Cepton(US:CPTN)2022-05-11 22:41Financial 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]