Cyngn’s drive for commercialization and technical innovation continues

Today, Cyngn Inc. (the “Company” or “Cyngn”) (Nasdaq: CYN) shared several company milestones and key achievements, including significant commercial progress, the expansion of its dealer network, and recent patents. Together, these achievements are positioning the Company for growth.

• Executed its first paid DriveMod Forklift Deployment.
• Started deploying its next-gen 12,000 lb. DriveMod Tugger at customer facilities.
• Signed a commercial contract with a major automotive service equipment manufacturer.
• Expanded its dealer network, adding multiple sales channels that offer Motrec vehicles as well as other 3rd party system integrators.
• Secured its 20th and 21st US Patent.
• Announced DriveMod Tuggers capability to run missions outside.

CEO Commentary

“Cyngn has made significant progress this year, aligning with the growing demand for autonomous utility vehicles in the industrial sector. These solutions are designed to help enterprises address labor shortages, manage costs, and improve safety,” said Lior Tal, CEO of Cyngn.

“Our primary focus is on intralogistics within manufacturing. Recently, we launched our first paid DriveMod Forklift deployment, began deploying the 12,000 lb. DriveMod Tugger at customer sites, and signed a commercial contract with a major automotive service equipment manufacturer. Additionally, we continue expanding our dealer network, and secured our 20th and 21st U.S. patents.

“The smart manufacturing market is predicted to grow from $223.6 billion to an impressive $985.5 billion by 2032. As AI continues to shape industrial operations, we are building momentum with DriveMod and are focused on addressing key challenges in the sector through our autonomous solutions.”

Key Milestones and Achievements:

Notable Deployments and Customer Contracts.

Cyngn recently secured a commercial contract with a major automotive service equipment manufacturer. The company also executed its first paid deployment of the DriveMod Forklift, demonstrating real-world adoption of its technology. Additionally, Cyngn started deploying its next-gen 12,000 lb. DriveMod Tugger at customer sites, further expanding its footprint in industrial automation.

New Product Launches and Features.

The DriveMod Forklift and the next-generation 12,000 lb. DriveMod Tugger represent the latest additions to Cyngn's product lineup with the latter now able to complete outdoor missions. To streamline the production of DriveMod Tugger, Cyngn’s OEM vehicle partner, Motrec, started building the DriveMod Tugger.

Technological Innovation.

Cyngn’s commitment to technological advancement is evident in its recent securing of the 20th and 21st U.S. patents. These patents underscore the company’s focus on enhancing its autonomous capabilities and solidify its standing as an innovator in the smart manufacturing sector. They also announced advancements in their Proprietary computer vision, thanks to NVIDIA Accelerated Computing.