Q2'24 Business Update August 2024 Disclaimer & Cautionary Note Forward-looking statements This presentation of Luminar technologies, inc. ("Luminar" or the "company") includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private securities litigation reform act of 1995. Forward-looking statements may be identified by the use of words such as "future," "growth," "opportunity," "well-positioned," "forecast," "intend," "seek," "target," "anticipate," "believe," "e ...

Luminar Technologies, Inc. (LAZR) came out with a quarterly loss of $0.18 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to loss of $0.21 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 10%. A quarter ago, it was expected that this company would post a loss of $0.22 per share when it actually produced a loss of $0.19, delivering a surprise of 13.64%. Over the last four quarters, the company ha ...

Financial Performance - Q2 2024 revenue was $16.5 million, a 2% increase year-over-year but a 22% decrease quarter-over-quarter[4]. - Q2 2024 GAAP net loss was $(130.6) million, or $(0.29) per share, while non-GAAP net loss was $(81.1) million, or $(0.18) per share[4]. - Total revenue for Q2 2024 was $16,451,000, a decrease of 21.5% from $20,968,000 in Q1 2024, but an increase of 1.6% from $16,197,000 in Q2 2023[15]. - The net loss for Q2 2024 was $130,607,000, compared to a net loss of $125,714,000 in Q1 2024 and $141,756,000 in Q2 2023, showing a narrowing loss year-over-year[15]. - GAAP net loss for the three months ended June 30, 2024, was $130,607 thousand, compared to $141,756 thousand for the same period in 2023, representing a decrease of 7.6%[20]. - Non-GAAP net loss for the six months ended June 30, 2024, was $161,590 thousand, compared to $170,157 thousand for the same period in 2023, indicating a reduction of 5.3%[20]. - The company reported a GAAP net loss per share of $(0.29) for the three months ended June 30, 2024, compared to $(0.37) for the same period in 2023, a decrease of 21.6%[20]. Cash and Liquidity - Luminar expects to increase year-end 2024 cash and liquidity guidance from over $150 million to over $240 million[5]. - Luminar's cash and liquidity at the end of Q2 2024 was $211.3 million, including marketable securities and an undrawn $50 million line of credit[4]. - Cash used in operating activities for the first six months of 2024 was $158,936,000, compared to $137,983,000 in the same period of 2023, indicating increased cash burn[16]. - The ending cash balance as of June 30, 2024, was $54,093,000, a decrease from $91,496,000 at the end of June 2023[16]. Revenue and Product Performance - Product revenue increased to $15,739,000 in Q2 2024, up from $15,302,000 in Q1 2024 and significantly higher than $9,923,000 in Q2 2023, indicating strong product demand[15]. - The anticipated revenue run-rate for FY 2024 has been shifted to the mid-$30 million range, now expected in FY 2025[5]. Operating Expenses - Operating expenses totaled $114,042,000 in Q2 2024, slightly down from $115,314,000 in Q1 2024, but lower than $125,557,000 in Q2 2023[15]. - Research and development expenses were $65,850,000 in Q2 2024, slightly down from $67,750,000 in Q1 2024, reflecting ongoing investment in innovation[15]. - GAAP operating expenses for the three months ended June 30, 2024, were $114,042 thousand, down from $125,557 thousand in the same period of 2023, a decrease of 9.1%[19]. - Non-GAAP operating expenses for the six months ended June 30, 2024, were $139,343 thousand, compared to $140,401 thousand for the same period in 2023, showing a slight decrease of 0.8%[19]. Debt and Capital Structure - Luminar restructured $422 million of debt, reducing convertible debt principal by approximately $148 million and raising $100 million in new capital[2]. - The company recognized a gain from the acquisition of EM4, Inc. amounting to $1,752,000 in Q1 2024, contributing positively to other income[15]. Workforce and Operational Changes - Luminar reduced its workforce by approximately 20% as it transitions to an asset-light industrialization model[3]. New Products and Innovations - The company achieved its production ramp for the first global production vehicle with standardized LiDAR and met key customer deliverables with Volvo[3]. - Luminar unveiled its next-generation LiDAR, Luminar Halo, and is on track for sample deliveries to select automakers by year-end 2024[3]. - The company launched its Sentinel software solution in Q2 2024, with first shipments expected by the end of Q3 2024[3].

It can often be difficult to identify these factors, and investors often find out too late. Additionally, dead cat bounces can often trick investors into believing that the fundamentals of the company have changed. Therefore, the ability to cut your losses is extremely important to safeguard your portfolio from further implosion. Luminar is a prominent player in the lidar sensor market for autonomous vehicles. Despite initial hype and promising partnerships from companies like Tesla (NASDAQ:TSLA), the compa ...

Coming into today, shares of the company had gained 6.29% in the past month. In that same time, the AutoTires-Trucks sector gained 16.17%, while the S&P 500 gained 4.08%. For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.65 per share and a revenue of $114.48 million, representing changes of +25.29% and +64.06%, respectively, from the prior year. Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To ut ...

Short sellers have thrived Luminar has been a boom for short-sellers as its stock has plummeted hard in the past few years. After peaking at $47.78 in December 2020, the LAZR stock has plunged by over 96%, bringing its market cap from a record high of $14.15 billion to less than $600 million today. This performance has benefited shorts since Luminar is one of the most shorted companies in Wall Street with a short interest of 26.56%. Short sellers borrow a stock, sell it, and then buy it back at a lower pric ...

Shares of the company witnessed a loss of 8.55% over the previous month, trailing the performance of the Auto-Tires-Trucks sector with its loss of 3.02% and the S&P 500's gain of 3.15%. In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.64 per share and a revenue of $109.92 million, indicating changes of +26.44% and +57.53%, respectively, from the former year. Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To c ...

NEW YORK, June 20, 2024 /PRNewswire/ -- Purcell & Lefkowitz LLP announces that it is investigating Luminar Technologies, Inc. (NASDAQ: LAZR) on behalf of the company's shareholders. The investigation seeks to determine whether Luminar Technologies's directors breached their fiduciary duties in connection with recent corporate actions. If you are a shareholder of Luminar Technologies, Inc. and are interested in obtaining additional information about your rights and options, please visit us at: https://pjlfir ...

How can you achieve direct exposure to self-driving technology at a lost cost? The first step is to conduct your due diligence on Luminar Technologies (NASDAQ:LAZR). Luminar Technologies is improving, which is important. Luminar Technologies stock is currently undervalued and should not be overlooked. Just to recap, Luminar Technologies specializes in lidar, which is short for light detection and ranging technology. As Reuters explained, lidar uses sensors to create "a three-dimensional map of the road" to ...

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