Recent Operating Highlights
-- Deployed the DriveMod Tugger at G&J Pepsi, the Largest Independent Pepsi
Bottler in the USA
-- U.S. Continental "definitely recommends" the DriveMod Tugger.
-- Secured funding that extends Cyngn's cash runway through 2027,
reinforcing balance-sheet stability and capacity to scale operations.
-- Appointed Natalie Russell as Chief Financial Officer to strengthen
financial leadership and operational discipline.
-- Expanded the sales organization to the largest in company history,
reflecting a more mature commercial posture.
-- Deployed the DriveMod Tugger at Coats, marking another live industrial
implementation of Cyngn's autonomous vehicle technology.
-- Secured Cyngn's 23rd U.S. patent, covering a modular sensor system
designed for automated guided vehicles and autonomous industrial
platforms.
-- Engaged Drata to pursue SOC 2 Type II and ISO 27001 certifications as
part of a broader cybersecurity and compliance initiative.
MOUNTAIN VIEW, Calif., Nov. 18, 2025 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today reported operational progress for the third quarter ended September 30, 2025.
In Q3, Cyngn continued executing against its long-term strategy while positioning the business for a more commercial phase of growth. The company extended its financial runway through 2027, providing the capital required to scale deployment efforts, strengthen core technologies, and support expanding customer engagements. To align financial execution with these objectives, Cyngn appointed Natalie Russell as Chief Financial Officer, adding leadership experience in capital allocation, financial planning, and operational controls.
Commercial readiness advanced meaningfully during the quarter. Cyngn expanded its sales organization to the largest in its history and sharpened its go-to-market execution, resulting in material improvements in pipeline generation, meeting volume, and lead quality.
These gains reflect a more disciplined focus on efficiency over volume in demand generation efforts. This maturation in commercial strategy was underscored by the deployment of a DriveMod Tugger at Coats and G&J Pepsi, where the system is now actively automating material transport in a live production environment.
The company also reinforced its technology and compliance infrastructure. Cyngn secured its 23rd U.S. patent covering a modular sensor architecture adaptable to various industrial vehicles, further strengthening its intellectual property portfolio. In parallel, Cyngn partnered with Drata to pursue SOC 2 Type II and ISO 27001 certifications, an important step in meeting the security and data governance requirements of enterprise customers.
With a fortified balance sheet, expanded commercial organization, and ongoing progress in technology and compliance, Cyngn enters the next phase of execution focused on scaling deployments and converting commercial momentum into long-term value creation.
Q3 2025 Nine Month Financial Review:
Year-to-date third quarter revenue was $150.9 thousand compared to $61.8 thousand in the third quarter of 2024. Similar to prior year, third quarter 2025 revenue consisted of EAS software subscriptions from DriveMod tugger vehicle deployments.
Total costs and expenses in the year-to-date third quarter were $19.2 million, an increase of $1.9 million or 11% from $17.3 million in the third quarter of 2024. This increase was due to a $2 million increase in general and administrative (G&A), primarily due to an increase in personnel costs reflecting an investment in sales and executive bonuses, and a $0.1 million increase in research and development (R&D), primarily due to the change in accounting estimate related to capitalized software offset by the decrease in headcount. This is offset by a decrease of $0.2 million in cost of revenue due to the deployment costs being recognized over the life of the won contracts in 2025 versus the costs of initial deployment pilots immediately recognized in 2024. For the third quarter of 2025, other income (expense), net was $1.3 million compared to $70 thousand in the third quarter of 2024. The increase in other income was primarily driven by the $1.1 million fair value measurement of warrants.
Net loss for the third quarter was $(17.8) million compared to $(17.2) million in the corresponding quarter of 2024. Third quarter 2025 net loss per share was $(5.20), based on basic and diluted weighted average shares outstanding of approximately 3.4 million in the quarter. This compares to a net loss per share of $(1,924.23) in the third quarter of 2024, based on approximately 8.9([1]) thousand basic and diluted weighted average shares outstanding.
Q3 2025 Three Month Financial Review:
Third quarter revenue was $70 thousand compared to $47.6 thousand in the third quarter of 2024. Similar to prior year, third quarter 2025 revenue consisted of EAS software subscriptions from DriveMod tugger vehicle deployments.
Total costs and expenses in the third quarter were $8.5 million, an increase of $2.9 million or 53% from $5.6 million in the third quarter of 2024. This increase was due to an increase of $2.5 million in R&D primarily driven by a change in accounting estimate of capitalized software development. In addition, the company experienced an increase of $578 thousand in G&A, primarily due to an increase in personnel costs reflecting an investment in sales and executive bonuses. This is offset by a decrease of $106 thousand in cost of revenue due to the deployment costs being recognized over the life of the won contracts in 2025 versus the costs of initial deployment pilots immediately recognized in 2024. For the third quarter of 2025, other income (expense), net was $(21.6) thousand compared to $80.8 thousand in the third quarter of 2024. The decrease in income was primarily driven by an increase in interest expense due to the office lease.
Net loss for the third quarter was $(8.4) million compared to $(5.4) million in the corresponding quarter of 2024. Third quarter 2025 net loss per share was $(1.20), based on basic and diluted weighted average shares outstanding of approximately 7 million in the quarter. This compares to a net loss per share of $(408.30) in the third quarter of 2024, based on approximately 13.3([1]) thousand basic and diluted weighted average shares outstanding.
Balance Sheet Highlights:
Cyngn's unrestricted cash and short-term investments as of September 30, 2025 totaled $34.9 million compared to $23.6 million as of December 31, 2024. At the end of the same period, working capital was $35.1 million and total stockholders' equity was $38.7 million, as compared to year-end working capital of $22.1 million and total stockholders' equity of $(1) million, respectively as of December 31, 2024. The Company had no debt as of September 30, 2025 and December 31, 2024 and to date, no one on the current management team has sold any shares of Company stock.
([1]) All information has been retroactively adjusted to reflect the 1-for-100
reverse stock split effected on July 3, 2024 and the 1-for-150 reverse stock
split effected on February 18, 2025.
CYNGN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- ----------------------------
2025 2024 2025 2024
------------ ------------ ------------- -------------
REVENUE $ 69,973 $ 47,584 $ 150,851 $ 61,762
----------- ----------- ------------ ------------
COSTS AND
EXPENSES
Cost of revenue 50,816 157,251 79,574 285,949
Research and
development 5,254,953 2,795,583 9,331,987 9,149,357
General and
administrative 3,181,204 2,602,952 9,873,188 7,913,222
----------- ----------- ------------ ------------
TOTAL COSTS AND
EXPENSES 8,486,973 5,555,786 19,284,749 17,348,528
----------- ----------- ------------ ------------
LOSS FROM
OPERATIONS (8,417,000) (5,508,202) (19,133,898) (17,286,766)
----------- ----------- ------------ ------------
OTHER INCOME
(EXPENSE), NET
Interest income
(expense), net (252,497) 46,336 (375,670) 45,994
Change in fair
value of warrant
liability -- -- 1,136,677 --
Other income
(expense), net 230,856 34,467 574,291 24,342
----------- ----------- ------------ ------------
TOTAL OTHER INCOME
(EXPENSE), NET (21,641) 80,803 1,335,298 70,336
----------- ----------- ------------ ------------
NET LOSS $(8,438,641) $(5,427,399) $(17,798,600) $(17,216,430)
----------- ----------- ------------ ------------
Net loss per share
attributable to
common
stockholders,
basic and
diluted $ (1.20) $ (408.30) $ (5.20) $ (1,924.23)
Weighted-average
shares used in
computing net
loss per share
attributable to
common
stockholders,
basic and
diluted 7,039,266 13,293 3,424,032 8,947
CYNGN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
2024
2025 (Restated)
-------------- --------------
ASSETS
CURRENT ASSETS
Cash $ 4,820,464 $ 23,617,733
Short-term investments 30,054,492 --
Prepaid expenses and other
current assets 4,205,419 1,965,222
------------- -------------
TOTAL CURRENT ASSETS 39,080,375 25,582,955
------------- -------------
Property and equipment, net 3,006,886 2,319,402
Right of use asset, net 6,190,809 297,918
Intangible assets, net 470,781 1,895,074
Security Deposit 518,584 --
------------- -------------
TOTAL ASSETS $ 49,267,435 $ 30,095,349
------------- -------------
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Accounts payable $ 360,416 $ 247,778
Accrued expenses and other
current liabilities 3,514,449 2,874,216
Current operating lease liability 36,966 317,344
------------- -------------
TOTAL CURRENT LIABILITIES 3,911,831 3,459,338
------------- -------------
Non-current operating lease
liability 6,676,231 --
Warrant liability -- 27,703,927
------------- -------------
TOTAL LIABILITIES 10,588,062 31,143,265
------------- -------------
Commitments and contingencies
(Note 12)
STOCKHOLDERS' EQUITY
Common stock, Par $0.00001;
400,000,000 and 200,000,000
shares authorized as of
September 30, 2025 and December
31, 2024; 7,039,266 and 199,110
shares issued and outstanding as
of September 30, 2025 and
December 31, 2024, respectively 70 2
Additional paid-in capital 249,831,101 192,305,280
Accumulated deficit (211,151,798) (193,353,198)
------------- -------------
TOTAL STOCKHOLDERS' EQUITY 38,679,373 (1,047,916)
------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 49,267,435 $ 30,095,349
------------- -------------
CYNGN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30,
----------------------------
2025 2024
------------- -------------
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss $(17,798,600) $(17,216,430)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation and amortization 894,312 692,848
Stock-based compensation 1,347,987 1,871,466
Realized gain on short-term
investments (545,094) (105,414)
Loss on disposed assets 11,429 --
Patent impairment -- 118,831
Change in fair value of warrant
liability (1,136,677) --
Change in estimate of capitalized
software 2,590,491 --
Changes in operating assets and
liabilities:
Prepaid expenses, operating lease
right-of-use assets, and other
assets (2,758,782) (345,122)
Accounts payable 112,638 (6,475)
Accrued expenses, lease
liabilities, and other current
liabilities 446,754 (559,715)
------------ ------------
NET CASH USED IN OPERATING
ACTIVITIES (16,835,542) (15,550,011)
------------ ------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of property and equipment (872,369) (739,947)
Acquisition of intangible asset (1,190,613) (540,756)
Purchase of short-term investments (62,710,899) (6,755,408)
Proceeds from maturity of
short-term investments 33,201,501 10,610,000
------------ ------------
NET CASH (USED IN) PROVIDED BY
INVESTING ACTIVITIES (31,572,380) 2,573,889
------------ ------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from at-the-market equity
financing, net of issuance costs -- 6,789,427
Proceeds from public issuance of
common stock and pre-funded
warrants, net of issuance costs 29,611,678 4,570,110
Issuance costs from public
issuance of common stock and
pre-funded warrants and exercise
of pre-funded warrants (1,025) --
Issuance costs for stock dividend
and restricted stock units -- (597)
------------ ------------
NET CASH PROVIDED BY FINANCING
ACTIVITIES 29,610,653 11,358,940
------------ ------------
Net increase in cash and cash
equivalents and restricted cash (18,797,269) (1,617,182)
Cash and cash equivalents and
restricted cash, beginning of
year 23,617,733 3,591,623
------------ ------------
Cash and cash equivalents and
restricted cash, end of year $ 4,820,464 $ 1,974,441
------------ ------------
About Cyngn
Cyngn develops and deploys autonomous vehicle technology for industrial organizations like manufacturers and logistics companies. The Company addresses significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents.
Cyngn's DriveMod technology empowers customers to seamlessly bring self-driving technology to their operations without high upfront costs or infrastructure installations. DriveMod is currently available on Motrec MT-160 Tuggers and BYD Forklifts.
The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years. The DriveMod Forklift lifts heavy loads that use non-standard pallets and is currently available to select customers. For all terms referenced within, please refer to the Company's annual report on Form 10-K/A with the SEC filed on November 14, 2025.
Investor Contact:
Natalie Russell, CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
Where to find Cyngn:
-- Website: https://cyngn.com -- X: https://x.com/cyngn -- LinkedIn: https://www.linkedin.com/company/cyngn -- YouTube: https://www.youtube.com/@cyngnhq
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue, " "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the he Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K/A filed with the SEC on November 14, 2025. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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SOURCE Cyngn
(END) Dow Jones Newswires
November 18, 2025 17:42 ET (22:42 GMT)