Luminar Technologies, Inc. (LAZR) came out with a quarterly loss of $0.20 per share versus the Zacks Consensus Estimate of a loss of $0.19. This compares to loss of $0.26 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.26%. A quarter ago, it was expected that this company would post a loss of $0.25 per share when it actually produced a loss of $0.21, delivering a surprise of 16%.Over the last four quarters, the company has ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38791 LUMINAR TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 83-1804317 (State or other jurisdict ...

Financial Performance - Luminar achieved nearly $70 million in revenue for FY'23, representing a 71% year-over-year growth, with Q4'23 revenue growing almost 100% year-over-year and 30% quarter-over-quarter[35]. - Q4 2023 revenue reached $22.1 million, representing a 99% year-over-year increase and a 30% quarter-over-quarter increase, but fell short of the guidance of approximately $75 million due to lower adjacent market sensor sales and slower revenue recognition[45]. - Total revenue for Q4 2023 reached $22,114,000, a 99% increase compared to $11,126,000 in Q4 2022[57]. - Product revenue was $17,001,000, up 103% from $8,357,000 in the same quarter last year[57]. - The net loss for Q4 2023 was $(148.4) million, or $(0.36) per share, which was within the guidance range of $(0.17) to $(0.21) provided in the previous quarter[47]. - Net loss for the year ended December 31, 2023, was $(571,269,000), compared to $(445,939,000) for the previous year[59]. - Non-GAAP net loss for Q4 2023 was $(83,634,000), compared to $(94,878,000) in Q4 2022[63]. - Cash flows from operating activities resulted in a net cash used of $(247,304,000) for the year 2023[59]. Order Book and Future Revenue - The company has a multi-billion dollar Order Book, which is expected to begin converting into material revenue in 2024, particularly with the launch of the Volvo EX90[9][12]. - The updated Order Book stands at approximately $3.8 billion, an increase of $800 million from 2023 awards, but adjusted down by $400 million due to more conservative volume and take rate assumptions[51][52]. - The Order Book serves as a forward-looking cumulative billings estimate for Luminar's hardware and software products, reflecting anticipated adoption rates by OEMs[78]. - Luminar expects significant revenue growth in 2024 driven by series production sensor sales as it reaches Volvo's start of production in Q2'24[39]. - The company expects a quarterly run rate of revenue in the mid-$30 million range in 2H'24, equating to an annualized run rate of approximately $140 million[43]. Operational Efficiency and Costs - The company incurred approximately $11 million in additional costs in Q4'23, impacting financials due to the industrialization of Iris and Iris+[34]. - The company incurred approximately $11 million in fixed cost burden impact and yield losses during Q4 2023, contributing to higher industrialization costs[46]. - The company is prioritizing operational and financial efficiency in 2024, leveraging a $1 billion investment in technology and manufacturing to drive down costs[30]. - The company plans to industrialize its next-gen LiDAR technology and improve operational efficiency in 2024, marking a transformational year[42]. - The company expects launch costs to decline as products are successfully industrialized, which may positively impact future financial performance[69]. Cash and Liquidity - The company ended 2023 with nearly $290 million in cash and marketable securities, and with a recently executed $50 million credit facility, it has $340 million in cash and liquidity, sufficient for at least two years[37]. - Cash and liquidity at the end of Q4 2023 was $290 million, with a $31 million quarter-over-quarter change and a new $50 million credit facility obtained[45][49]. - The company expects to end FY'24 with over $150 million in cash and liquidity, providing at least two years of runway from the current date[43]. - Ending cash, cash equivalents, and restricted cash increased to $140,624,000 from $71,105,000 year-over-year[59]. Research and Development - The company is focusing on enhancing its LiDAR ecosystem, having launched the Luminar AI Engine and produced six new types of chips to improve performance and reduce costs[23][24]. - Various software capabilities are still in development and have not yet achieved 'technological feasibility' or 'production ready' status, indicating ongoing R&D efforts[70]. - The company is focused on achieving key milestones for FY 2024, including manufacturing scale-up and next-gen LIDAR prototype development[72]. - Research and development expenses were $62,745,000 for Q4 2023, slightly down from $64,925,000 in Q4 2022[57]. - Research and development expenses for Q4 2023 were $14.942 million, up from $12.886 million in Q3 2023, and $13.756 million in Q4 2022[66]. Partnerships and Product Development - Luminar's partnerships with automakers like Mercedes-Benz and Polestar have expanded, with new vehicle models being integrated into their next-generation lineups[19][21]. - Luminar's Iris sensor has passed Volvo Cars' initial production audit, and the company has begun delivering products to customers from its high-volume manufacturing facility in Mexico[15][16]. - The company aims to achieve global start of production (SOP) and ramp with Volvo in 2H'24, alongside launching a new TPK facility for additional capacity[44]. - Luminar plans to showcase next-generation LiDAR technology at the upcoming Luminar Day, highlighting improvements in performance, safety, and cost[27]. Financial Metrics - The gross loss for Q4 2023 was $(21.6) million on a GAAP basis, which was below the target for a positive non-GAAP gross margin[46]. - Gross loss for Q4 2023 was $(21,571,000), compared to $(16,600,000) in Q4 2022, reflecting a decline in gross margin[61]. - Operating expenses totaled $127,021,000 in Q4 2023, an increase from $124,077,000 in Q4 2022[62]. - The total cost of sales for the twelve months ended December 31, 2023, was $207.132 million, compared to $162.405 million for the same period in 2022, reflecting a year-over-year increase of 27.5%[66]. - The company incurred $4.323 million in intangible amortization for the twelve months ended December 31, 2023, compared to $2.237 million in 2022, indicating a significant increase[66]. - Total stock-based compensation for Q4 2023 was $47.101 million, an increase from $44.882 million in Q3 2023, and $44.531 million in Q4 2022[66].

ORLANDO, Fla.--(BUSINESS WIRE)--Luminar (Nasdaq: LAZR), a leading global automotive technology company, announced today it will host a Luminar Day event on April 23, 2024 for its broader community, including customers, investors, suppliers, regulators, and media. The event will be held virtually, spanning from the factory in Monterrey, Mexico to its AI and software center in Silicon Valley. In this pivotal moment for the industry, the Luminar Day event will cover Luminar’s Start of Production (SOP) for Vol ...

CreativaImages/iStock via Getty Images Luminar Technologies (NASDAQ:LAZR) is trading at the all-time lows, but the company recently highlighted a strong lineup at CES 2024. The Lidar company has several large contracts in place with large auto manufacturers, set to ramp in 2024. My investment thesis is ultra Bullish on the stock, with investors abandoning ship while the prospects are the most positive. Source: Finviz Focus On Big CES While the Volvo delay of the EX90 launch has caused some short-term ...

After a brutal couple of years, signs are emerging that high-growth small-cap growth stocks may finally get their chance to rally. While mega-cap tech and blue chips soaked up most of the spotlight during the recent rally, many promising yet unprofitable startups were left behind. However, with rates appearing likely to fall and economic storm clouds parting, these long-term innovators could thrive once more.Though not suited for all investors, adding a small percentage of one’s portfolio to a few visionary ...

Luminar and the Mercedes-AMG PETRONAS F1 Team will work together to integrate Luminar’s technology into the roofline of the Mercedes-AMG GT Black Series. (Photo: Business Wire)Luminar and the Mercedes-AMG PETRONAS F1 Team will work together to integrate Luminar’s technology into the roofline of the Mercedes-AMG GT Black Series. (Photo: Business Wire)LAS VEGAS--(BUSINESS WIRE)--Leading global automotive technology company Luminar and the Mercedes-AMG PETRONAS F1 Team today announced a new strategic collabora ...

ORLANDO, Fla.--(BUSINESS WIRE)--Luminar (Nasdaq: LAZR), a leading global automotive technology company, will host a press conference to share the latest news from Luminar, and debut its Automatic Emergency Steering (AES) capabilities using the new Iris+ LiDAR as a part of our Proactive Safety crash avoidance vehicle demonstrations at CES 2024. Luminar Press Conference WHAT: Luminar Founder and CEO Austin Russell will share updates on the company’s recent technology and industrialization milestones, new de ...

Financial Data and Key Metrics Changes - The company reduced its free cash spend by nearly $20 million during the quarter, aiming for a range of $35 million to $40 million for Q4 [8] - At the end of the quarter, the company had over $320 million in cash and liquidity, projecting to maintain over $300 million by year-end, providing over two years of runway to reach profitability [8][14] - The non-GAAP gross loss was cut almost in half, with a trajectory to achieve positive gross margins by the end of the year as launch-related costs decrease [26][103] Business Line Data and Key Metrics Changes - The Mexico facility is expected to support up to 250,000 units or corresponding vehicles per year, marking a significant capacity for scaling production [4] - The company is in the B sample phase for Iris+, with testing and modifications ongoing, which is typical for this stage [18][57] Market Data and Key Metrics Changes - The company is experiencing strong interest from major automakers regarding the implementation of LiDAR technology, indicating a shift from development to production vehicles [14] - The China market is moving rapidly, with local automakers adopting LiDAR technology, and the company aims to maintain its competitive edge in this region [68] Company Strategy and Development Direction - The company is focused on industrializing its products, particularly Iris and Iris+, to meet high-volume production targets [36][93] - There is a strategic emphasis on partnerships with technology leaders like Mobileye and NVIDIA to enhance product offerings and market reach [24][30] - The company aims to democratize safety and economy in the automotive industry by making LiDAR technology accessible across various vehicle models [62][98] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pace of commercial activity and discussions with both new and existing customers, despite some industry-wide slowdowns [14] - The company is optimistic about achieving a $1 billion order book growth this year, with some contracts potentially slipping into next year [31] - Management acknowledged the challenges in the current operating environment but emphasized that these do not impact the long-term outlook or order book size [40][96] Other Important Information - The company is preparing for the launch of the EX90 with Volvo, having successfully completed a run-at-rate test, which is a critical milestone [22][104] - The company is also expanding its presence in China, with a focus on local partnerships and manufacturing capabilities [47][68] Q&A Session Summary Question: What is left to do with Celestica and Volvo before production starts? - The company has successfully completed a run-at-rate test with Volvo, which is a key milestone, and is now focused on ensuring a successful launch [21][22] Question: How do relationships with Mobileye and NVIDIA benefit Luminar? - These partnerships are crucial for addressing OEM opportunities and enhancing the company's technology offerings [24] Question: Is Luminar in danger of bankruptcy? - Management reassured that the company is not in danger of bankruptcy, citing strong cash reserves and a plan to achieve profitability [26] Question: What is the current status of the TPK facility ramp in China? - The TPK facility is set to start C sample production in early next year, with a target capacity of 600,000 units by the end of 2025 [33] Question: What are the expectations for gross margin improvement in Q4? - The company aims to achieve positive gross margins in Q4 by reducing launch-related costs, which were significant in Q3 [103]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38791 LUMINAR TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) | Delaware | | | | ...