Cepton, Inc.

Hello and welcome to the third quarter 2023 Septim, Inc. business update and earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw from the question queue, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Holzu, Chief Financial Officer. Please go ahead.

Thank you and welcome to SEPTOM's third quarter 2023 earnings call and the business update. With me today are Junpei, Co-Founder and the Chief Executive Officer, and Mitch Hortini, Chief Commercial Officer. During the call, we may refer to our unaudited GAAP and non-GAAP measures in our earnings release. The non-GAAP financial measures should not be considered as a substitute for 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'd 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 future periods. These statements are based on the company's current expectation and are subject to the safe harbor statements relating to the forward-looking statements containing our earnings release and the slides that accompany this call. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks, uncertainties, or other factors, including those discussed in the earnings release or during today's call. and those described in our filings with the U.S. SEC. We are not undertaking any commitments to update these 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 the slides that accompany this call, as well as the webcast replay of this call at investors.steptown.com. Now I'd like to turn the call over to Jun.

Thank you, Hall, and good afternoon, everyone. Thank you for joining SEPTOM's third quarter 2023 earnings call. We will provide you with a business update and review our third quarter financial results with you. Before that, I'd like to congratulate Mish on his promotion to Chief Commercial Officer. He has been a critical part of our business development efforts and we look forward to his continued contributions in his new role. For the second straight quarter, I'm proud to announce that we have delivered a new company record for quarterly product revenue. This quarter, we shipped the highest number of LiDAR units to our automotive end customers as we continue to deliver our milestones to prepare for startup production. For the second straight quarter, we met our internal production targets. We're beginning to see our scale production efforts translate into revenue as we demonstrate our capability to meet demand of our customers. I'm proud to report that we have passed the final software milestone for launch of series production, fully integrating AUTOSAR and cybersecurity software under one of the most rigid set of requirements in the automotive industry. We're proud to be one of the first LiDAR companies in the industry that is series production qualified. While SEPTON stands ready to meet startup production volume requirements, our lead OEM customer has experienced some recent automotive industry headwinds that was publicly known, which resulted in some vehicle launch delays. We're working through these and are confident our efforts in preparing for the anticipated production volume will be fully appreciated in the near future. On the smart infrastructure side, we have seen the smart tolling application flourish with the addition of a new towing operator customer while we continue to fulfill our existing smart towing contracts. In addition, we continue to support application for smart airports in partnership with the indoor labs. We expect these projects to mature into production orders for commercial deployment in the next few months. Moving on to technology, our software development work has become increasingly important matching our hardware development work with our customers. Through extensive collaboration with our automotive OEM customers, our software teams have developed the best-in-class automotive software validation suite for Ethernet-based sensors. In automotive applications where our LiDAR is a key sensor modality, our domain expertise enables plug-and-play software solutions that can integrate into the broader ADAS stack. Our software development capabilities extends our domain expertise to both the manufacturing production line as well as the quality control processes, so we have visibility in all stages of a sensor's lifecycle. As we have discussed in prior quarters, we're continuing to build our business and delivered yet another record-setting quarter for revenue. Septon remains steadfast in pursuing opportunities in automotive industry and remains in good position to win additional series production award with sourcing decisions on the horizon. With that, I'll turn over to Mitch for details on our efforts with customer programs.