Cyngn (NASDAQ: CYN) is a publicly traded Off-road & Industrial Autonomy company founded in 2013 and based in Mountain View, United States.
| Date | Stage | Amount | Valuation | Lead investors |
|---|---|---|---|---|
| Jul 1, 2025 | Financing (public) | $32M | — | — |
Cyngn reported Q2 2026 revenue of $144.5 thousand, up 329% from $33.7 thousand in Q2 2025, derived from EAS software subscriptions on DriveMod Tugger deployments. However, the company acknowledged that commercial execution lagged expectations. Net loss for the quarter was $6.4 million (compared to $5.4 million in Q2 2025), with net loss per share of $(0.45) based on 14.1 million weighted-average shares. Year-to-date six-month revenue was $249 thousand versus $80.9 thousand in the prior-year period. Cyngn streamlined its organization, reduced management layers, and implemented AI-assisted tools to lower operating costs and improve execution. The company refocused product development on enterprise capabilities (interoperability, fleet management, customer workflow control) and tightened sales discipline around pipeline qualification and DriveMod-aligned opportunities. No forward guidance was provided.
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DriveMod is Cyngn's all-in-one autonomy integration kit that converts standard industrial vehicles into fully autonomous ones, combining sensors, compute and Cyngn's self-driving software. Designed to be adaptable and turnkey, it can be fitted to multiple vehicle types so operators avoid buying purpose-built autonomous machines. DriveMod-equipped vehicles operate in commercial environments to cut labor cost, increase throughput and improve safety, and Cyngn partners with NVIDIA to power next-generation industrial autonomy. The platform underpins all of Cyngn's deployed vehicle products.
The DriveMod Tugger is a fully autonomous, electric industrial tugger that hauls heavy loads—up to roughly 12,000 lbs—and operates both indoors and outdoors across manufacturing and logistics facilities. Built on the DriveMod platform, it automates repetitive material-movement routes that would otherwise require human drivers, integrating with site workflows for tasks like line-side delivery and cross-dock moves. Cyngn has run DriveMod Tugger deployments with customers including Rivian, positioning it as a flagship application of its retrofit autonomy approach.
The DriveMod Forklift applies Cyngn's autonomy stack to industrial forklifts, enabling driverless lifting and movement of loads—including non-standard pallets—inside warehouses and manufacturing plants. As with the rest of the DriveMod line, it converts a standard vehicle into an autonomous one rather than requiring a bespoke machine, letting operators automate picking, staging and transport tasks. It targets the same goals of lower labor cost, higher throughput and improved safety across consumer-packaged-goods, logistics and defense customers.
6 patents on file, but none with both an extractable figure and an abstract on Google Patents yet.
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