Cepton(US:CPTN)2022-05-11 21:17Business 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]