Cyngn Reports 2025 Fourth Quarter and Year-End Financial Results
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.
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
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
Total costs and expenses in 2025 were
Net loss for 2025 was
Q4 2025 Three Month Financial Review:
Fourth quarter of 2025 revenue was
Total costs and expenses in the fourth quarter were
Net loss for the fourth quarter was
Balance Sheet Highlights:
Cyngn's unrestricted cash and short-term investments as of
CYNGN INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
Year Ended | ||||||||
2025 | 2024 | |||||||
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 | 4,540,481 | 13,221 | ||||||
CYNGN INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
| 2024 | |||||||
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 | ||||||
NON-CURRENT ASSETS | ||||||||
Property and equipment, net | 3,268,196 | 2,319,402 | ||||||
Right-of-use asset, net | 5,971,800 | 297,918 | ||||||
Intangible assets, net | 466,223 | 1,895,074 | ||||||
Security Deposit | 518,584 | ‒ | ||||||
TOTAL ASSETS | $ | 50,053,215 | $ | 30,095,349 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 217,439 | $ | 247,778 | ||||
Deferred revenue | 1,658,015 | 769,180 | ||||||
Accrued expenses and other current liabilities | 2,615,734 | 2,105,036 | ||||||
Current operating lease liability | 312,365 | 317,344 | ||||||
TOTAL CURRENT LIABILITIES | 4,803,553 | 3,439,338 | ||||||
Non-current operating lease liability | 6,495,256 | ‒ | ||||||
Warrant liability | ‒ | 27,703,927 | ||||||
TOTAL LIABILITIES | 11,298,809 | 31,143,265 | ||||||
Commitments and contingencies (Note 12) | ||||||||
STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
Common stock, Par | 80 | 2 | ||||||
Additional paid-in capital | 255,576,797 | 192,305,280 | ||||||
Accumulated deficit | (216,822,471) | (193,353,198) | ||||||
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | 38,754,406 | (1,047,916) | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 50,053,215 | $ | 30,095,349 | ||||
CYNGN INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
Year Ended | ||||||||
2025 | 2024 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net loss | $ | (23,469,273) | $ | (33,335,579) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 1,189,794 | 669,409 | ||||||
Stock-based compensation | 1,620,992 | 2,449,191 | ||||||
Realized gain on short-term investments | (85,117) | ‒ | ||||||
Accretion on short-term investments | (776,163) | (113,072) | ||||||
Loss on disposed assets | 16,607 | ‒ | ||||||
Patent impairment | ‒ | 118,831 | ||||||
Change in fair value of warrant liability | (1,136,677) | 5,359,780 | ||||||
Change in estimate of capitalized software | 1,425,689 | ‒ | ||||||
Warrant liability issuance costs | ‒ | 1,739,148 | ||||||
Loss on issuance of warrants | ‒ | 2,344,147 | ||||||
Accretion of interest and amortization of debt issuance costs | ‒ | 1,177,174 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts and other receivables | (321,322) | (452,006) | ||||||
Inventory | (1,889,414) | (150,241) | ||||||
Prepaid expenses, operating lease right-of-use assets, and other current assets | (1,421,910) | (44,035) | ||||||
Accounts payable | (30,339) | 50,815 | ||||||
Deferred revenue | 888,834 | (667,680) | ||||||
Accrued expenses, lease liabilities, and other current liabilities | 411,643 | 1,658,037 | ||||||
(23,576,656) | (19,196,081) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of property and equipment | (1,230,536) | (1,051,481) | ||||||
Acquisition of intangible asset | (29,061) | (954,229) | ||||||
Disposal of assets | ‒ | 265,940 | ||||||
Purchase of short-term investments | (87,387,311) | (7,562,761) | ||||||
Proceeds from maturity of short-term investments | 54,512,501 | 12,237,761 | ||||||
(34,134,407) | 2,935,230 | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from at-the-market equity financing, net of issuance costs | 5,472,701 | 6,789,427 | ||||||
Proceeds from public issuance of common stock and pre-funded warrants and | 29,611,677 | 13,811,014 | ||||||
Issuance costs from public issuance of common stock and pre-funded | (1,025) | ‒ | ||||||
Proceeds from issuance of warrants | ‒ | 18,260,852 | ||||||
Proceeds from the Notes, net of issuance costs | ‒ | 1,801,265 | ||||||
Repayment of the Notes | ‒ | (4,375,000) | ||||||
Issuance costs for stock dividend and restricted stock units | ‒ | (597) | ||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 35,083,353 | 36,286,961 | ||||||
Net increase (decrease) in cash and cash equivalents | (22,627,710) | 20,026,110 | ||||||
Cash and cash equivalents, beginning of year | 23,617,733 | 3,591,623 | ||||||
Cash and cash equivalents, end of year | $ | 990,023 | $ | 23,617,733 | ||||
All information has been retroactively adjusted to reflect the 1-for-100 reverse stock split effected on
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.
Investor Contact:
CFO
[email protected]
Media Contact:
Head of Marketing
[email protected]
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 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
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