Executive Summary

Q4 2024 revenue accelerated to $0.3064M, up sharply sequentially vs Q3 ($0.0476M) and year-over-year vs Q4 2023 ($0.0404M), as Cyngn shifted activity toward monetizing its DriveMod portfolio .
Net loss widened to $(12.0)M in Q4 2024 due to a $(6.5)M other expense primarily from a $5.4M fair value measurement of warrant liability; operating costs were $5.8M in the quarter .
Commercial traction improved: ~$1.3M in new bookings, first paid DriveMod Forklift deployment, and multiple deployments/LOIs; management is expanding channel sales to accelerate adoption .
Liquidity strengthened: YE 2024 unrestricted cash and short-term investments rose to $23.6M (no debt), aided by December financings totaling ~$29.0M gross proceeds; working capital $22.1M .
No formal quantitative guidance or Wall Street consensus comparison available this quarter; key stock narrative catalysts are bookings momentum, forklift monetization, and improved funding runway .

What Went Well and What Went Wrong

What Went Well

Commercial momentum: “We received over $1M in new bookings from direct sales in the fourth quarter and are actively expanding our focus on channel sales to accelerate adoption.” — CEO Lior Tal .
Product validation and deployments: First paid DriveMod Forklift deployment and next‑gen 12,000‑lb DriveMod Tugger production builds and customer deployments broaden use cases and sales opportunities .
Strengthened balance sheet: YE 2024 unrestricted cash and short-term investments $23.6M; no debt; working capital $22.1M and equity $11.6M after year-end financings .

What Went Wrong

Revenue base remains small despite growth: Q4 2024 revenue $0.3064M; FY 2024 revenue $0.368M vs $1.489M in FY 2023 as mix shifted away from prior NRE contracts to EAS subscriptions .
Net loss and non‑cash charges: Q4 net loss $(12.0)M; other expense $(6.5)M driven by $5.36M warrant liability fair value change, pressuring bottom line .
Operating expense intensity: Q4 total costs and expenses $5.8M (albeit with R&D reductions via capitalization), indicating continued investment ahead of scale .

Financial Results

Quarterly progression (sequential comparison)

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD)	$8,665	$47,584	$306,400
Total Costs & Expenses ($USD)	$5,820,869	$5,555,786	$5,800,000
Other Income (Expense), net ($USD)	$(6,748)	$80,803	$(6,500,000)
Net Loss ($USD)	$(5,818,952)	$(5,427,399)	$(12,000,000)
Diluted EPS ($USD)	$(4.11)	$(2.74)	$(502.00)

Q4 year-over-year comparison

Metric	Q4 2023	Q4 2024
Revenue ($USD)	$40,400	$306,400
Total Costs & Expenses ($USD)	$5,400,000	$5,800,000
Other Income (Expense), net ($USD)	$38,000	$(6,500,000)
Net Loss ($USD)	$(5,400,000)	$(12,000,000)
Diluted EPS ($USD)	$(1,376)	$(502.00)

FY results

Metric	FY 2023	FY 2024
Revenue ($USD)	$1,489,317	$368,138
Total Costs & Expenses ($USD)	$24,835,259	$23,196,213
Other Income (Expense), net ($USD)	$534,712	$(6,424,209)
Net Loss ($USD)	$(22,811,230)	$(29,252,284)
Diluted EPS ($USD)	$(6,528.92)	$(2,212.56)

KPIs and balance sheet snapshot

KPI	Value	Context
New bookings in Q4 2024 ($USD)	~$1,300,000	Direct sales bookings for DriveMod vehicles
YE 2024 Unrestricted Cash + Short-term Investments ($USD)	$23,617,733	No debt outstanding
YE 2024 Working Capital ($USD)	$22,100,000	Improved from $7.4M in YE 2023
YE 2024 Total Stockholders’ Equity ($USD)	$11,593,650	Equity strengthened post financings
YE 2024 Warrant Liability ($USD)	$15,012,361	Drives non-cash fair value expense

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q1/Q2 2025	Not provided	Not provided	Maintained: No formal guidance
Margins/OpEx/Tax/Segments/Dividends	FY/Q1/Q2 2025	Not provided	Not provided	Maintained: No formal guidance

Note: Cyngn did not issue explicit quantitative guidance in the Q4 2024 press release or the related 8‑K .

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was available in the document catalog during the period reviewed.

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
AI/Technology initiatives	Highlighted proprietary computer vision with NVIDIA accelerated computing	Expanded DriveMod capabilities to outdoor operations	Continued vision advancements noted; product enhancements broaden environments/use cases	Sustained innovation momentum
Channel sales & OEM partners	Added partners Motrec, Alta, RobotLAB; dealer-led channel strategy emerging	Leveraging dealer networks (Motrec), adding integrators (Kennedy Robotics AI, RobotLAB)	Actively expanding focus on channel sales to accelerate adoption	Accelerating channel build-out
Product performance & commercialization	Pipeline progress; joined John Deere supply base	First paid DriveMod Forklift deployment; next‑gen Tugger customer deployments	~$1.3M new bookings; first paid forklift deployment; next‑gen Tugger production builds	Commercial traction improving
R&D execution	OpEx reductions via capitalizing development; R&D down YoY	R&D decreased; cost discipline with capitalized development	R&D down; continued capitalization of customer-specific/software development costs	Continued cost discipline
Macro/end‑market focus	Fortune 500 engagements; automotive, defense, heavy equipment	Validation in heavy manufacturing and defense industries	Expansion into Consumer Packaged Goods and automotive manufacturing (Coats); broader industrial swath	End‑market breadth expanding

Management Commentary

“We continued to gain commercial momentum with our autonomous DriveMod technology… we received over $1M in new bookings from direct sales in the fourth quarter and are actively expanding our focus on channel sales to accelerate adoption.” — Lior Tal, CEO .
“We have also recently achieved a meaningful market expansion milestone with a contract signed for our DriveMod Tugger at a Consumer Packaged Goods company… Additionally, we kicked off a production deployment of our vehicles at Coats.” — Lior Tal, CEO .
“Cyngn’s self-driving tugger was the perfect solution… With its high load capacity, we can concentrate on… heavier components and bulk orders, driving greater efficiency, reducing costs, and accelerating delivery timelines.” — Steve Bergmeyer, Coats .
Strategic emphasis: expanding into Fleet Purchases via onboarded customers; leveraging next‑gen Tugger capabilities to broaden use cases and accelerate pipeline conversion .

Q&A Highlights

No Q4 2024 earnings call transcript was available to extract Q&A themes or guidance clarifications during the review period [ListDocuments showed none for earnings-call-transcript].
Based on press materials, management’s tone emphasized commercialization progress, channel expansion, and broader industrial adoption .

Estimates Context

Wall Street consensus estimates (S&P Global) for Q4 2024 EPS and revenue were unavailable via our data access during this session; therefore, beat/miss vs consensus cannot be determined at this time. Values would normally be retrieved from S&P Global; in this case, they were unavailable.
The company did not provide explicit quantitative guidance in the Q4 press release/8‑K to benchmark against internal targets .

Key Takeaways for Investors

Revenue inflection, but from a small base: sequential ramp from $8.7k (Q2) to $47.6k (Q3) to $306.4k (Q4) highlights initial monetization of DriveMod deployments, especially EAS subscriptions .
Commercial validation accelerating: ~$1.3M bookings, first paid forklift deployment, and next‑gen Tugger builds/deployments signal increasing customer adoption and pipeline conversion potential .
Operating expense intensity vs liquidity: Q4 costs/expenses $5.8M and Q4 net loss $(12.0)M (including $(6.5)M other expense) underscore the need for scale; YE cash/short-term investments $23.6M, no debt, and ~$29M gross raised in Dec provide runway .
Non‑cash warrant liability effect: $5.36M warrant fair value change materially impacted Q4 other expense; investors should adjust for this when assessing recurring operating performance .
Channel strategy is key: expanding dealer/system integrator channels (Motrec, Alta, RobotLAB, Kennedy Robotics AI) aims to accelerate adoption and scale bookings without linear SG&A expansion .
End‑market breadth widening: traction in automotive manufacturing (e.g., Coats), defense, and consumer packaged goods increases Cyngn’s addressable deployment opportunities .
Near‑term focus: drive sequential revenue growth via deployments and fleet purchases; medium‑term thesis hinges on turning validated pilots into scaled fleet orders to leverage opex base and improve unit economics .

Cyngn Inc. (CYN)·Q4 2024 Earnings Summary