Cyngn Inc. (referred to as the “Company” or “Cyngn”) (Nasdaq: CYN) announced various company milestones and significant accomplishments from 2023, including notable deployments, lucrative projects with prominent global clients, and strategic partnerships aimed at advancing its artificial intelligence and robotics technologies to provide comprehensive solutions for customers. These achievements collectively set the stage for a transformative 2024.
CEO Statement: Lior Tal, Chairman and CEO of Cyngn, highlighted the commercialization of the company’s AI-driven technology as a defining aspect of 2023. Tal expressed pride in the Cyngn team’s accomplishments, emphasizing the launch of two new vehicle models, the DriveMod Forklift and DriveMod Tugger, and a remarkable 5.7x increase in year-over-year revenue.
Tal also underscored key partnerships with leading OEMs like Motrec and BYD, citing a successful deployment at US Continental where Cyngn’s vehicles automated nearly 900 monthly trips. Additionally, the company secured paid contracts with industry giants such as Arauco, collaborated with Nvidia to enhance its AI capabilities, obtained 19 U.S. patents, and introduced Enterprise Autonomy Suite 9.0 (EAS 9.0).
Looking forward to 2024, Tal expressed optimism about the company’s sales initiatives, noting a strengthened pipeline of opportunities and anticipating a pivotal year for Cyngn.
Key Achievements in 2023:
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Significant Deployment: Cyngn kicked off 2023 with a substantial deployment at US Continental, a California-based chemical manufacturer. The automation of nearly 900 monthly trips by Cyngn’s vehicles not only improved operational efficiency but also created growth prospects for employees. The DriveMod technology demonstrated a 400% increase in efficiency compared to human-operated forklifts.
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Product Innovation and Partnerships: Cyngn expanded its collaborations with two major OEMs to enhance its DriveMod autonomous technology. Partnerships with Motrec and BYD facilitated the integration of DriveMod into a wider range of industrial vehicles, showcasing Cyngn’s commitment to comprehensive solutions. The unveiling of the AI-powered autonomous forklift in August marked a significant milestone.
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Client Engagements: Cyngn successfully executed paid projects with leading global clients. Notably, a pre-order agreement with Arauco for 100 DriveMod Forklifts was announced in August, underscoring the company’s commitment to delivering value and generating recurring revenue. Furthermore, a partnership with a Fortune 100 heavy machinery manufacturer for the deployment of DriveMod Tuggers in North America highlighted Cyngn’s expanding market presence.
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Technological Advancements: In 2023, Cyngn secured multiple U.S. patents for its autonomous vehicle solutions, bringing the total to 19 patents. The release of Enterprise Autonomy Suite (EAS) 9.0 equipped customers with advanced fleet management tools, including on-vehicle mission deployment and intelligent return capabilities, enhancing operational efficiency.
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Product Enhancements: Cyngn introduced the auto-unhitch feature in December, offering customers a hands-free solution for unloading towed cargo, thereby adding value and convenience to their operations.
About Cyngn: Cyngn specializes in scalable autonomous vehicle technology for industrial applications, enabling organizations to boost productivity and efficiency. The company’s DriveMod Kit allows seamless integration of self-driving technology into existing industrial vehicles, empowering customers to optimize operations without significant upfront costs.
Cyngn’s flagship product, the Enterprise Autonomy Suite, comprises DriveMod (autonomous vehicle system), Cyngn Insight (customer-oriented AV fleet management tools), and Cyngn Evolve (internal toolkit for leveraging field data for AI and simulation).
Forward-Looking Statements: This press release contains forward-looking statements subject to risks and uncertainties. Actual results may differ from projected outcomes due to various factors. Cyngn does not guarantee the accuracy of forward-looking statements and undertakes no obligation to update them.
