Recent Operating Highlights:
-- Reported record expansion activity among enterprise customers, including
additional autonomous vehicle deployments at existing customer sites.
-- Expanded deployment activity across manufacturing, logistics, and
agriculture environments, including new deployments at Vann Family
Orchards and a WEG electric motor manufacturing facility.
-- Continued investment in enterprise fleet management capabilities,
including on-prem deployment options designed to support larger fleet
operations and complex customer environments.
-- Demonstrated accelerating operational utilization across customer sites,
with Q1 2026 autonomous missions completed increasing more than 127%
year-over-year and autonomous driving time increasing more than 60%.
-- Expanded its intellectual property portfolio with the issuance of its
24th U.S. patent.
-- Strengthened strategic relationships through continued collaboration with
NVIDIA Isaac Sim.
-- Closed $9.65 million registered direct offering, extending the company's
runway until 2028.
MOUNTAIN VIEW, Calif., May 13, 2026 /PRNewswire/ -- Cyngn $(CYN)$ announced continued commercial and operational progress during the first quarter of 2026, reflecting growing enterprise adoption of its autonomous vehicle solutions and increasing deployment scale across customer environments.
During the quarter, Cyngn continued deepening its footprint within existing enterprise accounts, expanding autonomous vehicle deployments across additional routes, workflows, and facilities while enhancing the platform capabilities required to support larger fleet operations. Initial single-route deployments are increasingly evolving into broader automation initiatives spanning additional workflows, facilities, and vehicles.
This expansion dynamic was reflected in customer utilization metrics during the quarter. Across deployed environments, autonomous missions completed increased more than 127% year-over-year during Q1 2026, while autonomous driving time increased more than 60%. These gains reflect increasing operational adoption as customer sites transition autonomous vehicles into fuller production use.
Cyngn also continued expanding its commercial footprint across multiple industrial sectors. During the quarter, the company announced deployments at Vann Family Orchards and a WEG electric motor manufacturing facility, further extending the reach of its DriveMod Tugger platform across manufacturing, agriculture, and industrial material handling environments.
Alongside deployment growth, Cyngn continued investing in enterprise capabilities designed to support larger-scale customer opportunities. The company expanded development efforts around fleet management, operational scalability, and on-prem deployment configurations, enabling customers to deploy autonomous vehicle systems within more complex operational and IT environments.
Cyngn also strengthened its technology and intellectual property position during the quarter. The company was awarded its 24th U.S. patent and continued collaboration efforts involving NVIDIA Isaac Sim, supporting simulation, validation, and development workflows for autonomous vehicle deployments.
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 believes these developments position Cyngn to pursue larger enterprise opportunities while deepening expansion within its existing customer base.
Q1 2026 Three Month Financial Review:
Revenue in Q1 2026 was $105 thousand compared to $47 thousand in the first quarter of 2025. Similar to prior year, first quarter of 2026 revenue consisted of EAS software subscriptions from DriveMod tugger vehicle deployments.
Total costs and expenses in the first quarter were $7.1 million, an increase of $1.8 million or 34% from $5.3 million in the first quarter of 2025. This increase was due to a $1.0 million increase in general and administrative (G&A) expenses, primarily driven by an increase in board of director's pay in lieu of the equity component of the director compensation program for 2025 and an increase in marketing and advertising expenses. In addition, the company experienced a $0.8 million increase in research and development (R&D), primarily due to the change in accounting estimate related to capitalized software. There was an increase of $46 thousand in cost of revenue due to the deployment costs being recognized over the life of the awarded contracts. For the first quarter of 2026, other income (expense), net was $0.5 million compared to $1.3 million in the first quarter of 2025. The decrease in other income was primarily driven by the fair value measurement of warrants issued in the first quarter of 2025.
Net loss for the first quarter was $(6.5) million compared to $(3.9) million in the corresponding quarter of 2025. First quarter net loss per share was $(0.59), based on basic and diluted weighted average shares outstanding of approximately 11 million in the quarter. This compares to a net loss per share of $(3.40) in the first quarter of 2025, based on approximately 1.2 million basic and diluted weighted average shares outstanding.
Balance Sheet Highlights:
Cyngn's unrestricted cash and short-term investments as of March 31, 2026 totaled $44.4 million compared to $34.7 million as of December 31, 2025. At the end of the same period, working capital was $45.8 million and total stockholders' equity was $50.6 million, as compared to year-end working capital of $34.4 million and total stockholders' equity of $38.8 million, respectively as of December 31, 2025. The Company had no debt as of March 31, 2026 and December 31, 2025 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
Three Months Ended
March 31,
--------------------------
2026 2025
------------ ------------
Revenue $ 104,573 $ 47,152
Costs and expenses
Cost of revenue 57,350 11,813
Research and development 2,889,253 2,106,910
General and administrative 4,099,741 3,143,462
----------- -----------
Total costs and expenses 7,046,344 5,262,185
----------- -----------
Loss from operations (6,941,771) (5,215,033)
Other income, net
Interest income, net 22,070 74,819
Change in fair value of warrant
liabilities -- 1,136,677
Other income, net 432,942 91,890
----------- -----------
Total other income, net 455,012 1,303,386
----------- -----------
Net loss $(6,486,759) $(3,911,647)
----------- -----------
Net loss per share attributable to
common stockholders, basic and
diluted $ (0.59) $ (3.40)
----------- -----------
Weighted-average shares used in
computing net loss per share
attributable to common stockholders,
basic and diluted 11,008,586 1,150,882
CYNGN INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2026 2025
-------------- --------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 5,131,502 $ 990,023
Short-term investments 39,245,418 33,736,091
Accounts and other receivables 2,731,893 1,544,213
Inventory 1,784,315 2,039,655
Prepaid expenses and other current
assets 1,034,644 910,605
------------- -------------
TOTAL CURRENT ASSETS 49,927,772 39,220,587
------------- -------------
NON-CURRENT ASSETS
Property and equipment, net 3,467,825 3,268,196
Right of use asset, net 5,754,120 5,971,800
Intangible assets, net 462,091 466,223
Other non-current assets 1,346,084 1,126,409
------------- -------------
TOTAL NON-CURRENT ASSETS 11,030,120 10,832,628
------------- -------------
TOTAL ASSETS $ 60,957,892 $ 50,053,215
------------- -------------
LIABILITIES AND STOCKHOLDERS'
DEFICIT
CURRENT LIABILITIES
Accounts payable $ 372,714 $ 217,439
Deferred revenue 2,249,955 1,658,015
Accrued expenses and other current
liabilities 862,020 2,615,734
Current operating lease liability 650,312 312,365
------------- -------------
TOTAL CURRENT LIABILITIES 4,135,001 4,803,553
------------- -------------
NON-CURRENT LIABILITIES
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May 13, 2026 16:05 ET (20:05 GMT)
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