Cepton, Inc. (NASDAQ:CPTN) Q3 2022 Earnings Conference Call November 8, 2022 5:30 PM ET
Company Participants
Hull Xu - Chief Financial Officer
Jun Pei - Co-Founder and Chief Executive Officer
Mitch Hourtienne - Senior Vice President, Business Development
Conference Call Participants
Joe Cardoso - J.P. Morgan Chase
Joseph Spak - RBC Capital Markets
Gus Richard - Northland Securities
Matthew Galinko - Maxim Group
Richard Shannon - Craig Hallum Capital Group
Operator
Welcome to the Cepton Incorporated Q3 2022 Business Update and Earnings Call. At this all participants’ are in a listen-only mode. Later, we will conduct a question-and-answer session.
I’ll now turn the call over to your host Hull Xu, Chief Financial Officer. Hull, you may begin.
Hull Xu
Thank you, and welcome, everyone, to Cepton's third quarter 2022 earnings call and business update. With me today is Jun Pei, Co-Founder and Chief Executive Officer; and Mitch Hourtienne, Senior Vice President of Business Development.
During the call, we may refer to our unaudited GAAP financials and non-GAAP measures in our earnings release. The non-GAAP financial measures should not be considered as a substitute or superior to the measures of financial performance prepared in accordance with GAAP. Reconciliations for non-GAAP measures are included in our earnings release.
I would like to remind everyone that comments made in this conference call may include forward-looking statements regarding the company's expected operational and financial performance for the future periods. These statements are based on the company's current expectations and are subject to the safe harbor statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of factors. We are not undertaking any commitment to update those statements as a result of future events, except as required by law.
As a quick reminder, this call is being recorded, and you can find the earnings release and slides that accompany this call, as well as the webcast replay of this call at investors.cepton.com.
Now I would like to turn the call over to Jun.
Jun Pei
Thank you Hull, and good afternoon, everyone. Thank you for joining Cepton’s third quarter earnings call. We will provide a business update and review third quarter 2022 financial results with you.
I would like to start our business update with an exciting announcement. We recently entered into a binding agreement for a $100 million investment from our long-term automotive Tier 1 partner and current shareholder, Koito Manufacturing of Japan. This transaction marks Koito’s third investment in Cepton and is a testament to Koito continued commitment to our company and to the future of lidar. We're very appreciative of Koito’s support as this will solidify Cepton’s financial positions and further strengthen our partnership on serious production execution, as well as collaboration efforts towards winning automotive OEM programs in addition to the General Motors design win we have already captured.