Cyngn Sets Record for Enterprise Customer Expansion
Cyngn Sets Record for Enterprise Customer Expansion |
| [10-March-2026] |
MOUNTAIN VIEW, Calif., March 10, 2026 /PRNewswire/ -- Cyngn (NASDAQ: CYN) today announced that a record number of existing enterprise and Fortune 100 customers have expanded their DriveMod Tugger deployments, adding vehicles and extending autonomous operations across additional routes, workflows, and facilities.
"We believe that fleet expansion is one of the clearest indicators that Cyngn's autonomous vehicles solutions are delivering operational value," said Natalie Russell, CFO of Cyngn. "So, we are very excited to be setting a new record in existing customer expansion. What we're seeing is that customers who have deployed DriveMod Tuggers want even more DriveMod Tuggers." Typically, customers begin with a focused deployment that automates a repetitive logistics route inside a factory or warehouse. Once the system proves reliable in daily operations, these same customers often expand. They add more DriveMod Tuggers and introduce autonomy into additional material-handling workflows across their facilities. This pattern reflects a key dynamic of industrial automation: deployments that prove their value often grow over time within the same customer. This expansion activity builds on Cyngn's broader commercial progress. The company tripled the number of DriveMod Tuggers sold in 2025 compared to 2024, while increasing autonomous activity across its installed base. Cyngn also advanced its technology platform during the year through simulation work with NVIDIA Isaac Sim. Earlier this month, the company reported its deployment at a WEG electric motor facility. WEG is a global industrial manufacturer that makes billions in annual revenue. In 2025, autonomous usage across Cyngn customer sites increased sharply as new deployments moved into full production. Total autonomous operating time more than doubled in the second half of the year, rising 113%. According to Marty Petratis, Cyngn's VP of Sales, the company is on track to sell more in Q1 of 2026 than all of last year. About Cyngn Cyngn develops and deploys autonomous vehicle technology for industrial organizations like manufacturers and logistics companies. The Company addresses significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents. Cyngn's DriveMod technology empowers customers to seamlessly bring self-driving technology to their operations without high upfront costs or infrastructure installations. DriveMod is currently available on Motrec MT-160 Tuggers and BYD Forklifts. The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years. The DriveMod Forklift lifts heavy loads that use non-standard pallets and is currently available to select customers. Investor Contact: Media Contact: Where to Find Cyngn:
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K/A filed with the SEC on November 14, 2025. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Cyngn | ||
Company Codes: NASDAQ-NMS:CYN |
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