Cyngn Inc. (CYN) reported an increased loss in its fourth quarter compared to the same period last year, which did not meet Wall Street forecasts. The company's earnings amounted to a loss of $22.8 million, or $0.57 per share, up from a loss of $19.2 million, or $0.55 per share, in the fourth quarter of the previous year.
Analysts had previously predicted the company would lose $0.12 per share, according to data gathered by Thomson Reuters. It's worth mentioning that these estimates usually omit unique items.
The company's revenue for the quarter, however, showed a remarkable increase of 476.9%, rising to $1.5 million from $0.26 million in the previous year.
Here's a quick look at Cyngn Inc.'s earnings based on Generally Accepted Accounting Principles (GAAP) :
- Earnings for Q4: -$22.8 million compared to -$19.2 million last year.
- EPS for Q4: -$0.57 as against -$0.55 last year.
- Revenue for Q4: $1.5 million compared to $0.26 million last year.
