Cyngn Reports 2026 1st Quarter Financial Results
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.
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
In March, Cyngn completed a
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
Total costs and expenses in the first quarter were
Net loss for the first quarter was
Balance Sheet Highlights:
Cyngn's unrestricted cash and short-term investments as of
CYNGN INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
Three Months Ended | ||||||||
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 | 11,008,586 | 1,150,882 | ||||||
CYNGN INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||
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 | ||||||||
Non-current operating lease liability | 6,253,061 | 6,495,256 | ||||||
TOTAL NON-CURRENT LIABILITIES | 6,253,061 | 6,495,256 | ||||||
TOTAL LIABILITIES | 10,388,062 | 11,298,809 | ||||||
Commitments and Contingencies (Note 12) | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock, Par | ‒ | ‒ | ||||||
Common stock, Par | 136 | 80 | ||||||
Additional paid-in capital | 273,878,924 | 255,576,797 | ||||||
Accumulated deficit | (223,309,230) | (216,822,471) | ||||||
TOTAL STOCKHOLDERS' DEFICIT | 50,569,830 | 38,754,406 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ | 60,957,892 | $ | 50,053,215 | ||||
CYNGN INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
Three Months Ended | ||||||||
2026 | 2025 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net loss | $ | (6,486,759) | $ | (3,911,647) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 316,605 | 240,907 | ||||||
Stock-based compensation | 386,289 | 536,244 | ||||||
Realized gain on short-term investments | ‒ | (67,160) | ||||||
Accretion on short-term investments | (432,942) | ‒ | ||||||
Change in fair value of warrant liability | ‒ | (1,136,677) | ||||||
Change in assets and liabilities: | ||||||||
Accounts and other receivables | (1,187,681) | ‒ | ||||||
Inventory | 255,340 | ‒ | ||||||
Prepaid expenses, operating lease right-of-use assets, and other assets | (343,714) | (941,529) | ||||||
Accounts payable | 155,275 | 33,888 | ||||||
Deferred revenue | 591,940 | ‒ | ||||||
Accrued expenses, lease liabilities, and other current liabilities | (1,657,962) | (1,267,094) | ||||||
Net cash used in operating activities | (8,403,609) | (6,513,068) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of property and equipment | (289,489) | (178,453) | ||||||
Acquisition of intangible asset | (4,932) | (655,574) | ||||||
Disposal of assets | ‒ | 1,960 | ||||||
Purchase of short-term investments | (20,978,738) | (23,015,397) | ||||||
Proceeds from maturity of short-term investments | 15,902,353 | 7,746,155 | ||||||
Net cash used in investing activities | (5,370,806) | (16,101,309) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from at-the-market equity financing, net of issuance costs | 9,166,427 | ‒ | ||||||
Proceeds from public issuance of common stock, net of offering costs | 8,749,467 | ‒ | ||||||
Issuance costs for public issuance of common stock and pre-funded warrants and | ‒ | (1,025) | ||||||
Net cash provided by (used in) financing activities | 17,915,894 | (1,025) | ||||||
Net increase (decrease) in cash and cash equivalents | 4,141,479 | (22,615,402) | ||||||
Cash and cash equivalents at beginning of period | 990,023 | 23,617,733 | ||||||
Cash and cash equivalents at end of period | $ | 5,131,502 | $ | 1,002,331 | ||||
Supplemental disclosure: | ||||||||
Acquisition of property and equipment included in accounts payable and accrued | $ | 21,405 | $ | 17,441 | ||||
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 filed with the SEC on
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SOURCE Cyngn