| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------|-------|-------|----------------|-------|-------|-------|-------|-------|-------| | | Q2'22 Business Update | | | August 8, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | © Cepton, Inc. All rights reserved. 22 Disclaimer and Cautionary Note Forward-Looking Statements This presentation of Cepton ...

Revenue Growth and Market Opportunities - Cepton has been awarded the largest known ADAS lidar series production award in the industry to date by General Motors, which includes multiple platforms and vehicle models, with an estimated production start in 2023[144]. - The company expects significant revenue growth as it transitions from prototype sales to commercialized production-ready lidar sensors, driven by strategic partnerships in the automotive and smart infrastructure markets[165]. - The automotive market represents a large portion of the total addressable market, with Cepton currently engaged with all of the top 10 global automotive OEMs based on vehicle production volume rankings for 2019[163]. - The company anticipates that lidar adoption in smart infrastructure markets may occur at a more rapid pace compared to the automotive sector, with applications varying widely from tolling to security[156]. Financial Performance - Total revenue for the three months ended June 30, 2022, was $2.6 million, representing an increase of $1.7 million, or 186%, from $0.9 million for the same period in 2021[181]. - Lidar sensor and prototype revenue increased by approximately $0.5 million, or 61%, to $1.4 million for the three months ended June 30, 2022, compared to $0.9 million for the same period in 2021[182]. - Net income for the three months ended June 30, 2022, was $0.8 million, compared to a net loss of $(10.2) million for the same period in 2021, representing an improvement of $11.0 million[181]. - The company recorded net income of $42.0 million during the six months ended June 30, 2022, offset by $69.8 million of non-cash income and expenses[209]. Expenses and Losses - Operating loss for the three months ended June 30, 2022, was $(16.1) million, compared to $(10.2) million for the same period in 2021, representing an increase in loss of $5.9 million, or 58%[181]. - Research and development expenses increased by $2.3 million, or 37%, to $8.4 million for the three months ended June 30, 2022, from $6.1 million for the same period in 2021[191]. - Sales, general and administrative expenses increased by $3.5 million, or 96%, to $7.2 million for the three months ended June 30, 2022, from $3.7 million for the same period in 2021[193]. - Total operating expenses for the three months ended June 30, 2022, were $15.6 million, an increase of $5.8 million, or 59%, from $9.8 million for the same period in 2021[181]. Cost Management and Margins - Cepton's gross margin is anticipated to increase as material costs decrease and fixed manufacturing overhead costs are absorbed over larger production volumes[159]. - The company is focused on driving down product costs to achieve mass-market adoption of lidar in automotive applications, balancing performance, reliability, and cost[158]. - Increased costs for components and logistics, driven by inflation and supply chain issues, have negatively impacted gross margins and may continue to do so[169]. - Lidar sensor and prototype cost of revenue increased by $1.2 million, or 91%, to $2.5 million for the three months ended June 30, 2022, from $1.3 million for the same period in 2021[187]. Cash Flow and Liquidity - As of June 30, 2022, the company had cash, cash equivalents, and short-term investments totaling $31.0 million, which are expected to satisfy foreseeable liquidity needs for at least the next twelve months[200]. - The company received net cash proceeds of $47.2 million from the Business Combination and PIPE, net of certain transaction costs[203]. - During the six months ended June 30, 2022, the company incurred negative cash flows from operating activities of $32.3 million, reflecting an accumulated deficit of $53.4 million[205]. - Investing activities used $24.3 million of cash during the six months ended June 30, 2022, primarily from purchases of short-term investments of $32.4 million[212]. - Financing activities provided $57.4 million of cash during the six months ended June 30, 2022, consisting primarily of $47.2 million from the Business Combination and PIPE investment[214]. Risks and Uncertainties - The company is subject to risks and uncertainties typical of early-stage companies, including the uncertainty of successfully developing products and securing contracts[206]. - Cepton is classified as an "emerging growth company" and will maintain this status until at least the end of the 2022 fiscal year[228]. - The company expects to remain an emerging growth company until it achieves total annual gross revenue of at least $1.07 billion or the market value of its common stock held by non-affiliates exceeds $700 million[230]. - Cepton's revenue is primarily generated in U.S. dollars, while expenses are incurred in local currencies, exposing the company to foreign currency exchange risk[235]. - The company has not engaged in any hedging strategies to manage foreign currency exchange risk, but will reassess its approach as international operations grow[235]. - Cepton does not believe inflation has materially affected its business, but significant inflationary pressures could harm its financial condition[233]. - The company is exposed to market risks primarily due to fluctuations in foreign currency exchange rates and interest rates[232]. Production and Supply Chain - Supply chain shortages have led to increased lead times for some products, creating potential mismatches between supply and demand, which may impact revenue forecasts[161]. - The series production award from OEM-B has expanded from four to nine vehicle models, indicating a growing acceptance and integration of lidar technology in various vehicle classes[153].

Financial Data and Key Metrics Changes - Total revenue for Q2 2022 was $2.6 million, representing a 186% increase year-over-year and a 72% increase sequentially, consisting of $1.4 million in product revenue and $1.1 million in development revenue [24] - Gross profit was slightly negative due to supply chain shortages and a mix shift between automotive and smart infrastructure revenue, which resulted in lower overall average selling prices (ASPs) [25] - GAAP net income was $0.8 million or $0.01 per share, while non-GAAP net loss was $14.5 million or $0.09 per share [26] - Adjusted EBITDA was negative $13.7 million, with available liquidity of approximately $146 million as of June 30, 2022 [27] Business Line Data and Key Metrics Changes - The automotive segment is on track with the first firm production order received from Koito for the OEM series production program, marking a significant commercial milestone [19] - Development revenue increased due to achieving incremental milestones on outstanding projects, while product revenue reflects ongoing production readiness efforts [24][25] Market Data and Key Metrics Changes - The smart infrastructure market is experiencing delays in deployment timelines due to economic conditions, but demand remains strong for the long term [22][24] - The company is expanding its presence in Detroit to strengthen relationships with automotive OEMs and support ongoing engagements [14] Company Strategy and Development Direction - The company is focusing on executing automotive programs and has revised its full-year revenue guidance for 2022 to between $7 million and $9 million, primarily due to delays in smart infrastructure projects [28] - The strategy includes expanding collaboration with Koito and securing manufacturing capabilities to accelerate time to market for lidar technology [10][13] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the automotive sector, expecting unit volume contributions from automotive to more than double in 2023 compared to 2022 [30] - The company anticipates achieving positive gross margins in the mid-single-digit range for the remainder of the year [33] Other Important Information - The company achieved ISO-26262 SOP certification on its first basic lidar product, enhancing its technology roadmap [17] - The partnership with Fabrinet is expected to support both automotive and non-automotive applications, indicating a diversified approach to market opportunities [12][58] Q&A Session Summary Question: Outlook for gross margin for the rest of the year - Management expects positive gross margin in the mid-single-digit range for the year [33] Question: Context on units and ASPs between automotive and smart infrastructure - Automotive ASPs are generally lower than smart infrastructure, with automotive being approximately two-thirds of the ASP of smart infrastructure [35] Question: Total units shipped in the quarter - The company shipped approximately 400 units in the quarter [37] Question: Progress on commercial talks with GM for Ultra Cruise vehicles - Discussions with GM are positive, with trends indicating extensions and additional models for lidar applications [39][40] Question: Delays in smart infrastructure projects - Delays are primarily due to longer proof-of-concept phases and deployment timelines, but demand remains strong [42][44] Question: Impact of automotive on revenue guidance - The decline in revenue guidance is mainly from smart infrastructure, with no significant impact from automotive [48] Question: Characterization of automotive volume doubling next year - The expectation is based on initial production orders, with potential upside for automotive volumes [51] Question: Expected cash burn in the second half of the year - Operating expenses are expected to remain between $55 million and $65 million for the year, with minimal gross profit contribution [53]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Cepton, Inc. (Exact name of registrant as specified in its charter) | --- | --- | --- | |------------------------------------------------------------------ ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2022 was $1.5 million, representing a 239% increase year-over-year and a 16% sequential increase, consisting entirely of product revenue [19] - GAAP net income was $41.2 million or $0.36 per share, while non-GAAP net loss was $12.2 million or $0.11 per share [19][20] - Non-GAAP adjusted EBITDA was negative $11.4 million, with available liquidity of approximately $160 million as of March 31, 2022 [21] Business Line Data and Key Metrics Changes - The company has started shipping D-samples for General Motors' Ultra Cruise program, marking a significant milestone in OEM series production [7] - The company expects to ship several thousand units this year, equipping multiple vehicle models across various assembly plants in the U.S. [22] - The Nova near-range Lidar product is gaining traction, with B samples being shipped to OEMs for evaluation [12][39] Market Data and Key Metrics Changes - The automotive market is seeing increased interest in Lidar technology, particularly for ADAS applications, which are expected to represent over 80% of the Lidar addressable market in the coming decades [15] - The company is actively engaged with all top 10 global auto OEMs, with more than half in the RFI phase [33] Company Strategy and Development Direction - The company aims to achieve a price point for Lidar below $1,000 to accelerate large-scale adoption [11] - The focus remains on executing the largest ADAS series production award to date and winning additional awards [23] - The company is also expanding its presence in the smart infrastructure market, with robust demand for its Lidar products and software [23] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the long-term growth plan and path to becoming a market share leader [23] - The company is vigilant regarding supply chain issues but is currently not facing significant obstacles [26] - The guidance for 2022 remains unchanged, with expectations for back-half weighted revenue [30] Other Important Information - The company closed a business combination with Growth Capital Acquisition Corp. in February, raising approximately $48 million net of fees [18] - The company has received significant attention from other OEMs following the GM announcement, indicating accelerated interest in Lidar technology [32] Q&A Session Summary Question: Update on supply chain issues - Management is aware of supply chain issues but is not currently facing significant obstacles for the GM program [26][27] Question: Confirmation of guidance - Management confirmed they are standing by their guidance for 2022, with no constraints on demand [30] Question: Interest in Nova product - There is significant interest in the Nova product, with applications expanding beyond automotive [39] Question: OEMs' outlook in China - Progress in China continues, with plans to establish a Tier 1 partnership to address opportunities [41][42] Question: Process transfer to Koito - The transfer process is complex but is nearing completion, with low risk at this stage [44]

Business Update - Cepton began shipping D-samples in support of the GM Ultra Cruise Program[7,8] - The company plans to ship several thousand units in 2022, equipping multiple vehicle models manufactured in multiple assembly plants across the U S [8] - Cepton completed B-Sample design on near-range lidar (Nova), to begin shipping to OEMs for evaluation starting Q2 2022[9] - Multiple smart infrastructure projects completed proof-of-concept validation, potentially resulting in meaningful volume[7,10] - Cepton completed the 2nd ASIC architecture design for further performance enhancement and cost reduction, with tape out expected by the end of the year[7,10] Financial Results (Q1'22) - Revenue increased to $1.5 million, compared to $0.4 million in Q1'21[11] - GAAP Net Income was $41.2 million, compared to a loss of $8.4 million in Q1'21[11] - Non-GAAP Net Loss was $12.2 million, compared to $8.1 million in Q1'21[11] - Adjusted EBITDA was $(11.4) million, compared to $(8.0) million in Q1'21[11]

《 C E P T O N * Investor Presentation April, 2022 SELF DRIVING MODE VISION SYSTEM Disclaimer and Cautionary Note Forward-Looking Statements This presentation of Cepton, Inc. ("Cepton") includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. The statements regarding our 2022 product and technology milestones, 2022 commercial goals and 2022 outlook, as well as any other statements that refer to projections, ...

《 C E P T O N GROWTH CAPITAL Intelligence at the Speed of Light™ ACQUISITION CORP. Investor Presentation January 27, 2022 SELF DRIVING MODE VISION SYSTEM 1 Disclaimer This presentation and any oral statements in connection with this presentation are for informational purposes only. No representations or warranties, express or implied are given in, or in respect of, this presentation. Industry, market and benchmark data used in this presentation have been obtained from third-party industry publications and s ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to GROWTH CAPITAL ACQUISITION CORP. (Exact name of registrant as specified in its charter) Not Applicable (Former name or former address ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company, a blank check entity, reported total assets of **$173.3 million** and a net loss of **$1.53 million** for the quarter ended June 30, 2021, with a subsequent business combination agreement signed with Cepton Technologies, Inc [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2021, the company's total assets were **$173.3 million**, with **$172.5 million** in the Trust Account and warrant liabilities increasing to **$8.6 million** Condensed Balance Sheet Data (Unaudited) | Account | June 30, 2021 (USD) | March 31, 2021 (USD) | | :--- | :--- | :--- | | **Assets** | | | | Cash | $718,500 | $749,737 | | Investments held in Trust Account | $172,511,739 | $172,505,514 | | **Total Assets** | **$173,310,771** | **$173,370,188** | | **Liabilities & Equity** | | | | Warrant liabilities | $8,607,750 | $7,141,500 | | Total liabilities | $8,681,300 | $7,215,256 | | Class A common stock subject to possible redemption | $159,629,470 | $161,154,930 | | Total shareholders' equity | $5,000,001 | $5,000,002 | [Unaudited Condensed Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Statements%20of%20Operations) For the three months ended June 30, 2021, the company reported a net loss of **$1.53 million**, primarily driven by a **$1.47 million** non-cash loss from the change in fair value of warrants Statement of Operations for the Three Months Ended June 30, 2021 (Unaudited) | Item | Amount (USD) | | :--- | :--- | | General and administrative expenses | $66,638 | | Loss from operations | ($66,638) | | Change in fair value of warrants | ($1,466,250) | | Interest income | $7,427 | | **Net loss** | **($1,525,461)** | | Basic and diluted net loss per share, Class B | ($0.28) | [Notes to Unaudited Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) The notes detail the company's formation as a SPAC, its **$172.5 million** IPO, warrant accounting policies, and the subsequent **August 5, 2021**, Business Combination Agreement with Cepton Technologies, Inc., including a **$50 million** PIPE investment - The company, a blank check entity, completed its IPO on **February 2, 2021**, raising **$172.5 million** from **17,250,000 units** at **$10.00 per unit**[22](index=22&type=chunk)[23](index=23&type=chunk) - The company must complete an initial Business Combination by **August 2, 2022**, or cease operations and redeem all public shares[34](index=34&type=chunk) - On **August 5, 2021**, the company entered a Business Combination Agreement with Cepton Technologies, Inc., including a concurrent **$50 million** PIPE investment from Koito Manufacturing Co., LTD[114](index=114&type=chunk)[115](index=115&type=chunk) - Warrants are accounted for as a liability at fair value, with changes recognized in the statement of operations; as of **June 30, 2021**, the warrant liability was valued at **$8,607,750**[64](index=64&type=chunk)[95](index=95&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) As a blank check company with no operations, the company reported a net loss of **$1.53 million** for the three months ended June 30, 2021, primarily due to warrant fair value adjustments, with **$718,500** in cash for working capital - The company is a blank check entity formed to effect a business combination and has not commenced operations[119](index=119&type=chunk) - For the three months ended **June 30, 2021**, the **$1,525,461** net loss comprised **$66,638** in general and administrative costs and a **$1,466,250** unrealized loss on warrant fair value, partially offset by **$7,427** in interest income[126](index=126&type=chunk) - As of **June 30, 2021**, the company held **$718,500** in cash and **$172.5 million** in the Trust Account from IPO and private placement proceeds[127](index=127&type=chunk)[130](index=130&type=chunk) - The company pays a monthly fee of **$5,750** to an affiliate of the Sponsor for office space, utilities, and administrative support, commencing **January 29, 2021**[135](index=135&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the registrant is not required to provide quantitative and qualitative disclosures about market risk - As a smaller reporting company, the registrant is not required to provide quantitative and qualitative disclosures about market risk[139](index=139&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2021, the company's disclosure controls and procedures were deemed ineffective due to a material weakness related to warrant accounting reclassification, with no other material changes to internal controls during the quarter - The company's disclosure controls and procedures were deemed not effective as of **June 30, 2021**[141](index=141&type=chunk) - The ineffectiveness stemmed from a material weakness in accounting and reporting for SPAC warrants, necessitating reclassification from equity to liability[141](index=141&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected or are likely to materially affect the company's internal controls[143](index=143&type=chunk) [PART II. OTHER INFORMATION](index=33&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings - There are no legal proceedings to report[145](index=145&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the prospectus filed on **February 2, 2021** - No material changes to risk factors have occurred since the prospectus filed on **February 2, 2021**[146](index=146&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%20from%20Registered%20Securities) On **February 2, 2021**, the company completed a private placement of **5,175,000 warrants** for **$5,175,000**, with **$172.5 million** placed in a trust account and **$968,580** allocated for general and administrative expenses and due diligence - Simultaneously with the IPO, the company sold **5,175,000 Private Placement Warrants** at **$1.00 each**, raising **$5,175,000**[147](index=147&type=chunk) - Of the total proceeds from the IPO and Private Placement, **$172,500,000** was placed into the trust account[149](index=149&type=chunk) - Approximately **$968,580** held outside the Trust Account is designated for business, legal, and accounting due diligence, as well as ongoing general and administrative expenses[150](index=150&type=chunk) [Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[152](index=152&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[152](index=152&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) The company reported no other information - None[152](index=152&type=chunk) [Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including underwriting, warrant, and registration rights agreements, along with officer certifications - The report includes a list of filed exhibits, such as the Underwriting Agreement, Business Combination Marketing Agreement, Warrant Agreement, and various Registration Rights Agreements[156](index=156&type=chunk)