Cyngn reports Q2 EPS (19c) vs. (15c) last year

Reports Q2 revenue $0.6M vs. no revenue last year. “During the past few months, we have made incredible progress on our commercial targets,” said Lior Tal, Cyngn’s CEO. “In addition to the order from Arauco for our autonomous forklifts that we announced yesterday morning, we also announced our largest stockchaser customer to-date and a new vehicle type with the DriveMod enabled Motrec tow tractor. These announcements are a strong indication of the significant market opportunity for industrial vehicle autonomy and the excellent product market fit for Cyngn’s solutions. Our focus for the second half of 2023 will be to continue securing additional commercial deployments. “In the second quarter, we also achieved new milestones on our funded development projects to expand our Enterprise Autonomy Suite to additional vehicles. Cyngn’s flexible, vehicle agnostic, autonomy solutions have the potential to transform the use of industrial vehicles worldwide and we are extremely encouraged with the inbound interest in our products and solutions.”