Cyngn Advances Industrial Automation with NVIDIA-Powered Autonomous Vehicles and Secures Major Automotive Deals

Cyngn enhances industrial autonomous tech with NVIDIA By Investing.com

MENLO PARK, Calif. - Cyngn Inc. (NASDAQ: CYN), a developer of autonomous vehicle technology for industrial use, has recently reported advancements in its proprietary computer vision (CV) technology. This technology, which is a part of Cyngn's DriveMod autonomous vehicle system, leverages NVIDIA (NASDAQ:NVDA)'s accelerated computing to improve the capabilities of industrial machines. The DriveMod solution has been implemented in material handling vehicles produced by manufacturers such as BYD (SZ:002594), Motrec, and Columbia Vehicle Group. These vehicles are in use by a variety of clients, including private manufacturing and distribution firms and major corporations like John Deere (NYSE:DE). Cyngn's collaboration with Arauco resulted in the pre-order of 100 DriveMod Forklifts last summer, which now exhibit advanced features such as the ability to count pallet stacks and identify non-standard pallet pockets. Lior Tal, Cyngn's Chairman and CEO, expressed enthusiasm about the progress stemming from the collaboration with NVIDIA, stating that it demonstrates the impact of NVIDIA's technologies from research and development to actual product deployment. Cyngn's technology suite aims to address challenges faced by industrial organizations, including labor shortages and the rising demand for eCommerce, by enhancing productivity and safety. The DriveMod Kit can be installed on new or existing industrial vehicles, facilitating the adoption of autonomous technology without significant upfront investment. The company's Enterprise Autonomy Suite comprises DriveMod, Cyngn Insight -- a set of fleet management, teleoperation, and analytics tools -- and Cyngn Evolve, which utilizes field data for AI, simulation, and modeling. This progress announcement is based on a press release statement and includes forward-looking statements that involve risks and uncertainties. Cyngn cautions that actual results may vary from those projected. The company does not assume responsibility for updating forward-looking statements in light of new information or future events. In other recent news, Cyngn, a developer of autonomous vehicle technology, has seen significant growth and expansion in its operations. Marty Petraitis, a veteran in the technology and industrial automation sector, was recently appointed as the new Vice President of Sales. The company has also announced several important deals, including a partnership with Raymond (NS:RYMD) West to sell Cyngn's DriveMod Tugger and an agreement with a major automotive supplier for the deployment of the same product. In addition to these strategic alliances, Cyngn has been granted two new patents, increasing its total to 21. These patents aim to improve the precision of sensor data and the operation of autonomous vehicles in dynamic environments. The company has also enhanced its DriveMod solution to support outdoor operations, which is expected to boost material transport capabilities in large industrial settings. Cyngn's recent developments also include the formation of strategic partnerships with brands such as John Deere, Rivian (NASDAQ:RIVN), and RobotLAB. These collaborations aim to broaden the company's reach and enhance its autonomous vehicle offerings. It's clear that these recent developments highlight Cyngn's commitment to innovation and its strategy to strengthen its position in the competitive autonomous vehicle market. As Cyngn Inc. (NASDAQ: CYN) advances its autonomous vehicle technology, InvestingPro data provides additional context to the company's financial position. With a market capitalization of $7.86 million, Cyngn is currently operating at a small scale, which aligns with its focus on developing and implementing innovative solutions in the industrial autonomous vehicle sector. The company's revenue for the last twelve months as of Q2 2023 stood at $0.08 million, with a significant revenue decline of 95.27% over the same period. This substantial decrease in revenue might reflect the company's transition phase as it invests heavily in research and development of its DriveMod system and other proprietary technologies. An InvestingPro Tip suggests that Cyngn's stock price is trading below its fair value based on analyst targets, with a fair value estimate of $12. This could indicate potential upside for investors if the company's technological advancements translate into market success and financial growth. Another relevant InvestingPro Tip notes that Cyngn is trading below its book value, with a Price to Book ratio of 0.81. This might be of interest to value-oriented investors, especially considering the company's focus on cutting-edge technology in the autonomous vehicle space. For readers interested in a more comprehensive analysis, InvestingPro offers 10 additional tips for Cyngn, providing a deeper understanding of the company's financial health and market position.

Cyngn secures deal to sell DriveMod Tuggers to auto supplier By Investing.com

MENLO PARK, Calif. - Cyngn Inc., a developer of autonomous vehicle technology for industrial use, has announced a new agreement with a major automotive supplier to deploy its DriveMod Tuggers as part of the company's Enterprise Autonomy Suite (EAS). This deal, marked by a signed Letter of Intent (LOI), will see the unnamed automotive supplier implement these autonomous vehicles to enhance intra-facility logistics. The agreement, set to commence in early 2025, follows on the heels of another contract with a different automotive manufacturer announced last week. The DriveMod Tuggers, which boast advanced AI and safety features including 360° vision and collision avoidance systems, are designed to navigate complex environments and are monitored and controlled remotely via Cyngn's fleet management and analytics platform, Cyngn Insight. Lior Tal, CEO of Cyngn, stated, "This milestone is another proof point of Cyngn's automation solutions achieving product-market fit with the automotive industry." He highlighted the competitive advantage that automation brings to the high-volume and heavy manufacturing sector of automotive manufacturing, which is known for being a leading adopter of robotics technologies. Cyngn's approach to automation is aimed at addressing challenges such as labor shortages and the increasing demand for e-commerce, offering solutions that can be retrofitted to existing industrial vehicles or installed on new ones. This flexibility allows companies to adopt self-driving technology without incurring high upfront costs or replacing their current vehicle fleets. The details of the deployment are expected to be shared in the future, as the automotive supplier involved has not been named due to confidentiality agreements. This press release statement serves as the basis for the information provided herein. In other recent news, Cyngn Inc., a developer of autonomous vehicle technology, has made several significant strides in its operations. The company has secured two new patents, bringing its total to 21. These patents focus on improving the precision of sensor data and the operation of autonomous vehicles in dynamic environments. In addition to these technological advancements, Cyngn has expanded its dealer network through a partnership with Raymond West, a major distributor of intralogistics solutions. This collaboration will enable Raymond West to sell Cyngn's DriveMod Tugger, an autonomous vehicle designed for industrial use. Moreover, Cyngn's DriveMod solution now supports outdoor operations, enhancing material transport capabilities in large industrial settings. The company has also formed strategic partnerships with brands such as John Deere (NYSE:DE), Rivian (NASDAQ:RIVN), and RobotLAB. These recent developments underscore Cyngn's commitment to innovation within the autonomous vehicle industry and its strategy to solidify its position within this competitive market. Cyngn Inc.'s recent agreement with a major automotive supplier marks a significant milestone for the company, but investors should consider the financial landscape revealed by InvestingPro data. With a market capitalization of just $7.94 million, Cyngn is operating in a niche market with substantial growth potential, yet facing significant challenges. The company's revenue growth has been severely impacted, with a staggering decline of 95.27% over the last twelve months as of Q2 2024. This sharp contraction is reflected in the quarterly revenue growth, which shows an even more dramatic drop of 98.43% in Q2 2024. These figures underscore the volatility and risks associated with Cyngn's business model as it seeks to establish itself in the autonomous vehicle technology sector. Despite the recent positive news, Cyngn's financial health raises concerns. The company's price-to-book ratio of 0.82 suggests that the stock may be undervalued relative to its assets. However, this must be weighed against the negative earnings per share of -$35.32, indicating substantial losses. InvestingPro Tips highlight additional insights: 1. Cyngn Inc. has a high shareholder yield, which could be attractive to investors looking for companies that return value to shareholders. 2. The company's earnings have been growing, but at a slower rate than its stock price, suggesting potential overvaluation. These tips, along with 11 additional insights available on InvestingPro, provide a more comprehensive view of Cyngn's financial position and market performance. As Cyngn navigates the challenges of scaling its autonomous vehicle technology, investors should closely monitor the company's ability to convert these new agreements into sustainable revenue growth and improved profitability. The automotive industry's adoption of Cyngn's technology could be a turning point, but the company's current financial metrics suggest a long road ahead to achieve stable financial performance.

Cyngn Executes Letter of Intent to Sell Multiple DriveMod Tuggers to Major Automotive Supplier - Cyngn (NASDAQ:CYN)

MENLO PARK, Calif., Oct. 31, 2024 /PRNewswire/ -- Today, Cyngn announced that it has received a signed Letter of Intent (LOI) from a major automotive supplier to sell and deploy multiple DriveMod Tuggers in early 2025. This achievement demonstrates Cyngn's continued traction with its Enterprise Autonomy Suite ("EAS") automation solutions for heavy manufacturing industries. Just last week, Cyngn announced a new contract with a different automotive manufacturing customer. The automotive supplier -- who remains unnamed due to confidentiality -- will utilize the DriveMod Tuggers to streamline intra-facility logistics. The global automotive supplier has several similar distribution facilities as well as manufacturing facilities in North America alone. "This milestone is another proof point of Cyngn's automation solutions achieving product-market fit with the automotive industry," said Lior Tal, CEO of Cyngn. "Automotive manufacturers are among the top robotics adopters in the world because of the competitive advantage derived from automation in this high-volume, heavy manufacturing industry. We hope to be able to share additional details on the customer and the nature of the deployment in the future." The DriveMod Tuggers leverage advanced AI and a comprehensive suite of safety features, including 360° vision and collision avoidance systems, enabling seamless navigation in complex environments. Equipped with Cyngn Insight, Cyngn's fleet management and analytics platform, customers can remotely monitor and control fleets of autonomous vehicles, ensuring efficient coordination and task execution in real time. As industries increasingly embrace automation, Cyngn continues to deliver scalable autonomous solutions tailored to the evolving demands of modern manufacturing and logistics. For more information on Cyngn's DriveMod Tuggers and other autonomous vehicle solutions, visit https://www.cyngn.com/vehicles/autonomous-tugger. About Cyngn Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce. Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments. Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling). Find Cyngn on: Website: cyngn.comTwitter: twitter.com/cyngnLinkedIn: https://www.linkedin.com/company/cyngnYouTube: https://www.youtube.com/@cyngnhq Investor Contact: Don Alvarez, CFO [email protected] Luke Renner, Head of Marketing [email protected] Forward-looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities 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 March 7, 2024. 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. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites. View original content to download multimedia:https://www.prnewswire.com/news-releases/cyngn-executes-letter-of-intent-to-sell-multiple-drivemod-tuggers-to-major-automotive-supplier-302292574.html SOURCE Cyngn Market News and Data brought to you by Benzinga APIs