Cepton, a manufacturer of LiDAR sensors, announced its Q3 2022 results today. The company reported a revenue of USD 1.8 million in Q3 2022, down 4.6% YoY from Q3 2021. This was due to a reduction in development revenue, partially offset by an increase in LiDAR sensor and prototype revenue. It reported a non-GAAP net loss of 13.2 million (USD 0.08 loss per share), twice the quarterly loss incurred a year ago (at USD 0.10 loss per share) due to higher R&D, selling, general and administrative, and other expenses.

Recent highlights include the signing of a USD 100 million investment agreement with Koito Manufacturing in the form of convertible preferred stock; continued product shipments to support automotive customers;  completed requests for information with two automotive OEM customers; the addition of one new automotive program for in-vehicle LiDAR deployment with series production award secured till 2027; and multiple announced collaborations with partners including Nvidia.

Cepton also intends to unveil its next-generation product at the Consumer Electronics Show (CES) next year. 

The company estimated its full-year 2022 revenue to range between USD 7 million and USD 9 million.