NetworkNewsBreaks – Cepton Inc. (NASDAQ: CPTN) R
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Posted On: 05/14/2024 4:46:41 PM
NetworkNewsBreaks – Cepton Inc. (NASDAQ: CPTN) Releases Q1 2024 Financial Report, Business Update
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.”
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://nnw.fm/CPTN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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.”
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://nnw.fm/CPTN
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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