Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, is reporting its financial results for Q1 2024, the period ended March 31, 2024; the company also shared business updates. Highlights of the report include securing a new series production award for its near-rage lidar with a global original equipment manufacturer (“OEM”) covering a multiyear period; signing an engineering services contract with partner Koito for approximately $10 million in fees to support execution and product development for the new OEM series production award during Q2 2024; final submission to a top 10 global automotive OEM for an RFQ for long-range lidar; and first submission for an RFQ from a top 3 global automotive OEM for both long-range and near-range lidar. In addition, the company achieved B sample for the Cepton Ultra, its next generation of high-performance, long-range lidar with the smallest form factor in the industry to date and fully integrated MagnoSteer(TM) into Ultra B samples while also launching StudioViz(TM), its proprietary end-to-end lidar simulation platform. Financial numbers include Q1 2024 total revenue of $1.9 million, consisting of $1.1 million product revenue and $0.8 million development revenue, a 31% increase compared to $1.5 million in the same period of 2023; Q1 2024 GAAP net loss of $6.8 million, or $(0.43) per share, basic and diluted with Q1 2024 Non-GAAP net loss coming in at $8.3 million, or $(0.52) per share, basic and diluted; and Adjusted EBITDA for the quarter coming in at $(8.9) million. The company noted it projects full-year 2024 revenue to be between $15 to $25 million with full-year operating expenses expected to be below $50 million. “We started fiscal year 2024 with strong results in our commercial activities, securing a new series production award along with our tier 1 partner, Koito, from a global OEM for our near-range lidar,” said Cepton cofounder and CEO Jun Pei in the press release. “We believe we have positioned ourselves as a leader in industrializing lidar for the automotive market.”
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About Cepton Inc.
Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (“ADAS/AV”), smart cities, smart spaces and smart industrial applications. With its patented lidar technology, Cepton aims to take lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D-perception solutions across industries. Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton is focused on the mass-market commercialization of high-performance, high-quality lidar solutions. Cepton is headquartered in San Jose, California, and has a center of excellence facility in Troy, Michigan, to provide local support to automotive customers in the metro Detroit area. Cepton also has a presence in Germany to serve a fast-growing global customer base. For more information about this company, please visit www.Cepton.com.
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