Luminar Reports Q3’25 Financials
Luminar appoints new CFO; Forbearance agreements in place while company evaluates capital structure and liquidity solutions
Q3 revenue up ~
“This quarter has required us to confront difficult realities in the automotive LiDAR market and take deliberate steps to strengthen our capital structure and liquidity position,” said Paul Ricci, CEO of Luminar. “At the same time, we are seeing growing momentum in commercial and defense applications across both Luminar and LSI, which reinforces our belief that the strategic direction we outlined last quarter better positions Luminar for the years ahead.”
Key Q3 2025 Financials:
-
Revenue: Q3 Revenue was
$18.7 million 21% compared to Q3’24, and20% compared to Q2’25. -
Gross Profit (Loss): Q3 Gross Profit (Loss) was
$(8.1) million $(7.3) million -
Net Income (Loss): Q3 GAAP Net Income (Loss) attributable to common stockholders was
$(89.5) million $(1.29) $(65.4) million $(0.94) -
Operating Expenses: Q3 OpEx was
$66.6 million $43.0 million -
Cash & Marketable Securities: Ended Q3’25 with
$74.0 million
Financial Outlook:
As previously disclosed, Luminar has suspended its guidance for the fiscal year ending December 31, 2025.
Appointment of New CFO:
On November 7, 2025, Luminar appointed Thomas Beaudoin as Chief Financial Officer, effective November 13, 2025. Beaudoin brings more than four decades of finance and operational leadership across public and private technology companies, and particularly in the automotive space. He previously served as CFO of Cerence Inc. from May 2022 to March 2024, following senior transformation and operational roles at Qualifacts Systems Inc., Credible Inc., and Nuance. Earlier in his career, Beaudoin held multiple executive finance positions, including CFO of SimpliVity Corp. (now HPE SimpliVity), Executive Vice President and CFO of Nuance, President and CFO of Polaroid Corporation, and Senior Vice President and CFO of Parametric Technology Corporation, after spending 24 years in senior finance roles at Digital Equipment Corporation and Compaq Computer Corporation (now Hewlett Packard). He holds both a B.S.B.A. and an M.B.A. from Babson College.
Strategic Review:
As previously announced, Luminar is exploring a number of potential strategic alternatives, including the sale of all or part of Luminar’s business or assets, raising additional capital or restructuring its existing capital structure. Luminar has engaged Weil, Gotshal & Manges LLP, as legal advisers, Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC, as financial advisors, to assist Luminar in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity. Luminar has received and is evaluating nonbinding, preliminary proposals and indications of interest to purchase the entire company as well as certain of its assets and business lines.
Capital Structure:
Luminar has signed forbearance and non-disclosure agreements with the vast majority of its secured noteholders through November 24, 2025, with further extensions anticipated as the company continues to negotiate with them. This provides time and stability as Luminar works toward a longer-term solution to its capital structure and liquidity needs.
Appointment of New Directors
Luminar is pleased to announce the appointment of Patricia Ferrari and Elizabeth Abrams to its Board of Directors, effective November 13, 2025. Together, Ms. Ferrari and Ms. Abrams bring extensive experience in banking, finance, restructuring, advisory, and leadership that will be invaluable as the company continues to explore strategic alternatives.
Webcast Details:
- What: Webcast featuring third quarter 2025 results and live Q&A
- Date: Today, November 13, 2025
- Time: 5:00 p.m. EST (2:00 p.m. PST)
- Location: The webcast will be available live on Luminar’s Investor site at https://www.luminartech.com/quarterlyreview. A recording will be available following the conclusion of the webcast.
Non-GAAP Financial Measures
This release includes non-GAAP gross loss, non-GAAP net loss, non-GAAP operating expenses, non-GAAP cost of sales and free cash flow, which are non-GAAP financial measures, for the periods presented. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (“GAAP”) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Management believes that these non-GAAP financial measures, when considered together with our financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare our results from period to period and to our forward-looking guidance, and to identify operating trends in our business. However, non-GAAP information is not superior to financial measures calculated in accordance with GAAP, is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. A reconciliation of the most comparable GAAP financial measure to each non-GAAP financial measure appearing in this release is included at the end of this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of 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, express or implied, that predict or indicate future events or trends or that are not statements of historical matters. These statements reflect the current views of management with respect to future events and our financial performance. These forward-looking statements include statements regarding the Company’s ability to enter into longer-term forbearance agreements with the certain holders of its convertible notes and the continuing defaults under the indentures governing such convertible notes, the Company’s plans and expectations regarding its liquidity situation and the outcome of the Company’s review of strategic alternatives and other measures, including capital raises, a potential sale of all or part of the Company’s business or assets, and/or potentially seeking relief under the
About Luminar:
Luminar is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. For more information, please visit www.luminartech.com.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(In thousands) |
|||||||
|
September 30, 2025 |
|
December 31, 2024 |
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
54,482 |
|
|
$ |
82,840 |
|
Restricted cash |
|
2,610 |
|
|
|
1,882 |
|
Marketable securities |
|
19,508 |
|
|
|
99,827 |
|
Accounts receivable |
|
14,317 |
|
|
|
14,272 |
|
Inventory |
|
16,103 |
|
|
|
14,908 |
|
Prepaid expenses and other current assets |
|
15,153 |
|
|
|
31,498 |
|
Total current assets |
|
122,173 |
|
|
|
245,227 |
|
Property and equipment, net |
|
37,798 |
|
|
|
52,281 |
|
Operating lease right-of-use assets |
|
17,108 |
|
|
|
31,479 |
|
Intangible assets, net |
|
10,986 |
|
|
|
15,556 |
|
Goodwill |
|
1,750 |
|
|
|
3,994 |
|
Other non-current assets |
|
13,701 |
|
|
|
16,676 |
|
Total assets |
$ |
203,516 |
|
|
$ |
365,213 |
|
|
|
|
|
||||
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
21,391 |
|
|
$ |
18,972 |
|
Accrued and other current liabilities |
|
33,915 |
|
|
|
31,567 |
|
Operating lease liabilities |
|
7,362 |
|
|
|
10,049 |
|
Total current liabilities |
|
62,668 |
|
|
|
60,588 |
|
Debt |
|
429,178 |
|
|
|
500,516 |
|
Operating lease liabilities, non-current |
|
13,047 |
|
|
|
24,083 |
|
Other non-current liabilities |
|
184 |
|
|
|
815 |
|
Total liabilities |
|
505,077 |
|
|
|
586,002 |
|
Series A preferred stock |
|
3,368 |
|
|
|
— |
|
Stockholders’ deficit: |
|
|
|
||||
Class A common stock |
|
7 |
|
|
|
3 |
|
Class B common stock |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
2,310,266 |
|
|
|
2,204,814 |
|
Accumulated other comprehensive loss |
|
(456 |
) |
|
|
(295 |
) |
Treasury stock |
|
(312,477 |
) |
|
|
(312,477 |
) |
Accumulated deficit |
|
(2,302,270 |
) |
|
|
(2,112,835 |
) |
Total stockholders’ deficit |
|
(304,929 |
) |
|
|
(220,789 |
) |
Total liabilities, preferred stock and stockholders’ deficit |
$ |
203,516 |
|
|
$ |
365,213 |
|
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, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Products |
$ |
13,689 |
|
|
$ |
12,681 |
|
|
$ |
38,628 |
|
|
$ |
43,721 |
|
Services |
|
5,060 |
|
|
|
2,812 |
|
|
|
14,641 |
|
|
|
9,190 |
|
Total revenue |
|
18,749 |
|
|
|
15,493 |
|
|
|
53,269 |
|
|
|
52,911 |
|
Cost of sales: |
|
|
|
|
|
|
|
||||||||
Products |
|
21,383 |
|
|
|
24,128 |
|
|
|
68,337 |
|
|
|
68,604 |
|
Services |
|
5,447 |
|
|
|
5,397 |
|
|
|
13,540 |
|
|
|
22,475 |
|
Total cost of sales |
|
26,830 |
|
|
|
29,525 |
|
|
|
81,877 |
|
|
|
91,079 |
|
Gross loss |
|
(8,081 |
) |
|
|
(14,032 |
) |
|
|
(28,608 |
) |
|
|
(38,168 |
) |
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
35,268 |
|
|
|
50,591 |
|
|
|
112,884 |
|
|
|
184,191 |
|
Sales and marketing |
|
4,264 |
|
|
|
11,097 |
|
|
|
14,465 |
|
|
|
37,752 |
|
General and administrative |
|
14,109 |
|
|
|
30,206 |
|
|
|
16,272 |
|
|
|
93,045 |
|
Impairment of goodwill and intangible assets |
|
3,719 |
|
|
|
6,647 |
|
|
|
3,719 |
|
|
|
6,647 |
|
Impairment of long-lived assets |
|
7,513 |
|
|
|
— |
|
|
|
7,513 |
|
|
|
— |
|
Restructuring costs |
|
1,708 |
|
|
|
3,284 |
|
|
|
2,952 |
|
|
|
9,546 |
|
Total operating expenses |
|
66,581 |
|
|
|
101,825 |
|
|
|
157,805 |
|
|
|
331,181 |
|
Loss from operations |
|
(74,662 |
) |
|
|
(115,857 |
) |
|
|
(186,413 |
) |
|
|
(369,349 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Change in fair value of private warrants |
|
— |
|
|
|
65 |
|
|
|
— |
|
|
|
1,050 |
|
Interest expense |
|
(12,342 |
) |
|
|
(8,908 |
) |
|
|
(36,918 |
) |
|
|
(14,422 |
) |
Interest income |
|
961 |
|
|
|
2,407 |
|
|
|
3,997 |
|
|
|
8,356 |
|
Gain on extinguishment of debt |
|
— |
|
|
|
147,346 |
|
|
|
22,056 |
|
|
|
147,346 |
|
Gain (loss) from acquisition of EM4, LLC (“EM4”) |
|
— |
|
|
|
— |
|
|
|
(48 |
) |
|
|
1,752 |
|
Gain from Sale of Investments |
|
— |
|
|
|
— |
|
|
|
2,908 |
|
|
|
— |
|
Change in fair value of derivative liability |
|
2,521 |
|
|
|
2,476 |
|
|
|
7,841 |
|
|
|
2,476 |
|
Provision for credit loss |
|
(2,186 |
) |
|
|
— |
|
|
|
(2,186 |
) |
|
|
— |
|
Gain (Losses) and impairments related to investments and certain other assets, and other income (expense) |
|
(162 |
) |
|
|
32 |
|
|
|
(400 |
) |
|
|
(5,947 |
) |
Total other income (expense), net |
|
(11,208 |
) |
|
|
143,418 |
|
|
|
(2,750 |
) |
|
|
140,611 |
|
Income (Loss) before provision for (benefit from) income taxes |
|
(85,870 |
) |
|
|
27,561 |
|
|
|
(189,163 |
) |
|
|
(228,738 |
) |
Provision for (benefit from) income taxes |
|
(25 |
) |
|
|
158 |
|
|
|
272 |
|
|
|
180 |
|
Net Income (loss) |
|
(85,845 |
) |
|
|
27,403 |
|
|
|
(189,435 |
) |
|
|
(228,918 |
) |
Less: Deemed dividend on Series A preferred stock |
|
3,682 |
|
|
|
— |
|
|
|
11,284 |
|
|
|
— |
|
Net income (loss) attributable to common stockholders |
$ |
(89,527 |
) |
|
$ |
27,403 |
|
|
$ |
(200,719 |
) |
|
$ |
(228,918 |
) |
Net Income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(1.29 |
) |
|
$ |
0.86 |
|
|
$ |
(3.75 |
) |
|
$ |
(7.58 |
) |
Diluted |
$ |
(1.29 |
) |
|
$ |
(3.62 |
) |
|
$ |
(3.75 |
) |
|
$ |
(7.58 |
) |
Weighted average shares used in computing net income (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
|
69,281,237 |
|
|
|
32,001,765 |
|
|
|
53,586,034 |
|
|
|
30,190,418 |
|
Diluted |
|
69,281,237 |
|
|
|
32,934,998 |
|
|
|
53,586,034 |
|
|
|
30,190,418 |
|
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(In thousands) |
|||||||
(Unaudited) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
|
2025 |
|
|
|
2024 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(189,435 |
) |
|
$ |
(228,918 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
12,956 |
|
|
|
20,169 |
|
Amortization of operating lease right-of-use assets |
|
4,928 |
|
|
|
6,464 |
|
Amortization of discount on marketable securities |
|
(1,086 |
) |
|
|
(1,819 |
) |
Loss on marketable securities |
|
150 |
|
|
|
2,201 |
|
Impairment of goodwill and other intangible assets |
|
3,719 |
|
|
|
6,647 |
|
Impairment of long-lived assets |
|
7,513 |
|
|
|
— |
|
Change in fair value of private warrants |
|
— |
|
|
|
(1,050 |
) |
Vendor stock in lieu of cash program |
|
12,785 |
|
|
|
12,358 |
|
Amortization of debt discount and issuance costs |
|
5,868 |
|
|
|
3,065 |
|
Inventory write-offs and write-downs |
|
4,587 |
|
|
|
20,737 |
|
Change in the fair value of derivatives |
|
(7,841 |
) |
|
|
(2,476 |
) |
Gain or write-off on sale or disposal of property and equipment |
|
238 |
|
|
|
— |
|
Share-based compensation, including restructuring costs |
|
9,192 |
|
|
|
115,792 |
|
Gain on extinguishment of debt |
|
(22,056 |
) |
|
|
(147,346 |
) |
Impairment of investments |
|
— |
|
|
|
4,000 |
|
Gain (loss) from acquisition of EM4 |
|
48 |
|
|
|
(1,752 |
) |
Provision for credit loss |
|
2,186 |
|
|
|
— |
|
Gain from sale of investment |
|
(2,908 |
) |
|
|
— |
|
Change in product warranty and other |
|
6,284 |
|
|
|
(2,367 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(45 |
) |
|
|
(59 |
) |
Inventories |
|
(6,080 |
) |
|
|
(22,638 |
) |
Prepaid expenses and other current assets |
|
15,449 |
|
|
|
(1,987 |
) |
Other non-current assets |
|
17,979 |
|
|
|
(5,108 |
) |
Accounts payable |
|
1,288 |
|
|
|
7,327 |
|
Accrued and other current liabilities |
|
(4,721 |
) |
|
|
9,590 |
|
Other non-current liabilities |
|
(16,930 |
) |
|
|
(7,522 |
) |
Net cash used in operating activities |
|
(145,932 |
) |
|
|
(214,692 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchases of marketable securities |
|
(54,080 |
) |
|
|
(92,400 |
) |
Proceeds from maturities of marketable securities |
|
118,980 |
|
|
|
154,837 |
|
Proceeds from sales/redemptions of marketable securities |
|
16,194 |
|
|
|
3,737 |
|
Issuance of promissory notes |
|
(2,100 |
) |
|
|
— |
|
Proceeds from sales of equity investment |
|
2,908 |
|
|
|
— |
|
Purchases of property and equipment |
|
(766 |
) |
|
|
(4,244 |
) |
Acquisition of EM4 (net of cash acquired) |
|
242 |
|
|
|
(3,831 |
) |
Proceeds from disposal of property and equipment |
|
305 |
|
|
|
— |
|
Net cash provided by investing activities |
|
81,683 |
|
|
|
58,099 |
|
Cash flows from financing activities: |
|
|
|
||||
Net proceeds from issuance of Class A common stock under the Equity Financing Program |
|
36,153 |
|
|
|
41,806 |
|
Proceeds from sale of Class A common stock under ESPP |
|
338 |
|
|
|
800 |
|
Proceeds from exercise of stock options |
|
— |
|
|
|
547 |
|
Payments of employee taxes related to stock-based awards |
|
(990 |
) |
|
|
(240 |
) |
Proceeds from issuance of Senior notes, net of Senior Notes and 2030 Convertible Notes issuance |
|
— |
|
|
|
89,202 |
|
Repurchase of 2026 Convertible Notes |
|
(30,297 |
) |
|
|
— |
|
Proceeds from issuance of Series A preferred stock, net of issuance costs, discount and commitment fees |
|
31,415 |
|
|
|
— |
|
Net cash provided by financing activities |
|
36,619 |
|
|
|
132,115 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(27,630 |
) |
|
|
(24,478 |
) |
Beginning cash, cash equivalents and restricted cash |
|
84,722 |
|
|
|
140,624 |
|
Ending cash, cash equivalents and restricted cash |
$ |
57,092 |
|
|
$ |
116,146 |
|
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, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
GAAP cost of sales |
$ |
26,830 |
|
|
$ |
29,525 |
|
|
$ |
81,877 |
|
|
$ |
91,079 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation |
|
(607 |
) |
|
|
(1,204 |
) |
|
|
(3,259 |
) |
|
|
(4,897 |
) |
Amortization of intangible assets |
|
(196 |
) |
|
|
(197 |
) |
|
|
(591 |
) |
|
|
(529 |
) |
Accelerated depreciation related to certain property, plant and equipment items |
|
— |
|
|
|
(933 |
) |
|
|
(286 |
) |
|
|
(4,363 |
) |
Non-GAAP cost of sales |
$ |
26,027 |
|
|
$ |
27,191 |
|
|
$ |
77,741 |
|
|
$ |
81,290 |
|
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, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
GAAP gross loss |
$ |
(8,081 |
) |
|
$ |
(14,032 |
) |
|
$ |
(28,608 |
) |
|
$ |
(38,168 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation |
|
607 |
|
|
|
1,204 |
|
|
|
3,259 |
|
|
|
4,897 |
|
Amortization of intangible assets |
|
196 |
|
|
|
197 |
|
|
|
591 |
|
|
|
529 |
|
Accelerated depreciation related to certain property, plant and equipment items |
|
— |
|
|
|
933 |
|
|
|
286 |
|
|
|
4,363 |
|
Non-GAAP gross loss |
$ |
(7,278 |
) |
|
$ |
(11,698 |
) |
|
$ |
(24,472 |
) |
|
$ |
(28,379 |
) |
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, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
GAAP operating expenses |
$ |
66,581 |
|
|
$ |
101,825 |
|
|
$ |
157,805 |
|
|
$ |
331,181 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation |
|
(9,836 |
) |
|
|
(30,564 |
) |
|
|
(5,966 |
) |
|
|
(108,415 |
) |
Impairment of goodwill and intangible assets |
|
(3,719 |
) |
|
|
(6,647 |
) |
|
|
(3,719 |
) |
|
|
(6,647 |
) |
Impairment of long-lived assets |
|
(7,513 |
) |
|
|
— |
|
|
|
(7,513 |
) |
|
|
— |
|
Restructuring costs |
|
(1,708 |
) |
|
|
(3,284 |
) |
|
|
(2,952 |
) |
|
|
(9,546 |
) |
Amortization of intangible assets |
|
(834 |
) |
|
|
(834 |
) |
|
|
(2,503 |
) |
|
|
(2,502 |
) |
Transaction costs relating to acquisition activities |
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
(237 |
) |
Non-GAAP operating expenses |
$ |
42,971 |
|
|
$ |
60,491 |
|
|
$ |
135,152 |
|
|
$ |
203,834 |
|
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, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
GAAP net loss attributable to common stockholders |
$ |
(89,527 |
) |
|
$ |
27,403 |
|
|
$ |
(200,719 |
) |
|
$ |
(228,918 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation, excluding restructuring |
|
10,443 |
|
|
|
31,768 |
|
|
|
9,225 |
|
|
|
113,312 |
|
Amortization of intangible assets |
|
1,030 |
|
|
|
1,031 |
|
|
|
3,094 |
|
|
|
3,031 |
|
Accelerated depreciation related to certain property, plant and equipment |
|
— |
|
|
|
933 |
|
|
|
286 |
|
|
|
4,363 |
|
Impairment of goodwill and intangible assets |
|
3,719 |
|
|
|
6,647 |
|
|
|
3,719 |
|
|
|
6,647 |
|
Impairment of long-lived assets |
|
7,513 |
|
|
|
— |
|
|
|
7,513 |
|
|
|
— |
|
Gain on extinguishment of debt |
|
— |
|
|
|
(147,346 |
) |
|
|
(22,056 |
) |
|
|
(147,346 |
) |
Impairment of investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,000 |
|
Restructuring costs, including stock-based compensation |
|
1,708 |
|
|
|
3,284 |
|
|
|
2,952 |
|
|
|
9,546 |
|
Gain from acquisition of EM4 |
|
— |
|
|
|
— |
|
|
|
48 |
|
|
|
(1,752 |
) |
Gain from sale of investments |
|
— |
|
|
|
— |
|
|
|
(2,908 |
) |
|
|
||
Provision for credit losses |
|
2,186 |
|
|
|
— |
|
|
|
2,186 |
|
|
|
— |
|
Transaction costs relating to acquisition activities |
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
237 |
|
Change in the fair value of derivative liabilities |
|
(2,521 |
) |
|
|
(2,476 |
) |
|
|
(7,841 |
) |
|
|
(2,476 |
) |
Change in fair value of private warrants |
|
— |
|
|
|
(65 |
) |
|
|
— |
|
|
|
(1,050 |
) |
Non-GAAP net loss attributable to common stockholders |
$ |
(65,449 |
) |
|
$ |
(78,816 |
) |
|
$ |
(204,501 |
) |
|
$ |
(240,406 |
) |
GAAP net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(1.29 |
) |
|
$ |
0.86 |
|
|
$ |
(3.75 |
) |
|
$ |
(7.58 |
) |
Diluted |
$ |
(1.29 |
) |
|
$ |
(3.62 |
) |
|
$ |
(3.75 |
) |
|
$ |
(7.58 |
) |
Non-GAAP net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.94 |
) |
|
$ |
(2.46 |
) |
|
$ |
(3.82 |
) |
|
$ |
(7.96 |
) |
Diluted |
$ |
(0.94 |
) |
|
$ |
(2.39 |
) |
|
$ |
(3.82 |
) |
|
$ |
(7.96 |
) |
Shares used in computing GAAP net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
|
69,281,237 |
|
|
|
32,001,765 |
|
|
|
53,586,034 |
|
|
|
30,190,418 |
|
Diluted |
|
69,281,237 |
|
|
|
32,934,998 |
|
|
|
53,586,034 |
|
|
|
30,190,418 |
|
Shares used in computing Non-GAAP net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
|
69,281,237 |
|
|
|
32,001,765 |
|
|
|
53,586,034 |
|
|
|
30,190,418 |
|
Diluted |
|
69,281,237 |
|
|
|
32,934,998 |
|
|
|
53,586,034 |
|
|
|
30,190,418 |
|
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES |
||||||||||||||||
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
GAAP operating cash flow |
|
$ |
(47,978 |
) |
|
$ |
(55,754 |
) |
|
$ |
(145,932 |
) |
|
$ |
(214,692 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||||||
Capital expenditure: |
|
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment |
|
|
(540 |
) |
|
|
(2,658 |
) |
|
|
(766 |
) |
|
|
(4,244 |
) |
Non-GAAP free cash flow |
|
$ |
(48,518 |
) |
|
$ |
(58,412 |
) |
|
$ |
(146,698 |
) |
|
$ |
(218,936 |
) |
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES |
|||||||||||
Summary of Stock-Based Compensation and Intangibles Amortization |
|||||||||||
(In thousands) |
|||||||||||
(Unaudited) |
|||||||||||
|
Three Months Ended September 30, |
||||||||||
|
2025 |
|
2024 |
||||||||
|
Stock-Based
|
|
Intangibles
|
|
Stock-Based
|
|
Intangibles
|
||||
Cost of Sales |
$ |
607 |
|
$ |
196 |
|
$ |
1,204 |
|
$ |
197 |
Research and development |
|
4,300 |
|
|
599 |
|
|
10,862 |
|
|
599 |
Sales and marketing |
|
967 |
|
|
235 |
|
|
4,171 |
|
|
235 |
General and administrative |
|
4,569 |
|
|
— |
|
|
15,531 |
|
|
— |
Restructuring costs |
|
26 |
|
|
— |
|
|
1,068 |
|
|
— |
Total |
$ |
10,469 |
|
$ |
1,030 |
|
$ |
32,836 |
|
$ |
1,031 |
|
Nine Months Ended September 30, |
|||||||||||
|
2025 |
|
2024 |
|||||||||
|
Stock-Based
|
|
Intangibles
|
|
Stock-Based
|
|
Intangibles
|
|||||
Cost of Sales |
$ |
3,259 |
|
|
$ |
591 |
|
$ |
4,897 |
|
$ |
529 |
Research and development |
|
15,429 |
|
|
|
1,798 |
|
|
41,724 |
|
|
1,797 |
Sales and marketing |
|
4,242 |
|
|
|
705 |
|
|
12,951 |
|
|
705 |
General and administrative |
|
(13,705 |
) |
|
|
— |
|
|
53,740 |
|
|
— |
Restructuring costs |
|
(33 |
) |
|
|
— |
|
|
2,480 |
|
|
— |
Total |
$ |
9,192 |
|
|
$ |
3,094 |
|
$ |
115,792 |
|
$ |
3,031 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251113590371/en/
Investor Relations:
Yarden Amsalem
Investors@luminartech.com
Media Relations:
Milin Mehta
Press@luminartech.com
Source: Luminar
