Cyngn reports Q4 EPS (12c) vs. (15c) last year

Reports Q4 revenue $40.4M vs. $262K last year. “I am pleased with the accomplishments of our Cyngn team as we transitioned from years of R&D into 2023 commercial readiness and finished the year with annual revenue at $1.5M,” said Lior Tal, CEO. “Our success is also driven in part with our key leading OEM partnerships from Motrec and BYD, and, aided by our technology alignment with Ouster’s LiDAR sensors and Nvidia’s artificial intelligence computation capabilities that power Cyngn’s AI-driven autonomous vehicle software solutions. During the first couple of months of 2024 we already successfully completed multiple trial deployments of DriveMod Autonomous Vehicles with leading vehicle manufacturers and automotive suppliers, and anticipate 2024 to be a fast-paced and exciting year as these transition to follow-on sales, and we scale up production deployment and rapidly expand our customer installed base. This will happen in parallel to continued development of the DriveMod Autonomous Forklifts, which are expected to begin initial deployments during the second half of the year.”