Recent Operating Highlights:
-- Reported record expansion among existing enterprise and Fortune 100
customers and indicated that Q1 2026 sales are on track to exceed total
2025 bookings, reflecting accelerating commercial momentum.
-- Cyngn tripled the number of bookings in 2025 compared to 2024.
-- Announced commercial deployments at G&J Pepsi and Coats.
-- Expanded into agriculture through partnership with Chandler Automation.
-- Closed $9.65 million registered direct offering, extending the company's
runway until 2028.
MOUNTAIN VIEW, Calif., March 25, 2026 /PRNewswire/ -- Cyngn $(CYN)$ announced operational progress and commercial momentum entering 2026, reflecting continued expansion of its autonomous vehicle deployments, customer base, and strategic initiatives.
In 2025, Cyngn made measurable progress across commercialization, deployment execution, and market expansion. The company tripled DriveMod Tugger bookings year-over-year, expanded deployments with customers including G&J Pepsi and Coats, and increased autonomous utilization as sites moved into fuller production use.
Cyngn also expanded its market reach and ecosystem. In the fourth quarter, the company entered the agriculture sector through a partnership with Chandler Automation, extending its dealer network into food processing and packaging environments. This expansion reflects a broader strategy of targeting industries with high-frequency, repetitive material handling workflows.
Across its installed base, Cyngn reported record expansion activity among enterprise and Fortune 100 customers. Deployments that began as single-route automation initiatives are increasingly scaling into multi-vehicle, multi-workflow implementations, reflecting validation of operational value and repeatability of the platform. This expansion dynamic contributed to accelerating commercial momentum, with the company indicating it is on track to generate more bookings in Q1 2026 than in all of 2025. Note: even as sales are on an upward trajectory, the company recognizes revenue when vehicles are deployed over the operational life of the vehicle.
Already this year, there have been a number of developments.
In January, the company strengthened its leadership and governance capabilities with the appointment of Ran Makavy to its Board of Directors. Makavy brings experience scaling growth and platform operations at Lyft and Facebook, aligning with Cyngn's focus on converting product capability into broader market adoption.
In March, Cyngn completed a $9.65 million registered direct offering, providing additional liquidity to support ongoing operations and growth initiatives, extending its runway to 2028. The company also outlined new strategic pillars focused on mergers and acquisitions and asset-based balance sheet expansion, positioning Cyngn to pursue both organic and inorganic growth opportunities.
With expanding deployments, increasing customer adoption, strengthened intellectual property, and additional capital flexibility, Cyngn enters 2026 focused on scaling its commercial footprint and advancing autonomous vehicle adoption across industrial environments.
2025 Financial Review:
Revenue in 2025 was $219 thousand compared to $368 thousand in 2024. Similar to prior year, 2025 revenue consisted of EAS software subscriptions from DriveMod tugger vehicle deployments.
Total costs and expenses in 2025 were $25.9 million, an increase of $2.7 million or 11.6% from $23.2 million in 2024. This increase was due to a $1.9 million increase in general and administrative (G&A) expenses, primarily driven by an increase in personnel costs reflecting an investment in sales and executive bonuses, and a $1.2 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 was offset by a decrease of $0.4 million in cost of revenue due to the deployment costs being recognized over the life of the awarded contracts in 2025 versus the costs of initial deployment pilots immediately recognized in 2024. For 2025, other income (expense), net was $2.2 million compared to $(10.5) million in 2024. The increase in other income was primarily driven by the accounting for the warrants issued in 2024.
Net loss for 2025 was $(23.5) million compared to $(33.3) million in 2024. The 2025 net loss per share was $(5.17), based on basic and diluted weighted average shares outstanding of approximately 4.5 million in the quarter. This compares to a net loss per share of $(2,521.41) in 2024, based on approximately 13.2 thousand basic and diluted weighted average shares outstanding.
Q4 2025 Three Month Financial Review:
Fourth quarter of 2025 revenue was $68.1 thousand compared to $306.4 thousand in the fourth quarter of 2024. Similar to prior year, fourth quarter 2025 revenue consisted of EAS software subscriptions from DriveMod tugger vehicle deployments.
Total costs and expenses in the fourth quarter were $6.6 million, an increase of $1 million or 17% from $5.6 million in the fourth quarter of 2024. This increase was due to an increase of $1 million in R&D, as the company no longer reclassifies certain development costs to capitalized software following a change in accounting estimate. This is offset by a decrease of $57.7 thousand in G&A expenses, primarily due to spending improvements on general office expenses, and a decrease of $193.6 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 fourth quarter of 2025, other income (expense), net was $883.7 thousand compared to $(10.6) million in the fourth quarter of 2024. The increase in income was primarily driven by the accounting for the warrants issued in 2024.
Net loss for the fourth quarter was $(5.7) million compared to $(16.1) million in the corresponding quarter of 2024. Fourth quarter 2025 net loss per share was $(0.78), based on basic and diluted weighted average shares outstanding of approximately 7.2 million in the quarter. This compares to a net loss per share of $(672.21) in the fourth quarter of 2024, based on approximately 24 thousand basic and diluted weighted average shares outstanding.
Balance Sheet Highlights:
Cyngn's unrestricted cash and short-term investments as of December 31, 2025 totaled $34.7 million compared to $23.6 million as of December 31, 2024. At the end of the same period, working capital was $35 million and total stockholders' equity was $38.8 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 December 31, 2025 and December 31, 2024 and to date, no member of the current management team has sold any shares of the Company's stock.
CYNGN INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
----------------------------
2024
2025 Restated
------------- -------------
REVENUE $ 218,976 $ 368,138
------------ ------------
COSTS AND EXPENSES
Cost of revenue 135,749 535,708
Research and development 12,468,687 11,259,641
General and administrative 13,302,781 11,400,864
------------ ------------
TOTAL COSTS AND EXPENSES 25,907,217 23,196,213
------------ ------------
LOSS FROM OPERATIONS (25,688,241) (22,828,075)
------------ ------------
OTHER INCOME (EXPENSE), NET
Interest income (expense), net 197,429 (1,117,546)
Warrant liability issuance costs -- (1,739,148)
Change in fair value of warrant
liability 1,136,677 (5,359,780)
Loss on issuance of warrants -- (2,344,147)
Other income (expense), net 884,862 53,117
------------ ------------
TOTAL OTHER INCOME (EXPENSE), NET 2,218,968 (10,507,504)
------------ ------------
NET LOSS $(23,469,273) $(33,335,579)
------------ ------------
Net loss per share attributable to
common stockholders, basic and
diluted $ (5.17) $ (2,521.41)
Weighted-average shares used in
computing net loss per share
attributable to common
stockholders, basic and diluted 4,540,481 13,221
CYNGN INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
December 31, 2024
2025 Restated
-------------- --------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 990,023 $ 23,617,733
Short-term investments 33,736,091 --
Accounts and other receivables 1,544,213 1,222,891
Inventory 2,039,655 150,241
Prepaid expenses and other current
assets 1,518,430 592,090
------------- -------------
TOTAL CURRENT ASSETS 39,828,412 25,582,955
(MORE TO FOLLOW) Dow Jones Newswires
March 25, 2026 16:05 ET (20:05 GMT)
Comments