NetworkNewsBreaks — Cepton Inc. (NASDAQ: CPTN) R
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Posted On: 08/08/2023 5:11:58 PM
NetworkNewsBreaks — Cepton Inc. (NASDAQ: CPTN) Releases Q2 2023 Financial Report, Corporate Update
Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, has released its financial and corporate report for the second quarter, the period ended June 30, 2023. Financial highlights of the report include a 9% increase in total revenue with revenue coming in at $2.8 million; gross margins of 16%, a company record; and product revenue reaching $2.8 million, a 92% increase. Second quarter 2023 GAAP net loss was $14.2 million, with non-GAAP net loss reaching $11.8 million and adjusted EBITDA totaling $(12.6) million. Business highlights for the quarter included record shipments of lidar units in both the automotive and smart infrastructure spaces; record shipment volume as Cepton continued fulfillment on a multimillion-dollar tolling contract, its largest contract to date; and increased interest from both consumer and commercial vehicle OEMs in lidar-enabled ADAS systems.
The company also completed the engineering validation of point cloud processing ASIC (Komodo) and shipped the initial units of Nova sensors featuring Komodo to its lead autonomous ground vehicle OEM customer while also designing and developing automated testing equipment for mass production quality control and developing enhanced calibration equipment. “We set new company records for shipment volumes across both automotive and smart infrastructure end markets during the second quarter,” said Cepton cofounder and CEO Jun Pei in the press release. “Our strong execution capabilities while maintaining our commitment to quality and reliability will be key differentiating factors as our shipments continue to grow for the remainder of this year to meet our OEM customer needs.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, has released its financial and corporate report for the second quarter, the period ended June 30, 2023. Financial highlights of the report include a 9% increase in total revenue with revenue coming in at $2.8 million; gross margins of 16%, a company record; and product revenue reaching $2.8 million, a 92% increase. Second quarter 2023 GAAP net loss was $14.2 million, with non-GAAP net loss reaching $11.8 million and adjusted EBITDA totaling $(12.6) million. Business highlights for the quarter included record shipments of lidar units in both the automotive and smart infrastructure spaces; record shipment volume as Cepton continued fulfillment on a multimillion-dollar tolling contract, its largest contract to date; and increased interest from both consumer and commercial vehicle OEMs in lidar-enabled ADAS systems.
The company also completed the engineering validation of point cloud processing ASIC (Komodo) and shipped the initial units of Nova sensors featuring Komodo to its lead autonomous ground vehicle OEM customer while also designing and developing automated testing equipment for mass production quality control and developing enhanced calibration equipment. “We set new company records for shipment volumes across both automotive and smart infrastructure end markets during the second quarter,” said Cepton cofounder and CEO Jun Pei in the press release. “Our strong execution capabilities while maintaining our commitment to quality and reliability will be key differentiating factors as our shipments continue to grow for the remainder of this year to meet our OEM customer needs.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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