Sign in

You're signed outSign in or to get full access.

CI

Cyngn Inc. (CYN)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 revenue was $0.07M, up from $0.03M in Q2 and $0.05M in Q3 2024, while net loss widened to $(8.4)M; Cyngn highlighted deployments at G&J Pepsi and Coats and a strengthened balance sheet with $34.9M in unrestricted cash and short-term investments .
  • Versus Wall Street consensus (S&P Global), Cyngn missed on revenue ($0.10M est. vs $0.07M actual) and EPS (-$1.00 est. vs -$1.20 actual); EBITDA also came in below expectations (–$4.96M est. vs –$7.65M actual)*.
  • Management emphasized commercial readiness (largest sales organization in company history) and compliance initiatives (SOC 2 Type II, ISO 27001) alongside its 23rd U.S. patent .
  • Catalyst narrative centers on proof points with named customers (G&J Pepsi, U.S. Continental, Coats), extended cash runway through 2027, and CFO appointment to drive financial discipline; no quantitative guidance was issued .

What Went Well and What Went Wrong

What Went Well

  • Named customer deployments broadened validation: “Deployed the DriveMod Tugger at G&J Pepsi…,” “Coats,” and “U.S. Continental ‘definitely recommends’” the Tugger, illustrating cross‑industry traction .
  • Commercial posture strengthened: “Expanded the sales organization to the largest in company history,” improving pipeline generation and lead quality .
  • Compliance and IP progress: Pursuing SOC 2 Type II and ISO 27001 certifications and securing the 23rd U.S. patent for a modular sensor system .

What Went Wrong

  • Revenue remains de minimis ($69,973) relative to OpEx ($8.49M) and operating losses (–$8.42M), underlining a wide gap between deployments and monetization at scale .
  • EPS and EBITDA missed S&P Global consensus; EPS was –$1.20 vs –$1.00 est., EBITDA –$7.65M vs –$4.96M est.*, suggesting heavier near‑term cost absorption.
  • Quarterly other income swung lower (–$21.6k), with management citing increased interest expense due to office lease; net loss widened YoY/QoQ .

Financial Results

Income Statement Snapshot

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Revenue ($USD)$47,584 $47,152 $33,726 $69,973
Loss from Operations ($USD)$(5,508,202) $(5,215,033) $(5,501,865) $(8,417,000)
Other Income (Expense), net ($USD)$80,803 $(2,377,809) $53,553 $(21,641)
Net Loss ($USD)$(5,427,399) $(7,592,842) $(5,448,312) $(8,438,641)
Net Loss per Share ($USD)$(408.30) $(6.60) $(2.70) $(1.20)

Notes: Historical per-share metrics reflect reverse splits (1-for-100 on July 3, 2024 and 1-for-150 on Feb 18, 2025) .

Estimates vs Actual (S&P Global)

MetricQ3 2025 EstimateQ3 2025 Actual
Revenue ($USD)$100,000*$69,973*
Primary EPS ($USD)-$1.00*-$1.20*
EBITDA ($USD)-$4,960,000*-$7,649,680*

Values retrieved from S&P Global.*

Balance Sheet Highlights

MetricJun 30, 2025Sep 30, 2025
Unrestricted Cash + Short-term Investments ($USD)$39.2M $34.9M
Total Assets ($USD)$56,180,914 $49,267,435
Total Liabilities ($USD)$9,417,756 $10,588,062
Stockholders’ Equity ($USD)$46,763,158 $38,679,373
Working Capital ($USD)$40.6M $35.1M
Debt ($USD)$0 $0

Restated year-end 2024 equity was $(1.0)M (10‑K/A, reflected in Q3 PR highlights) vs $11.6M previously referenced in Q2 PR highlights .

Segment Breakdown

  • Not applicable; Cyngn reports consolidated results only .

KPIs (Selected)

KPIQ1 2025Q2 2025Q3 2025
Bookings ($USD)~$308,000 N/AN/A

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY/Q4Not providedNot providedMaintained (no guidance)
EBITDA/MarginsFY/Q4Not providedNot providedMaintained (no guidance)
OpExFY/Q4Not providedNot providedMaintained (no guidance)
OI&EFY/Q4Not providedNot providedMaintained (no guidance)
Tax RateFY/Q4Not providedNot providedMaintained (no guidance)
Cash RunwayMulti‑yearThrough 2027 (disclosed)Through 2027 (reaffirmed)Maintained

No numeric revenue/earnings guidance ranges were issued.

Earnings Call Themes & Trends

Note: No Q3 2025 earnings call transcript was available in our document catalog [List: earnings-call-transcript not found].

TopicQ1 2025 (Prior)Q2 2025 (Prior)Q3 2025 (Current)Trend
AI/technology initiativesDriveMod deployments across 5 automotive OEMs/Tier‑1s; AV scalability; 22nd U.S. patent NVIDIA Isaac Sim collaboration; generative AI to boost R&D velocity; 23rd U.S. patent 23rd U.S. patent reiterated; SOC 2/ISO 27001 pursuit Continued investment and validation
Product performanceStockchaser/Tugger deployments; bookings momentum DriveMod deployments broaden across manufacturing/logistics/CPG Case studies: U.S. Continental 4x efficiency; G&J Pepsi deployment; Coats deployment Stronger customer proof points
Compliance/certificationsNasdaq compliance regained (context) —SOC 2 Type II, ISO 27001 program initiated Increasing enterprise readiness
Go‑to‑marketSales team investment (VP Sales in Q4’24) New HQ to support scaled deployments Largest sales organization in company history; improved pipeline quality Scaling commercial org
Balance sheet/capital$16.3M unrestricted cash + ST investments $39.2M unrestricted cash + ST investments; runway to 2027 $34.9M unrestricted cash + ST investments; runway through 2027 Stable but lower vs Q2

Management Commentary

  • “We’ve now deployed DriveMod vehicles across a range of industries including manufacturing, logistics, automotive, and consumer‑packaged goods.” — Lior Tal, CEO .
  • “Our vision is to reshape industries through autonomous technology… we’re excited about the opportunities ahead and committed to delivering scalable, impactful solutions for our customers.” — Lior Tal, CEO .
  • “I’d definitely recommend the DriveMod Tugger.” — Dave Hoover, VP Technical Services, U.S. Continental .
  • “By integrating Cyngn’s DriveMod Tugger into our material handling processes, we’re addressing today’s labor challenges…” — Jeff Erwin, VP Manufacturing & Quality, G&J Pepsi .
  • Strategic note: CEO outlined new growth pillars including potential asset acquisitions and M&A with revenue‑generating adjacencies (S‑3 declared effective) .

Q&A Highlights

  • No Q3 2025 earnings call transcript was found in the document catalog; no public Q&A to analyze [List: earnings-call-transcript not found].

Estimates Context

  • Q3 2025 actuals were below S&P Global consensus: revenue $0.07M vs $0.10M est., EPS –$1.20 vs –$1.00 est., EBITDA –$7.65M vs –$4.96M est.*
  • Given the small absolute revenue base and elevated OpEx, near‑term estimate revisions are likely to reflect continued losses until deployments translate into scaled subscription revenue; management emphasized pipeline maturation and enterprise readiness rather than short‑term prints .
    Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Revenue growth remains nascent; the company’s thesis hinges on converting named deployments (G&J Pepsi, Coats, U.S. Continental) into broader fleets and recurring EAS subscriptions .
  • Operating losses widened despite revenue improvement; expense mix includes higher R&D (capitalization estimate changes) and G&A tied to sales investments; expect cost discipline under new CFO .
  • Compliance and cybersecurity initiatives (SOC 2/ISO 27001) should facilitate enterprise procurement and reduce sales friction in late‑stage pilots .
  • Balance sheet supports the runway through 2027 (unrestricted cash + ST investments $34.9M); however, cash burn from operating activities (YTD –$16.8M) underscores the importance of scaling revenue .
  • No quantitative guidance was issued; trading setups likely hinge on additional customer deployments, case studies, and evidence of sequential revenue scaling .
  • Watch for asset/M&A strategy updates and any restatement impacts (10‑K/A filed Nov 14 and non‑reliance 8‑K on Nov 7) when assessing risk and equity trajectory .
  • Near‑term estimate risk skews cautious given Q3 misses; evidence of multi‑site rollouts or standardization with large customers could change the narrative positively .
Sources: 
- Q3 2025 8‑K 2.02 and Exhibit 99.1 press release **[1874097_0001213900-25-112325_ea0266072-8k_cynginc.htm:1]** **[1874097_0001213900-25-112325_ea026607201ex99-1_cynginc.htm:0]** **[1874097_0001213900-25-112325_ea026607201ex99-1_cynginc.htm:1]** **[1874097_0001213900-25-112325_ea026607201ex99-1_cynginc.htm:2]** **[1874097_0001213900-25-112325_ea026607201ex99-1_cynginc.htm:3]** **[1874097_0001213900-25-112325_ea026607201ex99-1_cynginc.htm:4]** **[1874097_0001213900-25-112325_ea026607201ex99-1_cynginc.htm:5]**. 
- Q3 2025 press release (Nov 18) **[1874097_20251118LA28003:0]** **[1874097_20251118LA28003:1]** **[1874097_20251118LA28003:2]** **[1874097_20251118LA28003:3]** **[1874097_20251118LA28003:4]** **[1874097_20251118LA28003:5]**. 
- Q2 2025 8‑K and press release **[1874097_0001213900-25-073140_ea025217001ex99-1_cyngn.htm:0]** **[1874097_0001213900-25-073140_ea025217001ex99-1_cyngn.htm:1]** **[1874097_0001213900-25-073140_ea025217001ex99-1_cyngn.htm:2]** **[1874097_0001213900-25-073140_ea025217001ex99-1_cyngn.htm:3]** **[1874097_20250806LA45274:0]** **[1874097_20250806LA45274:1]** **[1874097_20250806LA45274:2]** **[1874097_20250806LA45274:3]** **[1874097_20250806LA45274:4]** **[1874097_20250806LA45274:5]**. 
- Q1 2025 8‑K and press release **[1874097_0001213900-25-041070_ea024134101ex99-1_cyngn.htm:1]** **[1874097_0001213900-25-041070_ea024134101ex99-1_cyngn.htm:2]** **[1874097_20250507LA82544:0]** **[1874097_20250507LA82544:1]** **[1874097_20250507LA82544:2]** **[1874097_20250507LA82544:3]** **[1874097_20250507LA82544:4]**. 
- Other Q3 2025 press releases: Oct 30 case study **[1874097_20251030LA10754:0]** **[1874097_20251030LA10754:1]**; Oct 23 case study **[1874097_20251023LA04942:0]** **[1874097_20251023LA04942:1]**; Oct 14 G&J Pepsi deployment **[1874097_20251014LA96822:0]** **[1874097_20251014LA96822:1]**; Oct 7 CEO letter **[1874097_20251007LA90177:0]** **[1874097_20251007LA90177:1]** **[1874097_20251007LA90177:2]**. 
- S&P Global consensus and actuals for Q3 2025 (Revenue, EPS, EBITDA)* via GetEstimates.