赛尼恩公司2025年季度报告

PART IFINANCIAL INFORMATIONFINANCIAL STATEMENTSCondensed Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024 (unaudited)Condensed Consolidated Statements of Stockholders’ Equity for the Three Months ended March 31, 2025 and2024 (unaudited) (unaudited)Notes to Condensed Consolidated Financial Statements (unaudited) Three Months EndedMarch 31, Manufacturers (“OEM”) either via retrofit of existing vehicles or by integration directly into vehicle assembly. The EnterpriseAutonomy Suite (“EAS”) is designed to be compatible with sensors and components from leading hardware technology providers andintegrate our proprietary Autonomous Vehicle (“AV”) software to produce differentiated autonomous vehicles. The Company has been operating autonomous vehicles in production environments and in 2023 began licensing EAS commercially.Built and tested in difficult and diverse real-world environments, DriveMod, the fleet management system and our proprietary Software Development Kit (“DriveMod Kit”) combine to create a full-stack advanced autonomy solution designed to be modular,extendable, and safe.The Company operates in one business segment. The Company has incurred losses from operations since inception. The Company incurred net losses of approximately $7.6millionand $6.0million for the three months ended March 31, 2025 and 2024, respectively. Accumulated deficit amounted to approximately$196.9million and $189.3million as of March 31, 2025 and December 31, 2024, respectively. Net cash used in operating activitieswas approximately $6.5million and $5.8million for the three months ended March 31, 2025 and 2024, respectively. interest investors and borrow money to fund its general operations, research and development activities, and capital expenditures. TheCompany’s ability to continue as a going concern is dependent on management’s ability to successfully execute its business plan,which includes increasing revenue while controlling operating costs and expenses and obtaining funds from outside sources togenerate positive financing cash flows. As of March 31, 2025, the Company’s unrestricted cash balance was approximately $1.0 Based on cash flow projections from operating, investing and financing activities and the existing balance of cash and short-term investments, management is of the opinion that the Company may have insufficient funds for sustainable operations, and it may not beable to meet its payment obligations from operations and related commitments, if the Company is not able to generate revenue orcomplete the required funding transactions to allow the Company to continue as a going concern. Based on these factors, the Companyhas substantial doubt that it will continue as a going concern for the 12 months following the date these financial statements were The Company’s plan to alleviate the going concern issue is to increase revenue while controlling operating costs and expenses andobtaining funds from outside sources of financing to generate positive financing cash flows. While management is optimistic about itsability to raise substantial funds to continue as a going concern for one year following the financial statement issuance date, there canbe no assurance that any such measures will be successful. We currently do not generate substantial revenue from product sales. continue as a going concern.5 The accompanying condensed consolidated financial statements as of and for the three months ended March 31, 2025 and 2024 have rules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunctionwith the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K forthe fiscal year ended December 31, 2024, which was filed with the SEC on March 6, 2025.The accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the auditedconsolidated financial statements for the fiscal years ended December 31, 2024, and 2023, and include all adjustments, consisting ofonly normal recurring adjustments, necessary to fairly state the information set forth herein. There have been no changes to theCompany’s significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 dissolved subsidiary Cyngn Philippines, Inc. The Company investigated economic viability in the Philippines in 2023 and determinedit cost more to operate the subsidiary than any profit it could generate. Consequently, the subsidiary was shut-down, which had minimal impact on our condensed consolidated financial statements. Intercompany accounts and transactions have been eliminatedupon consolidation. Foreign Currency TranslationThe functional and reporting currency for Cyngn is the U.S. dollar. Monetary assets and liabilities denominated in currencies other Use of EstimatesThe preparation of condense