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Cepton(CPTN) - 2022 Q4 - Annual Report
2023-03-19 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K __________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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) | Delaware | 001-39959 | 27-2447291 | | --- | --- | --- | ...
Cepton(CPTN) - 2022 Q4 - Earnings Call Transcript
2023-03-15 00:08
Cepton, Inc. (NASDAQ:CPTN) Q4 2022 Results Conference Call March 14, 2023 5:30 PM ET Company Participants Hull Xu - CFO Jun Pei - Co-Founder and CEO Mitch Hourtienne - SVP, Business Development Conference Call Participants Tom Narayan - RBC Samik Chatterjee - JP Morgan Richard Shannon - Craig Hallum Matthew Galinko - Maxim Richard Shannon - Craig Hallum Gus Richard - Northland Operator Good day everyone and welcome to the Q4 2022 Cepton, Inc. Business Update and Earnings Conference Call. All participants wi ...
Cepton(CPTN) - 2022 Q3 - Earnings Call Transcript
2022-11-11 14:21
Cepton, Inc. (NASDAQ:CPTN) Q3 2022 Earnings Conference Call November 8, 2022 5:30 PM ET Company Participants Hull Xu - Chief Financial Officer Jun Pei - Co-Founder and Chief Executive Officer Mitch Hourtienne - Senior Vice President, Business Development Conference Call Participants Joe Cardoso - J.P. Morgan Chase Joseph Spak - RBC Capital Markets Gus Richard - Northland Securities Matthew Galinko - Maxim Group Richard Shannon - Craig Hallum Capital Group Operator Welcome to the Cepton Incorporated Q3 2022 ...
Cepton(CPTN) - 2022 Q3 - Earnings Call Presentation
2022-11-11 14:20
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-----------------------|------------------|-------|-------|-------|-------|-------|-------| | | | | Q3'22 Business Update | November 8, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | © Cepton, Inc. All rights reserved. 22 Disclaimer and Cautionary Note Forward-Looking Statements This presentation of Cepton, Inc. ("Cepton" or ...
Cepton(CPTN) - 2022 Q3 - Quarterly Report
2022-11-09 16:00
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, 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) | --- | --- | --- | |-----------------------------------------|-------------------- ...
Cepton(CPTN) - 2022 Q2 - Earnings Call Presentation
2022-09-16 18:20
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------|-------|-------|----------------|-------|-------|-------|-------|-------|-------| | | Q2'22 Business Update | | | August 8, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | © Cepton, Inc. All rights reserved. 22 Disclaimer and Cautionary Note Forward-Looking Statements This presentation of Cepton ...
Cepton(CPTN) - 2022 Q2 - Quarterly Report
2022-08-10 16:00
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].
Cepton(CPTN) - 2022 Q2 - Earnings Call Transcript
2022-08-09 03:32
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]
Cepton(CPTN) - 2022 Q1 - Quarterly Report
2022-05-12 16:00
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) | --- | --- | --- | |------------------------------------------------------------------ ...
Cepton(CPTN) - 2022 Q1 - Earnings Call Transcript
2022-05-11 22:41
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]