EX-99.1 2 ea026607201ex99-1_cynginc.htm PRESS RELEASE DATED NOVEMBER 18, 2025

Exhibit 99.1

 

 

 

Cyngn Reports Third Quarter 2025 Financial Results

 

Recent Operating Highlights

 

●Deployed the DriveMod Tugger at G&J Pepsi, the Largest Independent Pepsi Bottler in the USA

 

●U.S. Continental “definitely recommends” the DriveMod Tugger.

 

●Secured funding that extends Cyngn’s cash runway through 2027, reinforcing balance-sheet stability and capacity to scale operations.

 

●Appointed Natalie Russell as Chief Financial Officer to strengthen financial leadership and operational discipline.

 

●Expanded the sales organization to the largest in company history, reflecting a more mature commercial posture.

 

●Deployed the DriveMod Tugger at Coats, marking another live industrial implementation of Cyngn’s autonomous vehicle technology.

 

●Secured Cyngn’s 23rd U.S. patent, covering a modular sensor system designed for automated guided vehicles and autonomous industrial platforms.

 

●Engaged Drata to pursue SOC 2 Type II and ISO 27001 certifications as part of a broader cybersecurity and compliance initiative.

 

 

 

 

MOUNTAIN VIEW, Calif., November 18, 2025 – Cyngn Inc. (Nasdaq: CYN) today reported operational progress for the third quarter ended September 30, 2025.

 

In Q3, Cyngn continued executing against its long-term strategy while positioning the business for a more commercial phase of growth. The company extended its financial runway through 2027, providing the capital required to scale deployment efforts, strengthen core technologies, and support expanding customer engagements. To align financial execution with these objectives, Cyngn appointed Natalie Russell as Chief Financial Officer, adding leadership experience in capital allocation, financial planning, and operational controls.

 

Commercial readiness advanced meaningfully during the quarter. Cyngn expanded its sales organization to the largest in its history and sharpened its go-to-market execution, resulting in material improvements in pipeline generation, meeting volume, and lead quality.

 

These gains reflect a more disciplined focus on efficiency over volume in demand generation efforts. This maturation in commercial strategy was underscored by the deployment of a DriveMod Tugger at Coats and G&J Pepsi, where the system is now actively automating material transport in a live production environment.

 

The company also reinforced its technology and compliance infrastructure. Cyngn secured its 23rd U.S. patent covering a modular sensor architecture adaptable to various industrial vehicles, further strengthening its intellectual property portfolio. In parallel, Cyngn partnered with Drata to pursue SOC 2 Type II and ISO 27001 certifications, an important step in meeting the security and data governance requirements of enterprise customers.

 

With a fortified balance sheet, expanded commercial organization, and ongoing progress in technology and compliance, Cyngn enters the next phase of execution focused on scaling deployments and converting commercial momentum into long-term value creation.

  

Q3 2025 Nine Month Financial Review:

 

Year-to-date third quarter revenue was $150.9 thousand compared to $61.8 thousand in the third quarter of 2024. Similar to prior year, third quarter 2025 revenue consisted of EAS software subscriptions from DriveMod tugger vehicle deployments.

 

Total costs and expenses in the year-to-date third quarter were $19.2 million, an increase of $1.9 million or 11% from $17.3 million in the third quarter of 2024. This increase was due to a $2 million increase in general and administrative (G&A), primarily due to an increase in personnel costs reflecting an investment in sales and executive bonuses, and a $0.1 million increase in research and development (R&D), primarily due to the change in accounting estimate related to capitalized software offset by the decrease in headcount. This is offset by a decrease of $0.2 million in cost of revenue due to the deployment costs being recognized over the life of the won contracts in 2025 versus the costs of initial deployment pilots immediately recognized in 2024. For the third quarter of 2025, other income (expense), net was $1.3 million compared to $70 thousand in the third quarter of 2024. The increase in other income was primarily driven by the $1.1 million fair value measurement of warrants.

 

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Net loss for the third quarter was $(17.8) million compared to $(17.2) million in the corresponding quarter of 2024. Third quarter 2025 net loss per share was $(5.20), based on basic and diluted weighted average shares outstanding of approximately 3.4 million in the quarter. This compares to a net loss per share of $(1,924.23) in the third quarter of 2024, based on approximately 8.91 thousand basic and diluted weighted average shares outstanding.

 

Q3 2025 Three Month Financial Review:

 

Third quarter revenue was $70 thousand compared to $47.6 thousand in the third quarter of 2024. Similar to prior year, third quarter 2025 revenue consisted of EAS software subscriptions from DriveMod tugger vehicle deployments.

 

Total costs and expenses in the third quarter were $8.5 million, an increase of $2.9 million or 53% from $5.6 million in the third quarter of 2024. This increase was due to an increase of $2.5 million in R&D primarily driven by a change in accounting estimate of capitalized software development. In addition, the company experienced an increase of $578 thousand in G&A, primarily due to an increase in personnel costs reflecting an investment in sales and executive bonuses. This is offset by a decrease of $106 thousand in cost of revenue due to the deployment costs being recognized over the life of the won contracts in 2025 versus the costs of initial deployment pilots immediately recognized in 2024. For the third quarter of 2025, other income (expense), net was $(21.6) thousand compared to $80.8 thousand in the third quarter of 2024. The decrease in income was primarily driven by an increase in interest expense due to the office lease.

 

Net loss for the third quarter was $(8.4) million compared to $(5.4) million in the corresponding quarter of 2024. Third quarter 2025 net loss per share was $(1.20), based on basic and diluted weighted average shares outstanding of approximately 7 million in the quarter. This compares to a net loss per share of $(408.30) in the third quarter of 2024, based on approximately 13.31 thousand basic and diluted weighted average shares outstanding.

 

Balance Sheet Highlights:

 

Cyngn’s unrestricted cash and short-term investments as of September 30, 2025 totaled $34.9 million compared to $23.6 million as of December 31, 2024. At the end of the same period, working capital was $35.1 million and total stockholders’ equity was $38.7 million, as compared to year-end working capital of $22.1 million and total stockholders’ equity of $(1) million, respectively as of December 31, 2024. The Company had no debt as of September 30, 2025 and December 31, 2024 and to date, no one on the current management team has sold any shares of Company stock.

 

 

1All information has been retroactively adjusted to reflect the 1-for-100 reverse stock split effected on July 3, 2024 and the 1-for-150 reverse stock split effected on February 18, 2025.

 

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CYNGN INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2025   2024   2025   2024 
                 
REVENUE  $69,973   $47,584   $150,851   $61,762 
COSTS AND EXPENSES                    
Cost of revenue   50,816    157,251    79,574    285,949 
Research and development   5,254,953    2,795,583    9,331,987    9,149,357 
General and administrative   3,181,204    2,602,952    9,873,188    7,913,222 
TOTAL COSTS AND EXPENSES   8,486,973    5,555,786    19,284,749    17,348,528 
LOSS FROM OPERATIONS   (8,417,000)   (5,508,202)   (19,133,898)   (17,286,766)
                     
OTHER INCOME (EXPENSE), NET                    
Interest income (expense), net   (252,497)   46,336    (375,670)   45,994 
Change in fair value of warrant liability   ‒    ‒       1,136,677    ‒ 
Other income (expense), net   230,856    34,467    574,291    24,342 
TOTAL OTHER INCOME (EXPENSE), NET   (21,641)   80,803    1,335,298    70,336 
                     
NET LOSS  $(8,438,641)  $(5,427,399)  $(17,798,600)  $(17,216,430)
                     
Net loss per share attributable to common stockholders, basic and diluted  $(1.20)  $(408.30)  $(5.20)  $(1,924.23)
                     
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted   7,039,266    13,293    3,424,032    8,947 

 

 

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CYNGN INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   (Unaudited)   December 31, 
   September 30,
2025		   2024 (Restated) 
ASSETS        
CURRENT ASSETS        
Cash  $4,820,464   $23,617,733 
Short-term investments   30,054,492    – 
Prepaid expenses and other current assets   4,205,419    1,965,222 
TOTAL CURRENT ASSETS   39,080,375    25,582,955 
           
Property and equipment, net   3,006,886    2,319,402 
Right of use asset, net   6,190,809    297,918 
Intangible assets, net   470,781    1,895,074 
Security Deposit   518,584    – 
TOTAL ASSETS  $49,267,435   $30,095,349 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
CURRENT LIABILITIES          
Accounts payable  $360,416   $247,778 
Accrued expenses and other current liabilities   3,514,449    2,874,216 
Current operating lease liability   36,966    317,344 
TOTAL CURRENT LIABILITIES   3,911,831    3,459,338 
           
Non-current operating lease liability   6,676,231    – 
Warrant liability   –    27,703,927 
TOTAL LIABILITIES   10,588,062    31,143,265 
           
Commitments and contingencies (Note 12)          
           
STOCKHOLDERS’ EQUITY          
Common stock, Par $0.00001; 400,000,000 and 200,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 7,039,266 and 199,110 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively   70    2 
Additional paid-in capital   249,831,101    192,305,280 
Accumulated deficit   (211,151,798)   (193,353,198)
TOTAL STOCKHOLDERS’ EQUITY   38,679,373    (1,047,916)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $49,267,435   $30,095,349 

 

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CYNGN INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Nine Months Ended
September 30,		 
   2025   2024 
CASH FLOWS FROM OPERATING ACTIVITIES        
Net loss  $(17,798,600)  $(17,216,430)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   894,312    692,848 
Stock-based compensation   1,347,987    1,871,466 
Realized gain on short-term investments   (545,094)   (105,414)
Loss on disposed assets   11,429    – 
Patent impairment   –    118,831 
Change in fair value of warrant liability   (1,136,677)   – 
Change in estimate of capitalized software   2,590,491    – 
Changes in operating assets and liabilities:          
Prepaid expenses, operating lease right-of-use assets, and other assets   (2,758,782)   (345,122)
Accounts payable   112,638    (6,475)
Accrued expenses, lease liabilities, and other current liabilities   446,754    (559,715)
NET CASH USED IN OPERATING ACTIVITIES   (16,835,542)   (15,550,011)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchase of property and equipment   (872,369)   (739,947)
Acquisition of intangible asset   (1,190,613)   (540,756)
Purchase of short-term investments   (62,710,899)   (6,755,408)
Proceeds from maturity of short-term investments   33,201,501    10,610,000 
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES   (31,572,380)   2,573,889 
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from at-the-market equity financing, net of issuance costs   –    6,789,427 
Proceeds from public issuance of common stock and pre-funded warrants, net of issuance costs   29,611,678    4,570,110 
Issuance costs from public issuance of common stock and pre-funded warrants and exercise of pre-funded warrants   (1,025)   – 
Issuance costs for stock dividend and restricted stock units   –    (597)
NET CASH PROVIDED BY FINANCING ACTIVITIES   29,610,653    11,358,940 
           
Net increase in cash and cash equivalents and restricted cash   (18,797,269)   (1,617,182)
Cash and cash equivalents and restricted cash, beginning of year   23,617,733    3,591,623 
Cash and cash equivalents and restricted cash, end of year  $4,820,464   $1,974,441 

 

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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. For all terms referenced within, please refer to the Company’s annual report on Form 10-K/A with the SEC filed on November 14, 2025.

 

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 he 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 November 14, 2025. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

 

 

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