Cepton, Inc. (NASDAQ:CPTN), the high-performance lidar solutions provider, released its second quarter financial results showing a big jump in revenue.
The Silicon Valley-based firm reported total revenue of $10.4 million during 2Q, a significant increase compared to $2.8 million in the same quarter last year and $1.9 million in the previous sequential quarter.
The latest results come just after Cepton said it has agreed to be acquired by Koito Manufacturing. Under the terms of the July 2024 agreement, Koito will acquire all outstanding shares of Cepton not already owned by Koito for $3.17 per share in an all-cash transaction.
During the quarter, Cepton reached key milestones in an engineering services contract with Koito, focusing on near-range lidar development.
The company also progressed in its final sourcing discussions with a Top 10 global automotive OEM and continued first-round RFQ discussions with a Top 3 global automotive OEM.
Other highlights from the balance sheet include adjusted EBITDA for the quarter of $1.1 million.
“We are in the final stage of RFQ with a Top 10 global automotive OEM for our long-range lidar, and we anticipate a final decision in the second half of this year,” said Jun Pei, Cepton’s CEO.
“We are excited about the next stage of Cepton’s growth to better support our automotive OEM customers in the commercialization of our lidar technology.”