TinyGemsBreaks — Cepton Inc. (NASDAQ: CPTN) Releases Q4, FY 2023 Financial Report, Business Update

Category: News

Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, is reporting on its financial and business results for the fourth quarter and full year ending Dec. 31, 2023. The financial report included full-year 2023 revenue of $13.1 million, a 76% increase over the prior year and an increase over the full-year 2023 revenue guidance as well as Q4 2023 product revenue of $2.5 million, an increase of 152% compared to the same period in 2022; the company’s full-year gross margin was 27% with a Q4 2023 gross margin of 54%. Business highlight for the company included its continued partnership with Koito Manufacturing Co. Ltd., a final round of sourcing discussions with a top 10 global automotive OEM for long-range lidar and a request for quote (“RFQ”) from a top 3 global automotive OEM. In addition, the company continued lidar shipments to major airports through its partnership with the Indoor Lab, completed a significant development milestone for a major autonomous industrial vehicles OEM using its Nova product and unveiled Cepton Ultra, the next-generation of high-performance long-range lidar with the smallest form factor in the industry to date. “We are building upon our extensive OEM project experience in commercializing automotive grade lidars, in collaboration with our tier 1 partner, to pursue sourcing wins with global OEMs,” said Cepton cofounder and CEO Jun Pei in the press release. “At CES 2024, we showcased our best-in-class, next-generation product, Cepton Ultra, demonstrating our leadership in lidar innovation.”

To view the full press release, visit https://ibn.fm/FMFH5

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, 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 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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