Cyngn Expands DriveMod Capabilities to Outdoor Autonomous Operations

Cyngn Expanding DriveMod Capabilities to Outdoor Operations In Response to Increased Demand

MENLO PARK, Calif., Sept. 10, 2024 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) today announced that its AI-powered autonomous driving solution, DriveMod, will be able to operate in outdoor environments. Organizations will be able to send the DriveMod Tugger on missions that go indoors and outdoors, giving facility managers even more opportunity to automate repetitive workflows and shift employees over to more interesting, higher-value tasks. As modern warehouses and manufacturing complexes grow ever larger -- many surpassing 200,000 square feet and spanning multiple buildings -- the challenge of efficiently moving materials from point A to point B becomes increasingly complex. By extending DriveMod's capabilities outdoors, Cyngn provides organizations with a solution that eliminates bottlenecks in material movement, from transporting goods between outdoor storage areas to facilitating smoother transitions across multi-building facilities. "One of the biggest pain points businesses face is the wasted time and resources involved in transporting materials between buildings," said Sean Stetson, Cyngn's VP of Engineering. "This time-consuming task ties up equipment and pulls workers away from where they're most needed, resulting in expensive lost productivity. By automating these tasks, companies can eliminate these inefficiencies, shifting workers to other responsibilities." Given the costly challenge of moving materials between buildings in a large site, several companies have engaged Cyngn to automate outdoor operations. By integrating customer feedback into our roadmap, Cyngn will address the complex challenge of efficient outdoor material movement, unlocking significant operational potential and cost savings for organizations looking to improve resource utilization and maximize productivity. The ability to operate outdoors opens new doors for DriveMod users. It empowers facility managers to automate the movement of goods in previously manual outdoor workflows, creating a fully connected system between indoor and outdoor operations. This capability has the potential to unlock cost savings and increase operational efficiency across industries like logistics, manufacturing, and distribution. "Businesses are asking for more than just indoor efficiency. As a result, this marks a major milestone in broadening our reach and catering to the diverse needs of customers," said Cyngn Chief Executive Officer, Lior Tal. "The future of automation isn't just about optimizing indoor spaces; it's about creating smarter, more flexible solutions that cater to the full spectrum of operational environments." 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). 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 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.

Cyngn DriveMod expands to outdoor autonomous operations By Investing.com

MENLO PARK, Calif. - Cyngn Inc. (NASDAQ:CYN), a developer of autonomous vehicle technology for industrial use, announced today that its DriveMod solution will now support outdoor operations. This expansion enables the DriveMod Tugger to navigate both indoor and outdoor environments, enhancing the automation of material transport in large industrial settings. The company's move to outdoor capability addresses the complexities of material movement in sprawling warehouse and manufacturing spaces, often exceeding 200,000 square feet and encompassing multiple buildings. Cyngn's DriveMod aims to alleviate the logistical challenges by removing bottlenecks and facilitating smoother transitions in multi-building facilities. Sean Stetson, Cyngn's VP of Engineering, highlighted the inefficiencies of manual material transportation between buildings, which can lead to significant productivity losses. The automation of these tasks is expected to free up workers for more valuable roles. Companies have already shown interest in adopting Cyngn's technology to improve outdoor operations, driven by the need to enhance resource utilization and productivity. The enhancement of DriveMod to function outdoors is seen as a critical step in meeting the evolving demands of industries such as logistics, manufacturing, and distribution. Cyngn's CEO, Lior Tal, emphasized the importance of creating flexible automation solutions that address the full spectrum of operational environments, not just indoor spaces. Cyngn's autonomous vehicle technology, including the Enterprise Autonomy Suite, is designed to allow for easy adoption into existing operations without significant upfront costs or the need to replace current vehicle fleets. The company's product suite also features Cyngn Insight, a customer-facing fleet management and analytics tool, and Cyngn Evolve, an internal toolkit for leveraging field data for AI and simulation. The information in this article is based on a press release statement from Cyngn, which develops scalable autonomous driving solutions aimed at addressing labor shortages, safety incidents, and the growing demand for eCommerce. The company's forward-looking statements involve risks and uncertainties, and there is no guarantee that future results will align with current projections. In other recent news, Cyngn Inc., known for its advancements in autonomous vehicle technologies, 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. Additionally, the company has announced a 1-for-100 reverse stock split to meet Nasdaq's minimum bid price requirement. This move is expected to maintain the company's per share market price while preserving the proportional equity stake of stockholders. In terms of partnerships, Cyngn has teamed up with brands such as John Deere (NYSE:DE), Rivian (NASDAQ:RIVN), and robotics integrator, RobotLAB. These strategic collaborations aim to expand Cyngn's reach and enhance its autonomous vehicle offerings. These recent developments reflect Cyngn's commitment to innovation and its strategy to solidify its position within the autonomous vehicle industry. The company's focus on creating scalable, differentiated autonomous vehicle technology for industrial applications aims to address industry challenges such as labor shortages and the increasing demands of eCommerce. As Cyngn Inc. (NASDAQ:CYN) expands its DriveMod solution to support outdoor operations, the company's financial health and market performance are critical factors for investors to consider. According to InvestingPro data, Cyngn's market capitalization stands at a modest $6.71 million, reflecting the size and investment scale of the company within the technology and autonomous vehicle sector. The company's financial metrics reveal significant challenges, with a negative P/E ratio of -0.12 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at -0.29, indicating that the company is not currently profitable. Revenue for the same period was reported at $0.08 million, with a steep revenue decline of -95.27% year-over-year, underscoring the hurdles Cyngn faces in scaling its operations and achieving financial stability. InvestingPro Tips highlight the importance of understanding a company's growth trajectory and profitability margins when considering an investment. For Cyngn, the notable revenue contraction and negative gross profit margin of -240.72% for the last twelve months as of Q2 2024 suggest that the company is in a challenging phase of its business cycle. Additionally, the InvestingPro product offers 15 more tips that provide deeper insights into Cyngn's financial health and future prospects. For investors eyeing opportunities in the autonomous vehicle technology space, these metrics and InvestingPro Tips can be essential tools in evaluating Cyngn's position in the market and its potential for recovery and growth. With the next earnings date slated for November 8, 2024, stakeholders will be keenly watching for signs of improvement in the company's financial performance and market strategy.