The recent months have been marked by:
- Sales Acceleration. More customer opportunities
were added to the sales pipeline in October than in all of the
third quarter.
- Validation from Large Organizations. Cyngn has
signed revenue-generating contracts with companies in the Fortune
Global 500 and the Fortune 100.
- Expansion to New Vehicle Types. Cyngn plans to
release its first DriveMod Tugger in 4Q 2023, DriveMod Forklift in
2024.
MENLO
PARK, Calif., Nov. 8, 2023
/PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq:
CYN), a developer of AI-powered autonomous driving software
solutions for industrial applications, today highlights several
company achievements.
"I'm thrilled with the continuous flow of milestones achieved by
our exceptional Cyngn team. The collaborative spirit that has
driven our partnerships with customers, OEMs, and suppliers is the
driving force behind the exciting commercial launch of our DriveMod
Stockchaser this year, setting the stage for the eagerly
anticipated launch of the DriveMod Forklift next year," said
Lior Tal, the Chairman and Chief
Executive Officer of Cyngn. "Our third quarter was especially
significant as we recorded EAS software subscription revenue for
the first time. As we approach the year's end in 2023, we're poised
for a remarkable commercial finish, filled with promise and
success."
Anchor Partner-Customer Arauco
Arauco, a global wood supplier company, has been an instrumental
Cyngn partner-customer and industry innovator leading the way to
adopting advanced technology solutions in improving warehouse
supply logistics safety and efficiency. Arauco's recent
initial paid preorder placement for 100 autonomous electric
DriveMod Forklifts provides Cyngn the potential of up to
$5 million per year in recurring
subscription revenue. Deployment is expected to begin in
mid-2024 at Arauco's facility in Bennettsville, South Carolina with
expectations to scale to additional Arauco sites, which includes
more than 40 global locations. The DriveMod Forklift meets
Arauco's challenges that we believe are underserved by the
solutions available today, automating the handling of heavy loads
while using non-standard pallet pockets.
Electric Vehicle Manufacturer and End-Customer Deployment
Expansion
In early Q3, Cyngn announced a partnership with Motrec
International, a globally recognized industrial electric vehicle
manufacturer that will integrate Cyngn's DriveMod into their
electric tuggers. Motrec's MT-160 tow tractor has a towing
capacity of 6,000 pounds and expects to make its debut in Q4 with
further expansion to a broader customer base in 2024.
We also announced a deployment at the facility of a Fortune 100
heavy equipment manufacturer. With more than 50 sites requiring
similar towing applications needs, including electric forklifts,
this represents the beginning of a significant opportunity for
Cyngn to expand our technology to dozens of facilities.
As Cyngn continues to expand its partnership to a broader scope
of industrial customers and OEMs in the supply chain network, our
recently announced Autonomous Vehicle (AV) Consultancy Services
provide an onboarding solution to new customers for planning AV
solutions to yield more successful AV deployment and development
projects. To date, several companies including Arauco, a global OEM
in the mining industry, a multinational organization in the defense
and aerospace sector, and others have benefitted from this
capability to streamline their operations and increase workforce
productivity.
OEM partnerships are among the most pivotal in enabling the
adoption of our self-driving solutions, and our key partnerships
include DriveMod Stockchasers with Columbia Vehicle Group, DriveMod
Tuggers with Motrec, and the highly anticipated DriveMod Forklifts
with BYD.
Technology Achievements
Cyngn has been granted 16 U.S. patents, reflecting its
technology leadership in autonomous driving systems
technology. These patents are a result of our proprietary
advances in vehicle sensor systems, multi-channel sensing and
obstacle detection, computation acceleration, and adaptive systems
to meet the challenges of a multitude of different vehicle
configurations and applications. Further, we have submitted an
additional 9 U.S. patents and 20 international patents that are
expected to be granted in the coming months and years.
Financial
Cyngn recently raised $1.5 million
from sales of common stock through an at-the-market (ATM) sales
agreement as of October
31st. The raised capital was achieved in a
cost-effective manner to support our growth and strategic hiring,
primarily for our teams that are crucial to revenue
generation. As a result, more customer opportunities were
added to our pipeline in the month of October than in all of the
third quarter of 2023.
Cyngn recently distributed a pro rata 10% common stock dividend
as a way of rewarding and thanking our shareholders for their
continued support. On October
30th, all holders of record on October 23rd received one share of
Cyngn common stock for every ten shares of Cyngn common stock.
About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous
vehicle technology for industrial organizations. Cyngn's
self-driving solutions allow existing workforces to increase
productivity and efficiency. The Company addresses significant
challenges facing industrial organizations today, such as labor
shortages, costly safety incidents, and increased consumer demand
for eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial vehicles
at end of line or via retrofit, empowering customers to seamlessly
adopt self-driving technology into their operations without high
upfront costs or the need to completely replace existing vehicle
investments.
Cyngn's flagship product, its Enterprise Autonomy Suite,
includes DriveMod (autonomous vehicle system), Cyngn Insight
(customer-facing suite of AV fleet management, teleoperation, and
analytics tools), and Cyngn Evolve (internal toolkit that enables
Cyngn to leverage data from the field for artificial intelligence,
simulation, and modeling).
Find Cyngn on:
Website: https://cyngn.com
Twitter: http://twitter.com/cyngn
LinkedIn: https://www.linkedin.com/company/cyngn
YouTube: https://www.youtube.com/@cyngnhq
Investor/Media Contact: Bill Ong, bill@cyngn.com;
650-204-1551
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 SEC, including,
without limitation the risk factors discussed in the Company's
annual report on Form 10-K filed with the SEC on March 17, 2023. 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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