Executive Summary

Q2 2025 revenue was $0.03M ($33.7k), up 289% YoY but far below S&P Global consensus of $0.90M; EPS of $(2.70) modestly beat consensus $(2.74). Revenue miss: approximately $(0.87)M; EPS beat: $0.04. The company did not host an earnings call. *
Operating loss was $(5.50)M with total costs and expenses of $5.54M; other income (expense), net was $0.05M. Net loss was $(5.45)M.
Liquidity strengthened: unrestricted cash and short-term investments were $39.2M at 6/30/25, after a $32M capital raise extending runway “through 2027.” No debt.
Strategic execution continued: expanded Mountain View HQ, NVIDIA Isaac Sim collaboration, generative AI integration, and DriveMod deployments across manufacturing/logistics/CPG; 23rd U.S. patent granted post-quarter.
Key stock catalysts: outsized revenue shortfall vs estimate, elongated enterprise sales cycles dampening near-term revenue recognition, and improved funding runway to support scaling. *

What Went Well and What Went Wrong

What Went Well

Strengthened balance sheet and runway: “completed a $32 million capital raise” extending runway to 2027; unrestricted cash and ST investments of $39.2M at quarter-end; no debt.
Operating discipline in R&D: YoY R&D down $1.2M in Q2 on capitalization of customer/software development costs and lower headcount; operating loss narrowed vs Q2’24.
Execution milestones and customer validation: continued DriveMod deployments; CEO: “We’ve now deployed DriveMod vehicles across a range of industries… validating the need for scalable industrial automation.”
Technology acceleration: collaboration with NVIDIA Isaac Sim and adoption of generative AI to “rapidly iterate and validate” AV features, improving development velocity.
IP momentum post-quarter: 23rd U.S. patent granted for a modular sensor system supporting varied industrial machines.

What Went Wrong

Severe top-line shortfall vs consensus: revenue $33.7k vs $900k estimate (−96%); management acknowledged enterprise sales cycles mean traction may not be immediately reflected in revenue. *
G&A increased by ~$1.0M YoY in Q2, reflecting sales investments and executive bonuses; overall total costs and expenses remained high at $5.5M vs $33.7k of revenue.
Profitability still distant: Q2 operating loss $(5.50)M; net loss $(5.45)M; year-to-date net loss $(13.04)M driven in part by fair value measurement of warrant liability in H1.

Financial Results

Income Statement vs Prior Periods and Estimates

Metric	Q4 2024	Q1 2025	Q2 2025	Q2 2025 Consensus
Revenue ($)	$306,400	$47,152	$33,726	$900,000*
Total Costs & Expenses ($)	$5,800,000	$5,262,185	$5,535,591	—
Loss from Operations ($)	N/A	$(5,215,033)	$(5,501,865)	—
Other Income (Expense), net ($)	$(6,500,000)	$(2,377,809)	$53,553	—
Net Loss ($)	$(12,000,000)	$(7,592,842)	$(5,448,312)	—
Diluted EPS ($)	$(502.00)	$(6.60)	$(2.70)	$(2.74)*

Notes:

The company retroactively adjusted share counts for a 1-for-100 reverse split (7/3/24) and a 1-for-150 reverse split (2/18/25), affecting per-share metrics comparability.
Consensus estimates marked with * are from S&P Global.

Year-over-Year (Q2 2025 vs Q2 2024)

Metric	Q2 2024	Q2 2025	YoY Change
Revenue ($)	$8,665	$33,726	+289% (computed from cited values)
Total Costs & Expenses ($)	$5,820,869	$5,535,591	−4.9% (computed from cited values)
Net Loss ($)	$(5,818,952)	$(5,448,312)	Improvement (computed from cited values)
Diluted EPS ($)	$(610.85)	$(2.70)	Not comparable due to reverse splits

Balance Sheet and Cash

Metric	Dec 31, 2024	Mar 31, 2025	Jun 30, 2025
Unrestricted Cash + ST Investments ($)	$23.6M	$16.3M	$39.2M
Working Capital ($)	$22.1M	$16.5M	$40.6M
Total Stockholders’ Equity ($)	$11.6M	$22.1M	$46.7M
Total Debt ($)	$0	$0	$0
Warrant Liability ($)	$15.0M (Dec-24)	$0	$0

KPIs and Operating Metrics

KPI	Q4 2024	Q1 2025	Q2 2025
New Bookings ($)	~$1.3M	~$308k	Not disclosed
Deployment Footprint	Multiple deployments; start of Coats production deployment	5 major automotive OEMs & Tier-1s across U.S. & Mexico	DriveMod deployed across manufacturing, logistics, automotive, CPG
Technology	Next-gen Tugger, computer vision/NVIDIA accelerated computing	22nd U.S. patent	NVIDIA Isaac Sim; generative AI adoption
HQ/Infra	—	—	Expanded Mountain View HQ

Segment breakdown: Not provided; revenue primarily from EAS software subscriptions for DriveMod vehicles.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
All metrics	FY/Q3 outlook	None issued	None issued; no formal guidance provided	Maintained (no guidance)

Notes: The company did not issue guidance and announced it would not host an earnings call for Q2 2025.

Earnings Call Themes & Trends

Note: The company did not host an earnings call for Q2 2025. Themes below reflect Q4 2024 and Q1/Q2 2025 disclosures and press releases.

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
AI/technology initiatives	Computer vision progress; 22nd patent; NVIDIA accelerated computing	NVIDIA Isaac Sim to iterate/validate features; generative AI/AI agents adopted to accelerate R&D	Strengthening execution velocity
Product performance/deployments	Next-gen 12,000-lb Tugger builds; initial Coats production deployment; paid forklift deployment	DriveMod deployed across manufacturing/logistics/CPG; Coats deployment fully live post-quarter	Broadening footprint; customer validation
Go-to-market/sales cycles	Direct bookings Q4’24 ~$1.3M; Q1’25 ~$308k; focus on fleet/channel sales	Sales cycles are multi-stakeholder and revenue recognition lags; pipeline traction not immediately reflected	Longer cycles; lumpy revenue
Regulatory/security	—	Initiated SOC 2 Type II and ISO 27001 pursuit with Drata; auditor engaged	Building enterprise trust
Capital/Runway	Raises in Q4’24 and early 2025	$32M raise; runway to 2027	Materially improved liquidity
Leadership	Hired VP Sales in Q4’24	CFO transition: Natalie Russell named CFO (Aug 14, 2025)	Leadership continuity in finance

Management Commentary

“We’ve now deployed DriveMod vehicles across a range of industries including manufacturing, logistics, automotive, and consumer-packaged goods… performance gains… validate the need for scalable industrial automation.” — Lior Tal, CEO.
“Q2 was about laying the foundation for what comes next… strengthened our balance sheet, increased our operational capacity, and doubled down on the technologies that will allow us to scale…” — Lior Tal, CEO.
“Security has always been a core focus at Cyngn… we are continually evolving our approach to ensure the highest standards of protection.” — Sean Stetson, VP Product & Technology (SOC2/ISO pursuit).
“Natalie is known for her ability to navigate complex accounting matters… will be invaluable as we continue to execute our growth strategy.” — Lior Tal on CFO appointment.

Q&A Highlights

No Q&A; the company did not host an earnings call for Q2 2025.

Estimates Context

EPS: Actual $(2.70) vs S&P Global consensus $(2.74) — beat by $0.04. Revenue: Actual $0.03M vs consensus $0.90M — miss of ~$0.87M (−96%). Coverage depth low (1 estimate). *
Implication: Street models likely need to reset lower on near-term revenue/recognition timing, though operating expense trajectory and liquidity reduce going-concern risk in the medium term. *

Consensus detail (S&P Global):

Q2 2025 Revenue Consensus Mean: $0.90M; Primary EPS Consensus Mean: $(2.74); Target Price Consensus Mean: $12.00; # of estimates: 1 for both revenue and EPS.*

Key Takeaways for Investors

Liquidity/Runway improved: $39.2M cash+ST investments and no debt post $32M raise; runway through 2027 supports continued product and GTM investment.
Revenue recognition lag remains the central risk: elongated enterprise sales cycles and staged deployments can defer revenue vs bookings/engagement momentum, evidenced by Q2’s large miss vs consensus. *
Operating discipline progressing: R&D down YoY on capitalization and headcount actions; operating loss narrowed vs Q2’24 though still substantial.
Product/tech differentiation advancing: NVIDIA Isaac Sim, generative AI integration, and expanding patent portfolio build a moat for industrial autonomy use cases.
Customer validation strengthening: live production deployments (e.g., Coats) and cross-industry adoption support the longer-term monetization case despite lumpy near-term revenue.
Governance/security posture improving: SOC 2 Type II and ISO 27001 initiatives support enterprise adoption in regulated environments.
Near-term trading setup: Expect sensitivity to incremental bookings/deployment disclosures and any evidence of accelerating revenue recognition; absence of guided metrics increases volatility around news flow. *

Footnotes:

All consensus figures marked with * are values retrieved from S&P Global.
Certain percentage changes are computed from cited reported figures.

Sources: Q2 2025 8‑K and press release (financials and commentary) ; Q1 2025 8‑K ; Q4 2024 8‑K ; earnings date (no call) ; SOC2/ISO ; Coats deployment ; patent ; CFO appointment .

Cyngn Inc. (CYN)·Q2 2025 Earnings Summary