Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, is reporting its business and financial results for the second quarter ended June 30, 2024. Highlights of the report included the signing of an agreement and plan of merger for the acquisition by Koito Manufacturing Co. Ltd. (“Koito”), the completion of key milestones in an engineering services contract with Koito, continued final sourcing discussions with a top 10 global automotive OEM and continued RFQ first-round discussions with a top 3 global automotive OEM. The report also noted the execution of Ultra long-range lidar B-sample demonstrations and RFI/RFQ discussions with global OEMs and the launch of the Cepton simulator StudioViz to accelerate OEM lidar adoption. Second-quarter revenue reached $10.4 million, compared to $2.8 million for Q2 2023 and $1.9 million in the previous sequential quarter.
“We are in the final stage of RFQ with a top 10 global automotive OEM for our long-range lidar, and we anticipate final decision in the second half of this year,” said Cepton cofounder and CEO Jun Pei in the press release. “We are excited about the next stage of Cepton’s growth to better support our automotive OEM customers in the commercialization of our lidar technology.”
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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, California, and has a center of excellence facility in Troy, Michigan, to provide local support to automotive customers in the metro Detroit metropolitan area. Cepton also has a presence in Germany to serve a fast-growing global customer base. For more information about this company, please visit www.Cepton.com.
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://ibn.fm/CPTN
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