Luminar Technologies(LAZR)2024-08-06 20:12Financial 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].