MENLO PARK, Calif. - Cyngn Inc. (NASDAQ:CYN), a developer of autonomous vehicle technologies, has been granted a new patent that promises to enhance the precision of sensor data for autonomous vehicles and robotics. The United States Patent, numbered 12,032,099, focuses on maintaining the accuracy of data collected by autonomous vehicle sensors in motion.
The patented technology integrates LiDAR and image processing to address the time lag between data capture and processing, adjusting for vehicle movement across multiple axes. This development is expected to significantly improve the reliability of autonomous systems by providing precise environmental data, which is critical for safe and efficient operation.
Lior Tal, CEO of Cyngn, emphasized the patent as evidence of the company's dedication to innovation in the autonomous vehicle space, stating, "The granting of our 20th U.S. patent underscores Cyngn's ongoing commitment to advancing autonomous vehicle technologies."
This latest patent adds to Cyngn's growing intellectual property portfolio, following 16 patents granted in 2023. The company's advancements in the field aim to offer customers cost-effective solutions for incorporating self-driving technology into their operations.
Cyngn's approach allows for the retrofitting of existing industrial vehicles or the installation of their DriveMod Kit on new vehicles, avoiding substantial upfront costs and extending the utility of current vehicle investments.
This patent grant is part of Cyngn's broader strategy to solidify its position within the autonomous vehicle industry. The company's Enterprise Autonomy Suite, which includes DriveMod, Cyngn Insight, and Cyngn Evolve, reflects its commitment to providing comprehensive solutions for industrial organizations facing labor shortages and increasing e-commerce demands.
The information for this article is based on a press release statement from Cyngn.
In other recent news, Cyngn Inc. has achieved significant advancements in the autonomous vehicle technology sector. The company recently secured its 21st U.S. patent, focusing on an adaptive decision-making method intended to enhance the operation of autonomous vehicles in dynamic environments. This patent adds to Cyngn's growing portfolio, which includes 16 patents secured in 2023 alone.
In addition to its patent achievements, Cyngn announced a public stock offering priced at approximately $5 million and has sought shareholder approval for a 1-for-100 reverse stock split to comply with Nasdaq's minimum bid price requirement. The company has also formed strategic partnerships with well-known brands such as John Deere (NYSE:DE) and Rivian (NASDAQ:RIVN), and robotics integrator, RobotLAB.
These recent developments highlight Cyngn's unwavering commitment to innovation in autonomous vehicle technology and its pursuit of maintaining its Nasdaq listing. As part of its strategy, Cyngn aims to create scalable, differentiated autonomous vehicle technology for industrial applications, addressing key industry challenges such as labor shortages and the increasing demands of eCommerce.
InvestingPro Insights
Cyngn Inc. (NASDAQ:CYN) has been making strides with its technological advancements in autonomous vehicle sensors, as evidenced by its recent patent grant. However, a glance at the company's financial health through InvestingPro data reveals some challenges. As of the last twelve months ending in Q2 2024, Cyngn's market capitalization stands at a modest 7.36 million USD, reflecting the size and current market valuation of the company.
InvestingPro data also shows a significant revenue contraction, with a -95.27% revenue growth over the last twelve months, and an even sharper quarterly decline at -98.43%. This indicates that Cyngn is experiencing substantial challenges in generating sales and expanding its market reach during this period. The company's gross profit margin has been deeply negative, at -240.72%, suggesting that the costs associated with producing its goods are far exceeding the revenue those goods generate.
Additionally, Cyngn's operating income margin stands at an alarming -28571.71%, and the company has reported a basic and diluted EPS (Earnings Per Share) from continued operations of -35.32 USD. These metrics underscore the financial difficulties Cyngn is facing, with expenses vastly outstripping income.
InvestingPro Tips highlight the importance of considering these financial metrics when evaluating a company's long-term viability and investment potential. Despite the promising technological developments, Cyngn's current financial data suggests that the company is in a precarious financial position.
Investors looking for deeper insights can find a wealth of additional tips on InvestingPro, where 12 more tips are available to help users make more informed investment decisions. For instance, understanding the context behind Cyngn's fair value, as estimated by analysts at 12 USD and InvestingPro's own fair value assessment of 4.7 USD, could provide crucial insights into the company's potential and the market's expectations.
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