赛尼恩公司2025年季度报告

TABLE OF CONTENTS PART IFINANCIAL INFORMATION 2024 (unaudited)3Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2025 and 2024(unaudited)4 The accompanying notes are an integral part of these condensed financial statements. CYNGN INC. AND SUBSIDIARIESNotes to Condensed Consolidated Financial Statements(Unaudited) 1. Description of Business Cyngn Inc., together with its subsidiary (collectively, “Cyngn” or the “Company”), was incorporated in Delaware in 2013. The whollyowned subsidiary are Cyngn Singapore PTE. LTD., a Singaporean limited company organized in 2015. The Company is headquartered Cyngndevelops and deploys scalable,differentiated autonomous vehicle technology for industrial organizations.Ourfull-stackautonomous driving software,(“DriveMod”),can be integrated onto vehicles manufactured by Original EquipmentManufacturers (“OEM”) either via retrofit of existing vehicles or by integration directly into vehicle assembly. The Enterprise 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 proprietarySoftware Development Kit (“DriveMod Kit”) combine to create a full-stack advanced autonomy solution designed to be modular, Liquidity and Going Concern 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 activities The Company’s liquidity is based on its ability to increase its operating cash flow position, obtain capital financing from equityinterest 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 to Based on cash flow projections from operating, investing and financing activities and the existing balance of cash and short-terminvestments, 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 Company 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.Accordingly, we expect to rely primarily on equity and/or debt financings to fund our continued operations. The Company’s ability toraise additional funds will depend, in part, on the success of our product development activities, and other events or conditions that 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements as of and for the three months ended March 31, 2025 and 2024 havebeen prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to applicablerules and regulations of the Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction 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 the The results reported for the interim period presented are not necessarily indicative of results that may be expected for any subsequentquarter or for the full year ending December 31, 2025. These unaudited condensed consolidated financial statements include all Principles of Consolidation The condensed consolidated financial statements include the accounts of Cyngn Inc. and its wholly owned subsidiaries, including thedissolved subsidiary Cyngn Philippines, Inc. The Company investigated economic viability in the Philippines in 2023