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Luminar Technologies(LAZR) - 2024 Q2 - Quarterly Results
LAZRLuminar Technologies(LAZR)2024-08-06 20:12

Financial Performance - Q2 2024 revenue was 16.5million,a216.5 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)pershare,whilenon−GAAPnetlosswas(0.29) per share, while non-GAAP net loss was (81.1) million, or (0.18)pershare[4].−TotalrevenueforQ22024was(0.18) per share[4]. - Total revenue for Q2 2024 was 16,451,000, a decrease of 21.5% from 20,968,000inQ12024,butanincreaseof1.620,968,000 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,comparedtoanetlossof130,607,000, compared to a net loss of 125,714,000 in Q1 2024 and 141,756,000inQ22023,showinganarrowinglossyear−over−year[15].−GAAPnetlossforthethreemonthsendedJune30,2024,was141,756,000 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 141,756thousandforthesameperiodin2023,representingadecreaseof7.6141,756 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 170,157thousandforthesameperiodin2023,indicatingareductionof5.3170,157 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)forthesameperiodin2023,adecreaseof21.6(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 240million[5].−Luminar′scashandliquidityattheendofQ22024was240 million[5]. - Luminar's cash and liquidity at the end of Q2 2024 was 211.3 million, including marketable securities and an undrawn 50millionlineofcredit[4].−Cashusedinoperatingactivitiesforthefirstsixmonthsof2024was50 million line of credit[4]. - Cash used in operating activities for the first six months of 2024 was 158,936,000, compared to 137,983,000inthesameperiodof2023,indicatingincreasedcashburn[16].−TheendingcashbalanceasofJune30,2024,was137,983,000 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 91,496,000attheendofJune2023[16].RevenueandProductPerformance−Productrevenueincreasedto91,496,000 at the end of June 2023[16]. Revenue and Product Performance - Product revenue increased to 15,739,000 in Q2 2024, up from 15,302,000inQ12024andsignificantlyhigherthan15,302,000 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-30millionrange,nowexpectedinFY2025[5].OperatingExpenses−Operatingexpensestotaled30 million range, now expected in FY 2025[5]. Operating Expenses - Operating expenses totaled 114,042,000 in Q2 2024, slightly down from 115,314,000inQ12024,butlowerthan115,314,000 in Q1 2024, but lower than 125,557,000 in Q2 2023[15]. - Research and development expenses were 65,850,000inQ22024,slightlydownfrom65,850,000 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 114,042thousand,downfrom114,042 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 139,343thousand,comparedto139,343 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 422millionofdebt,reducingconvertibledebtprincipalbyapproximately422 million of debt, reducing convertible debt principal by approximately 148 million and raising 100millioninnewcapital[2].−ThecompanyrecognizedagainfromtheacquisitionofEM4,Inc.amountingto100 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].