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.”
To view the full press release, visit https://ibn.fm/CTD7v
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, California, and has a center of excellence facility in Troy, Michigan, to provide local support to automotive customers in the metro Detroit area. Cepton also has a presence in Germany, Canada, Japan, India and China to serve a fast-growing global customer base. For more information about this company, please visit www.Cepton.com.
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://ibn.fm/CPTN
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