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Shares of Cyngn Inc. (NASDAQ:CYN) moved higher Monday potentially following significant announcements last week. Here’s what you need to know.
What happened: Last week, Cyngn received a notice of allowance for its 21st U.S. patent, introducing an adaptive decision-making method to enhance AV operations. This milestone underscores Cyngn’s dedication to advancing autonomous vehicle technology, building on its 16 U.S. patents secured in 2023.
Additionally, Cyngn announced the expansion of its dealer network to include Alta Equipment Group, which will sell Cyngn’s autonomous DriveMod Tugger. This partnership leverages Alta’s extensive dealer coverage across North America, enhancing the distribution and adoption of Cyngn’s self-driving industrial vehicles.
What Else: The company’s shares have experienced significant volatility, being halted multiple times due to substantial price movements. In the most recent quarter, Cyngn reported a loss per share of $8, compared to an estimated loss of $13. Revenue came in at $5,513, significantly below the estimates of $360,000. For the upcoming quarter, analysts estimate a loss per share of $8 and revenue of $540,000.
CYN Price Action: Cyngn shares were up by 52.3% at $9..17 at the time of writing, according to Benzinga Pro.
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Posted In: CYN
