NetworkNewsBreaks — Cepton Inc. (NASDAQ: CPTN) Reports Financial Numbers, Business Updates for Q3 2022
Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, is reporting its third-quarter 2022 results. Highlights of the financial report include a 171% increase in product revenue, which totaled $1.8 million, and minimal development revenue coming in at $1.2 million. The company also reported third quarter 2022 GAAP net loss totaled $17.4 million compared to GAAP net loss of $7.9 million in the prior year period with Q3 2022 non-GAAP net loss reaching $13.2 million compared to non-GAAP net loss of $6.6 million in 2021. The report noted that full year 2022 revenue is still expected to reach between $7 million to $9 million with operating expenses for the year anticipated to be between $55 million and $65 million. Business highlights for the company included consistent execution of Cepton’s OEM Series production, including the first public reveal of its lidar integrated behind the windshield in production vehicles. In addition, the company completed the RFI process with two top 10 automotive OEM customers with one new top 10 OEM program reaching advanced engagement stage. In addition, a significant highlight for the company included the investment agreement reached with Japan-based Koito Manufacturing Co. Ltd. for $100 million investment in the form of convertible preferred stock. “Cepton achieved many milestones in the third quarter,” said Cepton cofounder and CEO Jun Pei in the press release. “With the first public reveal of Cepton lidar in production vehicles, new strategic partnerships and announcement of Koito’s $100 million investment, we are well positioned to fund our next stage of growth and scale our lidar solutions into everyday mainstream vehicles.”
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Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, is reporting its third-quarter 2022 results. Highlights of the financial report include a 171% increase in product revenue, which totaled $1.8 million, and minimal development revenue coming in at $1.2 million. The company also reported third quarter 2022 GAAP net loss totaled $17.4 million compared to GAAP net loss of $7.9 million in the prior year period with Q3 2022 non-GAAP net loss reaching $13.2 million compared to non-GAAP net loss of $6.6 million in 2021. The report noted that full year 2022 revenue is still expected to reach between $7 million to $9 million with operating expenses for the year anticipated to be between $55 million and $65 million. Business highlights for the company included consistent execution of Cepton’s OEM Series production, including the first public reveal of its lidar integrated behind the windshield in production vehicles. In addition, the company completed the RFI process with two top 10 automotive OEM customers with one new top 10 OEM program reaching advanced engagement stage. In addition, a significant highlight for the company included the investment agreement reached with Japan-based Koito Manufacturing Co. Ltd. for $100 million investment in the form of convertible preferred stock. “Cepton achieved many milestones in the third quarter,” said Cepton cofounder and CEO Jun Pei in the press release. “With the first public reveal of Cepton lidar in production vehicles, new strategic partnerships and announcement of Koito’s $100 million investment, we are well positioned to fund our next stage of growth and scale our lidar solutions into everyday mainstream vehicles.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
