Cepton, Inc. Reports Third Quarter 2024 Results
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.
- 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
- 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
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.
“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 - 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 $3.8 million $3.3 million
Net Loss, Non-GAAP Net Loss, and Per Share Data
-
Third quarter 2024 GAAP net loss was
$10.6 million $11.8 million $(0.73) -
Third quarter 2024 non-GAAP net loss was
$7.5 million $8.6 million $(0.53)
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
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
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 to Non-GAAP Net Loss and Non-GAAP Adjusted EBITDA (In thousands, except share and per share data) (unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
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,
|
|
December 31,
|
||||
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 |
|
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 |
|
98,891 |
|
|
|
98,891 |
|
Stockholders’ equity (deficit): |
|
|
|
||||
Common stock – Par value |
|
— |
|
|
|
— |
|
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
|
|
Nine Months Ended
|
||||||||||||
|
|
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
|
||||||
|
|
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 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107072328/en/
Cepton, Inc. Contacts
Investors: InvestorRelations@cepton.com
Media: Faithy Li, media@cepton.com
Source: Cepton, Inc.
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