Successful public listing in February 2022, resulting in cash and available liquidity of $175 million
Completed key production milestones with Tier-1 partner Koito Manufacturing in support of General Motors Ultra Cruise program
Completed near-range lidar (Nova) design and sampling with multiple top-10 automotive OEMs
SAN JOSE, Calif.--(
BUSINESS WIRE)--Cepton, Inc. (“Cepton”) (Nasdaq: CPTN), a Silicon Valley innovator and leader in
high-performance MMT® lidar solutions, today announced business updates and financials for the fourth quarter and full year ended December 31, 2021.
“Since founding Cepton in 2016, we have had the unwavering vision of enabling safe and autonomous transportation for everyone. Following many years of hard work, we made tremendous progress towards achieving this vision by securing the largest known ADAS series production award in the industry”
“Since founding Cepton in 2016, we have had the unwavering vision of enabling safe and autonomous transportation for everyone. Following many years of hard work, we made tremendous progress towards achieving this vision by securing the largest known ADAS series production award in the industry,” said Jun Pei, Cepton’s Co-Founder and CEO. “We anticipate that 2022 will be a momentous year for Cepton as we accelerate our commercial success driven by industry leading lidar products that achieve the best balance between performance, reliability and cost. We are excited about the long-term opportunity given our competitive advantages and expect to see Cepton lidars in everyday vehicles in the not-too-distant future.”
2021 Highlights
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Completed business combination with Growth Capital Acquisition Corp. on February 10, 2022, resulting in listing on the Nasdaq under “CPTN”, and cash and available liquidity of $175 million
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Execution of series production award in support of General Motors (“GM”) Ultra Cruise on track to complete C-sample in the first half of 2022
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Advanced engagements with four other global top-10 automotive OEMs for mass-market vehicle adoption of Cepton lidars
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Engaged in discussions with all global top-10 automotive OEMs for production vehicle programs
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10 advanced engagements and evaluations with other automotive OEMs outside of the global top-10 group
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Nine production awards and 126 total engagements with Smart Infrastructure customers
2022 Objectives and Targeted Milestones
Hardware
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Meet or exceed execution milestones in support of the GM Ultra Cruise program for anticipated Start of Production in 2023
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Complete B-Sample design of Nova (near-range lidar product) and complete evaluation with multiple global top-10 automotive OEM customers
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Complete Nova evaluation with multiple top global trucking OEMs and accelerate Nova advanced engagements with smart logistics customers
Software
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Complete embedded automotive software development in support of the GM Ultra Cruise program for functional safety and over-the-air update support
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Advance automotive perception software maturity for evaluation by top-10 automotive OEMs
Commercial
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Secure one additional series production award from a top-10 global OEM and increase advanced engagements with global OEMs
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Expand Cepton’s presence in China to address Automotive and Smart Infrastructure opportunities
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Increase Smart Infrastructure production awards and engagements
Fourth Quarter and Full Year 2021 Financial Highlights
Revenue
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Fourth quarter 2021 revenue was $1.3 million, an increase of 121%, compared to the prior year period
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Full year 2021 revenue was $4.5 million, an increase of 124%, compared to full year 2020
Net loss
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Fourth quarter 2021 net loss was $10.6 million, an increase of $4.6 million over the prior year period
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Full year 2021 net loss was $37.1 million, an increase of $17.4 million over FY2020
EBITDA and Adjusted EBITDA
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Fourth quarter 2021 EBITDA and adjusted EBITDA was ($10.6) million and ($9.4) million, respectively
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Full year 2021 EBITDA and adjusted EBITDA was ($36.8) million and ($33.4) million, respectively
Cash and Available Liquidity
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Cash and available liquidity were approximately $175 million as of February 11, 2022
Full Year 2022 Financial Outlook
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Maintain prior 2022 revenue guidance of $15 million
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Expected operating expenses in the range of $55 million to $65 million
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Expected cash and available liquidity at end of 2022 to be greater than $100 million
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