Sunnyvale, CA – October 29, 2021– Quanergy Systems, Inc., a leading provider of OPA-based solid state LiDAR sensors and smart 3D solutions for automotive and IoT, today announced preliminary financial results for the third quarter ended September 30, 2021 and the achievement of 160 meter detection range for its solid-state LiDAR.
In June, Quanergy entered into a definitive merger agreement with CITIC Capital Acquisition Corp. (NYSE: CCAC) (“CCAC”). Upon closing of the transaction, the combined company will be named Quanergy Systems, Inc. and is expected to be listed on the New York Stock Exchange (NYSE) under the ticker symbol “QNGY.” The transaction is expected to close in the fourth quarter of 2021, subject to satisfaction of customary closing conditions.
Today, Quanergy announced preliminary revenue for the third quarter ended September 30, 2021 of $1.137 million, representing year-over-year revenue growth of 20% compared to the third quarter of 2020. Sequentially, third quarter 2021 revenue rose by 26% versus second quarter 2021 revenue. Improved demand for the company’s flow management solutions drove much of the growth. The company currently expects full year revenue of $3.6 million for 2021. Quanergy ended the third quarter with $34.2 million in cash and cash equivalents.
Quanergy also announced today that its OPA-based solid-state LiDAR technology has successfully achieved a 160 meter detection range in outdoor bright sunlight conditions. The test was carried out on an S3 LiDAR technology development platform with a single scanning beam. A target with 10% reflectivity was chosen to simulate hard-to-see objects and moved from nearby to 160 meters away with continuous detection by the sensor.
Quanergy’s S3 Series LiDAR sensor is designed to meet the most stringent automotive requirements for object detection and collision avoidance. The sensor’s unique electronic beam steering without any moving parts offers significant resistance to shock and vibration. The S3 Series LiDAR provides over 100,000 hours MTBF (mean time between failures), with a targeted price of $500 for mass-market production.
“The innovative OPA-based LiDAR architecture from Quanergy has been capturing the interest of automakers, AV companies, and Tier 1 suppliers since its inception,” said Dr. Tianyue Yu, Quanergy Co-founder and Chief Development Officer. “It took many generations of silicon iterations, process optimization and close teamwork to unlock its potential towards relevant use cases for IoT and mobility applications. In the past two years, Quanergy’s solid-state platform development has rapidly evolved, with the next milestones expected to be announced at CES 2022.”
