Luminar Technologies(US:LAZR)2025-06-05 11:17Business Highlights - Luminar has officially begun production for the first global consumer vehicle with its LiDAR as standard equipment[4] - Luminar plans to ship five times more LiDARs in the second half of this year than in the prior 10 years combined[5] - Volvo EX90 launch kicks off conversion of multi-billion dollar order book to revenue[18], with a $3.8 billion order book[19] expecting only ~2% conversion in FY'24[20] Technology and Regulatory Tailwinds - Luminar Halo will enable up to 4x the performance, is 3x smaller, boasts 2x the efficiency, and offers a 2x cost improvement over Iris[6] - US regulators at NHTSA published a landmark new rule mandating advanced, higher-speed automatic emergency braking (AEB) for both vehicles and pedestrians, even at night, applying to all new vehicles manufactured and sold by 2029[7] - Luminar's system outperforms the best performing camera/radar-based vehicles by nearly 27% on frequency reduction of vehicle accidents and nearly 40% on mitigation power performance, according to Swiss Re's safety efficacy study[29] Financial Performance and Restructuring - Q1 2024 revenue increased 45% YoY but decreased 5% QoQ to $21.0 million[70, 71] - Q1'24 GAAP Net loss was $(125.7) million or EPS of $(0.30), and Q1 non-GAAP Net loss was $(80.5) million or EPS of $(0.19)[73] - The company estimates annual savings of roughly $80 million compared to Q1 cost levels due to realignment actions[55] - The company ended Q1'24 with $268.3 million in Cash & Liquidity[75] Future Outlook - The company continues to expect to achieve a quarterly revenue run rate of mid-$30 million in 2H'24[78] - The company continues to expect to end FY'24 with >$150 million in Cash & Liquidity[79]