Cepton, Inc. (NASDAQ:CPTN) released its financial results for the third quarter ending September 30, 2024, and reported progress in its business strategy, including progress on a merger with Koito Manufacturing.
The firm is making “significant strides” commercializing its lidar technology, CEO Jun Pei told investors.
Pei highlighted the company’s ongoing efforts in the commercialization of its lidar technology and noted a major RFQ (request for quotation) nearing completion with a top-10 global automotive OEM for long-range lidar.
“As we work toward completing this transaction, our focus remains on executing our strategy, deepening OEM partnerships, and driving the adoption of our advanced lidar solutions across key industries,” Pei said in a statement.
In July, Cepton entered into a merger agreement with Koito for the acquisition of all outstanding Cepton shares not currently held by Koito at $3.17 per share in cash. The transaction is expected to close in Q1 2025, subject to shareholder and regulatory approval.
In Q3 2024, Cepton reported revenue of $0.5 million, down from $3.8 million in the same quarter last year. The company posted Adjusted EBITDA loss for the quarter was $8 million.