(RTTNews) – Autonomous vehicle technology company Cyngn Inc. (CYN) on Wednesday reported a wider first-quarter loss, as increased research and development as well as administrative expenses more than offset revenue growth.
Net loss widened to $6.49 million, or $0.59 loss per share, from a net loss of $3.91 million, or $3.40 loss per share, in the year-ago quarter.
Revenue increased to $104 thousand from $47 thousand last year, driven by enterprise autonomous software subscription revenue tied to DriveMod tugger vehicle deployments.
Total costs and expenses rose 34% to $7.05 million from $5.26 million a year earlier. Research and development expenses increased to $2.89 million from $2.11 million last year.
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