Spotlighting New Commercial Wins and Strategic
Partners; Securing Supply Chain; Accelerating Software
Development
Luminar Technologies, Inc. (NASDAQ: LAZR), the global leader in
automotive lidar hardware and software technology, today announced
its quarterly business update and financial results for the third
quarter of 2021, ended September 30, 2021. Building on Luminar’s
commercial momentum, this week the company announced that NVIDIA
has selected Luminar1 for its autonomous vehicle platform known as
NVIDIA DRIVE Hyperion, which is available now for 2024 vehicle
models.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211111005982/en/
“This quarter was one to remember with the debut of our
Proactive Safety software, new top vehicle integration
partnerships, two trucking wins, closing the acquisition of a key
supplier, world-class leadership additions, and the culmination of
our platform win with NVIDIA,” said Austin Russell, Luminar Founder
and CEO. “At the same time, we’ve been meeting or beating all five
of our company-level milestones we outlined towards the beginning
of the year through relentless execution and commercial success. We
look forward to powering the safest production vehicles on the road
and enabling the first truly autonomous capabilities.”
Today, Luminar released a video update regarding the path to
series production of its Iris sensor. The video can be viewed at:
www.luminartech.com/path.
Major 2021 Milestones and Q3 Company
Highlights:
Today, Luminar reported progress against its five key 2021
milestones.
- Iris Industrialization for Series Production: Product
development and tooling are both predominantly complete, and
Luminar is entering the C-phase of its product lifecycle. Luminar
continues to work closely with its manufacturing partners Celestica
and Fabrinet and has successfully secured next year’s supply
chain.
- Software & Product Development: In Q3, Luminar
debuted its Proactive Safety™ functionality, which is enabled by
its Sentinel software, at IAA Mobility2. The company has
successfully developed its alpha version of the full-stack Sentinel
solution, and demonstrated both advanced automatic emergency
braking and assisted highway driving capabilities. Luminar expects
to unveil to the public its Sentinel alpha on Iris at the Consumer
Electronics Show (CES) in January.
- Commercial Programs & Customer Adoption: Luminar
confirmed it achieved its goal of six major commercial wins this
year, with the addition of NVIDIA and Polestar’s public disclosure.
In Q3, Luminar’s technology was also selected by two of the leading
autonomous trucking companies, Embark Trucks, Inc. and Kodiak
Robotics, Inc. Additionally, Luminar announced new vehicle
integration partnerships with two of the top automotive roof
suppliers, Webasto and Inalfa, streamlining customer
integration.
- Forward-Looking Order Book: Luminar remains on-track for
its goal of at least 60% year-over-year growth of its
forward-looking order book in 2021 based on continued commercial
acceleration of significant wins and volume opportunities.
- Liquidity and Cash Position: Luminar remains on-track to
achieve its target of ending the year with more cash on the balance
sheet compared to year-end 2020.
Key Q3 2021 Financials:
After raising its revenue guidance the prior quarter, Luminar is
maintaining its full-year 2021 guidance of $30 to $33 million. Key
financial highlights for the quarter ended September 30, 2021:
- Revenue was $8.0 million, up 89% year-over-year and up
26% compared to the prior quarter.
- GAAP and Non-GAAP net loss: GAAP net loss was $51.3
million, or $(0.15) per share compared to a GAAP net loss of $37.5
million, or $(0.29) per share for the third quarter of 2020.
Non-GAAP net loss was $36.0 million, or $(0.10) per share, compared
to a non-GAAP net loss of $28.2 million, or $(0.22) per share,
basic and diluted, for the third quarter of 2020.
- Cash, Cash Equivalents and Marketable Securities were
$544.9 million as of September 30, 2021, compared to $485.7 million
as of December 31, 2020. Cash spend (operating cash flow less
capital expenditures) was $37.5 million in Q3 and $98.4 million
year-to-date.
__________________________________
1 https://www.luminartech.com/nvidia 2
https://www.luminartech.com/iaa2021/
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 Update,
Q3 Financials and Live Q&A Date: Today, November 11,
2021 Time: 2:00 p.m. PT (5:00 p.m. ET)
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 presentation includes non-GAAP financial measures,
including non-GAAP net loss, Free Cash Flow (“FCF”) and Order Book.
Non-GAAP net loss is defined as GAAP net loss plus stock-based
compensation expense, plus amortization of intangible assets, plus
change in fair value of warrant liabilities, plus loss on
extinguishment of debt, plus expenses related to registration
statement on Form S-1 on behalf of selling stockholders, plus
benefit from income taxes. FCF is defined as operating cash flow
less capital expenditures.
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. Note, NVIDIA is a major commercial win
because they publicly announced selection of our lidar as part of
their Hyperion reference platform, which is expected to result in
significant commercial programs. NVIDIA is a technology/platform
provider and relevant written agreements would ultimately be made
directly with the end user of NVIDIA’s Hyperion reference
platform.
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
commercial implications of Luminar’s selection by NVIDIA to be part
of its Hyperion platform and the extent to which this will lead to
significant customer programs, the expected timing of entering into
the C-phase for Luminar’s Iris sensor, the delivery timing of the
full-stack Sentinel software and its expected functionality and
safety benefits, that Luminar will succeed in achieving its
commercial wins target in 2021, that Luminar will achieve its order
book growth outlook, and that Luminar will meet its year-end cash
position target. 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 predictions 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 under the heading “Risk Factors” in the Annual
Report on Form 10-K filed by Luminar on April 14, 2021, the
registration statements on Form S-1 (Nos. 333-251657 and
333-257989) filed with the SEC and amendments thereto, 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 Technologies, Inc. (Nasdaq: LAZR) is transforming
automotive safety and autonomy by delivering lidar and associated
software that meets the industry’s stringent performance, safety,
and economic requirements. Luminar has rapidly gained over 50
industry partners, including a majority of the top global
automotive OEMs. In 2020, Luminar signed the industry’s first
production deal for autonomous consumer vehicles with Volvo Cars,
which now expects to make Luminar’s technology part of the standard
safety package on their next generation electric SUV. Additional
customer wins include SAIC, Daimler Truck AG, Intel’s Mobileye,
Pony.ai and Airbus UpNext. Founded in 2012, Luminar employs
approximately 400 with offices in Palo Alto, Orlando, Colorado
Springs, Detroit, and Munich. For more information, please visit
www.luminartech.com.
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
September 30, 2021
December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents
$
129,323
$
208,944
Restricted cash
725
775
Marketable securities
415,544
276,710
Accounts receivable
1,033
5,971
Inventories, net
7,871
3,613
Prepaid expenses and other current
assets
23,883
4,797
Total current assets
578,379
500,810
Property and equipment, net
11,128
7,689
Operating lease right-of-use assets
10,165
—
Intangible assets, net
2,488
—
Goodwill
3,110
701
Other non-current assets
2,536
1,151
Total assets
$
607,806
$
510,351
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
9,682
$
6,039
Accrued and other current liabilities
18,551
10,452
Operating lease liabilities
4,927
—
Debt, current
66
99
Total current liabilities
33,226
16,590
Warrant liabilities
27,753
343,400
Debt, non-current
177
302
Operating lease liabilities,
non-current
6,639
—
Other non-current liabilities
911
1,318
Total liabilities
68,706
361,610
Stockholders’ equity:
Class A common stock
26
22
Class B common stock
10
11
Additional paid-in capital
1,287,558
733,175
Accumulated other comprehensive income
100
34
Accumulated deficit
(748,594
)
(584,501
)
Total stockholders’ equity
539,100
148,741
Total liabilities and stockholders’
equity
$
607,806
$
510,351
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,
2021
2020
2021
2020
Revenue
$
7,978
$
4,223
$
19,600
$
11,519
Cost of sales
10,762
6,924
26,254
18,209
Gross loss
(2,784
)
(2,701
)
(6,654
)
(6,690
)
Operating expenses:
Research and development
25,890
10,152
59,813
28,268
Sales and marketing
5,868
2,332
12,010
5,407
General and administrative
35,603
6,611
65,113
16,116
Total operating expenses
67,361
19,095
136,936
49,791
Loss from operations
(70,145
)
(21,796
)
(143,590
)
(56,481
)
Other income (expense), net:
Change in fair value of warrant
liabilities
17,072
(7,988
)
(22,649
)
(12,562
)
Loss on extinguishment of debt
—
—
—
(866
)
Interest expense and other
(374
)
(1,076
)
(860
)
(2,097
)
Interest income and other
843
(351
)
1,744
(221
)
Total other income (expense), net
17,541
(9,415
)
(21,765
)
(15,746
)
Loss before benefit from income taxes
(52,604
)
(31,211
)
(165,355
)
(72,227
)
Benefit from income taxes
(1,264
)
—
(1,262
)
—
Net loss
$
(51,340
)
$
(31,211
)
$
(164,093
)
$
(72,227
)
Net loss attributable to common
stockholders
$
(51,340
)
$
(37,458
)
$
(164,093
)
$
(78,474
)
Net loss per share attributable to common
stockholders:
Basic and diluted
$
(0.15
)
$
(0.29
)
$
(0.48
)
$
(0.61
)
Shares used in computing net loss per
share attributable to common stockholders:
Basic and diluted
352,122,485
130,601,660
341,858,435
129,643,774
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended September
30,
2021
2020
Cash flows from operating
activities:
Net loss
$
(164,093
)
$
(72,227
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
2,240
1,929
Noncash lease expense related to operating
lease right-of-use assets
2,682
—
Change in fair value of warrants
22,649
12,562
Share-based compensation—vendor
payments
2,744
—
Impairment of inventories
1,601
4,393
Loss on extinguishment of debt
—
866
Share-based compensation
49,904
4,710
Warranty related to sensors
1,239
—
Deferred taxes
(1,264
)
—
Other
883
389
Changes in operating assets and
liabilities:
Accounts receivable
5,748
723
Inventories
(6,658
)
(3,206
)
Prepaid expenses and other current
assets
(16,971
)
(3,571
)
Other non-current assets
(88
)
544
Accounts payable
3,330
2,462
Accrued and other current liabilities
5,893
2,885
Other non-current liabilities
(4,095
)
(190
)
Net cash used in operating activities
(94,256
)
(47,731
)
Cash flows from investing
activities:
Cash received from acquisition of
Optogration, Inc.
358
—
Purchases of marketable securities
(530,179
)
(123,403
)
Proceeds from maturities of marketable
securities
306,907
8,465
Proceeds from sales of marketable
securities
83,493
4,448
Purchases of property and equipment
(4,155
)
(1,963
)
Net cash used in investing activities
(143,576
)
(112,453
)
Cash flows from financing
activities:
Proceeds from issuance of Series X
convertible preferred stock
—
170,000
Issuance cost paid for Series X
convertible preferred stock
—
(5,662
)
Proceeds from the issuance of debt
—
31,910
Repayment of debt
(159
)
(11,206
)
Proceeds from exercise of warrants
153,927
—
Proceeds from exercise of stock
options
4,738
—
Other financing activities
(345
)
(1,238
)
Net cash provided by financing
activities
158,161
183,804
Net increase (decrease) in cash, cash
equivalents and restricted cash
(79,671
)
23,620
Beginning cash, cash equivalents and
restricted cash
209,719
27,305
Ending cash, cash equivalents and
restricted cash
$
130,048
$
50,925
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,
2021
2020
2021
2020
GAAP net loss attributable to common
stockholders
$
(51,340
)
$
(37,458
)
$
(164,093
)
$
(78,474
)
Non-GAAP adjustments:
Stock-based compensation
33,520
1,297
49,887
4,710
Amortization of intangible assets
162
—
162
—
Expenses related to registration statement
on Form S-1 on behalf of selling stockholders
—
—
1,982
—
Change in fair value of warrant
liabilities
(17,072
)
7,988
22,649
12,562
Loss on extinguishment of debt
—
—
—
866
Benefit from income taxes
(1,264
)
(1,264
)
(1,262
)
—
Non-GAAP net loss attributable to common
stockholders
$
(35,994
)
$
(28,173
)
$
(90,675
)
$
(60,336
)
GAAP net loss per share attributable to
common stockholders:
Basic and diluted
$
(0.15
)
$
(0.29
)
$
(0.48
)
$
(0.61
)
Non-GAAP net loss per share attributable
to common stockholders:
Basic and diluted
$
(0.10
)
$
(0.22
)
$
(0.27
)
$
(0.47
)
Shares used in computing GAAP net loss per
share attributable to common stockholders:
Basic and diluted
352,122,485
130,601,660
341,858,435
129,643,774
Shares used in computing Non-GAAP net loss
per share attributable to common stockholders:
Basic and diluted
352,122,485
130,601,660
341,858,435
129,643,774
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211111005982/en/
Media Relations: Press@luminartech.com
Investor Relations: Trey Campbell
trey.campbell@luminartech.com
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