Cepton Technologies (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance Micro Motion Technology(RM) (“MMT”) lidar solutions, is reporting its financial numbers for the first quarter 2022, the period ended March 31, 2022; the report also includes corporate updates. Highlights of the report include an increase in revenue, with Q1 2022 revenue reaching $1.5 million, up 239% compared to the previous year, and net income of $41.2 million, compared to a GAAP net loss of $8.4 million last year in the same period. In addition, first quarter 2022 non-GAAP net loss was $12.2 million compared to non-GAAP net loss of $8.1 million in the prior year period. In addition, regarding the OEM Series, the company started shipping D-sample in support of the GM Ultra Cruise program for an anticipated start of production in 2023 and began transfer of the manufacturing processes, equipment and software to Koito in preparation for series production. The company, which continues to engage with global top-10 automotive OEMs for production vehicle programs, has also completed proof-of-concept validation for multiple projects. Cepton has scheduled a conference call to discuss this information; the call will begin at 5 p.m. ET today and can be listened to by calling 844-826-3035; the call can be viewed as a webcast as well. “Following our public listing in February this year, Cepton is well equipped to execute on its 2022 milestones and deliver long-term value to our shareholders,” said Cepton cofounder and CEO Jun Pei in the press release. “We continue to make progress on series production execution milestones, with D-sample units being shipped to multiple manufacturing sites across the United States, bringing us one step closer to seeing Cepton’s industry-leading lidar products in everyday vehicles. On the horizon, we have completed key design milestones on Nova, our near-range lidar solution and our second ASIC, that will enable further performance enhancement and cost reduction benefits.”
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About Cepton Technologies 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 Micro Motion Technology (“MMT”), Cepton aims to take lidar mainstream and achieve its vision of safe and autonomous transportation for everyone. Cepton has been awarded the largest-known ADAS lidar series production award in the industry to date, based on the number of vehicle models awarded, to support General Motors’ Ultra Cruise program. 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 the OEM and Tier 1-studded 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 the company, visit www.Cepton.com.
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