Cepton, Inc. (“Cepton”) (Nasdaq: CPTN), a Silicon Valley
innovator and leader in high performance lidar solutions, today
announced business updates and financial results for the second
quarter ended June 30, 2023.
“We set new company records for shipment volumes across both
automotive and smart infrastructure end markets during the second
quarter,” said Jun Pei, Cepton’s Co-Founder and CEO. “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.”
Business Highlights
Business
- Record shipments of lidar units in both Automotive and Smart
Infrastructure end markets
- Record shipment volume to automotive customers, expect shipment
volume to more than double in each sequential quarter for the
remainder of the year
- Continued fulfillment on multi-million dollar tolling contract;
our largest contract for tolling use case
Series Production Execution
- On-track to fulfill orders to support OEM start of production
at the end of this year
- Developed and deployed automated manufacturing equipment to
fulfill series production order volumes
Automotive
- Accelerated interest from major consumer and commercial vehicle
OEMs in lidar enabled ADAS systems to compete in the US market; new
RFI received from an international top-ten OEM
- Completed multiple on-site technical reviews for existing
RFI/RFQ activities across multiple top-ten OEM customers spanning
multiple continents
Smart Infrastructure
- Received first of several production orders for lidar
installations across multiple airports in the US
- Continued fulfillment for our largest tolling contract, in
advanced discussions to expand projects to additional states and
countries
Technology
- Completed engineering validation of point cloud processing ASIC
(Komodo) and shipped first commercial units of Nova sensors
incorporating Komodo to our lead OEM customer in autonomous ground
vehicles
- Designed and developed automated testing equipment for mass
production quality control
- Developed enhanced calibration equipment to enable scalability
across multiple products, improve manufacturing efficiency and
reduce manufacturing footprint
Financial Highlights
Revenue and Gross Margin
- Second quarter 2023 total revenue was $2.8 million, an increase
of 9% compared to the prior year comparable period and 88%
sequentially
- Second quarter 2023 revenue growth driven by record shipment
volumes and an increase in average selling prices due to changes in
product mix
- Second quarter 2023 gross margin achieved company record of
16%
- Second quarter 2023 product revenue was $2.8 million, an
increase of 92% compared to the prior year comparable period and
123% sequentially
- Minimal development revenue in second quarter 2023, a decrease
of $1.1 million compared to the prior year period and a decrease of
$0.2 million sequentially, due to timing of satisfaction of project
milestones in the prior comparable periods
Net Loss and Non-GAAP Net Loss
- Second quarter 2023 GAAP net loss was $14.2 million, or $(0.09)
per share, basic and diluted
- Second quarter 2023 non-GAAP net loss was $11.8 million, or
$(0.08) per share, basic and diluted
Adjusted EBITDA
- Second quarter 2023 adjusted EBITDA was $(12.6) 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 1-877-423-9813
(toll free) or 1-201-689-8573 (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 August 21,
2023, and can be accessed by dialing 1-844-512-2921 (toll free) or
1-412-317-6671 (international) and entering the passcode 13739319.
An archived webcast of the conference call will be accessible on
Cepton’s Investor Relations page at
https://investors.cepton.com/.
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.
Cepton has been awarded a significant ADAS lidar series
production award with Koito on the General Motors business. Cepton
is also engaged with all Top 10 global OEMs.
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, CA and has a center
of excellence facility in Troy, MI to provide local support to
automotive customers in the Metro Detroit area. Cepton also has a
presence in Germany, Canada, Japan, China and India to serve a
fast-growing global customer base. For more information, visit
www.cepton.com and follow Cepton on Twitter and LinkedIn.
Information on or that can be accessed through our website, our
Twitter account, our LinkedIn account, or that is contained in any
website to which a hyperlink is provided herein is not part of this
press release.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical or current fact included in
this press release are forward-looking statements. The statements
included above as well as any other statements that refer to
projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions, are
forward-looking statements. Forward-looking statements may be
identified by the use of words such as “estimate,” “objective,”
“plan,” “project,” “forecast,” “intend,” “will,” “expect,”
“anticipate,” “believe,” “seek,” “target,” “milestone,” “designed
to,” “proposed” or other similar expressions that predict or imply
future events or trends or that are not statements of historical
matters. Cepton cautions readers of this press release that these
forward-looking statements are subject to risks and uncertainties,
most of which are difficult to predict and many of which are beyond
Cepton’s control, that could cause the actual results to differ
materially from the expected results. These forward-looking
statements include, but are not limited to, statements regarding
estimates and forecasts of financial and performance metrics,
projections of market opportunity, future sensor sales numbers and
market share, potential benefits and the commercial attractiveness
to its customers of Cepton’s products and services, the potential
success of Cepton’s marketing and expansion strategies, and the
potential for Cepton to achieve design awards.
These statements are based on various assumptions, whether or
not identified in this press release, and on the current
expectations of Cepton’s management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. These
forward-looking statements are subject to a number of risks and
uncertainties, including (1) the conditions affecting the markets
in which Cepton operates; (2) the success of Cepton’s strategic
relationships, including with Koito, which is not exclusive; (3)
fluctuations in sales by Cepton’s major customers; (4) fluctuations
in capital spending in the automotive and smart infrastructure
markets; (5) negative impact on the global economy and capital
markets resulting from macroeconomic conditions, including
inflation and rising interest rates, the effects of the COVID-19
pandemic or other future public health crises, and the potential
impact of geopolitical conflicts, such as the ongoing conflict in
Ukraine; (6) changes in applicable laws or regulations; (7) the
possibility that Cepton’s business may be adversely affected by
other economic, business, or competitive factors; (8) the risk that
current trends in the automotive and smart infrastructure markets
decelerate or do not continue; (9) errors or material differences
in Cepton’s estimates and expectations for its financial
performance and growth, including when Cepton will generate
positive cash flow from operations; (10) risks relating to the
uncertainty of projected financial and operating information,
including whether Cepton will be able to achieve its target
milestones, its pricing and sales volume targets, and its proposed
production timelines and win the engagements contemplated in its
projected pipeline, and the ability of OEMs and other strategic
partners to re-source or cancel vehicle or technology programs;
(11) risks related to future market adoption of Cepton’s offerings;
(12) the final terms of Cepton’s arrangement with its Tier 1
partner and, in turn, its Tier 1 partner’s contract with GM
differing from Cepton’s expectations, including with respect to
volume and timing, or that the arrangement can be terminated or may
not materialize into a long-term contract partnership arrangement;
(13) risks related to Cepton’s marketing and growth strategies;
(14) the effects of competition on Cepton’s future business; (15)
Cepton’s ability to issue equity or equity-linked securities in the
future; (16) Cepton’s ability to raise funding on reasonable terms
as necessary to develop its products in the timeframe contemplated
by its business plan, and to comply with the terms of any
restrictive, financial or other covenants in the agreements
governing such funding, including the consent and other rights
granted to Koito as part of Koito’s convertible preferred stock
investment; (17) Cepton’s ability to execute its business plans and
strategy; (18) the outcome of any legal proceedings that may be
instituted against Cepton, including any related to the business
combination with Growth Capital Acquisition Corp.; and (19) the
other risks and uncertainties indicated from time to time in the
reports and documents Cepton files with the Securities and Exchange
Commission (the “SEC”), including in its Annual Report on Form
10-K. If any of these risks materialize or any of Cepton’s
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that Cepton does not presently know or that
Cepton currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Cepton’s expectations, plans or forecasts of future events
and views as of the date of this press release. Cepton anticipates
that subsequent events and developments will cause its assessments
to change. These forward-looking statements should not be relied
upon as representing Cepton’s assessments as of any date subsequent
to the date of this press release. Accordingly, undue reliance
should not be placed upon the forward-looking statements. Cepton
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events, except as required by law.
Actual results, performance or achievements may, and are likely
to, differ materially, and potentially adversely, from any
projections and forward-looking statements and the assumptions on
which those forward-looking statements were based. There can be no
assurance that the data contained herein is reflective of future
performance to any degree. You are cautioned not to place undue
reliance on forward-looking statements as a predictor of future
performance as projected financial information and other
information are based on estimates and assumptions that are
inherently subject to various significant risks, uncertainties and
other factors, many of which are beyond Cepton’s control.
Non-GAAP Financial
Measures
Some of the financial information and data contained in this
press release, such as non-GAAP net loss and adjusted EBITDA, have
not been prepared in accordance with generally accepted accounting
principles in the United States (“GAAP”). Non-GAAP net loss is
defined as GAAP net (loss) income excluding stock-based
compensation, non-recurring transaction expenses, gain or loss on
changes in fair value of earnout liability and warrants, gain or
loss on extinguishment of debt, and foreign currency transaction
loss, net. Adjusted EBITDA is defined as non-GAAP net loss before
interest income or expense, provision for income taxes, and
depreciation and amortization.
Cepton believes these non-GAAP financial measures of financial
results provide useful information to management and investors
regarding certain financial and business trends relating to
Cepton’s financial condition and results of operations. Cepton
believes that the use of these non-GAAP financial measures provides
an additional tool for investors to use in evaluating actual and
projected operating results and trends in comparing Cepton’s
financial measures with other similar companies, many of which
present similar non-GAAP financial measures to investors. Cepton
also believes that adjusted EBITDA is useful to investors and
analysts in assessing our operating performance during the periods
these charges were incurred on a consistent basis with the periods
during which these charges were not incurred. Our presentation of
adjusted EBITDA should not be considered as an inference that our
future results and financial position will be unaffected by unusual
items. Cepton does not consider these non-GAAP financial measures
in isolation or as an alternative to financial measures determined
in accordance with GAAP. The principal limitation of these non-GAAP
financial measures is that they exclude significant expenses and
other amounts that are required by GAAP to be recorded in Cepton’s
financial statements. In addition, they are subject to inherent
limitations as they reflect the exercise of judgments by management
about which expenses and other amounts are excluded or included in
determining these non-GAAP financial measures.
CEPTON, INC. AND
SUBSIDIARIES
Reconciliation of GAAP Net
(Loss) Income to Non-GAAP Net Loss and Non-GAAP Adjusted
EBITDA
(In thousands, except share and
per share data)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Net (loss) income
$
(14,190
)
$
843
$
(28,932
)
$
42,042
Stock-based compensation
2,365
2,239
4,654
3,586
Non-recurring transaction expenses
—
—
—
2,709
Loss (gain) on change in fair value of
earnout liability
26
(15,630
)
(736
)
(72,308
)
Gain on change in fair value of warrant
liability
(36
)
(1,904
)
(130
)
(2,684
)
Loss on extinguishment of debt
—
—
1,123
—
Foreign currency transaction loss, net
—
—
750
—
Non-GAAP net loss
$
(11,835
)
$
(14,452
)
$
(23,271
)
$
(26,655
)
Interest (income) expense, net
(917
)
585
(1,216
)
1,278
Provision for income taxes
3
12
3
16
Depreciation and amortization
125
79
235
147
Adjusted EBITDA
$
(12,624
)
$
(13,776
)
$
(24,249
)
$
(25,214
)
GAAP net (loss) income per share
attributable to common stockholders:
Basic
$
(0.09
)
$
0.01
$
(0.18
)
$
0.31
Diluted
$
(0.09
)
$
0.01
$
(0.18
)
$
0.29
Non-GAAP net loss per share
attributable to common stockholders:
Basic
$
(0.08
)
$
(0.09
)
$
(0.15
)
$
(0.20
)
Diluted
$
(0.08
)
$
(0.09
)
$
(0.15
)
$
(0.20
)
Shares used in computing GAAP net
(loss) income per share attributable to common
stockholders:
Basic
157,379,175
154,108,677
157,081,027
135,160,187
Diluted
157,379,175
161,831,284
157,081,027
145,187,227
Shares used in computing Non-GAAP net
loss per share attributable to common stockholders:
Basic
157,379,175
154,108,677
157,081,027
135,160,187
Diluted
157,379,175
154,108,677
157,081,027
135,160,187
CEPTON, INC. AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(In thousands, except share
data)
(unaudited)
June 30, 2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
32,605
$
31,953
Short-term investments
37,036
3,703
Accounts receivable, net of allowance for
credit losses of $0 and $0, respectively
2,092
1,301
Inventories
4,188
2,985
Prepaid expenses and other current
assets
3,327
6,272
Total current assets
79,248
46,214
Property and equipment, net
2,028
982
Restricted cash
1,924
2,565
Other assets
10,891
555
Total assets
$
94,091
$
50,316
LIABILITIES, CONVERTIBLE PREFERRED
STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
2,942
$
1,979
Operating lease liabilities, current
1,697
211
Accrued expenses and other current
liabilities
3,056
2,265
Short-term debt
—
42,587
Total current liabilities
7,695
47,042
Warrant liability
310
440
Earnout liability
184
920
Operating lease liabilities,
non-current
9,696
281
Total liabilities
17,885
48,683
Commitments and contingencies (Note
17)
Convertible preferred stock:
Convertible preferred stock – Par value
$0.00001 per share – 5,000,000 shares authorized at June 30, 2023
and December 31, 2022; 100,000 shares issued and outstanding at
June 30, 2023 (aggregate liquidation preference of $101.9 million
at June 30, 2023); No shares issued and outstanding at December 31,
2022
98,891
—
Stockholders’ equity (deficit):
Common stock – Par value $0.00001 per
share – 350,000,000 shares authorized at June 30, 2023 and December
31, 2022; 158,224,189 and 156,747,708 shares issued and outstanding
at June 30, 2023 and December 31, 2022, respectively
2
2
Additional paid-in capital
92,648
88,056
Accumulated other comprehensive loss
(344
)
(366
)
Accumulated deficit
(114,991
)
(86,059
)
Total stockholders’ equity (deficit)
(22,685
)
1,633
Total liabilities, convertible preferred
stock and stockholders’ equity (deficit)
$
94,091
$
50,316
CEPTON, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Operations
(In thousands, except share and
per share data)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Lidar sensor and prototype revenue
$
2,771
$
1,441
$
4,011
$
2,863
Development revenue
16
1,118
261
1,181
Total revenue
$
2,787
$
2,559
$
4,272
$
4,044
Lidar sensor and prototype cost of
revenue
2,348
2,520
3,796
3,736
Development cost of revenue
5
562
116
598
Total cost of revenue
$
2,353
$
3,082
$
3,912
$
4,334
Gross profit (loss)
434
(523
)
360
(290
)
Operating expenses:
Research and development
9,365
8,386
16,603
16,140
Selling, general and administrative
6,185
7,189
12,916
15,232
Total operating expenses
15,550
15,575
29,519
31,372
Operating loss
(15,116
)
(16,098
)
(29,159
)
(31,662
)
Other income (expense):
(Loss) gain on change in fair value of
earnout liability
(26
)
15,630
736
72,308
Gain on change in fair value of warrant
liability
36
1,904
130
2,684
Foreign currency transaction loss, net
—
—
(750
)
—
Loss on extinguishment of debt
—
—
(1,123
)
—
Other income, net
2
4
21
6
Interest income (expense), net
917
(585
)
1,216
(1,278
)
(Loss) income before income taxes
(14,187
)
855
(28,929
)
42,058
Provision for income taxes
(3
)
(12
)
(3
)
(16
)
Net (loss) income
$
(14,190
)
$
843
$
(28,932
)
$
42,042
Net (loss) income per share, basic
$
(0.09
)
$
0.01
$
(0.18
)
$
0.31
Net (loss) income per share, diluted
$
(0.09
)
$
0.01
$
(0.18
)
$
0.29
Weighted-average common shares, basic
157,379,175
154,108,677
157,081,027
135,160,187
Weighted-average common shares,
diluted
157,379,175
161,831,284
157,081,027
145,187,227
CEPTON, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(unaudited)
Six Months Ended June
30,
2023
2022
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net (loss) income
$
(28,932
)
$
42,042
Adjustments to reconcile net (loss) income
to net cash used in operating activities:
Depreciation and amortization
235
147
Stock-based compensation
4,654
3,586
Amortization of right-of-use asset
773
642
Amortization (accretion), other
(373
)
800
Gain on change in fair value of earnout
liability
(736
)
(72,308
)
Gain on change in fair value of warrant
liability
(130
)
(2,684
)
Foreign currency transaction loss, net
750
—
Loss from extinguishment of debt
1,123
—
Changes in operating assets and
liabilities:
Accounts receivable, net
(791
)
(1,176
)
Inventories
(1,216
)
(466
)
Prepaid expenses and other current
assets
1,958
(670
)
Other long-term assets
202
(1,406
)
Accounts payable
741
(178
)
Accrued expenses and other current
liabilities
791
(148
)
Operating lease liabilities
(289
)
(753
)
Other long-term liabilities
—
298
Net cash used in operating activities
(21,240
)
(32,274
)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment
(1,186
)
(567
)
Purchases of short-term investments
(37,806
)
(32,368
)
Proceeds from sales of short-term
investments
—
5,902
Proceeds from maturities of short-term
investments
5,200
2,773
Net cash used in investing activities
(33,792
)
(24,260
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from convertible preferred stock,
net of transaction costs
99,884
—
Repayment of Koito secured term loan
(45,220
)
—
Proceeds from Business Combination and
private offering
—
76,107
Payments of Business Combination and
private offering transaction costs
—
(28,897
)
Proceeds from issuance of debt and
warrants, net of debt discount
—
9,724
Proceeds from issuance of common stock
options
13
447
Payments of employee taxes related to
vested restricted stock units
(63
)
—
Issuance of common stock
—
50
Net cash provided by financing
activities
54,614
57,431
Effect of exchange rate changes on
cash
429
(13
)
Net increase in cash, cash equivalents and
restricted cash
11
884
Cash, cash equivalents and restricted
cash, beginning of period
34,518
3,654
Cash, cash equivalents and restricted
cash, end of period
$
34,529
$
4,538
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230807250115/en/
Cepton, Inc. Contacts Investors:
InvestorRelations@cepton.com Media: Faithy Li, media@cepton.com
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