Cyngn restates 2024 FY and Q1/Q2 2025 financials due to warrant accounting error; warrant liability increased $12.7M

Cyngn Inc.

Restatement due to error in accounting for Series A and B Warrants issued in Dec 2024; warrant liability increased by $12.7M, equity decreased by $12.7M.
Estimated loss on warrant issuance of $2.3M and offering costs of $1.7M; no impact on total cash, revenue, or operating performance.
Material weakness in internal control over financial reporting identified; remediation plan involves hiring third-party expert, expected by Q1 2026.
Prior financial statements for FY2024, Q1 and Q2 2025 should no longer be relied upon; amended 10-K and restated Q3 2025 10-Q to be filed.

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