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Cepton, Inc. Reports Third Quarter 2024 Results

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Cepton (Nasdaq: CPTN) reported Q3 2024 financial results with revenue of $0.5 million, down from $3.8 million in Q3 2023. The company posted a GAAP net loss of $10.6 million, with net loss attributable to common stockholders at $11.8 million ($0.73 per share). Koito Manufacturing has agreed to acquire Cepton's outstanding common stock for $3.17 per share, with the deal expected to close in Q1 2025. The company is in final stages of an RFQ with a Top 10 global automotive OEM for long-range lidar and continues development of near-range lidar for OEM and industrial vehicles.

Cepton (Nasdaq: CPTN) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato di 0,5 milioni di dollari, in calo rispetto ai 3,8 milioni di dollari del terzo trimestre 2023. L'azienda ha registrato una perdita netta GAAP di 10,6 milioni di dollari, con una perdita netta attribuibile agli azionisti ordinari pari a 11,8 milioni di dollari (0,73 dollari per azione). Koito Manufacturing ha concordato di acquisire le azioni ordinarie in circolazione di Cepton a 3,17 dollari per azione, con la chiusura del contratto prevista per il primo trimestre 2025. L'azienda si trova nelle fasi finali di una richiesta di offerta (RFQ) con un produttore automobilistico globale tra i Top 10 per il lidar a lungo raggio e continua lo sviluppo del lidar a corto raggio per veicoli OEM e industriali.

Cepton (Nasdaq: CPTN) reportó los resultados financieros del tercer trimestre de 2024 con ingresos de 0,5 millones de dólares, una disminución respecto a los 3,8 millones de dólares en el tercer trimestre de 2023. La compañía presentó una pérdida neta GAAP de 10,6 millones de dólares, siendo la pérdida neta atribuible a los accionistas comunes de 11,8 millones de dólares (0,73 dólares por acción). Koito Manufacturing ha acordado adquirir las acciones ordinarias en circulación de Cepton a 3,17 dólares por acción, con el cierre del acuerdo previsto para el primer trimestre de 2025. La empresa se encuentra en las etapas finales de una solicitud de propuesta (RFQ) con un fabricante automotriz global entre los 10 principales para un lidar de largo alcance y continúa el desarrollo de un lidar de corto alcance para vehículos OEM e industriales.

Cepton (Nasdaq: CPTN)은 2024년 3분기 재무 결과를 보고하며 매출이 50만 달러로, 2023년 3분기의 380만 달러에서 감소했음을 알렸습니다. 이 회사는 1억 600만 달러의 GAAP 순손실을 기록하였으며, 보통주 주주에게 귀속되는 순손실은 1억 1,800만 달러(주당 0.73 달러)입니다. Koito Manufacturing는 Cepton의 미상장 보통주를 주당 3.17 달러에 인수하기로 합의하였으며, 계약 체결은 2025년 1분기로 예상됩니다. 이 회사는 상위 10대 글로벌 자동차 OEM과 장거리 라이더를 위한 RFQ의 최종 단계에 있으며, OEM 및 산업용 차량을 위한 근거리 라이더 개발을 계속하고 있습니다.

Cepton (Nasdaq: CPTN) a publié les résultats financiers du troisième trimestre 2024, avec des revenus de 0,5 million de dollars, en baisse par rapport à 3,8 millions de dollars au troisième trimestre 2023. L'entreprise a enregistré une perte nette GAAP de 10,6 millions de dollars, avec une perte nette attribuable aux actionnaires ordinaires de 11,8 millions de dollars (0,73 dollar par action). Koito Manufacturing a accepté d'acquérir les actions ordinaires en circulation de Cepton à 3,17 dollars par action, avec une clôture prévue pour le premier trimestre 2025. L'entreprise est dans les phases finales d'une demande de devis (RFQ) avec un constructeur automobile mondial parmi les 10 meilleurs pour un lidar longue portée et continue le développement d'un lidar courte portée pour les véhicules OEM et industriels.

Cepton (Nasdaq: CPTN) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 0,5 Millionen Dollar, gesunken von 3,8 Millionen Dollar im dritten Quartal 2023. Das Unternehmen meldete einen GAAP-Nettoverlust von 10,6 Millionen Dollar, mit einem Nettoverlust von 11,8 Millionen Dollar (0,73 Dollar pro Aktie), der den Stammaktionären zuzurechnen ist. Koito Manufacturing hat zugestimmt, die ausstehenden Stammaktien von Cepton zu einem Preis von 3,17 Dollar pro Aktie zu erwerben, wobei der Abschluss des Geschäfts im ersten Quartal 2025 erwartet wird. Das Unternehmen befindet sich in der finalen Phase eines RFQ mit einem der 10 größten globalen Automobilhersteller für Langstrecken-Lidar und setzt die Entwicklung von Nahbereichs-Lidar für OEM- und Industriefahrzeuge fort.

Positive
  • Pending acquisition by Koito at $3.17 per share premium
  • Final stages of RFQ with Top 10 global automotive OEM
  • Achievement of milestone in near-range lidar industrial vehicles business
Negative
  • Revenue declined 87% YoY to $0.5M from $3.8M
  • Net loss of $10.6M in Q3 2024
  • Non-GAAP net loss of $7.5M in Q3 2024
  • Adjusted EBITDA negative at -$8.0M

Insights

The Q3 results reveal significant challenges with $0.5 million revenue, marking a concerning 87% decline from $3.8 million in the previous year. The widening net loss of $10.6 million and negative adjusted EBITDA of $8.0 million highlight ongoing operational struggles. However, the pending acquisition by Koito at $3.17 per share provides a clear exit strategy and potential stability. The deal represents a significant premium to current trading levels, offering shareholders a definitive value proposition amid challenging financial performance. The RFQ progress with a Top 10 automotive OEM could be promising, but immediate financial metrics remain concerning with substantial cash burn continuing.

The ongoing RFQ with a Top 10 global automotive OEM for long-range lidar technology represents a important potential catalyst, though revenue generation appears delayed. The Koito acquisition brings strategic advantages through vertical integration with an established automotive supplier. This could accelerate market penetration and strengthen manufacturing capabilities. However, the significant revenue decline suggests challenges in commercialization timing and market adoption. The focus on both near-range and long-range lidar applications shows portfolio diversification, but monetization remains a key challenge in the current market environment.

SAN JOSE, Calif.--(BUSINESS WIRE)-- Cepton, Inc. (“Cepton”) (Nasdaq: CPTN), a Silicon Valley innovator and leader in high performance lidar solutions, today announced its business updates and financial results for the third quarter ended September 30, 2024.

“As we enter the fourth and final quarter of 2024, we are making significant strides in the commercialization of our lidar technology,” said Jun Pei, Cepton’s Co-Founder and CEO. “With an RFQ with a Top 10 global automotive OEM for our long-range lidar in its final stages and a growing pipeline of opportunities, we are well-positioned to further strengthen our leadership in the automotive lidar market. Additionally, the recently announced acquisition by Koito underscores our shared vision for long-term growth and innovation. As we work toward completing this transaction, our focus remains on executing our strategy, deepening OEM partnerships, and driving the adoption of our advanced lidar solutions across key industries.”

Business Highlights

  • On July 29, 2024, Cepton signed an Agreement and Plan of Merger providing for the acquisition by KOITO MANUFACTURING CO., LTD. (“Koito”) (TSE: 7276) of all of the outstanding common stock of Cepton not owned by Koito for $3.17 per share in an all-cash transaction, other than those shares expected to be contributed to a wholly owned subsidiary of Koito by certain executives of Cepton. The proposed transaction with Koito is expected to close in the first quarter of 2025, subject to approval of our stockholders representing at least a majority of the outstanding shares, regulatory approvals, and other customary closing conditions.
  • Continued execution for the final phase of long-range lidar RFQ with a Top 10 global automotive OEM.
  • Continued execution for our OEM awarded business for near-range lidar development.
  • Achieved next major milestone for near-range lidar industrial vehicles business.

Financial Highlights

Revenue

  • Third quarter 2024 total revenue was $0.5 million, compared to $3.8 million in the prior year comparable quarter, a decrease of $3.3 million.

Net Loss, Non-GAAP Net Loss, and Per Share Data

  • Third quarter 2024 GAAP net loss was $10.6 million. Net loss attributable to common stockholders was $11.8 million, or $(0.73) per share, basic and diluted.
  • Third quarter 2024 non-GAAP net loss was $7.5 million. Non-GAAP net loss attributable to common stockholders was $8.6 million, or $(0.53) per share, basic and diluted.

Adjusted EBITDA

  • Third quarter 2024 adjusted EBITDA was $(8.0) million.

No Conference Call This Quarter

Due to the previously announced entry into the Agreement and Plan of Merger with Koito on July 29, 2024 and the pendency of the proposed transaction, which remains subject to stockholder approval and the satisfaction of or (to the extent permitted by law) waiver of other specified closing conditions, Cepton will not host an earnings conference call this quarter.

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 San Jose, CA and has a center of excellence facility in Troy, MI to provide local support to automotive customers in the Detroit Metropolitan area. Cepton also has a presence in Germany to serve a fast-growing global customer base. For more information, visit www.cepton.com and follow Cepton on LinkedIn and X (formerly known as Twitter). Information on or that can be accessed through our website, our LinkedIn and X accounts, or that is contained in any website to which a hyperlink is provided herein is not part of this press release.

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 Company’s expectations, plans and opinions regarding the proposed transaction with Koito, statements, estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, statements regarding 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) Cepton’s proposed transaction with Koito, including its ability to close such proposed transaction in a timely manner or at all; (2) the conditions affecting the markets in which Cepton operates; (3) the success of Cepton’s strategic relationships, including with Koito, which is not exclusive; (4) fluctuations in sales by Cepton’s major customers; (5) fluctuations in capital spending in the automotive and smart infrastructure markets; (6) negative impact on the global economy and capital markets resulting from macroeconomic conditions such as inflation, the effects of public health crises, and the potential impact of geopolitical conflicts, such as the ongoing conflicts in Ukraine and the Middle East; (7) changes in applicable laws or regulations; (8) the possibility that Cepton’s business may be adversely affected by other economic, business, or competitive factors; (9) the risk that current trends in the automotive and smart infrastructure markets decelerate or do not continue; (10) errors or material differences in Cepton’s estimates and expectations for its financial performance and growth, including when Cepton will generate positive cash flow from operations; (11) risks relating to the uncertainty of projected financial and operating information, including whether Cepton will be able to achieve its target milestones, its pricing and sales volume targets, and win the engagements contemplated in its projected pipeline, and the ability of OEMs and other strategic partners to re-source or cancel vehicle or technology programs; (12) risks related to future market adoption of Cepton’s offerings; (13) risks related to Cepton’s marketing and growth strategies; (14) the effects of competition on Cepton’s future business; (15) Cepton’s ability to issue equity or equity-linked securities in the future; (16) Cepton’s ability to raise funding on reasonable terms as necessary to develop its products in the timeframe contemplated by its business plan, and to comply with the terms of any restrictive, financial or other covenants in the agreements governing such funding, including the consent and other rights granted to Koito as part of Koito’s convertible preferred stock investment; (17) Cepton’s ability to execute its business plans and strategy; (18) the outcome of any legal proceedings that may be instituted against Cepton, including any related to the business combination with Growth Capital Acquisition Corp.; (19) risks related to the new series production award differing from Cepton’s expectations, or that the arrangement can be terminated or may not materialize into a long-term contract partnership arrangement, and the new engineering services contract with Koito relating thereto; and (20) the other risks and uncertainties indicated from time to time in the reports and documents Cepton files with the Securities and Exchange Commission (the “SEC”), including in its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. If any of these risks materialize or any of Cepton’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Cepton does not presently know or that Cepton currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Cepton’s expectations, plans or forecasts of future events and views as of the date of this press release. Cepton anticipates that subsequent events and developments will cause its assessments to change. These forward-looking statements should not be relied upon as representing Cepton’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Cepton undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

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 the United States (“GAAP”). Non-GAAP net loss is defined as GAAP net loss excluding stock-based compensation, gain from project cancellation cost recovery, contingent loss, non-recurring transaction expenses, gain on sales of property and equipment, gain or loss on changes in fair value of earnout liability and warrants, foreign currency transaction loss, net, and loss on extinguishment of debt. As a result of the cancellation of the GM series production award in December 2023, Cepton submitted a project investment cost recovery claim and realized a gain from project cancellation cost recovery in the nine months ended September 30, 2024. In the three and nine months ended September 30, 2024, Cepton also incurred a contingent loss from the project loss claims from our contract manufacturers affected by the GM series production award cancellation. Both the gain from project cancellation loss recovery and the contingent loss from project loss claims are excluded from the calculation of Non-GAAP net loss. Adjusted EBITDA is defined as non-GAAP net loss before interest income or expense, provision for income taxes, and depreciation and amortization.

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 to Non-GAAP Net Loss and Non-GAAP Adjusted EBITDA

(In thousands, except share and per share data)

(unaudited)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net loss

$

(10,642

)

 

$

(11,294

)

 

$

(17,294

)

 

$

(40,226

)

Stock-based compensation

 

1,269

 

 

 

2,335

 

 

 

3,693

 

 

 

6,989

 

Gain from project cancellation cost recovery

 

 

 

 

 

 

 

(4,000

)

 

 

 

Contingent loss

 

349

 

 

 

 

 

 

349

 

 

 

 

Non-recurring transaction expenses

 

1,563

 

 

 

 

 

 

3,185

 

 

 

 

Loss (gain) on sales of property and equipment

 

1

 

 

 

 

 

 

(59

)

 

 

 

Gain on change in fair value of earnout liability

 

 

 

 

(91

)

 

 

(59

)

 

 

(827

)

Loss (gain) on change in fair value of warrant liability

 

5

 

 

 

(169

)

 

 

23

 

 

 

(299

)

Foreign currency transaction loss, net

 

 

 

 

7

 

 

 

 

 

 

757

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

1,123

 

Non-GAAP net loss

$

(7,455

)

 

$

(9,212

)

 

$

(14,162

)

 

$

(32,483

)

Interest income, net

 

(622

)

 

 

(799

)

 

 

(1,889

)

 

 

(2,015

)

(Benefit) provision for income taxes

 

 

 

 

 

 

 

(14

)

 

 

3

 

Depreciation and amortization

 

98

 

 

 

135

 

 

 

302

 

 

 

370

 

Adjusted EBITDA

$

(7,979

)

 

$

(9,876

)

 

$

(15,763

)

 

$

(34,125

)

 

 

 

 

 

 

 

 

Net loss

$

(10,642

)

 

$

(11,294

)

 

$

(17,294

)

 

$

(40,226

)

Less: cumulative preferred stock dividends

 

(1,130

)

 

 

(1,083

)

 

 

(3,353

)

 

 

(2,992

)

Net loss attributable to common stockholders

$

(11,772

)

 

$

(12,377

)

 

$

(20,647

)

 

$

(43,218

)

 

 

 

 

 

 

 

 

Non-GAAP net loss

$

(7,455

)

 

$

(9,212

)

 

$

(14,162

)

 

$

(32,483

)

Less: cumulative preferred stock dividends

 

(1,130

)

 

 

(1,083

)

 

 

(3,353

)

 

 

(2,992

)

Non-GAAP net loss attributable to common stockholders

$

(8,585

)

 

$

(10,295

)

 

$

(17,515

)

 

$

(35,475

)

 

 

 

 

 

 

 

 

GAAP net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

$

(0.73

)

 

$

(0.78

)

 

$

(1.29

)

 

$

(2.74

)

Diluted

$

(0.73

)

 

$

(0.78

)

 

$

(1.29

)

 

$

(2.74

)

Non-GAAP net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

$

(0.53

)

 

$

(0.65

)

 

$

(1.10

)

 

$

(2.25

)

Diluted

$

(0.53

)

 

$

(0.65

)

 

$

(1.10

)

 

$

(2.25

)

Shares used in computing GAAP net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

 

16,047,213

 

 

 

15,834,152

 

 

 

15,971,448

 

 

 

15,750,586

 

Diluted

 

16,047,213

 

 

 

15,834,152

 

 

 

15,971,448

 

 

 

15,750,586

 

Shares used in computing Non-GAAP net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

 

16,047,213

 

 

 

15,834,152

 

 

 

15,971,448

 

 

 

15,750,586

 

Diluted

 

16,047,213

 

 

 

15,834,152

 

 

 

15,971,448

 

 

 

15,750,586

 

CEPTON, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(unaudited)

 

 

September 30,
2024

 

December 31,
2023

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

47,651

 

 

$

50,406

 

Short-term investments

 

 

 

 

5,969

 

Accounts receivable, net of allowance for credit losses of $0 and $0

 

556

 

 

 

3,625

 

Inventories

 

1,048

 

 

 

2,396

 

Prepaid expenses and other current assets

 

3,060

 

 

 

1,253

 

Total current assets

 

52,315

 

 

 

63,649

 

Property and equipment, net

 

1,150

 

 

 

1,450

 

Restricted cash

 

1,283

 

 

 

1,283

 

Other assets

 

8,703

 

 

 

10,067

 

Total assets

$

63,451

 

 

$

76,449

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

2,416

 

 

$

1,128

 

Operating lease liabilities, current

 

2,141

 

 

 

1,875

 

Accrued expenses and other current liabilities

 

4,914

 

 

 

4,066

 

Total current liabilities

 

9,471

 

 

 

7,069

 

Warrant liability

 

66

 

 

 

43

 

Earnout liability

 

34

 

 

 

93

 

Operating lease liabilities, non-current

 

7,063

 

 

 

8,720

 

Total liabilities

 

16,634

 

 

 

15,925

 

Commitments and contingencies (Note 17)

 

 

 

Convertible preferred stock with a related party:

 

 

 

Convertible preferred stock – Par value $0.00001 per share – 5,000,000 shares authorized; 100,000 shares issued and outstanding (aggregate liquidation preference of $107.4 million and $104.1 million)

 

98,891

 

 

 

98,891

 

Stockholders’ equity (deficit):

 

 

 

Common stock – Par value $0.00001 per share – 35,000,000 shares authorized; 16,051,981 and 15,861,494 shares issued and outstanding

 

 

 

 

 

Additional paid-in capital

 

100,177

 

 

 

96,583

 

Accumulated other comprehensive loss

 

(352

)

 

 

(345

)

Accumulated deficit

 

(151,899

)

 

 

(134,605

)

Total stockholders’ equity (deficit)

 

(52,074

)

 

 

(38,367

)

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

$

63,451

 

 

$

76,449

 

CEPTON, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(unaudited)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Lidar sensor and prototype revenue

$

466

 

 

$

3,802

 

 

$

1,981

 

 

$

7,813

 

Development revenue

 

81

 

 

 

31

 

 

 

10,940

 

 

 

292

 

Total revenue

 

547

 

 

 

3,833

 

 

 

12,921

 

 

 

8,105

 

 

 

 

 

 

 

 

 

Lidar sensor and prototype cost of revenue

 

600

 

 

 

3,339

 

 

 

2,788

 

 

 

7,135

 

Development cost of revenue

 

29

 

 

 

 

 

 

3,438

 

 

 

116

 

Total cost of revenue

 

629

 

 

 

3,339

 

 

 

6,226

 

 

 

7,251

 

Gross (loss) profit

 

(82

)

 

 

494

 

 

 

6,695

 

 

 

854

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

5,524

 

 

 

6,706

 

 

 

14,412

 

 

 

23,309

 

Selling, general and administrative

 

5,332

 

 

 

6,136

 

 

 

15,305

 

 

 

19,052

 

Total operating expenses

 

10,856

 

 

 

12,842

 

 

 

29,717

 

 

 

42,361

 

Operating loss

 

(10,938

)

 

 

(12,348

)

 

 

(23,022

)

 

 

(41,507

)

Other income (expense):

 

 

 

 

 

 

 

Gain on change in fair value of earnout liability

 

 

 

 

91

 

 

 

59

 

 

 

827

 

(Loss) gain on change in fair value of warrant liability

 

(5

)

 

 

169

 

 

 

(23

)

 

 

299

 

Other (expense) income, net

 

(321

)

 

 

2

 

 

 

3,789

 

 

 

23

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

(1,123

)

Foreign currency transaction loss, net

 

 

 

 

(7

)

 

 

 

 

 

(757

)

Interest income, net

 

622

 

 

 

799

 

 

 

1,889

 

 

 

2,015

 

Loss before income taxes

 

(10,642

)

 

 

(11,294

)

 

 

(17,308

)

 

 

(40,223

)

Benefit (provision) for income taxes

 

 

 

 

 

 

 

14

 

 

 

(3

)

 

 

 

 

 

 

 

 

Net loss

$

(10,642

)

 

$

(11,294

)

 

$

(17,294

)

 

$

(40,226

)

Less: cumulative preferred stock dividends

 

(1,130

)

 

 

(1,083

)

 

 

(3,353

)

 

 

(2,992

)

Net loss attributable to common stockholders

$

(11,772

)

 

$

(12,377

)

 

$

(20,647

)

 

$

(43,218

)

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders, basic

$

(0.73

)

 

$

(0.78

)

 

$

(1.29

)

 

$

(2.74

)

Net loss per share attributable to common stockholders, diluted

$

(0.73

)

 

$

(0.78

)

 

$

(1.29

)

 

$

(2.74

)

Weighted-average common shares, basic

 

16,047,213

 

 

 

15,834,152

 

 

 

15,971,448

 

 

 

15,750,586

 

Weighted-average common shares, diluted

 

16,047,213

 

 

 

15,834,152

 

 

 

15,971,448

 

 

 

15,750,586

 

CEPTON, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

 

 

Nine Months Ended
September 30,

 

 

2024

 

 

 

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net loss

$

(17,294

)

 

$

(40,226

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

302

 

 

 

370

 

Stock-based compensation

 

3,693

 

 

 

6,989

 

Amortization of right-of-use asset

 

1,253

 

 

 

1,177

 

Gain on sales of property and equipment

 

(59

)

 

 

 

Accretion, other

 

(25

)

 

 

(682

)

Gain on change in fair value of earnout liability

 

(59

)

 

 

(827

)

Loss (gain) on change in fair value of warrant liability

 

23

 

 

 

(299

)

Foreign currency transaction loss, net

 

 

 

 

757

 

Loss from extinguishment of debt

 

 

 

 

1,123

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

3,068

 

 

 

(802

)

Inventories

 

1,348

 

 

 

(941

)

Prepaid expenses and other current assets

 

(1,806

)

 

 

2,974

 

Other long-term assets

 

111

 

 

 

202

 

Accounts payable

 

1,288

 

 

 

(805

)

Accrued expenses and other current liabilities

 

848

 

 

 

1,144

 

Operating lease liabilities

 

(1,391

)

 

 

(680

)

Net cash used in operating activities

 

(8,700

)

 

 

(30,526

)

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Purchases of property and equipment

 

(3

)

 

 

(1,292

)

Purchases of short-term investments

 

 

 

 

(37,806

)

Proceeds from sales of property and equipment

 

60

 

 

 

 

Proceeds from maturities of short-term investments

 

6,000

 

 

 

25,200

 

Net cash provided by (used in) investing activities

 

6,057

 

 

 

(13,898

)

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Proceeds from convertible preferred stock with a related party, net of transaction costs

 

 

 

 

99,884

 

Repayment of secured term loan from a related party

 

 

 

 

(45,220

)

Proceeds from issuance of common stock options

 

4

 

 

 

22

 

Payments of employee taxes related to vested restricted stock units

 

(103

)

 

 

(63

)

Net cash (used in) provided by financing activities

 

(99

)

 

 

54,623

 

 

 

 

 

Effect of exchange rate changes on cash

 

(13

)

 

 

426

 

 

 

 

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(2,755

)

 

 

10,625

 

Cash, cash equivalents and restricted cash, beginning of period

 

51,689

 

 

 

34,518

 

Cash, cash equivalents and restricted cash, end of period

$

48,934

 

 

$

45,143

 

 

Cepton, Inc. Contacts

Investors: InvestorRelations@cepton.com

Media: Faithy Li, media@cepton.com

Source: Cepton, Inc.

FAQ

What was Cepton's (CPTN) revenue in Q3 2024?

Cepton reported revenue of $0.5 million in Q3 2024, down from $3.8 million in the same quarter of the previous year.

What is the acquisition price offered by Koito for Cepton (CPTN) shares?

Koito has agreed to acquire Cepton's outstanding common stock for $3.17 per share in an all-cash transaction.

When is Koito's acquisition of Cepton (CPTN) expected to close?

The acquisition is expected to close in the first quarter of 2025, subject to stockholder and regulatory approvals.

What was Cepton's (CPTN) net loss per share in Q3 2024?

Cepton reported a net loss of $0.73 per share (basic and diluted) in Q3 2024.

Cepton, Inc.

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