$CPTN
Cepton, Inc.

2024 Q3 Form 10-Q Financial Statement

#000149823324000077 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $547.0K $10.43M
YoY Change -85.73% 274.17%
Cost Of Revenue $629.0K $4.074M
YoY Change -81.16% 73.14%
Gross Profit -$82.00K $6.354M
YoY Change -116.6% 1364.06%
Gross Profit Margin -14.99% 60.93%
Selling, General & Admin $5.332M $3.709M
YoY Change -13.1% -40.03%
% of Gross Profit 58.37%
Research & Development $5.524M $3.234M
YoY Change -17.63% -65.47%
% of Gross Profit 50.9%
Depreciation & Amortization $100.0K $100.0K
YoY Change -50.0% 0.0%
% of Gross Profit 1.57%
Operating Expenses $10.86M $6.943M
YoY Change -15.46% -55.35%
Operating Profit -$10.94M -$589.0K
YoY Change -11.42% -96.1%
Interest Expense $622.0K $613.0K
YoY Change -21.27% -33.37%
% of Operating Profit
Other Income/Expense, Net -$321.0K $88.00K
YoY Change -16150.0% 4300.0%
Pretax Income -$10.64M $160.0K
YoY Change -5.77% -101.13%
Income Tax $0.00 -$21.00K
% Of Pretax Income -13.13%
Net Earnings -$10.64M $181.0K
YoY Change -5.77% -101.28%
Net Earnings / Revenue -1945.52% 1.74%
Basic Earnings Per Share -$0.73 -$0.06
Diluted Earnings Per Share -$0.73 -$0.06
COMMON SHARES
Basic Shares Outstanding 16.04M shares 15.92M shares
Diluted Shares Outstanding 16.05M shares 15.98M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.65M $56.02M
YoY Change -22.14% -19.51%
Cash & Equivalents $47.70M $56.00M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $3.060M $3.393M
YoY Change 27.5% -0.21%
Inventory $1.048M $1.235M
Prepaid Expenses
Receivables $556.0K $333.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $52.32M $60.98M
YoY Change -24.76% -23.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.150M $1.249M
YoY Change -42.47% -38.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.703M $9.167M
YoY Change -17.0% -15.83%
Total Long-Term Assets $11.14M $11.70M
YoY Change -19.12% -21.18%
TOTAL ASSETS
Total Short-Term Assets $52.32M $60.98M
Total Long-Term Assets $11.14M $11.70M
Total Assets $63.45M $72.68M
YoY Change -23.83% -22.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.416M $2.877M
YoY Change 72.57% -0.79%
Accrued Expenses $4.914M $3.833M
YoY Change 44.15% 25.43%
Deferred Revenue $17.00K $5.000K
YoY Change -64.58% -93.98%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.471M $8.755M
YoY Change 43.74% 13.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.163M $7.730M
YoY Change -24.6% -24.22%
Total Long-Term Liabilities $7.163M $7.730M
YoY Change -24.6% -24.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.471M $8.755M
Total Long-Term Liabilities $7.163M $7.730M
Total Liabilities $16.63M $16.49M
YoY Change 3.7% -7.83%
SHAREHOLDERS EQUITY
Retained Earnings -$151.9M -$141.3M
YoY Change 20.27% 22.87%
Common Stock $0.00 $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$52.07M -$42.70M
YoY Change
Total Liabilities & Shareholders Equity $63.45M $72.68M
YoY Change -23.83% -22.75%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$10.64M $181.0K
YoY Change -5.77% -101.28%
Depreciation, Depletion And Amortization $100.0K $100.0K
YoY Change -50.0% 0.0%
Cash From Operating Activities -$8.365M $6.780M
YoY Change -9.96% -162.72%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $3.000K
YoY Change -100.0% -99.52%
Acquisitions
YoY Change
Other Investing Activities $0.00 $60.00K
YoY Change -100.0% -96.0%
Cash From Investing Activities $0.00 $57.00K
YoY Change -100.0% -93.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.000K -31.00K
YoY Change -150.0% -48.33%
NET CHANGE
Cash From Operating Activities -8.365M 6.780M
Cash From Investing Activities 0.000 57.00K
Cash From Financing Activities -5.000K -31.00K
Net Change In Cash -8.370M 6.806M
YoY Change -178.89% -168.06%
FREE CASH FLOW
Cash From Operating Activities -$8.365M $6.780M
Capital Expenditures $0.00 $3.000K
Free Cash Flow -$8.365M $6.777M
YoY Change -10.92% -159.24%

Facts In Submission

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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Risk </span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, and accounts receivable. The Company maintains a substantial portion of its cash and cash equivalents in money market funds. The Company believes that the financial institutions that hold its cash and cash equivalents are financially sound and, accordingly, represent minimal credit risk. Deposits held with banks may exceed the amount of federal insurance limits provided on such deposits.</span></div>
us-gaap Use Of Estimates
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div>The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, inventory valuation and reserves, warranty reserves, valuation allowance for deferred tax assets, valuation of earnout and warrant liabilities, stock-based compensation, useful lives of property, plant and equipment, income tax uncertainties, and other loss contingencies. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates, and such differences could be material to the Company’s condensed consolidated financial condition and results of operations.
gcac Product Warranty Term
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div>During the course of preparing the financial statements for the three and six months ended June 30, 2024, the Company identified an immaterial error in its presentation of basic and diluted net loss, which impacted each of the periods since the first quarter of 2023. The Company should have calculated the numerator of the basic and diluted net (loss) income per share using the net loss attributable to common stockholders, which is the net loss adjusted for the dividends on cumulative preferred stock earned during the period. The Company believes the correction of the error is immaterial to the previously issued condensed consolidated financial statements for prior periods..
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
599000 usd
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
15.13
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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gcac Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Released In Period Weighted Average Grant Date Fair Value
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17.71
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AllocatedShareBasedCompensationExpense
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2424000 usd
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11000 usd
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EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
41000 usd
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EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
21000 usd
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92000 usd
CY2024Q2 us-gaap Share Price
SharePrice
2.69
CY2022Q1 us-gaap Share Price
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3.14
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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1.170
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0532
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
gcac Earnout Liability Period Of Contingency
EarnoutLiabilityPeriodOfContingency
P3Y
gcac Earnout Liability Period Of Contingency
EarnoutLiabilityPeriodOfContingency
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
gcac Gain Loss On Earnout Liability
GainLossOnEarnoutLiability
700000 usd
CY2024Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
gcac Warrants Redemption Notice
WarrantsRedemptionNotice
P30D
gcac Warrants Trading Days Threshold
WarrantsTradingDaysThreshold
20 tradingday
gcac Warrants Consecutive Trading Days Threshold
WarrantsConsecutiveTradingDaysThreshold
30 tradingday
CY2024Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
799000 usd
CY2023Q2 us-gaap Operating Lease Cost
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803000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1599000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1468000 usd
CY2024Q2 us-gaap Variable Lease Cost
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233000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
203000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
437000 usd
us-gaap Variable Lease Cost
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408000 usd
CY2024Q2 us-gaap Lease Cost
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1032000 usd
CY2023Q2 us-gaap Lease Cost
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1006000 usd
us-gaap Lease Cost
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2036000 usd
us-gaap Lease Cost
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1876000 usd
us-gaap Operating Lease Lease Income Lease Payments
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1627000 usd
us-gaap Operating Lease Lease Income Lease Payments
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984000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
11190000 usd
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9138000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10038000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
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2045000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
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1875000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7635000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8720000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
9680000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10595000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M10D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M7D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1448
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1448
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1621000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3318000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3324000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3368000 usd
CY2024Q2 gcac Lessee Operating Lease Liability To Be Paid After Year Three
LesseeOperatingLeaseLiabilityToBePaidAfterYearThree
847000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12478000 usd
us-gaap Present Value Of Future Insurance Profit Experience Adjustment
PresentValueOfFutureInsuranceProfitExperienceAdjustment
2798000 usd
gcac Net Lease Liabilities
NetLeaseLiabilities
9680000 usd
us-gaap Loss Contingency Accrual Carrying Value Period Increase Decrease
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-4000000.0 usd
us-gaap Number Of Operating Segments
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1 segment
CY2024Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.00001
CY2024Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.00001

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