The following is a summary of the Cepton, Inc. (CPTN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cepton reported Q1 2024 revenue of $1.9 million, a 31% increase from the same quarter the previous year. The revenue consisted of both product and development revenue streams.

• The company recorded a net loss of $6.8 million or $0.43 loss per share, with a non-GAAP net loss of $8.3 million or $0.52 loss per share.

• Due to a large engineering services contract, positive cash flow is anticipated for the next quarter. The total revenue for 2024 is forecasted to land between $15 - $25 million, with operating expenses projected to remain under $50 million.

Business Progress:

• Cepton's Ultra lidar system moved from concept to B sample stage in a faster than expected timeframe. Demonstrations of the performance exceeding system were given to OEMs globally.

• In partnership with Koito, a series production project was secured with a global OEM. This project entails a multiyear supply of near-range lidar sensors.

• The company developed StudioViz, a lidar simulator aimed to aid OEM development and reduce data collection costs.

• Cepton is expecting the final decision on RFQs from some of the world's largest automotive manufacturers before their next earnings call, indicating their efforts to expand market reach.

More details: Cepton IR

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