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Cyngn Reports Fourth Quarter and Fiscal Year 2022 Financial Results

First revenue as a public company from autonomous vehicle development contracts

Ended 2022 with $22.6 million in unrestricted cash and short-term investments compared to $21.9 million at the end of 2021

Cyngn Inc. (the “Company” or “Cyngn”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial applications, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230315005694/en/

Recent Operating Highlights:

“The fourth quarter was a transformational one for Cyngn on our mission to bring autonomous vehicles to industrial businesses across the globe” said Lior Tal, Cyngn’s CEO. “Our first commercial sales to U.S. Continental mark the transition of Cyngn from an R&D company to a commercial company. During the fourth quarter we also reported our first revenues from one of the two development contracts that we have signed to bring autonomy to electric forklifts and heavy industrial vehicles. Both these projects have the potential to realize significant benefits for the Company as we move through 2023 and into 2024.

“When we first listed on Nasdaq in October 2021, we set out our ambition to develop one vehicle and deploy it on a single site by the end of 2022. It is a testament to the quality of our people and the ambition of the Company that by the end of the year we had a signed commercial contract for our first vehicle type, two further vehicle types in development for full commercialization with sponsor customers, multiple pilot deployments completed, and a significant expansion of our team. We are determined to carry this momentum into 2023 and build on the significant progress we have made.”

Financial Review

Fourth Quarter ending December 31, 2022:

  • Revenue was $262 thousand for the quarter compared to zero revenue in the fourth quarter of 2021. This revenue was primarily related to multi-phase non-recurring engineering (“NRE”) development contracts. Total operating expenses in the fourth quarter were $5.8 million, up $2.2 million from $3.6 million in the prior year quarter, mainly due to increases in personnel costs, professional and contractor fees, and occupancy costs. General and Administrative (“G&A”) expenses were $1.4 million higher in the fourth quarter of 2022, compared to the fourth quarter of 2021, due to the increase in personnel costs and professional services necessary to support public company compliance requirements. The increase in operating expense was also driven by a $0.7 million year-over-year increase in Research and Development (“R&D”) expense due to higher personnel costs incurred for the addition of top-quality engineering staff, contractor costs, increased occupancy costs, and R&D-related travel costs.
  • Net loss was $5.5 million for the fourth quarter, up from $2.1 million in the fourth quarter of 2021. Based on a weighted average of approximately 33.7 million basic and diluted shares outstanding in the fourth quarter, net loss per share was $0.16 for the fourth quarter of 2022, compared to basic and diluted net loss per share of $0.10 against a weighted average of approximately 20.4 million basic and diluted shares outstanding in the fourth quarter of 2021.

Full-year ending December 31, 2022:

  • Full-year revenue was $262 thousand compared to zero revenue in 2021 primarily as a result of the NRE contracts mentioned above. Total operating expenses in 2022 were $19.5 million, an increase of $10.1 million from $9.4 million for the fiscal year 2021. The increase was due to higher G&A and R&D expenses for the reasons outlined above.
  • Net loss for the fiscal year in 2022 was $19.2 million compared to $7.8 million in the prior year. Net loss per share on a basic and diluted basis was $0.62 based on a weighted average of 31.2 million shares for the year ended December 31,2022. Net loss per share in 2021 was $1.33 based on a weighted average of 5.9 million shares.

Balance sheet highlights:

Cyngn ended the year with unrestricted cash and short-term investments of $22.6 million. Working capital was $22.4 million and total stockholders’ equity was $24.1 million at the end of 2022; compared to unrestricted cash and short-term investments of $21.9 million, working capital of $22.1 million and total stockholders’ equity of $22.2 million respectively at the end of 2021.

Conference Call and Webcast Information:

Cyngn will host a conference call at 1.30 p.m. PDT/4.30 p.m. EDT today (Wednesday, March 15, 2023), during which management will discuss the results of the fourth quarter and fiscal year ended December 31, 2022.

As the call will include a video presentation, the Company recommends viewing the live webcast of the call which will be available on the Cyngn website under “Events & Presentations” or by clicking here.

To participate via telephone:

Toll-Free:

877-407-0890

International:

201-389-0918

Those who are unable to attend the live conference call may access the recording, approximately one hour after the conclusion of the call, at the above webcast link or at the “Investor Relations” page of the Company’s website (https://investors.cyngn.com/).

About Cyngn

Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. The Company addresses significant challenges facing industrial organizations today, such as the increasing cost of staff for manual vehicle operation, labor shortages and costly safety incidents while increasing workforce reliability and productivity.

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

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, such as statements about the Company’s growth, ability to deliver sustainable long-term value, ability to respond to the changing environment, operational focus, strategic growth plans, product launches and corresponding revenue generation, operations and financial results. Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company’s management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company’s reports filed with the Securities and Exchange Commission, including, without limitation the risk factors discussed in the Company’s annual reports on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements.

 

CYNGN INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

 

2022

 

 

 

2021

 

 
Assets
Current assets
Cash  

 $

                 10,536,273

 

 

 $

                 21,945,981

 

Restricted cash

 

                          50,000

 

 

                          50,000

 

Short-term investments  

 

                    12,064,337

 

 

 

                                -

 

Prepaid expenses and other current assets

 

                      1,126,137

 

 

                        525,304

 

Total current assets  

 

                    23,776,747

 

 

 

                    22,521,285

 

 
Property and equipment, net  

 

                        884,000

 

 

 

                        102,787

 

Right of use asset, net

 

                        371,189

 

 

                                -

 

Intangible assets, net  

 

                        473,076

 

 

 

                          30,917

 

Total Assets

 $

                 25,505,012

 

 $

                 22,654,989

 

         
Liabilities and Stockholders' Equity
Current liabilities        
Accounts payable

 $

                     155,943

 

 $

                     112,271

 

Accrued expenses and other current liabilities  

 

                        854,920

 

 

 

                        295,156

 

Operating lease liability

 

                        376,622

 

 

                                -

 

Total current liabilities  

 

                      1,387,485

 

 

 

                        407,427

 

 
Total liabilities  

 

                      1,387,485

 

 

 

                        407,427

 

 
Commitments and contingencies        
Stockholders' Equity
Common stock, Par $0.00001; 100,000,000 shares authorized,

 33,684,864 and 26,487,680 shares issued and outstanding as of

 December 31, 2022 and 2021, respectively
 

 

                              337

 

 

 

                              265

 

Additional paid-in capital

 

                  159,847,229

 

 

                  138,740,827

 

Accumulated deficit  

 

                 (135,730,039

)

 

 

                 (116,493,530

)

Total stockholders' equity

 

                    24,117,527

 

 

                    22,247,562

 

Total Liabilities and Stockholders' Equity  

 $

                 25,505,012

 

 

 $

                 22,654,989

 

CYNGN INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three months ended
December 31, Year Ended December 31,

 

2022

 

 

 

2021

 

 

2022

 

 

 

2021

 

 
Revenue  

 $

                     262,000

 

 

 $

                             -

 

 

 $

                     262,000

 

 

 $

                             -

 

Costs and expenses:                
Cost of revenue  

 

                        186,823

 

 

 

                                -

 

 

 

                        186,823

 

 

 

                                -

 

Research and development

 

                      2,818,599

 

 

                      2,073,112

 

 

                      9,481,329

 

 

                      4,990,407

 

General and administrative  

 

                      2,947,394

 

 

 

                      1,558,590

 

 

 

                      9,994,575

 

 

 

                      4,409,651

 

Total costs and expenses

 

                      5,952,816

 

 

                      3,631,702

 

 

                    19,662,727

 

 

                      9,400,058

 

                 
Loss from operations

 

                    (5,690,816

)

 

                    (3,631,702

)

 

                  (19,400,727

)

 

                    (9,400,058

)

                 
Other income, net
Interest income (expense)  

 

                          41,409

 

 

 

                              452

 

 

 

                          44,100

 

 

 

                          (9,580

)

Other income

 

                        103,262

 

 

                        (28,635

)

 

                        120,118

 

 

                            7,173

 

Paycheck Protection Program Note forgiveness  

 

                                -

 

 

 

                      1,602,936

 

 

 

                                -

 

 

 

                      1,602,936

 

Total other income, net

 

                        144,671

 

 

                      1,574,753

 

 

                        164,218

 

 

                      1,600,529

 

                 
Net loss

 

                    (5,546,145

)

 

                    (2,056,949

)

 

                  (19,236,509

)

 

                    (7,799,529

)

                 
Net loss per share attributable to ordinary stockholders,

 basic and diluted

 $

                         (0.16

)

 $

                         (0.10

)

 $

                         (0.62

)

 $

                         (1.33

)

                 
Weighted-average shares used in computing net loss per

 share attributable to ordinary stockholders, basic and

 diluted

 

                    33,680,789

 

 

                    20,384,421

 

 

                    31,233,071

 

 

                      5,861,730

 

CYNGN INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Year Ended December 31,

 

2022

 

 

 

2021

 

Cash flows from operating activities
Net loss  

 $

                (19,236,509

)

 

 $

                 (7,799,529

)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization  

 

                        604,871

 

 

 

                          85,855

 

Stock-based compensation

 

                      2,867,698

 

 

                      1,139,247

 

Gain in disposal of assets  

 

                                -

 

 

 

                        (31,355

)

Realized gain on short-term investments, net

 

                        (90,216

)

 

                                -

 

Gain on forgiveness of Paycheck Protection Program Notes  

 

                                -

 

 

 

                    (1,602,936

)

 
Changes in operating assets and liabilities:  

 

                                -

 

 

 

                                -

 

Prepaid expenses and other current assets

 

                    (1,425,126

)

 

                       (476,452

)

Accounts payable  

 

                          43,672

 

 

 

                          39,255

 

Accrued expenses and other current liabilities

 

                        936,387

 

 

                            3,496

 

Net cash used in operating activities  

 

                  (16,299,223

)

 

 

                    (8,642,419

)

 
Cash flows from investing activities        
Purchase of property and equipment

 

                       (918,318

)

 

                        (62,204

)

Acquisition of intangible assets  

 

                       (456,822

)

 

 

                                -

 

Purchase of short-term investments

 

                  (27,000,000

)

 

                                -

 

Proceeds from maturities of short-term investments  

 

                    15,025,879

 

 

 

                                -

 

Disposal of assets

 

                                -

 

 

                          42,189

 

Net cash used in investing activities   

 

                  (13,349,261

)

 

 

                        (20,015

)

 
Cash flows from financing activities        
Proceeds from issuance of common stock upon initial public offering, net of offering costs

 

                                -

 

 

                    23,295,890

 

Proceeds of issuance of common stock from PIPE financing, net of offering costs  

 

                    18,121,945

 

 

 

                                -

 

Proceeds from exercise of pre-funded warrants from PIPE financing

 

                            2,662

 

 

                                -

 

Proceeds from Paycheck Protection Program Notes  

 

                                -

 

 

 

                        892,115

 

Proceeds from exercise of stock options

 

                        114,169

 

 

                          14,220

 

Net cash provided by financing activities  

 

                    18,238,776

 

 

 

                    24,202,225

 

 
Net (decrease)/increase in cash and cash equivalents and restricted cash  

 

                  (11,409,708

)

 

 

                    15,539,791

 

Cash and cash equivalents and restricted cash, beginning of year

 

                    21,995,981

 

 

                      6,456,190

 

Cash and cash equivalents and restricted cash, end of year  

 

                    10,586,273

 

 

 

                    21,995,981

 

 
Supplemental disclosure of cash flow:        
Cash paid during the year for taxes

 $

                       10,131

 

 $

                       16,719

 

 
Supplemental disclosure of non-cash financing activities:
 
The Company's Paycheck Protection Program Notes were forgiven by the SBA in the amount of $1,602,936

 

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