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Cepton Inc (CPTN). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in lidar sensor and prototype revenue to $466,000 from $3,802,000 in the same quarter the previous year, attributed to a decrease in sales volume and the cancellation of a series production award with General Motors (GM-2.21%).
Development revenue for the quarter was $81,000, compared to $31,000 in the previous year, with the increase due to new development work orders.
Total revenue for the quarter decreased to $547,000 from $3,833,000 the previous year, with the decline primarily due to reduced lidar sensor sales.
Cost of revenue for lidar sensors and prototypes decreased to $600,000 from $3,339,000, reflecting lower sales volume.
The company reported an operating loss of $10,938,000 for the quarter, compared to a loss of $12,348,000 in the previous year.
Research and development expenses decreased to $5,524,000 from $6,706,000, while selling, general, and administrative expenses decreased to $5,332,000 from $6,136,000.
Net loss for the quarter was $10,642,000, compared to a net loss of $11,294,000 in the previous year.
Cash used in operating activities was $8,700,000 for the nine months ended September 30, 2024, compared to $30,526,000 in the previous year.
Cepton had cash and cash equivalents of $47,651,000 as of September 30, 2024.
The filing details a merger agreement with Koito Manufacturing Co., LTD, under which Cepton would become a subsidiary of Koito, pending regulatory approvals and stockholder approval.
The company continues to focus on developing lidar solutions for automotive and smart infrastructure markets, with a new series production award from a global OEM announced in March 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cepton Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.