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Cepton (Nasdaq: CPTN) reported Q3 2024 financial results with revenue of $0.5 million, down from $3.8 million in Q3 2023. The company posted a GAAP net loss of $10.6 million, with net loss attributable to common stockholders at $11.8 million ($0.73 per share). Koito Manufacturing has agreed to acquire Cepton's outstanding common stock for $3.17 per share, with the deal expected to close in Q1 2025. The company is in final stages of an RFQ with a Top 10 global automotive OEM for long-range lidar and continues development of near-range lidar for OEM and industrial vehicles.
Cepton, Inc. (Nasdaq: CPTN), a leader in high-performance lidar solutions, reported its Q2 2024 results. Key highlights include:
1. Revenue of $10.4 million, up from $2.8 million in Q2 2023.
2. GAAP net income of $0.2 million.
3. Non-GAAP net income of $1.6 million, or $0.03 per share.
4. Adjusted EBITDA of $1.1 million.
Cepton is in the final stage of RFQ with a Top 10 global automotive OEM for its long-range lidar. The company signed a merger agreement with Koito Manufacturing Co., on July 29, 2024, for $3.17 per share in an all-cash transaction, expected to close in Q1 2025.
Cepton, Inc. (CPTN) has signed a definitive agreement to be acquired by KOITO MANUFACTURING CO., for $3.17 per share in an all-cash transaction. This represents a 25.3% premium to Cepton's closing price on July 26, 2024. After the acquisition, Cepton will operate as a privately held indirect subsidiary of Koito in the U.S., maintaining its headquarters in San Jose, CA.
The acquisition aims to accelerate the commercialization of Cepton's lidar technology through increased financial stability and scalability. It's expected to enhance Koito's capabilities in automotive sensing solutions and strengthen Cepton's position in the automotive lidar market. The transaction is subject to stockholder and regulatory approvals, with an expected closing in the first quarter of 2025.
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).
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