Luminar Technologies, Inc. (“Luminar” or the “Company”) (NASDAQ:
LAZR), the global leader in automotive lidar hardware and software
technology, today announced a quarterly business update and
financials for the first quarter ended March 31, 2021.
"We’ve remained relentlessly focused on
execution, hitting our key product, commercial, production and
financial targets so far. This puts Luminar on track to meet or
beat our 2021 company-level milestones from the beginning of the
year, as we continue to extend our technology, product, and market
leadership positions.”
— Austin Russell, Founder & CEO
Execution: Product, Industrialization,
and Series Production
Luminar continues to scale its series production capabilities.
Today, Luminar officially announced its manufacturing partners
Celestica and Fabrinet, while the first Iris units were produced on
Luminar’s automated line in Celestica’s automotive-certified
facility in Monterrey, Mexico.
Luminar also continues to advance validation of Iris and
development of its Sentinel software as it moves up and beyond the
foundation of lidar, reinforcing the Company’s transition to a
system-level autonomous vehicle company. Following the introduction
of Sentinel last quarter, Luminar kicked off the next phase of its
software development through its partnership with Zenseact. Iris
lidar data has been collected to train and optimize the performance
of Luminar’s perception software, and Luminar received the green
light from German authorities to proceed with Sentinel full-stack
solution development and testing on public German roads.
Customer Adoption: Commercial Wins from
the Ground to the Sky
Since the 2020 year-end business update less than two months ago
in March, where Luminar announced SAIC and detailed its new
partnership with Zensact, Luminar achieved commercial wins with two
new customers:
- Airbus UpNext: Airbus SE’s subsidiary UpNext – which was
created to give future flight technologies a development fast-track
by building, evaluating, maturing and validating new products and
services that encompass radical technological breakthroughs – is
integrating Luminar’s lidar technology into its Vertex platform to
enable safe, autonomous flight. This partnership marks Luminar’s
first foray into the nearly $1 trillion aviation industry and is
aimed at increasing air safety and enabling autonomous operation
with automatic obstacle detection.
- Pony.ai: Luminar’s Iris will be seamlessly integrated
into Pony.ai’s next-generation autonomous driving platform,
featuring a multi-sensor 360-degree configuration and enabling the
vehicles to operate safely and reliably in complex urban
environments. Pony.ai is set to start deployment of a 200-vehicle
robo-taxi fleet in urban settings across five cities in China and
the U.S. The partnership is developing a new integrated sensor
design that signals a shift from vehicle testing to advanced
development and production scale.
Major 2021 Milestones: On Track of
Ahead of Schedule for Each High-Level Milestone
Luminar is on-track to meet or exceed each of its key 2021
milestones set forth at the beginning of the year and shared in its
fourth quarter 2020 business update:
- Iris Industrialization for Series Production: Luminar
successfully hit its major industrialization milestone with
manufacturing partners and producing the first Iris lidars off the
line, and remains on track to hit the C-sample phase before year
end.
- Software Development: Luminar collected Iris data and
trained its perception software, enabling perception with Iris.
Luminar also received approval from Germany for Sentinel
development and testing on public German roads, and remains on
track for its Sentinel alpha release at year-end.
- Commercial Programs: So far this year, Luminar has won
more commercial programs than expected, with the recent Airbus
UpNext, Pony.ai, Zensact, and SAIC wins in the past few months.
Luminar expects to increase its “major commercial win” guidance at
its next quarterly business update call.
- Forward-Looking Order Book: Luminar has been targeting
growth of 40% from its year-end 2020 forward-looking order book of
$1.3 billion, driven by major commercial wins. Luminar expects to
increase this growth guidance at its next quarterly business update
call.
- Maintain Strong Liquidity and Cash Position: Luminar
remains on track for its target of achieving a cash position at
year end 2021 equal to or higher than its position at year end
2020. This is enabled in part by Luminar successfully raising $154
million from warrants in the first quarter. Luminar’s cash position
currently stands at $610 million.
First Quarter 2021 Financials: Strong
Revenue Growth and Efficient Cash Management
Revenue for the first quarter was $5.3 million, a
year-over-year increase of 37% compared to the first quarter of
2020 and a sequential 118% increase compared to the fourth quarter
of 2020.
GAAP net loss for the first quarter of 2021 was $(75.9)
million, or $(0.23) per share, basic and diluted, compared to GAAP
net loss of $(15.6) million, or $(0.12) per share, basic and
diluted, for the first quarter of 2020.
Non-GAAP net loss for the first quarter of 2021 was
$(27.0) million, or $(0.08) per share, basic and diluted, compared
to non-GAAP net loss of $(14.1) million, or $(0.11) per share,
basic and diluted, for the first quarter of 2020.
Cash and investments were $610.3 million as of March 31,
2021, compared to $485.7 million as of December 31, 2020, and
included $154 million raised from exercises of warrants and a cash
spend (operating cash flow less capital expenditures) of $28.9
million during the quarter.
Financial Guidance: Luminar remains on track to achieve
its full-year 2021 guidance for revenue of $25 to $30 million and
net cash spend of approximately $140 million.
Webcast Details
Founder and CEO Austin Russell and CFO Tom Fennimore will host a
video webcast, featuring a live Q&A session following the
business update.
What: Video Webcast featuring Quarterly Business Update,
Financials and live Q&A Date: Thursday, May 13, 2021
Time: 2:30 p.m. PT (5:30 p.m. ET) A live webcast of the
event will be available on Luminar’s Investor site at
http://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 plus expenses related to registration statement on
Form S-1 on behalf of selling stockholders plus change in fair
value of warrant liabilities. Free Cash Flow is defined as EBITDA
less capital expenditures (including patent acquisitions) less
changes in net working capital less net interest expense less taxes
(including the benefit of existing and future net operating
losses).
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 in our forward
looking orderbook calculation, and 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 "believe," "may," "will," "estimate,"
"set", "continue," "towards", "anticipate," "intend," "expect,"
"should," "would," "plan," "predict," "potential," "seem," "seek,"
"future," ”forward,” “ahead,” "outlook," 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 progress
towards full stack series production, statements regarding C sample
production by end of 2021, then next phase of software development
and partnership with Zenseact, the integration of Luminar’s lidar
technology into the Airbus UpNext platform, the integration of
Luminar’s Iros into Pony.ai’s next generation autonomous platform
and Pony.ai’s planned deployment of 200 robotaxi vehicles,
Luminar’s five milestones to gauge its success in 2021, statements
relating to the partnership between Luminar and SAIC or other
companies, the capabilities of Sentinel by end of 2021, the success
of Luminar’s contract manufacturers to achieve series production,
the ability of major commercial programs to achieve series
production and the scope, timing, and surety of such programs,
Luminar’s future revenues, forward-looking order book and Luminar’s
expectations for its full-year 2021 financial results. 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 but not
limited to Luminar’s financial condition, Luminar’s limited
operating history; Luminar’s inability to reduce and control the
cost of the inputs on which Luminar relies; Luminar’s ability to
transition to an outsourced manufacturing business model; the
success of Luminar’s customers in developing and commercializing
products using Luminar’s solutions; Luminar’s ability to expand
operations in China; Luminar’s ability to protect its intellectual
property rights; whether Luminar’s lidar products are selected for
inclusion in autonomous driving or ADAS systems by automotive OEMs
or their suppliers; changes in personnel and availability of
qualified personnel; the amount and timing of future sales; the
extent to which customers who have selected Luminar for a program
win commercially launch vehicles which include Luminar hardware and
software products, including their success in integration and
volume and timing of such launch, and whether such launches are
successful unrelated to Luminar’s technology; the extent to which
delays in commercial launch or testing and development are delayed
because of regulation; customer cancellation of contracts; whether
the complexity of Luminar’s products results in undetected defects
and reliability issues which could reduce market adoption of its
new products, damage its reputation and expose Luminar to product
liability and other claims; strict government regulation that is
subject to amendment, repeal or new interpretation and Luminar’s
ability to comply with modified or new laws and regulations
applying to its business; general economic uncertainty and the
effect of general economic conditions on Luminar’s industry in
particular, including the level of demand and financial performance
of the autonomous vehicle industry and market adoption of lidar;
the effects of the ongoing coronavirus (COVID-19) pandemic or other
infectious diseases, health epidemics, pandemics and natural
disasters on Luminar’s business including how it affects
transportation demand and business needs of our customers; and the
other risks discussed under the heading "Risk Factors" in the
Annual Report on Form 10-K filed by Luminar on April 14, 2021, the
registration statement on Form S-1 (No. 333-251657) filed with the
SEC and amendments thereto (including the post-effective amendment
filed with the SEC on April 26, 2021), and other documents Luminar
files with the SEC in the future. If any of these risks materialize
or our assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. 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 Technologies
Luminar is an autonomous vehicle sensor and software company
with the vision to make autonomy safe and ubiquitous by delivering
the only lidar and associated software that meets the industry’s
stringent performance, safety, and economic requirements. Luminar
has rapidly gained over 50 industry partners, including 8 of the
top 10 global automotive OEMs. In 2020, Luminar signed the
industry’s first production deal for autonomous consumer vehicles
with Volvo Cars, while also recently striking deals with Daimler
Truck AG and Intel’s Mobileye. Luminar has also received minority
investments from the world’s largest commercial vehicle
manufacturer, Daimler Truck AG, and Volvo Cars, a global leader in
automotive safety, to accelerate the introduction of autonomous
trucks and cars at highway speed. Founded in 2012, Luminar is a
400-person team 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)
March 31, 2021
December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents
$
206,730
$
208,944
Restricted cash
725
775
Marketable securities
403,591
276,710
Accounts receivable
2,143
5,971
Inventories, net
3,283
3,613
Prepaid expenses and other current
assets
10,371
4,797
Total current assets
626,843
500,810
Property and equipment, net
8,366
7,689
Operating lease right-of-use assets
12,835
—
Goodwill
701
701
Other non-current assets
2,469
1,151
Total assets
$
651,214
$
510,351
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
7,845
$
6,039
Accrued and other current liabilities
8,919
10,452
Operating lease liabilities
4,312
—
Debt, current
104
99
Total current liabilities
21,180
16,590
Warrant liabilities
51,753
343,400
Debt, non-current
223
302
Operating lease liabilities,
non-current
9,662
—
Other non-current liabilities
1,236
1,318
Total liabilities
84,054
361,610
Stockholders’ equity:
Class A common stock
23
22
Class B common stock
11
11
Additional paid-in capital
1,227,559
733,175
Accumulated other comprehensive income
(loss)
(9)
34
Accumulated deficit
(660,424)
(584,501)
Total stockholders’ equity
567,160
148,741
Total liabilities and stockholders’
equity
$
651,214
$
510,351
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES Condensed Consolidated Statements of Operations (In
thousands, except share and per share data) (Unaudited)
Three Months Ended March
31,
2021
2020
Revenue
$
5,313
$
3,872
Cost of revenue
7,639
3,843
Gross profit (loss)
(2,326)
29
Operating expenses:
Research and development
14,010
8,408
Sales and marketing
2,635
1,843
General and administrative
10,273
4,613
Total operating expenses
26,918
14,864
Loss from operations
(29,244)
(14,835)
Other income (expense), net:
Change in fair value of warrant
liabilities
(46,649)
(309)
Interest expense and other
(200)
(532)
Interest income and other
170
95
Total other income (expense), net
(46,679)
(746)
Net loss
$
(75,923)
$
(15,581)
Net loss attributable to common
stockholders
$
(75,923)
$
(15,581)
Net loss per share attributable to common
stockholders:
Basic and diluted
$
(0.23)
$
(0.12)
Shares used in computing net loss per
share attributable to common stockholders:
Basic and diluted
332,987,523
128,668,864
LUMINAR TECHNOLOGIES, INC. AND
SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In
thousands) (Unaudited)
Three Months Ended March
31,
2021
2020
Cash flows from operating
activities:
Net loss
$
(75,923)
$
(15,581)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
657
628
Noncash lease expense related to operating
right-of-use assets
890
—
Amortization of premium on marketable
securities
262
(14)
Unrealized loss on marketable
securities
278
—
Change in fair value of warrants
46,649
309
Impairment of inventories
257
225
Share-based compensation
1,837
1,128
Other
575
117
Changes in operating assets and
liabilities:
Accounts receivable
3,828
(1,560)
Inventories
(442)
(2,508)
Prepaid expenses and other current
assets
(5,797)
(760)
Other non-current assets
(1,318)
74
Accounts payable
1,766
(28)
Accrued and other current liabilities
(813)
444
Other non-current liabilities
(720)
(7)
Net cash used in operating activities
(28,014)
(17,533)
Cash flows from investing
activities:
Purchases of marketable securities
(226,245)
—
Proceeds from maturities of marketable
securities
69,275
—
Proceeds from sales of marketable
securities
29,505
2,319
Purchases of property and equipment
(889)
(898)
Net cash provided by (used in) investing
activities
(128,354)
1,421
Cash flows from financing
activities:
Repayment of debt
(75)
(2,678)
Principal payments on finance leases
(capital lease prior to adoption of ASC 842)
(67)
(49)
Proceeds from exercise of warrants
153,927
—
Proceeds from exercise of stock
options
321
—
Repurchase of common stock
(2)
(1)
Net cash provided by (used in) financing
activities
154,104
(2,728)
Net increase in cash and cash equivalents,
and restricted cash and cash equivalents
(2,264)
(18,840)
Beginning cash and cash equivalents, and
restricted cash and cash equivalents
209,719
27,305
Ending cash and cash equivalents, and
restricted cash and cash equivalents
$
207,455
$
8,465
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 March
31,
2021
2020
GAAP net loss
$
(75,923)
$
(15,581)
Non-GAAP adjustments:
Stock-based compensation
1,837
1,129
Expenses related to registration statement
on Form S-1 on behalf of selling stockholders
461
—
Change in fair value of warrant
liabilities
46,649
309
Non-GAAP net loss
$
(26,976)
$
(14,143)
GAAP net loss per share attributable to
common stockholders:
Basic and diluted
$
(0.23)
$
(0.12)
Non-GAAP net loss per share attributable
to common stockholders:
Basic and diluted
$
(0.08)
$
(0.11)
Shares used in computing GAAP net loss per
share attributable to common stockholders:
Basic and diluted
332,987,523
128,668,864
Shares used in computing Non-GAAP net loss
per share attributable to common stockholders:
Basic and diluted
332,987,523
128,668,864
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210513005998/en/
Media Nicole Phelan press@luminartech.com
Investors Trey Campbell Trey.campbell@luminartech.com
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