Cyngn Inc. Q1 FY2022 earnings call

• Launched Infinitracker, a compact GPS asset tracking device and IoT gateway, with first booking from a strategic customer. It can last up to 15 years and complements existing products.
• Officially started production of DriveMod Kit, a fully equipped autonomous vehicle hardware integration module, with patent application filed in February and assembly beginning in early April. Adaptable to other industrial vehicle brands.
• Closed a $20 million private placement in April to fund go-to-market plans.
• Working with strategic partners on deployments and building out the team for productization and commercialization of the Enterprise Autonomy Suite.

Cyngn is a pre-revenue company. For the first quarter ended March 31, 2022, there was no revenue generated. Total operating expenses were $3.8 million compared to $1.5 million in the prior year quarter. The increase was due to factors like non-cash stock-based compensation, personnel costs, professional services for public company status, and occupancy costs. Cash and cash equivalents were $18.5 million as of March 31, 2022, down from $21.9 million at the end of 2021.

• Remain on track to deliver scale deployment and recurring revenues according to original timeline.
• Private placement funds ensure resources to execute go-to-market plan.
• Anticipate revenue generation in coming quarters, especially with Infinitracker launch.

• Forward-looking statements subject to risks and uncertainties that could cause actual results to differ from projections. Risks associated with investing are in SEC filings.

Q: Two parter. First, feedback on DriveMod Kit in initial weeks. Second, how to ramp up marketing for Infinitracker and DriveMod Kit.

A: Ben Landen says for Infinitracker, focus is on scaling sales and marketing, staffing up sales team, using traditional marketing avenues. On DriveMod Kit, can't specify exact market response but it's resonating with partners for scaling vehicle builds as part of deployment plan for 2022-2024.