Luminar Technologies (LAZR) Misses Q2 EPS by 1c, provides outlook

Luminar Technologies (NASDAQ: LAZR) reported Q2 EPS of ($0.18), $0.01 worse than the analyst estimate of ($0.17). Revenue for the quarter came in at $16.45 million versus the consensus estimate of $20.36 million.

Financial Outlook:

Luminar is revising elements of its FY 2024 financial guidance to reflect updated expectations of vehicle production ramps in 2H’24, the renegotiation of a non-series production customer contract as the company focuses on series production and path to profitability, as well as the announced capital structure actions.

Revenue: With a slower anticipated series production ramp, Luminar is shifting its outlook for a revenue run-rate in the mid-$30 million range from 2H’24 to now in FY’25.
Cash & Liquidity: Due to the announced capital structure actions, Luminar is increasing its guidance for YE’24 Cash & Liquidity from >$150 million to >$240 million, which still includes the $50 million line of credit obtained in Q1’24 that remains undrawn.
Q3’24 Revenue: Luminar expects Q3’24 revenue to be in line with to modestly higher versus Q2’24, as a QoQ increase in series production volume is offset by a QoQ decrease in revenue from a non-series production customer for a contract expected to be renegotiated.

For earnings history and earnings-related data on Luminar Technologies (LAZR) click here.

You May Also Be Interested In

• Tesla Crash Into Texas Home Now Under Federal Safety Probe - WSJ
• KeyCorp (KEY) files for 158.72M share offering by selling stockholders
• S&P Global (SPGI) Declares $0.97 Quarterly Dividend; 1% Yield