Company Beats on Revenue and Earnings
Luminar (NASDAQ: LAZR), a leading global automotive technology
company, announced its achievement of the start of production
milestone and reported its financial results for the third quarter
of 2022, ended Sept. 30, 2022. SAIC is the largest Chinese
automaker, and the R7 is the first flagship vehicle from its new
smart electric brand RISING AUTO. Its debut, featuring Luminar,
marks an inflection point in the industry as Luminar’s technology
makes its way into consumer production vehicles.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221102005899/en/
Luminar’s technology helps power the vehicle’s RISING PILOT
Intelligent Driving Program to enable advanced safety features and
automated driving capabilities over time. The launch follows RISING
AUTO’s high-speed testing across China, encompassing more than
400,000km.
“With the start of series production, autonomous technology has
for the first time evolved from R&D into consumer production
vehicles,” said Austin Russell, Luminar Founder and CEO. “The team
and I couldn’t be more proud to bridge that chasm with China’s
largest automaker and power what is set to be their most advanced
and safest vehicle on the road. As we continue to successfully
prove ourselves, major automakers are becoming more convinced that
the path to autonomy will be paved by Luminar lidar and will begin
with next generation safety.”
On October 12, Polestar unveiled the Polestar 3 vehicle
featuring lidar by Luminar, which Polestar referenced as “the best
long-range lidar in the world.” Luminar Iris is expected to be
available to order on Polestar 3 beginning in Q2 2023. Next week,
Volvo Cars is set to unveil its new fully-electric flagship SUV,
the Volvo EX90, which will come standard with Luminar on every
vehicle.
Today, Luminar released the capstone to its Path to Series
Production video series, which can be viewed at:
www.luminartech.com/path. The video underscores the recent start of
series production for SAIC’s RISING AUTO and spotlights Volvo Cars’
design approach to sleekly integrating Iris into the Volvo EX90
prior to its upcoming reveal on Nov. 9.
Major 2022 Milestones - Q3
Status:
Luminar outlined its four major milestones to measure success at
the beginning of the year. Last quarter, the company raised
guidance for the growth of commercial programs (major commercial
wins) and forward-looking order book. Luminar is on track to meet
or beat each of these targets by year-end, and today has achieved
its number one major 2022 milestone with the start of Iris
production.
- Iris Industrialization for Series Production: Luminar
successfully launched its Iris lidar into series production,
leveraging manufacturing partners in Mexico and Thailand, driven by
Luminar’s advanced manufacturing team. The company continues its
focus on industrialization with construction of a new dedicated
higher volume production facility in Monterrey, Mexico that is on
track to be production ready by the second half of 2023.
- Software: The company continued to make strong progress
improving and refining critical components of its software stack,
including the on-road performance of Proactive Safety™ and highway
autonomy features. The company remains on track for its beta
version milestone by the end of 2022 and expects to demonstrate it
live at CES in January 2023.
- Commercial Programs: Luminar remains on track to achieve
its previously increased goal of 60% YoY growth for major
commercial program wins.
- Forward-Looking Order Book: Luminar remains on track to
achieve its previously increased goal of 60% YoY growth for its
forward-looking order book.
Key Q3 2022 Financials:
Luminar exceeded its Q3 financial guidance and maintains a
strong balance sheet for accelerating business growth and reaching
positive cash flow.
- Revenue: Q3 revenue of $12.8 million, ahead of
expectations and up 60% YoY, and 29% compared to the prior
quarter.
- GAAP and Non-GAAP net loss: Q3 GAAP net loss was $117.6
million, or $(0.33) per share; Q3 Non-GAAP net loss was $63.4
million, or $(0.18) per share.
- Cash, Cash Equivalents and Marketable Securities were
$553.1 million as of Sept. 30, 2022. Q3 cash spend (operating cash
flow less capital expenditures) was $52.5 million. Luminar is
maintaining prior cash spend guidance of 2022 cash spend moderately
higher than 2021.
- Q4 2022 Financial Outlook: Maintaining full-year revenue
outlook of $40 million to $45 million, which the company raised in
August.
Webcast Details:
Founder and CEO Austin Russell and CFO Tom Fennimore will host a
video webcast, featuring a business update followed by a live
Q&A session.
- What: video webcast featuring quarterly business and
financial update and live Q&A
- Date: today, Nov. 2, 2022
- Time: 2:00 p.m. PDT (5:00 p.m. EDT)
A live webcast of the event will be available on Luminar’s
investor site at https://luminartech.com/quarterlyreview. A replay
of the webcast will be available following the presentation. For
additional information or to be added to our investor distribution
list, please visit us at
https://investors.luminartech.com/ir-resources/email-alerts.
Non-GAAP Financial
Measures
In addition to disclosing financial measures prepared in
accordance with U.S. generally accepted accounting principles
(GAAP), this press release contains certain non-GAAP financial
measures. Non-GAAP financial measures do not have any standardized
meaning and are therefore unlikely to be comparable to similarly
titled measures presented by other companies. Luminar considers
these non-GAAP financial measures to be important because they
provide useful measures of the operating performance of the
Company, exclusive of factors that do not directly affect what we
consider to be our core operating performance, as well as unusual
events. The Company’s management uses these measures to (i)
illustrate underlying trends in the Company’s business that could
otherwise be masked by the effect of income or expenses that are
excluded from non-GAAP measures, and (ii) establish budgets and
operational goals for managing the Company’s business and
evaluating its performance. In addition, investors often use
similar measures to evaluate the operating performance of a
company. Non-GAAP financial measures are presented only as
supplemental information for purposes of understanding the
Company’s operating results. The non-GAAP financial measures should
not be considered a substitute for financial information presented
in accordance with GAAP.
This release includes non-GAAP financial measures, including
non-GAAP net loss, Order Book, and Cash Spend. Non-GAAP net loss is
defined as GAAP net loss plus stock-based compensation expense,
plus amortization of intangible assets, plus legal reserve related
to employee matters, plus transaction costs relating to acquisition
activities, plus expenses related to registration statement on Form
S-1 on behalf of selling stockholders, plus change in fair value of
warrant liabilities, plus provision for (benefit from) income
taxes.
Order Book is defined as the forward-looking cumulative sales
estimates of Luminar’s hardware and software products over the
lifetime of given programs which Luminar’s technology is integrated
into or provided for, based primarily on projected/actual
contractual pricing terms and good faith estimates of “take rates”
of Luminar’s technology on vehicles. Such anticipated programs and
volumes/take rates are based on commitments by our partners that
are dependent on successful performance through development and
validation and entering definitive purchase orders for series
production, which may change for a variety of reasons as disclosed
herein and other SEC filings, including, without limitation, the
risks set forth in the “Forward-Looking Statements” section below.
Customer production vehicle volume estimates (and take rates when
applicable) are largely sourced from (i) the OEM/customer, (ii) IHS
Markit or other third party estimates, and/or (iii) Luminar’s
management good faith estimates.
Luminar defines a “major win” as a written agreement with a
major industry player, including based on their past experience in
high volume production, leadership in autonomy, or market
leadership, that selects our technology for what is expected to be
a significant commercial program, including OEM series production
programs. We only include major commercial wins, disclosed or
undisclosed, in our forward-looking order book calculation, which
are subject to the risks set forth in the “Forward-Looking
Statements” section below.
Forward-Looking
Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as “aims,” “believe,” “may,” “will,”
“estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,”
“expect,” “should,” “would,” “forward,” and similar expressions
that predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding the expected
achievement and timing of series production readiness for Iris
lidar and core software, the expected timing and impact of the new,
high-volume manufacturing facility, the expected timing of a
Sentinel beta, the expected growth in 2022 of Luminar’s
forward-looking order book and major commercial wins, and
expectations for 2022 revenue growth and cash expenditure. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Luminar's management and are not guarantees of actual
performance. Forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements, including the risks
discussed in the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of Luminar’s most recently filed periodic reports on Form 10-K and
Form 10-Q, and other documents Luminar files with the SEC in the
future. You are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made,
and Luminar undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
press release.
About Luminar
Luminar is a global automotive technology company ushering in a
new era of vehicle safety and autonomy. For the past decade,
Luminar has built an advanced hardware and software platform to
enable its more than 50 industry partners, including the majority
of global automotive OEMs. From Volvo Cars and Mercedes-Benz for
consumer vehicles and Daimler Trucks for commercial trucks, to tech
partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the
first automotive technology company to enable next-generation
safety and autonomous capabilities for production vehicles. For
more information please visit www.luminartech.com.
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES Condensed Consolidated Balance Sheets
(In thousands) (Unaudited)
September 30, 2022
December 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents
$
56,069
$
329,977
Restricted cash
1,234
725
Marketable securities
496,983
462,141
Accounts receivable
9,936
13,013
Inventory
9,153
10,342
Prepaid expenses and other current
assets
40,096
29,195
Total current assets
613,471
845,393
Property and equipment, net
21,646
11,009
Operating lease right-of-use assets
22,812
9,145
Intangible assets, net
22,768
2,424
Goodwill
18,830
3,110
Other non-current assets
42,981
12,455
Total assets
$
742,508
$
883,536
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
24,216
$
14,419
Accrued and other current liabilities
31,832
19,844
Operating lease liabilities
6,139
4,735
Total current liabilities
62,187
38,998
Warrant liabilities
5,582
31,230
Convertible senior notes
611,384
608,957
Operating lease liabilities,
non-current
18,057
5,768
Other non-current liabilities
2,338
598
Total liabilities
699,548
685,551
Stockholders’ equity:
Class A common stock
29
27
Class B common stock
10
10
Additional paid-in capital
1,484,996
1,257,214
Accumulated other comprehensive loss
(5,989
)
(908
)
Treasury stock
(312,477
)
(235,871
)
Accumulated deficit
(1,123,609
)
(822,487
)
Total stockholders’ equity
42,960
197,985
Total liabilities and stockholders’
equity
$
742,508
$
883,536
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES Condensed Consolidated Statements of
Operations (In thousands, except share and per share
data) (Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenue:
Products
$
6,796
$
1,040
$
10,135
$
5,950
Services
5,989
6,938
19,437
13,650
Total revenue
12,785
7,978
29,572
19,600
Cost of sales:
Products
18,364
3,811
47,169
12,840
Services
10,147
6,951
26,088
13,414
Total cost of sales
28,511
10,762
73,257
26,254
Gross loss
(15,726
)
(2,784
)
(43,685
)
(6,654
)
Operating expenses:
Research and development
46,308
25,890
120,358
59,813
Sales and marketing
10,111
5,868
26,698
12,010
General and administrative
42,809
35,603
110,984
65,113
Total operating expenses
99,228
67,361
258,040
136,936
Loss from operations
(114,954
)
(70,145
)
(301,725
)
(143,590
)
Other income (expense), net:
Change in fair value of warrant
liabilities
(1,231
)
17,072
6,645
(22,649
)
Interest expense and other
(2,660
)
(374
)
(9,088
)
(860
)
Interest income and other
1,470
843
3,612
1,744
Total other income (expense), net
(2,421
)
17,541
1,169
(21,765
)
Loss before provision (benefit from) for
income taxes
(117,375
)
(52,604
)
(300,556
)
(165,355
)
Provision for (benefit from) income
taxes
175
(1,264
)
566
(1,262
)
Net loss
$
(117,550
)
$
(51,340
)
$
(301,122
)
$
(164,093
)
Net loss per share:
Basic and diluted
$
(0.33
)
$
(0.15
)
$
(0.85
)
$
(0.48
)
Shares used in computing net loss per
share:
Basic and diluted
359,753,254
352,122,485
353,537,754
341,858,435
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES Condensed Consolidated Statements of Cash
Flows (In thousands) (Unaudited)
Nine Months Ended September
30,
2022
2021
Cash flows from operating
activities:
Net loss
$
(301,122
)
$
(164,093
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
4,374
2,240
Amortization of operating lease
right-of-use assets
3,531
2,682
Amortization of premium on marketable
securities
1,111
979
Change in fair value of warrants
(6,645
)
22,649
Vendor stock-in lieu of cash program
32,487
2,744
Amortization of debt discount and issuance
costs
2,427
—
Impairment of inventories
8,750
1,601
Share-based compensation
117,874
49,887
Deferred taxes
—
(1,264
)
Product warranty and other
(623
)
1,143
Changes in operating assets and
liabilities:
Accounts receivable
6,457
5,748
Inventories
(6,648
)
(6,658
)
Prepaid expenses and other current
assets
(4,685
)
(16,971
)
Other non-current assets
(1,371
)
(88
)
Accounts payable
8,379
3,330
Accrued and other current liabilities
5,716
5,910
Other non-current liabilities
(3,571
)
(4,095
)
Net cash used in operating activities
(133,559
)
(94,256
)
Cash flows from investing
activities:
Acquisition of Freedom Photonics LLC
(2,759
)
—
Acquisition of certain assets from Solfice
Research, Inc.
(2,001
)
—
Cash received from acquisition of
Optogration, Inc.
—
358
Purchases of marketable securities
(363,906
)
(530,179
)
Proceeds from maturities of marketable
securities
254,068
306,907
Proceeds from sales of marketable
securities
68,804
83,493
Purchases of property and equipment
(11,277
)
(4,155
)
Advances for capital projects and
equipment
(2,009
)
—
Net cash used in investing activities
(59,080
)
(143,576
)
Cash flows from financing
activities:
Proceeds from exercise of warrants
—
153,927
Proceeds from exercise of stock
options
2,891
4,738
Payments of employee taxes related to
stock-based awards
(2,773
)
(140
)
Repurchase of common stock and redemption
of warrants
(80,878
)
(2
)
Other financing activities
—
(362
)
Net cash provided by (used in) financing
activities
(80,760
)
158,161
Net decrease in cash, cash equivalents and
restricted cash
(273,399
)
(79,671
)
Beginning cash, cash equivalents and
restricted cash
330,702
209,719
Ending cash, cash equivalents and
restricted cash
$
57,303
$
130,048
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES Reconciliation of GAAP Cost of Sales to
Non-GAAP Cost of Sales (In thousands)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP cost of sales
$
28,511
$
10,762
$
73,257
$
26,254
Non-GAAP adjustments:
Stock-based compensation
(5,430
)
(1,619
)
(14,205
)
(2,829
)
Amortization of intangible assets
(166
)
(19
)
(469
)
(19
)
Non-GAAP cost of sales
$
22,915
$
9,124
$
58,583
$
23,406
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES Reconciliation of GAAP Gross Loss to Non-GAAP
Gross Loss (In thousands) (Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP gross loss
$
(15,726
)
$
(2,784
)
$
(43,685
)
$
(6,654
)
Non-GAAP adjustments:
Stock-based compensation
5,430
1,619
14,205
2,829
Amortization of intangible assets
166
19
469
19
Non-GAAP gross loss
$
(10,130
)
$
(1,146
)
$
(29,011
)
$
(3,806
)
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES Reconciliation of GAAP Operating Expenses to
Non-GAAP Operating Expenses (In thousands)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP operating expenses
$
99,228
$
67,361
$
258,040
$
136,936
Non-GAAP adjustments:
Stock-based compensation
(47,121
)
(31,901
)
(103,669
)
(47,058
)
Amortization of intangible assets
(524
)
(143
)
(1,077
)
(143
)
Reserve related to employee matters
—
—
(2,000
)
—
Transaction costs relating to acquisition
activities
274
—
(1,763
)
—
Expenses related to registration statement
on Form S-1 on behalf of selling stockholders
—
—
—
(1,982
)
Non-GAAP operating expenses
$
51,857
$
35,317
$
149,531
$
87,753
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES Reconciliation of GAAP Net Loss to Non-GAAP Net
Loss (In thousands, except share and per share data)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP net loss
$
(117,550
)
$
(51,340
)
$
(301,122
)
$
(164,093
)
Non-GAAP adjustments:
Stock-based compensation
52,551
33,520
117,874
49,887
Amortization of intangible assets
690
162
1,546
162
Legal reserve related to employee
matters
—
—
2,000
—
Transaction costs relating to acquisition
activities
(274
)
—
1,763
—
Expenses related to registration statement
on Form S-1 on behalf of selling stockholders
—
—
—
1,982
Change in fair value of warrant
liabilities
1,231
(17,072
)
(6,645
)
22,649
Provision for (benefit from) income
taxes
—
(1,264
)
165
(1,262
)
Non-GAAP net loss
$
(63,352
)
$
(35,994
)
$
(184,419
)
$
(90,675
)
GAAP net loss per share:
Basic and diluted
$
(0.33
)
$
(0.15
)
$
(0.85
)
$
(0.48
)
Non-GAAP net loss per share:
Basic and diluted
$
(0.18
)
$
(0.10
)
$
(0.52
)
$
(0.27
)
Shares used in computing GAAP net loss per
share:
Basic and diluted
359,753,254
352,122,485
353,537,754
341,858,435
Shares used in computing Non-GAAP net loss
per share:
Basic and diluted
359,753,254
352,122,485
353,537,754
341,858,435
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES Reconciliation of GAAP Operating Cash Flow to
Non-GAAP Free Cash Flow (In thousands)
(Unaudited)
Nine Months Ended September
30,
2022
2021
GAAP operating cash flow
$
(133,559
)
$
(94,256
)
Non-GAAP adjustments:
Capital expenditure
(13,286
)
(4,155
)
Non-GAAP free cash flow
$
(146,845
)
$
(98,411
)
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES Summary of Stock-Based Compensation and
Intangibles Amortization (In thousands)
(Unaudited)
Three Months Ended September
30,
2022
2021
Stock-Based
Compensation
Intangibles
Amortization
Stock-Based
Compensation
Intangibles
Amortization
Cost of Sales
$
5,430
$
166
$
1,619
$
19
Research and development
11,326
192
6,318
10
Sales and marketing
3,821
332
1,859
133
General and administrative
31,974
—
23,724
—
Total
$
52,551
$
690
$
33,520
$
162
Nine Months Ended September
30,
2022
2021
Stock-Based
Compensation
Intangibles
Amortization
Stock-Based
Compensation
Intangibles
Amortization
Cost of Sales
$
14,205
$
469
$
2,829
$
19
Research and development
27,142
393
12,743
10
Sales and marketing
9,430
684
2,979
133
General and administrative
67,097
—
31,336
—
Total
$
117,874
$
1,546
$
49,887
$
162
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221102005899/en/
Media Relations: Press@luminartech.com
Investor Relations: Trey Campbell
trey.campbell@luminartech.com
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