SAN JOSE, Calif. -- Cepton, Inc., a Silicon Valley innovator and leader in high performance lidar solutions, today announced business updates and financial results for the first quarter ended March 31, 2023.
“We started fiscal year 2023 with strong progress on our commercial activities,” said Jun Pei, Cepton’s Co-Founder and CEO. “We are hyper-focused on recent RFQ activity with two top global OEMs. Cepton’s recently announced expanded ASIC chipset will further separate us from our peers and drive lidar adoption in consumer vehicles for automotive series production,” Dr. Pei added.
Business Highlights
OEM Series Production Execution
- On-track to receive final production validation for salable vehicles and continue to ship pre-production lidar units for multiple vehicle models
- Completed final implementation of embedded software, including cybersecurity, over-the-air updates, functional safety and multiple custom features for OEMs
Automotive
- Executing RFQ response from a top ten OEM customer for consumer vehicles
- Executing RFI response from a top three OEM customer for consumer vehicles
- Executing RFQ response from a top three trucking OEM customer
Smart Infrastructure
- Started shipping units for our largest tolling contract in April 2023
- Shipped B-samples for autonomous ground vehicles customers and continued to mature Nova product
Technology
- Announced Vista-X90 Plus to improve form factor and behind-the-windshield vehicle integration
- Successfully integrated our point cloud processor ASIC, “Komodo”, into our Nova product
Financial Highlights
Revenue
- First quarter 2023 total revenue was $1.5 million, consistent with the prior year comparable period and consistent sequentially
- First quarter 2023 product revenue was $1.2 million, a decrease of 16% compared to the prior year comparable period and an increase of 27% sequentially
- First quarter 2023 development revenue was $0.2 million, compared to no development revenue in the prior year comparable period and $0.6 million in the prior quarter
Net Income and Non-GAAP Net Loss
- First quarter 2023 GAAP net loss was $14.7 million, or $(0.09) per share, basic and diluted
- First quarter 2023 Non-GAAP net loss was $11.4 million, or $(0.07) per share, basic and diluted
Adjusted EBITDA
- First quarter 2023 adjusted EBITDA was $(11.6) million
Conference Call Details
Cepton will host a live conference call and webcast to discuss the business updates and results at 2:30 p.m. PT (5:30 p.m. ET) today. The live call can be accessed by dialing 1-888-886-7786 (toll free) or 1-416-764-8658 (international) and by webcast at https://investors.cepton.com/.
A telephonic replay of the conference call will be available approximately three hours after the live call and until May 23, 2023, and can be accessed by dialing 1-844-512-2921 (toll free) or 1-412-317-6671 (international) and entering the passcode 85004219. An archived webcast of the conference call will be accessible on Cepton’s Investor Relations page at https://investors.cepton.com/.
