Cepton Inc (NASDAQ:CPTN) has reported a surge in third-quarter revenue driven by record shipment volumes.
The San Jose, California-based leader in high-performance lidar solutions for automotive and other smart industrial applications reported 3Q revenue of $3.8 million, up 112% year-over-year and 38% sequentially.
Product revenue was $3.8 million, an increase of 114% from 3Q 2022 and 37% sequentially.
It also reported a gross margin of 13% for the quarter.
“For the second consecutive quarter, we set new company records for shipment volumes for the automotive end market,” Cepton co-founder and CEO Jun Pei commented in a statement.
“Our continued dedication to executing our milestones and increasing adoption in targeted smart application markets demonstrates our technology leadership in lidar.”
Among the highlights for the quarter, Cepton noted it entered the final sourcing round for a major trucking OEM (original equipment manufacturer) award for short-range lidar. It is also in final sourcing discussions for another major consumer vehicle OEM award for long-range lidar.
In addition, it secured design wins at Tampa International Airport, JFK Airport’s New Terminal One, Denver International Airport, and San Francisco International Airport through its partnership with The Indoor Lab
Its adjusted net loss for 3Q was $9.2 million or a loss of $0.58 per diluted share.
The full results statement can be read here.
Cepton is a Silicon Valley innovator of lidar-based solutions for automotive, smart cities, smart spaces, and smart industrial applications.
Contact the author at stephen.gunnion@proactiveinvestors.com