Cepton, Inc.

Total revenue in Q1 2024 was $1.9 million, including $1.1 million of product revenue and $0.8 million of development revenue, up 31% from $1.5 million a year ago. GAAP net loss was $6.8 million, or $0.43 per share, and non-GAAP net loss was $8.3 million, or $0.52 per share; non-GAAP adjusted EBITDA was negative $8.9 million. The company also recorded a $4.0 million gain from GM project cancellation recoveries, described as a cash payment received in the first quarter. Cash and cash equivalents were approximately $49.2 million as of March 31, 2024. For full year 2024, revenue is expected to be between $15 million and $25 million and operating expenses are expected to be below $50 million.

Jun Pei emphasized product progress and commercial traction, saying Ultra moved from concept to B sample faster than expected and that performance exceeded expectations. He said Cepton demonstrated Ultra to OEMs in Japan, the U.S., and Europe, and called the feedback overwhelmingly positive. He also framed the new OEM project with Koito as an important validation of the company’s technology and said the firm is working through the Koito acquisition process, but has no public details to share yet.

Dennis Chang led with the quarter’s financials: $1.9 million in revenue, $6.8 million GAAP net loss, $8.3 million non-GAAP net loss, and negative $8.9 million adjusted EBITDA. He noted the $4.0 million GM project cancellation recovery gain was a cash payment received in Q1 and said cash and cash equivalents were $49.2 million at quarter-end. He guided to full-year 2024 revenue of $15 million to $25 million and operating expenses below $50 million.

Analysts focused on the new $10 million Koito engineering services contract, asking when production revenue would begin and whether more development revenue would follow. Management said development revenue starts this quarter, sample product revenue also starts this quarter, and high-volume production is typically 2.5 to 3 years out; they also said the $10 million is recognized in Q2, but follow-on development revenue should continue later in the year. Questions also covered the GM program, StudioViz, the NHTSA automatic emergency braking rule, and the Koito acquisition offer; management said GM remains a potential future customer, StudioViz was built from lessons learned on the first program, the rule is a tailwind for lidar adoption, and the Koito acquisition process is ongoing but not ready for public detail.