Cepton, Inc. Reports Second Quarter 2024 Results

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SAN JOSE, Calif., August 12, 2024--(BUSINESS WIRE)--Cepton, Inc. ("Cepton") (Nasdaq: CPTN), a Silicon Valley innovator and leader in high performance lidar solutions, today announced its business updates and financial results for the second quarter ended June 30, 2024.

"We are in the final stage of RFQ with a Top 10 global automotive OEM for our long-range lidar, and we anticipate final decision in the second half of this year," said Jun Pei, Cepton’s Co-Founder and CEO. "We are excited about the next stage of Cepton’s growth to better support our automotive OEM customers in the commercialization of our lidar technology."

Business Highlights

  • Signed an Agreement and Plan of Merger providing for the acquisition by Koito Manufacturing Co., Ltd. ("Koito") on July 29, 2024 of all of the outstanding capital stock of Cepton not owned by Koito for $3.17 per share in an all-cash transaction . The transaction is expected to close in the first quarter of 2025, subject to approval of our stockholders representing at least a majority of the outstanding shares, regulatory approvals, and other customary closing conditions.

  • Completed key milestones in an engineering services contract with Koito for our near-range lidar development during Q2’24.

  • Continued final sourcing discussions with a Top 10 global automotive OEM.

  • Continued RFQ first round discussions with a Top 3 global automotive OEM.

  • Executed Ultra long-range lidar B-sample demonstrations and RFI/RFQ discussions with global OEMs.

  • Launched Cepton simulator StudioViz to accelerate OEM lidar adoption.

Financial Highlights

Revenue

  • Second quarter 2024 total revenue was $10.4 million, compared to $2.8 million in the prior year comparable quarter and $1.9 million in the previous sequential quarter.

Net Income, Non-GAAP Net Income, and Per Share Data

  • Second quarter 2024 GAAP net income was $0.2 million. Net loss attributable to common stockholders was $(0.9) million, or $(0.06) per share, basic and diluted.

  • Second quarter 2024 non-GAAP net income was $1.6 million. Non-GAAP net income attributable to common stockholders was $0.5 million, or $0.03 per share, basic and diluted.

Adjusted EBITDA

  • Second quarter 2024 adjusted EBITDA was $1.1 million.

Conference Call Cancelled

Following the previously announced entry into the Agreement and Plan of Merger with Koito on July 29, 2024 and the pendency of the transaction, which remains subject to stockholder approval and the satisfaction of or (to the extent permitted by law) waiver of other specified closing conditions, Cepton will not host an earnings conference call.