Luminar Technologies(LAZR) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenue for Q1 2025 was $18,886,000, a decrease of 10$20,968,000 in Q1 2024[18] - Net loss for Q1 2025 was $80,691,000, compared to a net loss of$125,714,000 in Q1 2024, representing a 36% improvement[18] - For the three months ended March 31, 2025, the company reported a net loss of $80.7 million, an improvement from a net loss of$125.7 million in the same period of 2024, representing a 35.8% reduction in losses[25] - The basic and diluted loss per share for Q1 2025 was $(1.92), significantly improved from$(4.44) in Q1 2024[134] - The operating loss for the total company was $72.272 million, with Autonomy Solutions reporting a loss of$67.480 million and ATS a loss of $4.792 million[174] Expenses and Costs - Operating expenses decreased to$64,172,000 in Q1 2025, down 44% from $115,314,000 in Q1 2024[18] - Research and development expenses for Q1 2025 were$38,288,000, a decrease of 44% from $67,750,000 in Q1 2024[18] - Stock-based compensation expense totaled$19.380 million for the three months ended March 31, 2025, down from $44.465 million in 2024[160] - The company incurred$9.8 million in total charges associated with employee severance and related costs through March 31, 2025, as part of its restructuring efforts[194] Cash and Liquidity - Cash and cash equivalents decreased to $59,322,000 as of March 31, 2025, down from$82,840,000 as of December 31, 2024[16] - As of March 31, 2025, the company had total liquidity of $138.2 million, consisting of$59.3 million in cash and cash equivalents and $78.9 million in marketable securities[32] - The company utilized$44.2 million in cash for operating activities during the same period, compared to $81.2 million in the prior year, indicating a 45.6$319,449,000 as of March 31, 2025, from $365,213,000 as of December 31, 2024[16] - Total liabilities slightly decreased to$581,119,000 as of March 31, 2025, from $586,002,000 as of December 31, 2024[16] - The company’s accumulated deficit increased to$2,193,526,000 as of March 31, 2025, compared to $2,112,835,000 as of December 31, 2024[16] Revenue Concentration - The company’s revenue is significantly concentrated, with three customers accounting for 44$4.2 million in cash, with potential contingent payments of up to $6.75 million based on financial performance targets[46] - The total assets acquired from EM4 amounted to$11,016,000, with net assets acquired valued at $6,240,000 after assuming liabilities of$4,776,000[47] - The company recognized a gain of $1.5 million from the acquisition of EM4, attributed to the purchase price being lower than the estimated fair value of net assets acquired[47] Debt and Financing - The company issued$625.0 million aggregate principal amount of 1.25% Convertible Senior Notes due 2026, with interest payable semi-annually[77] - The net carrying amount of the 2026 Convertible Senior Notes was $183.236 million as of March 31, 2025, down from$201.015 million at the end of 2024[89] - The Company recognized $3.5 million in interest expense for the Senior Notes during the three months ended March 31, 2025[99] Legal and Regulatory Matters - The company intends to vigorously defend against ongoing legal matters, which are not expected to have a material adverse impact on financial results[168] Future Outlook - The company expects to continue incurring operating losses due to investments in product development and market expansion, indicating a focus on long-term growth strategies[31] - Research and Development (R&D) costs are expected to remain elevated as the company continues to invest in product enhancements and new technology development, leading to anticipated operating losses for the foreseeable future[209]