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On Tue, 15 Oct, 4:05 PM UTC
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[1]
Cyngn secures new contracts and patents, expands network By Investing.com
MENLO PARK, Calif. - Cyngn Inc. (NASDAQ: CYN), a developer of autonomous vehicle technology for industrial use, has announced a series of commercial and technological milestones that highlight the company's recent advancements and growth prospects. The company reported the launch of its first paid DriveMod Forklift deployment, the introduction of the next-gen 12,000 lb. DriveMod Tugger, a commercial contract with a leading automotive service equipment manufacturer, an expanded dealer network, and the acquisition of its 20th and 21st U.S. patents. The DriveMod Forklift and DriveMod Tugger represent Cyngn's latest product offerings, with the latter now capable of performing outdoor tasks. These deployments are part of Cyngn's strategy to address labor shortages and improve safety and efficiency in the industrial sector. The company's autonomous solutions are designed to integrate with existing vehicle fleets, allowing for a seamless transition to autonomous operations without significant upfront costs. Cyngn's technological innovation is further demonstrated by the recent securing of two new U.S. patents, which strengthen its position as an innovator in the smart manufacturing industry. The company also highlighted its use of NVIDIA (NASDAQ:NVDA) Accelerated Computing to enhance its proprietary computer vision capabilities. In addition to product deployments and technological advancements, Cyngn has expanded its dealer network, adding multiple sales channels that offer Motrec vehicles and other third-party system integrators. This expansion is expected to increase the availability of Cyngn's products and services. The company's CEO, Lior Tal, emphasized the importance of these achievements in aligning with the growing demand for autonomous utility vehicles in the industrial sector. He noted the smart manufacturing market's predicted growth and the role of AI in shaping industrial operations. Cyngn's Enterprise Autonomy Suite, which includes DriveMod, Cyngn Insight, and Cyngn Evolve, is at the core of the company's product offerings. The suite provides customers with a range of autonomous vehicle systems, fleet management tools, and analytics capabilities. The information for this report is based on a press release statement from Cyngn Inc. and reflects the company's current commercial progress and expansion efforts. In other recent news, Cyngn Inc., a developer of autonomous vehicle technologies, has achieved several notable milestones. The company has been granted two new patents, bringing its total to 21. The 20th patent focuses on enhancing the precision of sensor data for autonomous vehicles, while the 21st patent pertains to an adaptive decision-making method for improving the operation of autonomous vehicles in dynamic environments. In addition to its patent achievements, Cyngn has expanded its dealer network through a partnership with Raymond West, a distributor of intralogistics solutions. This collaboration will enable Raymond West to sell Cyngn's DriveMod Tugger, an autonomous vehicle designed for industrial use. Furthermore, Cyngn's DriveMod solution now supports outdoor operations, enhancing material transport capabilities in large industrial settings. The company has also announced a 1-for-100 reverse stock split to meet Nasdaq's minimum bid price requirement. In its efforts to expand its reach and enhance its autonomous vehicle offerings, Cyngn has 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. Cyngn Inc.'s recent milestones and technological advancements come at a critical time for the company, as reflected in the latest financial data from InvestingPro. The company's market capitalization stands at $7.19 million, indicating its current valuation in the market. Despite the positive developments reported, Cyngn faces significant financial challenges. The company's revenue for the last twelve months as of Q2 2023 was only $0.08 million, with a staggering revenue decline of 95.27% over the same period. This sharp decrease in revenue underscores the importance of Cyngn's recent commercial deployments and expanded dealer network in potentially reversing this trend. InvestingPro Tips highlight additional aspects of Cyngn's financial situation: 1. The company is operating at a loss, with a negative gross profit margin. 2. Cyngn's stock price has experienced a significant decline, with a 1-year price total return of -89.56%. These tips, along with 11 additional insights available on InvestingPro, provide a comprehensive view of Cyngn's financial health and market performance. The company's price-to-book ratio of 0.74 suggests that the stock might be undervalued relative to its book value. This could be seen as an opportunity for investors who believe in Cyngn's long-term potential, especially considering the company's recent technological advancements and patent acquisitions. As Cyngn continues to focus on its growth strategy and product deployments, investors and industry observers will be keenly watching to see if these efforts translate into improved financial performance in the coming quarters.
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Cyngn partners with Raymond West to sell autonomous tuggers By Investing.com
MENLO PARK, Calif. - Cyngn Inc. (NASDAQ: CYN), a developer of autonomous vehicle technology, announced today an expansion of its dealer network through a partnership with Raymond West, a major distributor of intralogistics solutions. This collaboration will see Raymond West selling Cyngn's DriveMod Tugger, an autonomous vehicle that integrates Cyngn's advanced autonomous vehicle (AV) technology with the Motrec MT-160 industrial vehicle. The integration of Cyngn's AV technology into the MT-160, known for its high towing capacity and reliability, aims to provide Raymond West's customers with innovative self-driving industrial vehicles. "We are excited to equip Raymond West with the tools and training needed to offer our self-driving industrial vehicles to their customers," said Lior Tal, CEO of Cyngn. Raymond West, which operates 21 branches across the West Coast and generates over $800 million in annual revenue, joined Cyngn's Dealer Network (LON:NETW) following a summit at Cyngn's headquarters. The event allowed key decision-makers to experience Cyngn's autonomous mobile robots (AMRs) firsthand. Marc Breton, Vice President of Sales at Motrec, noted the positive feedback from sales channels and the potential for autonomous industrial vehicle technology to transform manufacturing and logistics facilities. Cyngn is planning to expand its Dealer Network further by partnering with additional distribution and integration partners. The company's DriveMod Kit can be installed on new or existing industrial vehicles, allowing for the adoption of self-driving technology without significant upfront costs or the need to replace current vehicle investments. Cyngn's flagship Enterprise Autonomy Suite includes DriveMod, Cyngn Insight -- a suite of AV fleet management, teleoperation, and analytics tools -- and Cyngn Evolve, an internal toolkit for leveraging field data for artificial intelligence, simulation, and modeling. The press release also includes forward-looking statements that involve risks and uncertainties, cautioning that actual results may differ materially from projections. The information is based on a press release statement from Cyngn Inc. In other recent news, Cyngn Inc., a pioneer in autonomous vehicle technology, has made significant strides in its operations. The company announced that its DriveMod solution now supports outdoor operations, a move that addresses the complexities of material transport in large industrial settings. This enhancement is seen as a critical step in meeting the evolving demands of industries such as logistics, manufacturing, and distribution. In addition to this, Cyngn has secured two new patents, bringing its total to 21. The 20th patent focuses on enhancing the precision of sensor data for autonomous vehicles, while the 21st patent pertains to an adaptive decision-making method for improving the operation of autonomous vehicles in dynamic environments. Moreover, the company has announced a 1-for-100 reverse stock split to meet Nasdaq's minimum bid price requirement. This development is expected to maintain the company's per share market price while preserving the proportional equity stake of stockholders. Lastly, Cyngn has formed strategic partnerships with brands such as John Deere (NYSE:DE), Rivian (NASDAQ:RIVN), and robotics integrator, RobotLAB. These collaborations aim to expand Cyngn's reach and enhance its autonomous vehicle offerings. These recent developments underline Cyngn's commitment to innovation and its strategy to solidify its position within the autonomous vehicle industry. As Cyngn Inc. (NASDAQ: CYN) expands its dealer network through the partnership with Raymond West, investors may want to consider some key financial metrics and insights from InvestingPro. Cyngn's market capitalization stands at $8.39 million, reflecting its current position in the autonomous vehicle technology sector. The company's revenue for the last twelve months as of Q2 2023 was $0.08 million, with a significant revenue decline of 95.27% over the same period. This substantial decrease in revenue aligns with the company's focus on expanding its dealer network and suggests that Cyngn is in a transitional phase as it seeks to commercialize its autonomous vehicle technology. An InvestingPro Tip highlights that Cyngn's stock price has significantly underperformed the market, with a one-year price total return of -87.92%. This performance metric underscores the challenges the company faces in the competitive autonomous vehicle market and the importance of successful partnerships like the one with Raymond West. Another relevant InvestingPro Tip notes that analysts have revised their earnings expectations downward for the current year. This could indicate that the market is adjusting its expectations as Cyngn continues to invest in growth and expansion initiatives, such as the dealer network expansion mentioned in the article. For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of Cyngn's financial position and market potential. In fact, InvestingPro has 12 more tips available for Cyngn, which could be valuable for those looking to make informed investment decisions in the autonomous vehicle technology sector.
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Cyngn Announces Raymond West, a Leading Dealer with $800M+ in Annual Sales, Will Begin Selling DriveMod Tuggers - Cyngn (NASDAQ:CYN)
MENLO PARK, Calif., Oct. 15, 2024 /PRNewswire/ -- Cyngn Inc. CYN today announced the expansion of its dealer network to include Raymond West. A leading distributor and integrator of intralogistics solutions, Raymond West will begin selling Cyngn's autonomous DriveMod Tugger. The autonomous tugger integrates Cyngn's AV technology with Motrec's MT-160. "With 21 branches across the West Coast, Raymond West is an impressive company. It boasts more than $800 million in annual revenue -- and we are excited to be able to add Cyngn's autonomous vehicles to their catalog," said Lior Tal, CEO of Cyngn. "Motrec's industrial vehicles are known for high towing capacity and reliability. We are excited to equip Raymond West with the tools and training needed to offer our self-driving industrial vehicles to their customers. Their success is integral to our success." Raymond West's decision to join Cyngn's Dealer Network came after a successful summit hosted at Cyngn's Menlo Park headquarters, where key decision-makers experienced the company's autonomous mobile robots (AMRs) firsthand. "We've identified several customers who stand to gain immensely from the DriveMod Tugger," stated Marc Breton, Vice President of Sales at Motrec. "Autonomous industrial vehicle technology is revolutionizing manufacturing and logistics facilities, and the positive feedback from our sales channels confirms that automating a high-tow capacity vehicle like the MT-160, renowned for its quality, is a game-changer." Cyngn plans to continue expanding its Dealer Network by adding more distribution and integration partners in the future. To join Cyngn's dealer network, please visit https://www.cyngn.com/company/dealer-network. 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 investors@cyngn.com Luke Renner, Head of Marketing media@cyngn.com About Raymond West. Raymond West is a leading global provider of best-in-class material handling products and intelligent intralogistics solutions that help you Store, Move and Optimize your operations, regardless of scale. Their aim is to deliver the utmost quality and to work for continuous improvement every day, in every aspect of their business. The company values the trust that they've earned through decades of proven performance and hands-on innovation. Their clients can rely on them to exceed their expectations by providing supply chain knowledge as well as commitment to ensure their business is up and running 24/7. 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 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-announces-raymond-west-a-leading-dealer-with-800m-in-annual-sales-will-begin-selling-drivemod-tuggers-302275967.html SOURCE Cyngn Market News and Data brought to you by Benzinga APIs
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Cyngn Inc. announces significant milestones in autonomous vehicle technology for industrial use, including new contracts, patents, and an expanded dealer network, highlighting the company's growth in the smart manufacturing sector.
Cyngn Inc. (NASDAQ: CYN), a developer of autonomous vehicle technology for industrial use, has announced several significant milestones that underscore its growth in the smart manufacturing sector. The company has launched its first paid DriveMod Forklift deployment and introduced the next-generation 12,000 lb. DriveMod Tugger, capable of performing outdoor tasks 1.
These deployments are part of Cyngn's strategy to address labor shortages and improve safety and efficiency in the industrial sector. The company's autonomous solutions are designed to integrate with existing vehicle fleets, allowing for a seamless transition to autonomous operations without significant upfront costs 1.
Cyngn has secured its 20th and 21st U.S. patents, strengthening its position as an innovator in the smart manufacturing industry. The 20th patent focuses on enhancing the precision of sensor data for autonomous vehicles, while the 21st patent pertains to an adaptive decision-making method for improving the operation of autonomous vehicles in dynamic environments 2.
The company has also highlighted its use of NVIDIA Accelerated Computing to enhance its proprietary computer vision capabilities, demonstrating its commitment to cutting-edge technology 1.
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 that integrates Cyngn's advanced AV technology with the Motrec MT-160 industrial vehicle 3.
Raymond West, which operates 21 branches across the West Coast and generates over $800 million in annual revenue, joined Cyngn's Dealer Network following a summit at Cyngn's headquarters 2. This partnership is expected to significantly increase the availability of Cyngn's products and services.
Despite these positive developments, Cyngn faces significant financial challenges. The company's market capitalization stands at $7.19 million, with revenue for the last twelve months as of Q2 2023 at only $0.08 million, representing a revenue decline of 95.27% over the same period 1.
Cyngn's stock price has experienced a significant decline, with a 1-year price total return of -89.56%. However, the company's price-to-book ratio of 0.74 suggests that the stock might be undervalued relative to its book value 1.
CEO Lior Tal emphasized the importance of these achievements in aligning with the growing demand for autonomous utility vehicles in the industrial sector. The company's Enterprise Autonomy Suite, which includes DriveMod, Cyngn Insight, and Cyngn Evolve, is at the core of its product offerings, providing customers with a range of autonomous vehicle systems, fleet management tools, and analytics capabilities 1.
As Cyngn continues to focus on its growth strategy and product deployments, the company aims to address the challenges in the industrial sector, such as labor shortages and the need for improved safety and efficiency. The success of these initiatives could potentially reverse the current financial trends and position Cyngn as a significant player in the autonomous vehicle technology market for industrial applications.
Reference
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Cyngn Inc. enhances its DriveMod autonomous vehicle system with NVIDIA technology, secures deals with automotive suppliers, and expands its patent portfolio, positioning itself as a key player in industrial automation.
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Cyngn Inc. announces the expansion of its DriveMod autonomous vehicle technology to outdoor operations, responding to increased demand from industrial and commercial sectors.
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Cyngn Inc., a developer of AI-powered autonomous driving software for industrial applications, has raised $29 million through two separate offerings to fund its growth and development.
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Cyngn Inc., a developer of AI-powered autonomous driving software for industrial applications, has successfully closed a $9 million registered direct offering to support its growth and development in the autonomous vehicle technology sector.
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4 Sources
Cycurion, a leader in IT cybersecurity and AI, launches its ARx Platform and secures multi-year contracts, showcasing growth in both government and commercial sectors.
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