Cepton, Inc. (“Cepton”) (Nasdaq ticker: CPTN), a Silicon Valley
innovator and leader in high performance lidar solutions, today
announced business updates and financial results for the first
quarter 2024 ended March 31, 2024.
“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 Jun Pei, Cepton’s Co-Founder and CEO. “We
believe we have positioned ourselves as a leader in industrializing
lidar for the automotive market.”
Business Highlights
Automotive
- Secured a new series production award with a global OEM over a
multi-year period for our near-range lidar, in collaboration with
Koito
- Signed an engineering services contract with Koito for
approximately $10 million in fees to support execution and product
development for the new OEM series production award during
Q2’24
- Final submission for RFQ response to a Top 10 global automotive
OEM for our long-range lidar
- First submission for RFQ response from a Top 3 global
automotive OEM for both our long-range lidar and near-range
lidar.
Technology
- Achieved B sample for the Cepton Ultra, our next generation of
high-performance long-range lidar with the smallest form factor in
the industry to date, which has been demonstrated to customers in
North America, Europe, and Japan
- Fully integrated MagnoSteer™ into Ultra B samples. MagnoSteer™
is our proprietary scanning and imaging technology and is one of
the top offerings in lidar imaging solutions in the market
- Launched our end-to-end lidar simulation platform, StudioViz™,
which provides high-fidelity 3D point cloud simulation to expedite
lidar-based ADAS and AV development at minimized physical
implementation costs.
Financial Highlights
Revenue
- First quarter 2024 total revenue was $1.9 million, consisting
of $1.1 million product revenue and $0.8 million development
revenue
- First quarter 2024 total revenue increase by 31% compared to
$1.5 million in the prior year comparable period
Net Loss and Non-GAAP Net Loss
- First quarter 2024 GAAP net loss was $6.8 million, or $(0.43)
per share, basic and diluted
- First quarter 2024 Non-GAAP net loss was $8.3 million, or
$(0.52) per share, basic and diluted
Adjusted EBITDA
- First quarter 2024 adjusted EBITDA was $(8.9) million
OEM Project Cancellation Cost Recovery
- We recorded a $4.0 million gain from cost recovery of the
cancelled OEM project in the first quarter of 2024 and received a
cash payment subsequently. The review of our cost recovery claim is
on-going and this gain represents an initial recovery payment.
Full Year 2024 Financial Outlook
- Full year revenue is expected to be between $15 to $25
million
- Full year operating expenses are expected to be below $50
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 May 27,
2024, and can be accessed by dialing 1-844-512-2921 (toll free) or
1-412-317-6671 (international) and entering the passcode 13745911.
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.
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 Detroit Metropolitan area. Cepton also
has a presence in Germany 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 estimates
and forecasts of financial and performance metrics, projections of
market opportunity and market share, statements regarding the new
series production award, including those relating to potential fees
with respect thereto, 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 public health
crises, and the potential impact of geopolitical conflicts, such as
the ongoing conflicts in Ukraine and the Middle East; (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 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) risks related to Cepton’s marketing and growth strategies;
(13) the effects of competition on Cepton’s future business; (14)
Cepton’s ability to issue equity or equity-linked securities in the
future; (15) 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; (16) Cepton’s ability to execute its business plans and
strategy; (17) the outcome of any legal proceedings that may be
instituted against Cepton, including any related to the business
combination with Growth Capital Acquisition Corp.; (18) risks
related to the new series production award differing from Cepton’s
expectations, or that the arrangement can be terminated or may not
materialize into a long-term contract partnership arrangement, and
the new engineering services contract with Koito relating thereto;
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, realizable gain from series production award
cancellation loss recovery, non-recurring transaction expenses,
gain or loss on changes in fair value of earnout liability and
warrants, loss on extinguishment of debt, and foreign currency
transaction loss, net. As a result of the cancellation of the GM
series production award in December 2023, Cepton submitted a
project investment cost recovery claim and realized a gain from
project cancellation cost recovery in the first quarter of 2024.
This gain is excluded from the calculation of Non-GAAP net loss.
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 to Non-GAAP Net Loss and Non-GAAP Adjusted EBITDA
(In thousands, except share and
per share data)
(unaudited)
Three Months Ended
March 31,
2024
2023
Net loss
$
(6,833
)
$
(14,742
)
Stock-based compensation
926
2,289
Gain from project cancellation cost
recovery
(4,000
)
—
Non-recurring transaction expenses
1,560
—
Gain on change in fair value of earnout
liability
—
(762
)
(Loss) gain on change in fair value of
warrant liability
7
(94
)
Loss on extinguishment of debt
—
1,123
Foreign currency transaction loss, net
1
750
Non-GAAP net loss
$
(8,339
)
$
(11,436
)
Interest income, net
(654
)
(299
)
Provision for income taxes
7
—
Depreciation and amortization
103
110
Adjusted EBITDA
$
(8,883
)
$
(11,625
)
GAAP net loss per share attributable to
common stockholders:
Basic
$
(0.43
)
$
(0.94
)
Diluted
$
(0.43
)
$
(0.94
)
Non-GAAP net loss per share
attributable to common stockholders:
Basic
$
(0.52
)
$
(0.73
)
Diluted
$
(0.52
)
$
(0.73
)
Shares used in computing GAAP net loss
per share attributable to common stockholders:
Basic
15,888,267
15,677,956
Diluted
15,888,267
15,677,956
Shares used in computing Non-GAAP net
loss per share attributable to common stockholders:
Basic
15,888,267
15,677,956
Diluted
15,888,267
15,677,956
CEPTON, INC. AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(In thousands, except share
data)
(unaudited)
March 31, 2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
49,218
$
50,406
Short-term investments
—
5,969
Accounts receivable, net of allowance for
credit losses of $0 and $0, respectively
5,078
3,625
Inventories
1,861
2,396
Prepaid expenses and other current
assets
2,236
1,253
Total current assets
58,393
63,649
Property and equipment, net
1,346
1,450
Restricted cash
1,283
1,283
Other assets
9,614
10,067
Total assets
$
70,636
$
76,449
LIABILITIES, CONVERTIBLE PREFERRED
STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
1,668
$
1,128
Operating lease liabilities, current
1,953
1,875
Accrued expenses and other current
liabilities
4,136
4,066
Total current liabilities
7,757
7,069
Warrant liability
50
43
Earnout liability
93
93
Operating lease liabilities,
non-current
8,186
8,720
Total liabilities
16,086
15,925
Commitments and contingencies (Note
17)
Convertible preferred stock:
Convertible preferred stock – Par value
$0.00001 per share – 5,000,000 shares authorized at March 31, 2024
and December 31, 2023; 100,000 shares issued and outstanding at
March 31, 2024 and December 31, 2023 (aggregate liquidation
preference of $105.2 million and $104.1 million at March 31, 2024
and December 31, 2023)
98,891
98,891
Stockholders’ equity (deficit):
Common stock – Par value $0.00001 per
share – 35,000,000 shares authorized at March 31, 2024 and December
31, 2023; 15,920,917 and 15,861,494 shares issued and outstanding
at March 31, 2024 and December 31, 2023, respectively
—
—
Additional paid-in capital
97,446
96,583
Accumulated other comprehensive loss
(349
)
(345
)
Accumulated deficit
(141,438
)
(134,605
)
Total stockholders’ equity (deficit)
(44,341
)
(38,367
)
Total liabilities, convertible preferred
stock and stockholders' equity (deficit)
$
70,636
$
76,449
CEPTON, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Operations
(In thousands, except share and
per share data)
(unaudited)
Three Months Ended
March 31,
2024
2023
Lidar sensor and prototype revenue
$
1,141
$
1,240
Development revenue
805
245
Total revenue
$
1,946
$
1,485
Lidar sensor and prototype cost of
revenue
1,211
1,448
Development cost of revenue
311
111
Total cost of revenue
1,522
1,559
Gross profit (loss)
424
(74
)
Operating expenses:
Research and development
5,654
7,238
Selling, general and administrative
6,264
6,731
Total operating expenses
11,918
13,969
Operating loss
(11,494
)
(14,043
)
Other income (expense):
Gain on change in fair value of earnout
liability
—
762
(Loss) gain on change in fair value of
warrant liability
(7
)
94
Foreign currency transaction loss, net
(1
)
(750
)
Loss on extinguishment of debt
—
(1,123
)
Other income, net
4,022
19
Interest income, net
654
299
Loss before income taxes
(6,826
)
(14,742
)
Provision for income taxes
(7
)
—
Net loss
$
(6,833
)
$
(14,742
)
Net loss per share, basic
$
(0.43
)
$
(0.94
)
Net loss per share, diluted
$
(0.43
)
$
(0.94
)
Weighted-average common shares, basic
15,888,267
15,677,956
Weighted-average common shares,
diluted
15,888,267
15,677,956
CEPTON, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(unaudited)
Three Months Ended
March 31,
2024
2023
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss
$
(6,833
)
$
(14,742
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
103
110
Stock-based compensation
926
2,289
Amortization of right-of-use asset
416
382
Amortization (accretion), other
(25
)
107
Gain on change in fair value of earnout
liability
—
(762
)
Loss (gain) on change in fair value of
warrant liability
7
(94
)
Foreign currency transaction loss, net
1
750
Loss from extinguishment of debt
—
1,123
Changes in operating assets and
liabilities:
Accounts receivable, net
(1,453
)
260
Inventories
534
(453
)
Prepaid expenses and other current
assets
(983
)
513
Other long-term assets
37
181
Accounts payable
541
(680
)
Accrued expenses and other current
liabilities
71
502
Operating lease liabilities
(457
)
89
Net cash used in operating activities
(7,115
)
(10,425
)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment
—
(556
)
Purchases of short-term investments
—
(37,806
)
Proceeds from maturities of short-term
investments
6,000
3,700
Net cash provided by (used in) investing
activities
6,000
(34,662
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from convertible preferred stock,
net of transaction costs
—
99,884
Repayment of Koito secured term loan
—
(45,220
)
Payments of employee taxes related to
vested restricted stock units
(63
)
—
Proceeds from issuance of common stock
options
—
8
Net cash (used in) provided by financing
activities
(63
)
54,672
Effect of exchange rate changes on
cash
(10
)
434
Net (decrease) increase in cash, cash
equivalents and restricted cash
(1,188
)
10,019
Cash, cash equivalents and restricted
cash, beginning of period
51,689
34,518
Cash, cash equivalents and restricted
cash, end of period
$
50,501
$
44,537
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240513905554/en/
Cepton, Inc. Investors: InvestorRelations@cepton.com
Media: Faithy Li, media@cepton.com
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