Cepton, Inc. Reports Fourth Quarter and Full Year 2023 Results
- Cepton is expanding its OEM project experience to commercialize automotive grade lidars.
- Partnership with Koito for potential acquisition.
- Showcased Cepton Ultra, a next-gen long-range lidar product, at CES 2024.
- Revenue for full year 2023 increased by 76% to $13.1 million.
- Fourth quarter 2023 product revenue increased by 152% YoY.
- Full year gross margin was 27%, and fourth quarter 2023 gross margin was 54%.
- Developed MagnoSteer™, a proprietary scanning and imaging technology.
- Adjusted EBITDA for full year 2023 was $(41.2) million.
- Cepton will host a conference call to discuss the results.
- Cepton's revenue increased significantly in 2023, showing strong growth.
- The company is actively engaged in partnerships and new product development.
- The financial results indicate a positive trend in revenue growth.
- The launch of Cepton Ultra and MagnoSteer™ demonstrates technological advancement.
- The conference call provides an opportunity for investors to gain insights into the company's performance.
- Net loss for the full year 2023 was $48.5 million.
- Fourth quarter 2023 GAAP net loss was $8.3 million.
- Adjusted EBITDA for the full year was negative at $(41.2) million.
- Sequentially, there was a decrease in product revenue in the fourth quarter.
- Development revenue was minimal in the third quarter of 2023.
- Non-GAAP net loss for full year 2023 was $38.9 million.
- Investors need to be cautious about the company's high net losses.
- The negative adjusted EBITDA raises concerns about the company's profitability.
- The decrease in product revenue sequentially may indicate potential challenges.
- The minimal development revenue in the third quarter could impact future growth prospects.
Insights
The reported revenue growth of 76% for Cepton in 2023, surpassing their guidance, indicates a strong market demand for their lidar solutions. The increase in product revenue by 152% in Q4, despite a sequential decrease, suggests a volatile but growing interest in their offerings. However, the significant net loss reported both quarterly and yearly, alongside a negative adjusted EBITDA, raises concerns about the company's current profitability and cost management strategies.
Investors should note the gross margin improvement to 54% in Q4, indicating better cost efficiency or higher-margin product mix. This could be a positive sign for future profitability if sustained. The potential acquisition by Koito Manufacturing could also lead to strategic advantages and financial backing, but the non-binding nature of the offer means it's still uncertain.
From a market perspective, Cepton's partnership with Koito and the ongoing discussions with top automotive OEMs are indicative of the company's competitive positioning in the lidar industry. The launch of the Cepton Ultra product at CES 2024, along with the proprietary MagnoSteer™ technology, positions Cepton as an innovator in a market that is critical for autonomous driving and smart infrastructure development.
Their involvement in smart infrastructure, such as airport systems and autonomous industrial vehicles, broadens their application scope beyond automotive, potentially opening up new revenue streams. This diversification is essential as the lidar market becomes increasingly competitive with new entrants and technological advancements.
For stakeholders in the automotive sector, Cepton's progress in finalizing a deal with a top 10 global automotive OEM and receiving an RFQ from a top 3 OEM is a strong signal of the company's technological credibility and market penetration. The integration of their lidar technology into Koito's ILLUMIERE™ system showcases a collaborative approach to innovation that could lead to increased adoption in smart vehicles.
However, the adoption rate of autonomous driving technology and the regulatory landscape will significantly influence Cepton's long-term success. The company's ability to maintain its technological edge and form strategic partnerships will be critical in a sector that is both capital intensive and rapidly evolving.
“We are building upon our extensive OEM project experience in commercializing automotive grade lidars, in collaboration with our tier 1 partner, to pursue sourcing wins with global OEMs,” said Jun Pei, Cepton’s Co-Founder and CEO. “At CES 2024, we showcased our best-in-class next generation product, Cepton Ultra, demonstrating our leadership in lidar innovation.”
Business Highlights
Partnership with Koito
-
Received non-binding indication of interest from long-term automotive Tier 1 partner, Koito Manufacturing Co., Ltd. (“Koito”), to acquire
100% of our outstanding shares, as disclosed in our 8-K filed on December 21, 2023; the indication of interest is under evaluation.
Automotive
- Continued final round of sourcing discussions with a Top 10 global automotive OEM for long-range lidar
- Received RFQ from a Top 3 global automotive OEM
Smart Infrastructure
- Continued lidar shipments to major airports through our partnership with The Indoor Lab
- Completed a significant development milestone for a major autonomous industrial vehicles OEM using our Nova product
- Incorporated our lidar technology with Koito’s new product, ILLUMIERE™ a detection system designed for smart infrastructure customers; showcased at CES 2024
Technology
- Launched Cepton Ultra, our next generation of high-performance long-range lidar with the smallest form factor in the industry to date, at CES 2024
- Developed and demonstrated MagnoSteer™, our proprietary scanning and imaging technology, one of the top offerings in lidar imaging solutions in the market
Financial Highlights
Revenue and Gross Margin
-
Achieved full year 2023 revenue of
$13.1 million 76% compared to the prior year, and above the full year 2023 revenue guidance provided in our third quarter 2023 earnings release -
Fourth quarter 2023 product revenue was
$2.5 million 152% compared to the prior year comparable period and a decrease of35% sequentially -
Fourth quarter 2023 development revenue was
$2.5 million 314% compared to the prior year comparable period. There was minimal development revenue during the third quarter 2023 (sequential quarter) -
Full year gross margin was
27% and fourth quarter 2023 gross margin was54%
Net Loss and Non-GAAP Net Loss
-
Fourth quarter 2023 GAAP net loss was
$8.3 million $(0.52) $48.5 million $(3.08) -
Fourth quarter 2023 non-GAAP net loss was
$6.4 million $(0.41) $38.9 million $(2.47)
Adjusted EBITDA
-
Fourth quarter 2023 adjusted EBITDA was
$(7.1) million $(41.2) million
Conference Call Details
Cepton will host a live conference call and webcast to discuss the business updates and results at 2:30 p.m. PT (5:30 p.m. ET) today. The live call can be accessed by dialing 1-877-423-9813 (toll free) or 1-201-689-8573 (international) and by webcast at https://investors.cepton.com/.
A telephonic replay of the conference call will be available approximately three hours after the live call and until April 11, 2024, and can be accessed by dialing 1-844-512-2921 (toll free) or 1-412-317-6671 (international) and entering the passcode 13745079. An archived webcast of the conference call will be accessible on Cepton’s Investor Relations page at https://investors.cepton.com/.
About Cepton, Inc.
Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (ADAS/AV), smart cities, smart spaces, and smart industrial applications. With its patented lidar technology, Cepton aims to take lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D perception solutions across industries.
Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton is focused on the mass market commercialization of high performance, high quality lidar solutions. Cepton is headquartered in
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements. The statements included above as well as any other statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements may be identified by the use of words such as “estimate,” “objective,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “milestone,” “designed to,” “proposed” or other similar expressions that predict or imply future events or trends or that are not statements of historical matters. Cepton cautions readers of this press release that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond Cepton’s control, that could cause the actual results to differ materially from the expected results. These forward-looking statements include, but are not limited to, statements regarding the indication of interest received from Koito and uncertainty as to the pricing, timing or terms of any transaction with Koito, estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, potential benefits and the commercial attractiveness to its customers of Cepton’s products and services, the potential success of Cepton’s marketing and expansion strategies, and the potential for Cepton to achieve design awards.
These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Cepton’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. These forward-looking statements are subject to a number of risks and uncertainties, including (1) the conditions affecting the markets in which Cepton operates; (2) the success of Cepton’s strategic relationships, including with Koito, which is not exclusive; (3) fluctuations in sales by Cepton’s major customers; (4) fluctuations in capital spending in the automotive and smart infrastructure markets; (5) negative impact on the global economy and capital markets resulting from macroeconomic conditions, including inflation and rising interest rates, the effects of public health crises, and the potential impact of geopolitical conflicts, such as the ongoing conflicts in
Actual results, performance or achievements may, and are likely to, differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements were based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond Cepton’s control.
Non-GAAP Financial Measures
Some of the financial information and data contained in this press release, such as non-GAAP net loss and adjusted EBITDA, have not been prepared in accordance with generally accepted accounting principles in
Cepton believes these non-GAAP financial measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Cepton’s financial condition and results of operations. Cepton believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating actual and projected operating results and trends in comparing Cepton’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Cepton also believes that adjusted EBITDA is useful to investors and analysts in assessing our operating performance during the periods these charges were incurred on a consistent basis with the periods during which these charges were not incurred. Our presentation of adjusted EBITDA should not be considered as an inference that our future results and financial position will be unaffected by unusual items. Cepton does not consider these non-GAAP financial measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and other amounts that are required by GAAP to be recorded in Cepton’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and other amounts are excluded or included in determining these non-GAAP financial measures.
CEPTON, INC. AND SUBSIDIARIES Reconciliation of GAAP Net (Loss) Income to Non-GAAP Net Loss and Non-GAAP Adjusted EBITDA(1) (In thousands, except share and per share data) (unaudited) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 (1) |
|
|
2023 |
|
|
|
2022 (1) |
||
Net (loss) income |
$ |
(8,320 |
) |
|
$ |
(15,251 |
) |
|
$ |
(48,546 |
) |
|
$ |
9,380 |
|
Stock-based compensation |
|
1,583 |
|
|
|
2,289 |
|
|
|
8,572 |
|
|
|
8,243 |
|
Non-recurring transaction expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,009 |
|
Gain on changes in fair value of earnout liability |
|
— |
|
|
|
(3,210 |
) |
|
|
(827 |
) |
|
|
(74,078 |
) |
Gain on changes in fair value of warrant liability |
|
(98 |
) |
|
|
(326 |
) |
|
|
(397 |
) |
|
|
(2,875 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
958 |
|
|
|
1,123 |
|
|
|
958 |
|
Loss on impairment of property and equipment |
|
387 |
|
|
|
— |
|
|
|
387 |
|
|
|
— |
|
Foreign currency transaction loss, net |
|
— |
|
|
|
2,168 |
|
|
|
757 |
|
|
|
2,168 |
|
Non-GAAP net loss |
|
(6,448 |
) |
|
|
(13,372 |
) |
|
|
(38,931 |
) |
|
|
(53,195 |
) |
Interest expense (income), net |
|
(777 |
) |
|
|
914 |
|
|
|
(2,792 |
) |
|
|
2,511 |
|
Provision (benefit) for income taxes |
|
13 |
|
|
|
(6 |
) |
|
|
16 |
|
|
|
16 |
|
Depreciation and amortization |
|
126 |
|
|
|
120 |
|
|
|
496 |
|
|
|
344 |
|
Non-GAAP adjusted EBITDA |
|
(7,086 |
) |
|
|
(12,344 |
) |
|
|
(41,211 |
) |
|
|
(50,324 |
) |
|
|
|
|
|
|
|
|
||||||||
GAAP net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.52 |
) |
|
$ |
(0.97 |
) |
|
$ |
(3.08 |
) |
|
$ |
0.64 |
|
Diluted |
$ |
(0.52 |
) |
|
$ |
(0.97 |
) |
|
$ |
(3.08 |
) |
|
$ |
0.60 |
|
Non-GAAP net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.41 |
) |
|
$ |
(0.85 |
) |
|
$ |
(2.47 |
) |
|
$ |
(3.62 |
) |
Diluted |
$ |
(0.41 |
) |
|
$ |
(0.85 |
) |
|
$ |
(2.47 |
) |
|
$ |
(3.62 |
) |
Shares used in computing GAAP net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
|
15,852,949 |
|
|
|
15,651,523 |
|
|
|
15,776,387 |
|
|
|
14,691,793 |
|
Diluted |
|
15,852,949 |
|
|
|
15,651,523 |
|
|
|
15,776,387 |
|
|
|
15,572,845 |
|
Shares used in computing Non-GAAP net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
|
15,852,949 |
|
|
|
15,651,523 |
|
|
|
15,776,387 |
|
|
|
14,691,793 |
|
Diluted |
|
15,852,949 |
|
|
|
15,651,523 |
|
|
|
15,776,387 |
|
|
|
14,691,793 |
|
(1) |
Prior period figures are presented as adjusted for the one-for-ten reverse stock split of the Company's issued common stock (the “Reverse Stock Split”) effective on September 21, 2023. |
CEPTON, INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands, except share data) |
|||||||
|
December 31, |
||||||
|
|
2023 |
|
|
|
2022 (1) |
|
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
50,406 |
|
|
$ |
31,953 |
|
Short-term investments |
|
5,969 |
|
|
|
3,703 |
|
Accounts receivable, net of allowance for credit losses of |
|
3,625 |
|
|
|
1,301 |
|
Inventories |
|
2,396 |
|
|
|
2,985 |
|
Prepaid expenses and other current assets |
|
1,253 |
|
|
|
6,272 |
|
Total current assets |
|
63,649 |
|
|
|
46,214 |
|
Property and equipment, net |
|
1,450 |
|
|
|
982 |
|
Restricted cash |
|
1,283 |
|
|
|
2,565 |
|
Other assets |
|
10,067 |
|
|
|
555 |
|
Total assets |
$ |
76,449 |
|
|
$ |
50,316 |
|
|
|
|
|
||||
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
1,128 |
|
|
$ |
1,979 |
|
Operating lease liabilities, current |
|
1,875 |
|
|
|
211 |
|
Accrued expenses and other current liabilities |
|
4,066 |
|
|
|
2,265 |
|
Short-term debt |
|
— |
|
|
|
42,587 |
|
Total current liabilities |
|
7,069 |
|
|
|
47,042 |
|
Warrant liability |
|
43 |
|
|
|
440 |
|
Earnout liability |
|
93 |
|
|
|
920 |
|
Operating lease liabilities, non-current |
|
8,720 |
|
|
|
281 |
|
Total liabilities |
|
15,925 |
|
|
|
48,683 |
|
|
|
|
|
||||
Commitments and contingencies (Note 17) |
|
|
|
||||
Convertible preferred stock: |
|
|
|
||||
Convertible preferred stock – Par value |
|
98,891 |
|
|
|
— |
|
|
|
|
|
||||
Stockholders’ equity (deficit): |
|
|
|
||||
Common stock – Par value |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
96,583 |
|
|
|
88,058 |
|
Accumulated other comprehensive income |
|
(345 |
) |
|
|
(366 |
) |
Accumulated deficit |
|
(134,605 |
) |
|
|
(86,059 |
) |
Total stockholders’ equity (deficit) |
|
(38,367 |
) |
|
|
1,633 |
|
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) |
$ |
76,449 |
|
|
$ |
50,316 |
|
(1) |
Prior period figures are presented as adjusted for the Reverse Stock Split effective on September 21, 2023. |
CEPTON, INC. AND SUBSIDIARIES Consolidated Statements of Operations (In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 (1) |
|
|
|
2023 |
|
|
|
2022 (1) |
|
Lidar sensor and prototype revenue |
$ |
2,457 |
|
|
$ |
974 |
|
|
$ |
10,270 |
|
|
$ |
5,616 |
|
Development revenue |
|
2,494 |
|
|
|
602 |
|
|
|
2,786 |
|
|
|
1,810 |
|
Total revenue |
$ |
4,951 |
|
|
$ |
1,576 |
|
|
$ |
13,056 |
|
|
$ |
7,426 |
|
|
|
|
|
|
|
|
|
||||||||
Lidar sensor and prototype cost of revenue |
|
1,804 |
|
|
|
775 |
|
|
|
8,939 |
|
|
|
6,383 |
|
Development cost of revenue |
|
451 |
|
|
|
249 |
|
|
|
567 |
|
|
|
849 |
|
Total cost of revenue |
$ |
2,255 |
|
|
$ |
1,024 |
|
|
$ |
9,506 |
|
|
$ |
7,232 |
|
Gross profit |
|
2,696 |
|
|
|
552 |
|
|
|
3,550 |
|
|
|
194 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
6,570 |
|
|
|
8,646 |
|
|
|
29,879 |
|
|
|
33,013 |
|
Selling, general and administrative |
|
5,322 |
|
|
|
6,674 |
|
|
|
24,374 |
|
|
|
28,629 |
|
Total operating expenses |
|
11,892 |
|
|
|
15,320 |
|
|
|
54,253 |
|
|
|
61,642 |
|
Operating loss |
|
(9,196 |
) |
|
|
(14,768 |
) |
|
|
(50,703 |
) |
|
|
(61,448 |
) |
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Gain on change in fair value of earnout liability |
|
— |
|
|
|
3,210 |
|
|
|
827 |
|
|
|
74,078 |
|
Gain on change in fair value of warrant liability |
|
98 |
|
|
|
326 |
|
|
|
397 |
|
|
|
2,875 |
|
Foreign currency transaction loss, net |
|
— |
|
|
|
(2,168 |
) |
|
|
(757 |
) |
|
|
(2,168 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
(958 |
) |
|
|
(1,123 |
) |
|
|
(958 |
) |
Other (expense) income, net |
|
14 |
|
|
|
15 |
|
|
|
37 |
|
|
|
(472 |
) |
Interest (expense) income, net |
|
777 |
|
|
|
(914 |
) |
|
|
2,792 |
|
|
|
(2,511 |
) |
(Loss) income before income taxes |
|
(8,307 |
) |
|
|
(15,257 |
) |
|
|
(48,530 |
) |
|
|
9,396 |
|
(Provision) benefit for income taxes |
|
(13 |
) |
|
|
6 |
|
|
|
(16 |
) |
|
|
(16 |
) |
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
$ |
(8,320 |
) |
|
$ |
(15,251 |
) |
|
$ |
(48,546 |
) |
|
$ |
9,380 |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share, basic |
$ |
(0.52 |
) |
|
$ |
(0.97 |
) |
|
$ |
(3.08 |
) |
|
$ |
0.64 |
|
Net income (loss) per share, diluted |
$ |
(0.52 |
) |
|
$ |
(0.97 |
) |
|
$ |
(3.08 |
) |
|
$ |
0.60 |
|
Weighted-average common shares, basic |
|
15,852,949 |
|
|
|
15,651,523 |
|
|
|
15,776,387 |
|
|
|
14,691,793 |
|
Weighted-average common shares, diluted |
|
15,852,949 |
|
|
|
15,651,523 |
|
|
|
15,776,387 |
|
|
|
15,572,845 |
|
|
|
|
|
|
|
|
|
||||||||
(1) |
Prior period figures are presented as adjusted for the Reverse Stock Split effective on September 21, 2023. |
CEPTON, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (In thousands) |
|||||||
|
Year Ended December 31, |
||||||
|
|
2023 |
|
|
|
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
||||
Net (loss) income |
$ |
(48,546 |
) |
|
$ |
9,380 |
|
Adjustments to reconcile net (loss) income to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
496 |
|
|
|
344 |
|
Stock-based compensation |
|
8,572 |
|
|
|
8,243 |
|
Amortization of right-of-use asset |
|
1,596 |
|
|
|
1,360 |
|
Amortization, other |
|
347 |
|
|
|
1,721 |
|
Accretion from short-term investments |
|
(1,157 |
) |
|
|
(80 |
) |
Gain on change in fair value of earnout liability |
|
(827 |
) |
|
|
(74,078 |
) |
Gain on change in fair value of warrant liability |
|
(397 |
) |
|
|
(2,875 |
) |
Loss on impairment of property and equipment |
|
387 |
|
|
|
— |
|
Loss from extinguishment of debt |
|
1,123 |
|
|
|
958 |
|
Foreign currency transaction loss, net |
|
757 |
|
|
|
2,168 |
|
Other |
|
— |
|
|
|
181 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
(2,324 |
) |
|
|
(801 |
) |
Inventories |
|
575 |
|
|
|
(448 |
) |
Prepaid expenses and other current assets |
|
4,032 |
|
|
|
(1,920 |
) |
Other long-term assets |
|
202 |
|
|
|
(296 |
) |
Accounts payable |
|
(1,073 |
) |
|
|
(653 |
) |
Accrued expenses and other current liabilities |
|
1,800 |
|
|
|
99 |
|
Operating lease liabilities |
|
(1,086 |
) |
|
|
(1,611 |
) |
Other long-term liabilities |
|
— |
|
|
|
311 |
|
Net cash used in operating activities |
|
(35,523 |
) |
|
|
(57,997 |
) |
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
||||
Purchases of property and equipment |
|
(1,292 |
) |
|
|
(760 |
) |
Proceeds from sale of property and equipment |
|
36 |
|
|
|
— |
|
Purchases of short-term investments |
|
(37,806 |
) |
|
|
(32,368 |
) |
Proceeds from sales of short-term investments |
|
— |
|
|
|
8,303 |
|
Proceeds from maturities of short-term investments |
|
36,700 |
|
|
|
23,274 |
|
Net cash used in investing activities |
|
(2,362 |
) |
|
|
(1,551 |
) |
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
||||
Proceeds from Business Combination and private offering |
|
— |
|
|
|
76,107 |
|
Payments of Business Combination and private offering transaction costs |
|
— |
|
|
|
(29,031 |
) |
Proceeds from issuance of Trinity debt and warrants, net of debt discount |
|
— |
|
|
|
9,724 |
|
Repayment of Trinity debt |
|
— |
|
|
|
(10,400 |
) |
Repayment of secured term loan with Koito |
|
(45,220 |
) |
|
|
— |
|
Proceeds from issuance of secured term loan with Koito |
|
— |
|
|
|
39,442 |
|
Proceeds from issuance of common stock options |
|
31 |
|
|
|
1,008 |
|
Payment of employee taxes related to vested restricted stock units |
|
(63 |
) |
|
|
— |
|
Proceeds from convertible preferred stock, net of issuance costs |
|
99,884 |
|
|
|
— |
|
Proceeds from issuance of common stock |
|
— |
|
|
|
1,700 |
|
Net cash provided by financing activities |
|
54,632 |
|
|
|
88,550 |
|
|
|
|
|
||||
Effect of exchange rate changes on cash |
|
424 |
|
|
|
1,862 |
|
|
|
|
|
||||
Net increase in cash, cash equivalents and restricted cash |
|
17,171 |
|
|
|
30,864 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
34,518 |
|
|
|
3,654 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
51,689 |
|
|
$ |
34,518 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240328163749/en/
Cepton, Inc. Contacts
Investors: InvestorRelations@cepton.com
Media: Faithy Li, media@cepton.com
Source: Cepton, Inc.
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