Cepton, Inc. (NASDAQ:CPTN) Q4 2023 Earnings Call Transcript

Matthew Galinko: Hi, thanks for taking my questions. I guess first one is on the smart tolling project you’ve talked about. I think a pretty significant length in the — over the last couple of quarters. I didn’t hear, I think much about it today, but just hoping you could update us on where the rollout stands and potential for broadening the scope and expansion of the smart tolling practice in general for your business?

Mitch Hourtienne: Yes. Thanks, Matt. This is Mitch. Good question. Yes, you’re right. We didn’t necessarily highlight that today. But we did continue significant shipments in the Q4 that shows up in our product revenue numbers for the tolling application. And we continue to support those big tolling operators in the U.S. market as they expand both in the U.S. and also bid on some international opportunities. So that’s very much an active market that we’re supporting.

Matthew Galinko: Got it. And I know you’re not specifically providing an outlook, particularly on revenue. But I was wondering if you could give us some sense of your thoughts around spending at least over the next two quarters or if not for the next year just on directionally, what we should be expecting on OpEx? I think you had kind of declines the last three quarters at least on GAAP. So should we expect kind of the same trajectory given the rescoping at GM? Or is it just subject to whether you sort of get to the final decision on any of these OEM selections?

Dennis Chang: It’s Dennis Chang here. For the OpEx at this stage, we’re not expecting any increase. So it’s probably less than our 2023 numbers. I guess with our Q1 results, we’ll be providing some update.

Matthew Galinko: Okay. Thank you.

Operator: Thank you. There are no further questions at this time. I’d like to turn the floor back over to Jun Pei for closing comments.

Jun Pei: Thank you very much. It’s been an exciting year 2023. So we look forward to another even more productive year of 2024 with new products, new projects and new technology, of course. Stay tuned for further updates from Cepton. Thank you very much.

Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.