-------- --------
Commitments and contingencies (Note 17)
Convertible preferred stock:
Convertible preferred stock -- Par value
$0.00001 per share -- 5,000,000 shares
authorized at December 31, 2023 and 2022;
100,000 shares issued and outstanding at
December 31, 2023 (aggregate liquidation
preference of $104.1 million at December
31, 2023; no shares issued and
outstanding at December 31, 2022; 98,891 --
Stockholders' equity (deficit):
Common stock -- Par value $0.00001 per
share -- 35,000,000 shares authorized at
December 31, 2023 and 2022; 15,861,494
and 15,674,781 shares issued and
outstanding at December 31, 2023 and
2022, respectively -- --
Additional paid-in capital 96,583 88,058
Accumulated other comprehensive income (345) (366)
Accumulated deficit (134,605) (86,059)
-------- --------
Total stockholders' equity (deficit) (38,367) 1,633
-------- --------
Total liabilities, convertible preferred
stock and stockholders' equity (deficit) $ 76,449 $ 50,316
======== ========
(1) Prior period figures are presented as adjusted for the Reverse Stock
Split effective on September 21, 2023.
CEPTON, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except share and per share data)
Three Months Ended
December 31, Year Ended December 31,
-------------------------- ----------------------------
2023 2022 (1) 2023 2022 (1)
---------- ---------- ---------- ----------
Lidar sensor and
prototype
revenue $ 2,457 $ 974 $ 10,270 $ 5,616
Development
revenue 2,494 602 2,786 1,810
---------- ---------- ---------- ----------
Total revenue $ 4,951 $ 1,576 $ 13,056 $ 7,426
Lidar sensor and
prototype cost of
revenue 1,804 775 8,939 6,383
Development cost
of revenue 451 249 567 849
---------- ---------- ---------- ----------
Total cost of
revenue $ 2,255 $ 1,024 $ 9,506 $ 7,232
Gross profit 2,696 552 3,550 194
Operating
expenses:
Research and
development 6,570 8,646 29,879 33,013
Selling,
general and
administrative 5,322 6,674 24,374 28,629
---------- ---------- ---------- ----------
Total
operating
expenses 11,892 15,320 54,253 61,642
---------- ---------- ---------- ----------
Operating loss (9,196) (14,768) (50,703) (61,448)
---------- ---------- ---------- ----------
Other income
(expense):
Gain on change in
fair value of
earnout
liability -- 3,210 827 74,078
Gain on change in
fair value of
warrant
liability 98 326 397 2,875
Foreign currency
transaction loss,
net -- (2,168) (757) (2,168)
Loss on
extinguishment of
debt -- (958) (1,123) (958)
Other (expense)
income, net 14 15 37 (472)
Interest (expense)
income, net 777 (914) 2,792 (2,511)
---------- ---------- ---------- ----------
(Loss) income
before income
taxes (8,307) (15,257) (48,530) 9,396
(Provision)
benefit for
income taxes (13) 6 (16) (16)
---------- ---------- ---------- ----------
Net (loss) income $ (8,320) $ (15,251) $ (48,546) $ 9,380
========== ========== ========== ==========
Net income (loss)
per share, basic $ (0.52) $ (0.97) $ (3.08) $ 0.64
---------- ---------- ---------- ----------
Net income (loss)
per share,
diluted $ (0.52) $ (0.97) $ (3.08) $ 0.60
---------- ---------- ---------- ----------
Weighted-average
common shares,
basic 15,852,949 15,651,523 15,776,387 14,691,793
---------- ---------- ---------- ----------
Weighted-average
common shares,
diluted 15,852,949 15,651,523 15,776,387 15,572,845
---------- ---------- ---------- ----------
(1) Prior period figures are presented as adjusted for the Reverse Stock
Split effective on September 21, 2023.
CEPTON, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
-------------------------------
2023 2022
--------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income $ (48,546) $ 9,380
Adjustments to reconcile net (loss)
income to net cash used in operating
activities:
Depreciation and amortization 496 344
Stock-based compensation 8,572 8,243
Amortization of right-of-use asset 1,596 1,360
Amortization, other 347 1,721
Accretion from short-term investments (1,157) (80)
Gain on change in fair value of
earnout liability (827) (74,078)
Gain on change in fair value of
warrant liability (397) (2,875)
Loss on impairment of property and
equipment 387 --
Loss from extinguishment of debt 1,123 958
Foreign currency transaction loss, net 757 2,168
Other -- 181
Changes in operating assets and
liabilities:
Accounts receivable, net (2,324) (801)
Inventories 575 (448)
Prepaid expenses and other current
assets 4,032 (1,920)
Other long-term assets 202 (296)
Accounts payable (1,073) (653)
Accrued expenses and other current
liabilities 1,800 99
Operating lease liabilities (1,086) (1,611)
Other long-term liabilities -- 311
--------- --------
Net cash used in operating
activities (35,523) (57,997)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (1,292) (760)
Proceeds from sale of property and
equipment 36 --
Purchases of short-term investments (37,806) (32,368)
Proceeds from sales of short-term
investments -- 8,303
Proceeds from maturities of short-term
investments 36,700 23,274
--------- --------
Net cash used in investing
activities (2,362) (1,551)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Business Combination and
private offering -- 76,107
Payments of Business Combination and
private offering transaction costs -- (29,031)
Proceeds from issuance of Trinity debt
and warrants, net of debt discount -- 9,724
Repayment of Trinity debt -- (10,400)
Repayment of secured term loan with Koito (45,220) --
Proceeds from issuance of secured term
loan with Koito -- 39,442
Proceeds from issuance of common stock
options 31 1,008
Payment of employee taxes related to
vested restricted stock units (63) --
Proceeds from convertible preferred
stock, net of issuance costs 99,884 --
Proceeds from issuance of common stock -- 1,700
--------- --------
Net cash provided by financing
activities 54,632 88,550
Effect of exchange rate changes on cash 424 1,862
Net increase in cash, cash equivalents
and restricted cash 17,171 30,864
Cash, cash equivalents and restricted
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