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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