Cyngn Stock Soars Pre-Market On Q3 Win, Nvidia-Powered Advancements: Grabs Retail’s Attention

Cyngn, Inc. ($CYN) saw its stock surge over 40% in pre-market trading Thursday, landing it among Stocktwits’ top five trending tickers. 

The company, known for its autonomous driving software, reported Q3 revenue of $47,584, up sharply from $25,210 a year ago.

There was significant improvement in adjusted net loss per share, narrowing to $2.74 from $11.03 in the previous year. 

Cash reserves remain at $2.8 million, with no outstanding debt.

Driving retail excitement is Cyngn’s progress with its proprietary DriveMod system, which leverages NVIDIA’s ($NVDA) accelerated computing for industrial autonomous machines. 

“The DriveMod system has been successfully deployed on material handling vehicles from established manufacturers like BYD, Motrec, and Columbia Vehicle Group, catering to a diverse range of clients from private manufacturing and distribution companies to Fortune 100s like John Deere,” said Cyngn. 

The technology also powers the DriveMod Forklift, which features advanced computer vision capabilities, such as detecting pallet stack heights and identifying non-standard pallet pockets.

Cyngn said it had also collaborated with Arauco, which ordered 100 DriveMod Forklifts last summer. 

The company said its integration of NVIDIA technology in this partnership enhances machine vision for industrial applications, advancing precision and operational efficiency in automated warehousing.

Retail investors on Stocktwits were quick to capitalize on the momentum, expressing hopes for the stock to surge on Thursday.

The stock’s trading volume spiked to 14.41 million shares by 9 a.m. ET on Thursday—an astonishing 242 times its daily average volume. 

Still, CYN shares have lost over 70% so far this year, possibly making the latest developments a pivotal moment for investors and the company alike.

For updates and corrections, email newsroom@stocktwits.com

Read next: Lyft Stock Wins Over Wall Street And Retail With Q3 Revenue Beat And AV Alliances

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