(MENAFN- Investor Brand Network) Cepton (NASDAQ: CPTN) , a Silicon Valley innovator and leader in
high-performance lidar solutions, is reporting on its financial and business results for the fourth quarter and full year ending Dec. 31, 2023. The financial report included full-year 2023 revenue of $13.1 million, a 76% increase over the prior year and an increase over the full-year 2023 revenue guidance as well as Q4 2023 product revenue of $2.5 million, an increase of 152% compared to the same period in 2022; the company's full-year gross margin was 27% with a Q4 2023 gross margin of 54%. Business highlight for the company included its continued partnership with Koito Manufacturing Co. Ltd., a final round of sourcing discussions with a top 10 global automotive OEM for long-range lidar and a request for quote (“RFQ”) from a top 3 global automotive OEM. In addition, the company continued lidar shipments to major airports through its partnership with the Indoor Lab, completed a significant development milestone for a major autonomous industrial vehicles OEM using its Nova product and unveiled Cepton Ultra, the next-generation of high-performance long-range lidar with the smallest form factor in the industry to date.“We are building upon our extensive OEM project experience in commercializing automotive grade lidars, in collaboration with our tier 1 partner, to pursue sourcing wins with global OEMs,” said Cepton cofounder and CEO Jun Pei in the press release.“At CES 2024, we showcased our best-in-class, next-generation product, Cepton Ultra, demonstrating our leadership in lidar innovation.”
To view the full press release, visit
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 area. Cepton also has a presence in Germany to serve a fast-growing global customer base. For more information about this company, please visit .
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company's newsroom at
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