I am an undergraduate engineering student, I recently submitted an abstract for an upcoming conference in about a week. However, I have not produced any results yet and have not gone far in my research. Is it at all acceptable to present what I have done thus far? Or should I just cancel my attendance?
Yes, it is acceptable to present what you've done, even if it doesn't quite reach a finished result. If you've done something, though, I doubt you actually have no results. Try to reframe what you've done already and look for the results that you actually have, even if the result is "X doesn't work because Y".
You can also present some of your next plans, and hopefully you'll get some feedback from other attendees on those plans that will help in your next steps.
Your research advisor is a good guide for these things - make sure you're checking in with them regularly, and don't be afraid to ask them questions like this.
It is definitely fine to present what you have worked on thus far. Are you sure that you will have no results at all (even small steps) that you couldn't frame as part of a pilot study for your main research/study? I often see presentations at conferences that present preliminary findings, or even failed experiments, followed by their next steps. As an undergraduate, the experience you will gain from engaging with your peers at this stage will be really valuable and help further guide your research anyway.