TinyGemsBreaks — Cepton Inc. (NASDAQ: CPTN) Reports Financial Numbers, Business Updates for Q3 2022

Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, is reporting its third-quarter 2022 results. Highlights of the financial report include a 171% increase in product revenue, which totaled $1.8 million, and minimal development revenue coming in at $1.2 million. The company also reported third quarter 2022 GAAP net loss totaled $17.4 million compared to GAAP net loss of $7.9 million in the prior year period with Q3 2022 non-GAAP net loss reaching $13.2 million compared to non-GAAP net loss of $6.6 million in 2021. The report noted that full year 2022 revenue is still expected to reach between $7 million to $9 million with operating expenses for the year anticipated to be between $55 million and $65 million. Business highlights for the company included consistent execution of Cepton’s OEM Series production, including the first public reveal of its lidar integrated behind the windshield in production vehicles. In addition, the company completed the RFI process with two top 10 automotive OEM customers with one new top 10 OEM program reaching advanced engagement stage. In addition, a significant highlight for the company included the investment agreement reached with Japan-based Koito Manufacturing Co. Ltd. for $100 million investment in the form of convertible preferred stock. “Cepton achieved many milestones in the third quarter,” said Cepton cofounder and CEO Jun Pei in the press release. “With the first public reveal of Cepton lidar in production vehicles, new strategic partnerships and announcement of Koito’s $100 million investment, we are well positioned to fund our next stage of growth and scale our lidar solutions into everyday mainstream vehicles.”

To view the full press release, visit https://ibn.fm/95qGn

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 other 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

About TinyGems

TinyGems is your guide to the best and brightest in the under-appreciated small-cap sector. As one of 50+ brands within the InvestorBrandNetwork (“IBN”), TinyGems provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN to reach millions of social media followers; and (5) a full array of corporate communications solutions. It’s time to uncover some of the best-kept secrets on Wall Street. TinyGems features innovative small-cap companies with huge potential, putting a spotlight on the best and brightest of these disruptors that have the technology, the talent, the drive, and the business models to make a huge impact in the markets and in portfolios. Whether it’s a game changing technology, a new more profitable product or service, or a star in a hot sector, TinyGems is the go-to source for actionable intelligence.

To receive SMS text alerts from TinyGems, text “Gems” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.TinyGems.com

Please see full terms of use and disclaimers on the TinyGems website applicable to all content provided by TinyGems, wherever published or re-published: https://www.TinyGems.com/Disclaimer

TinyGems
Los Angeles, California
www.TinyGems.com
310.299.1717 Office
Editor@TinyGems.com

TinyGems is part of the InvestorBrandNetwork