscription; rollout targeted mid-2024.
Successful paid deployment with Fortune 100 manufacturer; dealer network launched.

item 2.02 item 8.01 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 fiscal third quarter ended September 30, 2023 results: revenue $25.2 thousand, net income $(5.5) million, EPS $(0.14).

Period: the fiscal third quarter ended September 30, 2023
Revenue: $25.2 thousand
Net income: $(5.5) million
EPS: $(0.14)
Result: reported results

Exact text from the filing

Additionally, our recent dealer network launch will further expand our customer base as we scale deployments in 2024.” Q3 2023 Financial Review: ● Third quarter revenue was $25.2 thousand compared to no revenues in the third quarter of 2022. Third quarter revenue was derived for the first time from EAS software subscriptions from DriveMod Stock chaser vehicle

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Source: SEC EDGAR

accession 0001213900-23-084785

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