TinyGemsBreaks — Cepton Technologies Inc. (NASDAQ: CPTN) Releases Q2 2022 Financial Report, Corporate Update

Company: Cepton Technologies Inc. (CPTN)
Category: News

Cepton Technologies (NASDAQ: CPTN) is reporting its financial results for the second quarter 2022, the period ended June 30, 2022; the report also included business updates for the Silicon Valley innovator and leader in high-performance Micro Motion Technology(RM) (“MMT”) lidar solutions. Highlights of the report included news of CPTN’s OEM Series production execution, including continued ramp of D-sample shipments for end delivery to multiple OEM vehicle manufacturing plants across multiple states as well as the completion of a lead-OEM site audit of the company’s Japan manufacturing facility; in addition, the report noted that Cepton has selected Fabrinet as key submodule supplier to support its flagship automotive lidar program and is expanding its tier-1 partnership with Koito Manufacturing of Japan as the companies select future Cepton lidar products and go-to-market activities. The company also hosted three top-10 OEM technical reviews onsite, continues to expand its smart infrastructure applications beyond proof-of-concept to lidar deployment and achieved ISO-26262 ASIL-B certification for its ASIC lidar engine. In addition, the company saw an increase in financial numbers with Q2 revenue reaching $2.6 million, an increase of 186%; net income for the quarter was $0.8 million, or $0.01 per share, basic and diluted, compared to a net loss of $10.2 million the previous year. The company is anticipating its full-year 2022 financial outlook to reach between $7 million to $9 million while maintaining an operating expense range between $55 million to $65 million. The company has also scheduled an earnings conference call and webcast to present the financial results and business updates. Anyone interested in attending the call may dial 877-300-8521. A replay of the call can also be accessed after the event by dialing 844-512-2921 and entering the passcode 10169813; the archived call will be available through Aug. 22, 2022. “We continue to meet our series production execution milestones,” said Cepton Technologies cofounder and CEO Jun Pei in the press release. “In addition to achieving ASIL-B certification for our lidar engine ASIC, we expanded collaboration with Koito Manufacturing of Japan, our tier-1 partner, and selected Fabrinet as a key sub-module supplier to support anticipated scale production of our flagship automotive lidar program. Cepton remains on track to bring our lidar products to everyday vehicles.”

To view the full webcast, visit https://ibn.fm/hy3Yb

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

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 a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D perception solutions across industries. 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 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 the company, 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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