Luminar Technologies Inc SEC Filings

Luminar Technologies, Inc. and certain subsidiaries have filed voluntary Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas and will operate as debtors-in-possession, while Luminar Semiconductors, Inc. (LSI) and its subsidiaries remain outside the proceedings. With support from approximately 91.3% of first-lien noteholders and 85.9% of second-lien noteholders, Luminar is using about $25 million of secured noteholders’ cash collateral to fund operations under agreed budgets and milestones.

Before filing, Luminar signed a Stock Purchase Agreement to sell all issued and outstanding shares of LSI to Quantum Computing Inc. for $110 million in cash, subject to Bankruptcy Court approval, higher or better bids, and other closing conditions, with the buyer expected to serve as a stalking horse. The company plans separate section 363 sale processes for the LSI equity and its LiDAR business targeting completion by the end of January 2026. As of December 12, 2025, unsecured, first-lien and second-lien notes outstanding were $135.7 million, $104.6 million and $247.7 million, respectively. Luminar expects its Nasdaq-listed common stock to be delisted and warns that trading during the Chapter 11 Cases is highly speculative and may bear little or no relationship to eventual recoveries.

Luminar Technologies, Inc. reports that certain holders of its first-lien and second-lien senior secured notes have agreed to a new set of forbearance agreements after the company did not make interest payments due on October 15 and November 15 on its notes. These noteholders have agreed to temporarily refrain from exercising their rights and remedies related to these missed interest payments, extending the existing forbearance period on the notes to December 2, 2025, with the ability to extend further to December 7, 2025 under the new agreements.

As part of these arrangements, Luminar agreed to an ongoing liquidity covenant and to engage in good faith on a holistic transaction with its noteholders. The company also appointed Robin Chu, a Managing Director of Portage Point Partners, LLC, as Chief Restructuring Officer, signaling a more formal focus on managing its capital structure and financial obligations.

Luminar Technologies, Inc. (LAZR) filed an initial statement of beneficial ownership (Form 3) for its Chief Financial Officer, Thomas Beaudoin. As of the event date of 11/13/2025, the filing states in the explanation section that no securities are beneficially owned. The form is filed by one reporting person and identifies Beaudoin as an officer serving as Chief Financial Officer.

Luminar Technologies, Inc. (LAZR) disclosed an initial insider ownership filing for a company director. The Form 3 indicates that the reporting person serves as a director of Luminar. According to the remarks, no securities of Luminar are beneficially owned by this director as of the event date of 11/12/2025. The filing also notes an Exhibit 24 Power of Attorney authorizing the signatory, and the form is filed by a single reporting person.

Luminar Technologies, Inc. reported that on November 14, 2025 it received notice from Volvo Car Corporation terminating, effective that same date, a Framework Purchase Agreement originally signed on March 23, 2020. Under this agreement, Luminar had been collaborating with Volvo and supplying hardware and software for integration into Volvo’s global consumer vehicle platform. Luminar has previously asserted a claim against Volvo for significant damages and has suspended further commitments of its Iris LiDAR products to Volvo while the dispute is ongoing. The company cautions that there is no assurance the dispute will be resolved favorably, that any litigation will be successful, or that it will recover damages from Volvo.

Luminar Technologies (LAZR) filed its Q3 2025 10‑Q reporting ongoing liquidity stress and a going concern warning. Revenue reached $18.7 million for the quarter, up from $15.5 million a year ago, while gross loss narrowed to $8.1 million. Operating expenses declined to $66.6 million, but the company recorded a net loss of $85.8 million as interest expense rose and prior‑year results benefited from a debt extinguishment gain.

Cash and cash equivalents were $54.5 million at September 30, 2025, with $19.5 million in marketable securities, against debt of $429.2 million and a stockholders’ deficit of $304.9 million. The company failed to make October 15 interest payments on certain notes, triggering events of default; major noteholders agreed to forbear through November 24, 2025 while negotiations continue. Management states substantial doubt exists about the ability to continue as a going concern as it reviews strategic alternatives, including capital raises or a potential sale. Class A shares outstanding were 72,986,496 as of November 10, 2025.

Luminar Technologies entered new forbearance agreements with major noteholders, extending the forbearance period on its first‑ and second‑lien notes to November 24, 2025. The agreements follow Events of Default tied to missed October 15 interest payments, with holders representing approximately 91.3% of 1L Notes and 85.8% of 2L Notes agreeing to the extension in exchange for ongoing reporting and confidentiality agreements.

The company continues negotiating longer‑term forbearance arrangements and furnished its Q3 2025 results via press release. Leadership changes include appointing Thomas Beaudoin as Chief Financial Officer effective November 13, 2025, succeeding Thomas J. Fennimore. Beaudoin’s employment terms include a base salary of $400,000, eligibility for a cash retention program of $400,000, and severance of 12 months’ base salary plus COBRA if terminated without cause or upon resignation for good reason. The Board also appointed Patricia Ferrari and Elizabeth Abrams as directors, adding them to special committees.

Luminar Technologies entered new forbearance agreements with major holders of its senior secured notes, extending creditor forbearance through November 12, 2025. The extension follows prior agreements that covered missed October 15 interest payments.

The participating holders collectively own about 91.3% of the Floating Rate First Lien Notes due 2028 and 85.8% of the 9.0% and 11.5% Convertible Second Lien Notes due 2030. In exchange, Luminar agreed to pay advisors’ fees to these noteholders and continue good‑faith negotiations on certain additional fees and expenses tied to future forbearance.

The company and advisors are negotiating longer‑term arrangements and stated there can be no assurances, though they expect to reach longer‑term forbearance before the current extension ends. Forward‑looking statements note ongoing liquidity reviews, strategic alternatives, and potential relief under the U.S. Bankruptcy Code.

Luminar Technologies (LAZR) entered short-term forbearance and outlined severe liquidity pressures. On October 30, the company secured forbearance through November 6, 2025 from holders of approximately 94.5% of its first-lien notes due 2028 and 89% of its second-lien convertible notes due 2030 after missing the October 15 interest payment on the 2L notes.

Preliminary Q3 2025 results indicate revenue of $18.0–$19.0 million, total debt of $429.2 million and cash and marketable securities of $74.0 million as of September 30. The company reported substantial doubt about its ability to continue as a going concern. Cash and marketable securities were about $72.0 million as of October 24, and Luminar warned it may breach a minimum liquidity covenant before the end of Q4 2025. The company committed to a workforce reduction of ~25%, expecting $2.0–$3.0 million in severance-related charges, and suspended 2025 guidance.

Luminar is evaluating strategic alternatives, including a sale, capital raise, or restructuring, and received nonbinding proposals, including an indication of interest from Russell AI Labs. Volvo informed Luminar that starting April 2026 Iris LiDAR will be optional (not standard) on EX90 and ES90, and a LiDAR decision for future models is deferred to 2029 at the earliest. The CFO will step down effective November 13, 2025, and the company received an SEC subpoena and is cooperating.