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Cepton, a leader in high-performance lidar solutions, reported its Q1 2024 financial results. The company secured a new series production award with a global OEM for its near-range lidar, in collaboration with Koito. Cepton also signed a $10 million engineering services contract with Koito for product development. The company achieved a 31% increase in revenue, totaling $1.9 million, with a net GAAP loss of $6.8 million and a non-GAAP net loss of $8.3 million. Cepton's adjusted EBITDA was $(8.9) million. A $4.0 million gain was recorded from cost recovery of a canceled OEM project. The company expects full-year revenue of $15 to $25 million and operating expenses below $50 million.
Cepton, Inc. (Nasdaq: CPTN) has signed a significant Engineering Services Agreement with Koito Manufacturing Co., to receive $10 million in engineering services fee for customer-specific product development and program execution for lidar solutions. The agreement aims to support Level 4 autonomous driving capabilities for safety-critical automotive use cases.
Cepton, Inc. unveils StudioViz™, a proprietary lidar simulation platform aimed at expediting ADAS and AV development, reducing costs, and facilitating R&D initiatives. StudioViz offers functionalities like virtual environment creation, high-fidelity lidar data visualization, placement optimization, sensor fusion assessment, perception solution development, and manufacturing validation. The platform accelerates testing, development, and deployment of Cepton's lidar technology, providing an efficient and cost-effective solution for OEMs and research entities.
Cepton, Inc. (Nasdaq: CPTN) will provide a business update and release its financial results for the first quarter of 2024 on May 13, 2024. A conference call and webcast will be held the same day at 2:30 p.m. PT (5:30 p.m. ET).
