Cepton Inc (NASDAQ:CPTN) has reported a jump in revenue for the second quarter driven by record shipment volumes and increased average selling prices during the period.
The San Jose, California-based leader in high-performance lidar solutions for automotive and other smart industrial applications reported 2Q revenue of $2.8 million, up 9% year-over-year and 88% sequentially.
Product revenue was $2.8 million, up 92% from 2Q 2022 and 123% sequentially.
“We set new company records for shipment volumes across both automotive and smart infrastructure end markets during the second quarter,” Cepton CEO Jun Pei pointed out in a statement.
“Our strong execution capabilities while maintaining our commitment to quality and reliability will be key differentiating factors as our shipments continue to grow for the remainder of this year to meet our OEM customer needs.”
The company said, among other business highlights, that it is on track to fulfill orders to support OEM start of production at the end of this year.
Its adjusted net loss for 2Q was $11.8 million or a loss of $0.08 per diluted share.
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