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Cyngn Inc. (CYN+2.85%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Cyngn's focus on developing autonomous vehicle technology for industrial applications. The company integrates its DriveMod software onto vehicles, either through retrofitting existing vehicles or integration during manufacturing.
The report highlights Cyngn's financial performance, noting a net loss of $29.3 million for the year, compared to a net loss of $22.8 million in the previous year. The company had an accumulated deficit of $189.3 million as of December 31, 2024.
Revenue for the year was $368,138, primarily from EAS subscriptions and hardware sales, down from $1.5 million in the previous year, which included significant NRE contract revenue.
Research and development expenses were $11.3 million, a decrease from $12.7 million in 2023, attributed to the capitalization of software development costs.
General and administrative expenses increased slightly to $11.4 million, driven by executive bonuses.
Cyngn's liquidity position improved with cash and cash equivalents of $23.6 million as of December 31, 2024, following several financing activities, including a securities purchase agreement and a registered direct offering.
The company faces substantial doubt about its ability to continue as a going concern, dependent on increasing revenue and securing additional financing.
Cyngn's business strategy includes expanding its Enterprise Autonomy Suite and securing more customer contracts for its autonomous vehicle solutions.
The filing also discusses risks related to technological development, market competition, and regulatory environments, as well as internal control weaknesses identified in the report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cyngn Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.