CYN
Cyngn Inc.Cyngn Inc., an autonomous vehicle (AV) technology company, develops autonomous driving software. The company is developing Enterprise Autonomy Suite, which consists of DriveMod, a modular industrial vehicle autonomous driving software; Cyngn Insight, a customer-facing tool suite for monitoring and managing AV fleets and aggregating/analyzing data; and Cyngn Evolve, an internal tool suite and infrastructure that facilitates artificial intelligence and machine learning training to enhance algorith
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 0.5 | -6.3 | -- | -7.3 | -- | -5.5 | -0.8 | -1.0 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 0.4 | -6.2 | -- | -7.2 | -- | -5.6 | -0.7 | 4.5 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 0.3 | -6.3 | -- | -7.2 | -- | -5.7 | -0.6 | 10.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 0.3 | -6.3 | -- | -7.0 | -- | -5.5 | -0.6 | 15.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 0.2 | -6.2 | -- | -7.0 | -- | -5.6 | -0.6 | 21.3 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 0.2 | -6.3 | -- | -7.2 | -- | -5.7 | -0.5 | 26.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.1 | -6.5 | -- | -7.2 | -- | -5.8 | -0.4 | 32.6 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.1 | -6.6 | -6.9 | -6.5 | -8.4 | -8.7 | -0.3 | 44.4 | 6.9 | 11.0 | -56.7% | -- | -- |
| Est | 2025-Q4 | 0.1 | -6.8 | -- | -7.6 | -- | -6.0 | -0.4 | 38.4 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 0.1 | -6.3 | -6.6 | -5.7 | -6.7 | -7.1 | -0.4 | 34.7 | 6.8 | 4.5 | -69.9% | -- | -- |
| Act | 2025-Q3 | 0.1 | -7.9 | -8.4 | -8.4 | -4.1 | -4.6 | -0.5 | 34.9 | 6.7 | 7.0 | -89.0% | -31.3x | -- |
| Act | 2025-Q2 | 0.0 | -4.9 | -5.5 | -5.5 | -6.3 | -6.4 | -0.2 | 39.2 | 6.6 | 2.0 | -47.4% | -24.7x | -- |
| Act | 2025-Q1 | 0.1 | -5.0 | -5.2 | -7.6 | -6.5 | -6.7 | -0.2 | 16.3 | 0.1 | 1.2 | -134.2% | -- | -- |
| Act | 2024-Q4 | 0.3 | -5.5 | -5.5 | -12.0 | 6.1 | 5.3 | -0.7 | 23.6 | 0.3 | 0.9 | -421.3% | -4.8x | -- |
| Act | 2024-Q3 | 0.1 | -5.3 | -5.5 | -5.4 | -10.3 | -10.5 | -0.1 | 2.8 | 0.5 | 0.9 | <-999% | -- | -- |
| Act | 2024-Q2 | 0.0 | -5.6 | -5.8 | -5.8 | -2.0 | -2.4 | -0.4 | 7.0 | 0.7 | 0.9 | -959.5% | -3344.5x | -- |
| Act | 2024-Q1 | 0.0 | -5.7 | -6.0 | -6.0 | -3.2 | -3.4 | -0.2 | 4.8 | 1.6 | 0.7 | <-999% | -- | -- |
| Act | 2023-Q4 | 0.0 | -5.1 | -5.4 | -5.4 | -4.3 | -4.4 | -0.1 | 8.2 | 1.0 | 0.5 | <-999% | -- | -- |
| Act | 2023-Q3 | 0.0 | -5.4 | -5.6 | -5.5 | -4.2 | -5.2 | -1.0 | 8.2 | 0.4 | 0.4 | <-999% | -- | -- |
| Act | 2023-Q2 | 0.6 | -6.3 | -6.5 | -6.4 | -4.9 | -5.0 | -0.1 | 12.1 | 0.6 | 0.4 | <-999% | -- | -- |
| Act | 2023-Q1 | 0.9 | -5.6 | -5.8 | -5.6 | -5.4 | -5.9 | -0.5 | 17.0 | 0.2 | 0.4 | -389.7% | -- | -- |
| Act | 2022-Q4 | 0.3 | -5.5 | -5.7 | -5.6 | -4.7 | -5.1 | -0.4 | 22.6 | 0.4 | 0.4 | -207.0% | -- | -- |
| Act | 2022-Q3 | 0.0 | -5.1 | -5.3 | -5.3 | -4.6 | -5.0 | -0.4 | 27.6 | 0.5 | 0.4 | -131.6% | -- | -- |
| Act | 2022-Q2 | 0.0 | -4.5 | -4.6 | -4.6 | -3.6 | -3.9 | -0.3 | 32.6 | 0.7 | 0.3 | -88.0% | -2769.3x | -- |
| Act | 2022-Q1 | 0.0 | -3.8 | -3.8 | -3.8 | -3.4 | -3.6 | -0.2 | 18.3 | 0.8 | 0.3 | -219.3% | -10017.7x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 9,185 | — | -7183.8% | -19 | n/m | n/m | n/m | 129.2× |
| 2023 | 2,170 | +468.4% | -1503.0% | -22 | n/m | n/m | n/m | 13.7× |
| 2024 | 127.36 | -75.3% | -6012.8% | -22 | — | — | n/m | 20.2× |
| 2025 | 2.38 | -40.5% | -10969.1% | -24 | — | — | n/m | 53.7× |
| TTM | — | -32.5% | -9287.7% | -26 | — | — | — | — |
| 2026E | — | +153.3% | -36.1% | -0 | — | — | — | — |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
Cyngn is a textbook dilutive death spiral. The company generates effectively zero revenue ($65K over 9 months vs. $16.8M in cash burn), has executed cumulative 1:15,000 reverse splits in under 12 months, restated financials due to material weakness, and survives exclusively through ATM equity issuance that destroys shareholder value at an astronomical 690% annual dilution rate. Even if the autonomous tugger technology works (customer testimonials are encouraging), the path from $0.2M annual revenue to the $50M+ needed to approach breakeven is years away, during which time existing shareholders will be diluted to near-zero. Executive compensation of $15.5M over 3 years on $2.3M of cumulative revenue is egregious. The $100M ATM facility ensures a permanent ceiling on the stock. This is uninvestable for fundamental equity investors.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Empery Asset Management, LP | $1.6M | $1.66 | +$1.6M | +$1.6M | -17.0% | $83.0M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $116K | $1.66 | +$116K | +$116K | — | $4.04T |
| TWO SIGMA SECURITIES, LLCMM | $76K | $1.66 | +$76K | +$76K | -3.0% | $858M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $68K | $5.03 | −$68K | +$44K | +2.3% | $1.61T |
| JANE STREET GROUP, LLCMM | $62K | $2.01 | +$32K | +$62K | -0.1% | $92.10B |
| Virtu Financial LLCMM | $58K | $1.66 | +$58K | +$58K | -2.0% | $2.41B |
| VANGUARD FIDUCIARY TRUST COPassive | $58K | $1.66 | +$58K | +$58K | — | $395.83B |
| STATE STREET CORPPassive | $39K | $5.23 | +$0 | +$39K | -0.2% | $2.89T |
| NORTHERN TRUST CORPPassive | $39K | $5.14 | +$0 | +$39K | -0.2% | $755.34B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $35K | $2.38 | +$0 | +$35K | -0.2% | $864.93B |
| UBS Group AG | $29K | $5.94 | −$104K | +$3K | -0.3% | $562.11B |
| Tower Research Capital LLC (TRC)MM | $8K | $2.94 | +$5K | +$6K | -0.6% | $3.84B |
| SBI Securities Co., Ltd. | $3K | $12.34 | −$0 | +$3K | +0.9% | $3.62B |
| ADVISOR GROUP HOLDINGS, INC. | $0 | $14.40 | +$0 | +$0 | -0.3% | $67.63B |
| Redpoint Management, LLC | $0 | $4.58 | +$0 | +$0 | -3.7% | $201M |
| CWM, LLC | $0 | $1.66 | +$0 | +$0 | -0.1% | $37.83B |
| JONES FINANCIAL COMPANIES LLLP | $0 | $14.40 | +$0 | +$0 | -0.1% | $208.07B |
| JPMORGAN CHASE & CO | $0 | $14.39 | +$0 | +$0 | -0.2% | $1.47T |
| Caitong International Asset Management Co., Ltd | $0 | $1.66 | +$0 | +$0 | +1.3% | $540M |
| Ascentis Wealth Management, LLC | $0 | $1.66 | +$0 | +$0 | +0.3% | $508M |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 87.7%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Corporate
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
Cyngn Inc.: A Dilutive Death Spiral Masked by Massive Reverse Splits and Restatements
Counter-Thesis
Counter-Thesis & Recent News
Cyngn (CYN) has demonstrated significant operational momentum, tripling its autonomous DriveMod Tugger orders in 2025 compared to 2024 (PR Newswire, Jan 2026). In March 2026, the company announced a new commercial deployment at a WEG Electric Motor facility to automate component movement (Stock Titan, March 2026). Strategically, the company added former Lyft executive Ran Makavy to its board in February 2026 and secured its 24th U.S. patent for AI-powered autonomous technology (Investing.com, Jan 2026).
The bear case centers on severe financial instability and execution risk. Despite triple-digit percentage revenue growth, absolute revenue remains minimal (approx. $151k for the first 9 months of 2025) compared to a quarterly net loss of $8.4 million (DCF Modeling, Nov 2025). The stock has also suffered a massive drawdown from its 52-week high of $41.54 to approximately $1.48, and the company has historically relied on dilutive capital raises, such as the $32M raise in mid-2025, to survive (Nasdaq, Aug 2025; StockTitan, March 2026).
A major red flag is the material weakness in internal controls that forced a restatement of audited 2024 and quarterly 2025 financials due to errors in accounting for warrants. This resulted in an estimated $12.7 million increase in warrant liability (Investing.com, Nov 2025). Additionally, the company's decision not to host earnings calls for its year-end 2025 results may signal a lack of transparency or confidence in answering direct analyst questions (Stock Titan, March 2026).
Cyngn faces intense competition from larger, better-capitalized incumbents and specialized automation firms. Primary rivals include Crown Equipment, Brain Corp, Locus Robotics, and Seegrid (Owler). These competitors often have deeper integration with major warehouse providers and significantly higher revenue bases, making it difficult for a micro-cap like Cyngn to gain meaningful market share without burning excessive capital.
Customer sentiment is a potential 'hidden' strength for the bulls. High-profile clients like Coats, G&J Pepsi, and U.S. Continental have provided public testimonials citing 4x increases in efficiency and payback periods of less than 2 years (Cyngn.com Case Studies, Oct 2025). WEG's recent deployment to handle 60 pallets per day suggests that for specific industrial workflows, Cyngn's DriveMod system is successfully moving from 'pilot' to 'production' status (Stock Titan, March 2026).