Cepton, Inc.

CIK:0001498233|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 547	$ 3,833	$ 12,921	$ 8,105
Cost of Revenues	629	3,339	6,226	7,251
Gross (loss) profit	(82)	494	6,695	854
Operating expenses:
Research and development	5,524	6,706	14,412	23,309
Selling, general and administrative	5,332	6,136	15,305	19,052
Total operating expenses	10,856	12,842	29,717	42,361
Operating loss	(10,938)	(12,348)	(23,022)	(41,507)
Other income (expense):
Gain on change in fair value of earnout liability	0	91	59	827
Loss (gain) on change in fair value of warrant liability	(5)	169	(23)	299
Other (expense) income, net	(321)	2	3,789	23
Loss on extinguishment of debt	0	0	0	(1,123)
Foreign currency transaction loss, net	0	(7)	0	(757)
Interest income, net	622	799	1,889	2,015
Loss before income taxes	(10,642)	(11,294)	(17,308)	(40,223)
Benefit (provision) for income taxes	0	0	14	(3)
Net loss	(10,642)	(11,294)	(17,294)	(40,226)
Less: cumulative preferred stock dividends	(1,130)	(1,083)	(3,353)	(2,992)
Net loss attributable to common stockholders	$ (11,772)	$ (12,377)	$ (20,647)	$ (43,218)
Net income (loss) per share, basic (in Dollars per share)	$ (0.73)	$ (0.78)	$ (1.29)	$ (2.74)
Net income (loss) per share, diluted (in Dollars per share)	$ (0.73)	$ (0.78)	$ (1.29)	$ (2.74)
Weighted-average common shares, basic (in shares)	16,047,213	15,834,152	15,971,448	15,750,586
Weighted-average common shares, diluted (in shares)	16,047,213	15,834,152	15,971,448	15,750,586
Net loss	$ (10,642)	$ (11,294)	$ (17,294)	$ (40,226)
Other comprehensive (loss) income, net of tax:
Changes in unrealized gain on available-for-sale securities	0	0	6	6
Foreign currency translation adjustments	(1)	5	(13)	21
Total other comprehensive (loss) income, net of tax	(1)	5	(7)	27
Comprehensive loss	(10,643)	(11,289)	(17,301)	(40,199)
Product
Revenue	466	3,802	1,981	7,813
Cost of Revenues	600	3,339	2,788	7,135
Development Revenue
Revenue	81	31	10,940	292
Cost of Revenues	$ 29	$ 0	$ 3,438	$ 116

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (17,294)	$ (40,226)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	302	370
Stock-based compensation	3,693	6,989
Amortization of right-of-use asset	1,253	1,177
Gain on sales of property and equipment	(59)	0
Accretion, other	(25)	(682)
Gain on change in fair value of earnout liability	(59)	(827)
Loss (gain) on change in fair value of warrant liability	23	(299)
Foreign currency transaction loss, net	0	757
Loss from extinguishment of debt	0	1,123
Changes in operating assets and liabilities:
Accounts receivable, net (including $1,873 and $166 from a related party)	3,068	(802)
Inventories	1,348	(941)
Prepaid expenses and other current assets	(1,806)	2,974
Other long-term assets	111	202
Accounts payable	1,288	(805)
Accrued expenses and other current liabilities (including $1,923 and $215 from a related party)	848	1,144
Operating lease liabilities	(1,391)	(680)
Net cash used in operating activities	(8,700)	(30,526)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(3)	(1,292)
Purchases of short-term investments	0	(37,806)
Proceeds from sales of property and equipment	60	0
Proceeds from maturities of short-term investments	6,000	25,200
Net cash provided by (used in) investing activities	6,057	(13,898)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible preferred stock with a related party, net of transaction costs	0	99,884
Repayment of secured term loan from a related party	0	(45,220)
Proceeds from issuance of common stock options	4	22
Payments of employee taxes related to vested restricted stock units	(103)	(63)
Net cash (used in) provided by financing activities	(99)	54,623
Effect of exchange rate changes on cash	(13)	426
Net (decrease) increase in cash, cash equivalents and restricted cash	(2,755)	10,625
Cash, cash equivalents and restricted cash, beginning of period	51,689	34,518
Cash, cash equivalents and restricted cash, end of period	48,934	45,143
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	0	63
Cash paid for income taxes	14	0
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION
Operating leases	$ 0	$ 11,190

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 47,651	$ 50,406
Short-term investments	0	5,969
Accounts receivable, net of allowance for credit losses of $0 and $0 (including $248 and $2,121 from a related party)	556	3,625
Inventories	1,048	2,396
Prepaid expenses and other current assets	3,060	1,253
Total current assets	52,315	63,649
Property and equipment, net	1,150	1,450
Restricted cash	1,283	1,283
Other assets	8,703	10,067
Total assets	63,451	76,449
Current liabilities:
Accounts payable	2,416	1,128
Operating lease liabilities, current	2,141	1,875
Accrued expenses and other current liabilities (including $2,308 and $385 with a related party)	4,914	4,066
Total current liabilities	9,471	7,069
Warrant liability	66	43
Earnout liability	34	93
Operating lease liabilities, non-current	7,063	8,720
Total liabilities	16,634	15,925
Commitments and contingencies (Note 17)
Convertible preferred stock with a related party:
Convertible preferred stock – Par value $0.00001 per share – 5,000,000 shares authorized; 100,000 shares issued and outstanding (aggregate liquidation preference of $107.4 million and $104.1 million)	98,891	98,891
Stockholders’ equity (deficit):
Common stock	0	0
Additional paid-in capital	100,177	96,583
Accumulated other comprehensive loss	(352)	(345)
Accumulated deficit	(151,899)	(134,605)
Total stockholders’ equity (deficit)	(52,074)	(38,367)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 63,451	$ 76,449