Strategy and Product - Luminar is transitioning to a unified product architecture centered around Luminar Halo, aiming for a global standard in automotive LiDAR[15, 16, 21] - The unified product architecture is expected to yield over $100 million in product development savings, scaling with each customer[24] - Luminar Halo is projected to have over 50% BOM (Bill of Materials) reduction compared to Iris[30] - The company is streamlining operations to focus on core LiDAR technology, leveraging partnerships for manufacturing and module development[26, 32] Financial Performance and Guidance - Q1 2025 revenue was $18.9 million, a decrease of 16% quarter-over-quarter and 10% year-over-year[46] - Q1 2025 GAAP Gross Loss was $(8.1) million, and Non-GAAP Gross Loss was $(6.4) million[47] - Q1 2025 GAAP Operating Expenses were $64.2 million, and Non-GAAP Operating Expenses were $45.2 million[47] - The company is targeting Non-GAAP quarterly operating expenses to improve to the low-$30 million range by the end of 2025[40, 52] - Luminar reiterates FY'25 revenue growth guidance of 10% to 20%[50] - The company aims to end FY'25 with over $150 million in cash and liquidity[52] Debt Management - Luminar reduced its 2026 unsecured convertible debt face value by approximately $440 million since August 2024[43] - As of May 2025, the outstanding face amount of 2026 convertible debt was $185 million[45]