Cepton, Inc. (NASDAQ: CPTN) Announces 2022 Financial Results With 65% YoY Growth in Revenues

  • Cepton, Inc. recently published its 4Q22 and FY22 financial results
  • The company revealed that it had generated FY22 revenues of $7.4 million, up by 65% relative to FY21 results. Furthermore, Cepton guided for FY23 revenues of $15-20 million
  • Cepton is at the forefront of lidar technology development, a position they’ve further consolidated with the recent launch of their award-winning Vista® X-120 Plus sensors

Cepton (NASDAQ: CPTN), a Silicon Valley innovator and pioneer within high-performance MMT® lidar solutions, recently announced their financial results for the fourth quarter and full year ending December 31, 2022 (https://ibn.fm/6wp95). The company reported full year 2022 revenues of $7.4 million, within the target guidance provided by Cepton earlier in the year and equivalent to a 65 percent increase year over year. Meanwhile, full year GAAP net income was equivalent to $9.4 million or $0.06 per share. During their release, Cepton provided guidance for their 2023 figures, forecasting full year 2023 revenues to come in at between $15 million to $20 million; meanwhile, the company revealed that they expected 2023 operating expenses to be in line with 2022’s results (i.e., $61.4 million).

The past year has been a momentous one for the company, punctuated by a series of operational and financial highlights. Whether it was unveiling their award-winning Vista® X-120 Plus, the slimmest software definable, top-end automotive lidar for real-time adaptive 3D perception; winning a multi-million-dollar sales contract from one of the largest highway tolling system operators in the U.S.; or successfully closing on a $100 million investment from Japan’s Koito Manufacturing Co., Ltd., Cepton has unveiled a broad array of milestones over the course of the past twelve months.

“We closed out our first year as a public company with notable achievements,” said Jun Pei, Cepton’s Co-Founder and CEO. “We are in the final stages of preparation for the start of the production launch of our lidar for OEM customers, we announced our next-generation Vista® X-120 Plus lidar to meet future OEM requirements and closed the $100 million investment from Koito. We look forward to capitalizing on our extensive experience in commercializing automotive grade lidar to win additional series production awards this year,” Jun Pei added.

Cepton has long sought to position themselves at the cutting edge of lidar based technology, envisioning a future where their technological innovations may be used to drive the next stage of development within the autonomous-driving space. Whilst the company believes that fully autonomous driving may still be a couple of decades away, they operate under the assumption that technologies supporting advanced driver assistance systems (ADAS) will continue to gain traction in the automotive industry. In a recent interview carried out at the M30 Mobility Summit, Cepton CFO, Hull Xu expounded on his vision of the ongoing developments within the mobility sector and Cepton’s potential role in the technological revolution.

“The lidar technology has been around for a couple of decades, maybe more. In the past five years, it has been more about who has the right technology to enable the right application. And as we mentioned earlier, we think the application that’s most relevant to people is ADAS. What we think right now is that lidar is moving from a pure technology discussion to deployment. So, whose technology product is going to be in vehicles that are mass produced? That is the competition we are in today,” he stated.

Autonomous driving technology has quickly become a focus area for automotive OEMs across the world, attracting billions of dollars in capital investment over the past several years. With Cepton leading many of its peers, both in terms of its technological breakthroughs as well as its commercial achievements, the company looks well positioned to benefit from the sector’s continued development.

For more information, visit the company’s website at 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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