Cepton, Inc. (NASDAQ:CPTN) reported an impressive 76% year-over-year increase in revenue for 2023, above the guidance provided when it released its third quarter earnings.
The provider of high-performance lidar solutions reported full-year revenue of $13.1 million.
Revenue for the fourth quarter was $2.5 million, up 152% over the year-ago quarter.
Cepton highlighted that it has continued a final round of sourcing discussions with a Top 10 global automotive OEM for long-range lidar and that it has received a Request for Quotation (RFQ) from a Top 3 global automotive OEM.
Other business highlights included the launch of its next-generation high-performance long-range lidar Cepton Ultra and the development and demonstration of its proprietary scanning and imaging technology MagnoSteer.
“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,” Cepton CEO Jun Pei said in a statement.
“At CES 2024, we showcased our best-in-class next-generation product, Cepton Ultra, demonstrating our leadership in lidar innovation.”
The company noted that it continues to evaluate an expression of interest from its automotive partner Koito Manufacturing to acquire 100% of its outstanding shares.
Cepton reported an adjusted net loss of $6.4 million or a loss per share of $0.41 for the fourth quarter.
Its adjusted net loss for 2023 was $38.9 million or a loss per share of $2.47.