1 week Ago
, /PRNewswire/ -- (the "Company" or "Cyngn") (Nasdaq: ) today announced its financial results for the fiscal first quarter ended . "During the first quarter, we continued the momentum we made during 2023, marked by rapid strides toward broad commercialization," said , Cyngn's CEO. "Our success is bolstered by the strength of our ecosystem partners, particularly with MCL Industries who is positioned to build DriveMod Kits at scale, and Motrec as an OEM partner with a long history of providing vehicles to our target markets in manufacturing and logistics.
" "In my recent , I shed some light on the challenges of the industrial sales cycle—especially for a new, safety-critical technology that offers the competitive advantages that automation does to large enterprises. We remain confident in our ability to grow sales with our target customers, as was exemplified by our achievement of Deere selecting Cyngn to supply DriveMod Tuggers. Similarly, we are working with several customers to advance through the phase and unlock the that will establish our foundation for growth.
In parallel, we continue to pursue new prospective customers. Advancements in our mapping and deployment tools have streamlined the phase that is often required early in the sales process to just a few days, which significantly lowers our customer acquisition costs and enables us to convert more customers to advanced sales discussions." Cyngn's cash and short-term investments at total compared to as of , 2023.
At .
