MENLO PARK, Calif. - Cyngn Inc. (NASDAQ: CYN), a developer of autonomous vehicle (AV) technology, announced today that it has received a Notice of Allowance from the U.S. Patent and Trademark Office for its latest patent. The new patent focuses on an adaptive decision-making method aimed at improving the operation of AVs in dynamic environments by responding to other detected objects.
The company's Chairman and CEO, Lior Tal, expressed pride in this achievement, stating, "Achieving the Notice of Allowance for our 21st U.S. patent highlights our unwavering commitment to innovation in autonomous vehicle technology." Tal also emphasized the company's productivity, noting that "In 2023 alone, we secured 16 U.S. patents," which he attributed to the dedication and expertise of Cyngn's technical team.
This patent adds to Cyngn's growing intellectual property portfolio, which includes patents related to large-scale autonomous driving validation and systems designed for adaptive traffic rule-based decision making, among others.
Cyngn's recent initiatives include the development of NVIDIA-powered Computer Vision Technology, detailed in June, and the announcement of its 20th patent receiving a notice of allowance in April.
The Notice of Allowance is a significant step in the patent application process, indicating that the invention is eligible for a patent. Once the patent is granted, it will bolster Cyngn's intellectual property position in the AV space.
Cyngn's strategy involves creating scalable, differentiated AV technology for industrial applications. Its solutions aim to address key challenges such as labor shortages, safety incidents, and the growing demand for eCommerce.
The company's DriveMod Kit can be installed on new or existing industrial vehicles, allowing for the adoption of self-driving technology without substantial upfront costs or the need to replace current vehicle fleets.
The information in this article is based on a press release statement from Cyngn Inc.
In other recent news, Cyngn Inc. has been making significant strides in the autonomous vehicle technology sector. The company recently announced a public stock offering priced at approximately $5 million, which is expected to be used for general corporate purposes, including working capital. Cyngn also called upon its shareholders to approve a reverse stock split to maintain its listing on the Nasdaq exchange.
In a bid to expand its reach, Cyngn has formed strategic partnerships with notable brands such as John Deere (NYSE:DE) and Rivian (NASDAQ:RIVN), and has also joined forces with robotics integrator, RobotLAB. As a result of these partnerships, Cyngn's autonomous DriveMod Tugger vehicles are now included in RobotLAB's product range.
The company has also been making technological advancements, securing its 19th U.S. patent and launching an "auto-unhitch" feature that allows its DriveMod Tuggers to drop off carts autonomously.
InvestingPro Insights
As Cyngn Inc. (NASDAQ: CYN) continues to expand its portfolio of patents in the autonomous vehicle sector, the company's financial metrics provide additional context for investors monitoring its progress. According to InvestingPro data, Cyngn's market capitalization stands at a modest $5.36 million USD, reflecting the size of the company within the competitive tech industry.
The company's financial performance shows challenges, with a negative P/E ratio of -0.09 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at -0.23, indicating that Cyngn has been incurring losses relative to its share price. Moreover, the revenue for the same period is reported at $0.62 million USD, which has seen a significant decline of -45.19% year-over-year. The company's gross profit margin stands at -15.65%, underscoring the cost pressures it faces.
InvestingPro Tips suggest that potential investors should closely monitor Cyngn's ability to convert its growing intellectual property into revenue-generating products and services. With the company's significant research and development focus, as evidenced by its recent patent advancements, the long-term value may hinge on the successful commercialization of its autonomous vehicle technologies. Additionally, the InvestingPro platform offers further insights with many more tips available for those looking to delve deeper into Cyngn's financial health and prospects. Interested readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.