Luminar Technologies Files Q3 2024 10-Q

TL;DR

Luminar's Q3 2024 10-Q is in. Check financials and biz updates.

AI Summary

Luminar Technologies, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial performance and operational highlights. Key financial data and business segment information are detailed within the filing.

Why It Matters

This filing provides investors with an update on Luminar's financial health and operational progress in the third quarter of 2024, crucial for understanding the company's trajectory in the autonomous vehicle sensor market.

Risk Assessment

Risk Level: medium — As a company in the rapidly evolving automotive technology sector, Luminar faces inherent risks related to technological adoption, competition, and market demand.

Key Numbers

• 0.0500475 — Common Class A Shares (Number of Class A shares outstanding as of September 30, 2024.)
• 0.3333 — Common Class B Shares (Number of Class B shares outstanding as of September 30, 2024.)

Key Players & Entities

• Luminar Technologies, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-18 (date) — Filing date
• Orlando, FL (location) — Company headquarters

FAQ

Key Financial Figures

• $0.0001 — red Class A common stock, par value of $0.0001 per share LAZR The Nasdaq Stock Market

Filing Documents

• lazr-20240930.htm (10-Q) — 2178KB
• q3-2024exhibit311.htm (EX-31.1) — 11KB
• q3-2024exhibit312.htm (EX-31.2) — 11KB
• q3-2024exhibit321.htm (EX-32.1) — 8KB
• 0001628280-24-048172.txt ( ) — 12708KB
• lazr-20240930.xsd (EX-101.SCH) — 75KB
• lazr-20240930_cal.xml (EX-101.CAL) — 125KB
• lazr-20240930_def.xml (EX-101.DEF) — 536KB
• lazr-20240930_lab.xml (EX-101.LAB) — 953KB
• lazr-20240930_pre.xml (EX-101.PRE) — 740KB
• lazr-20240930_htm.xml (XML) — 2258KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. 4 Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Operations and Comprehensi ve Loss (Unaudited) 5 Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 36 Overview 36 Industrialization and Business Update 36 Basis of Presentation 37 Components of Results of Operations 37 Results of Operations 39 Liquidity and Capital Resources 41 Critical Accounting Policies and Estimates 43 Recent Accounting Pronouncements 43

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 44

Controls and Procedures

Item 4. Controls and Procedures. 44

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 45

Risk Factors

Item 1A. Risk Factors. 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 45

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 46

Other Information

Item 5. Other Information. 46

Exhibits

Item 6. Exhibits. 47

SIGNATURES

SIGNATURES 48 1 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Form 10-Q") includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which involve substantial risks and uncertainties. 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 estimated costs and expected benefits of the restructuring plan initiated in May 2024, including the additional actions taken under the restructuring plan in September 2024, product plans, future growth, sales estimates/Order Book numbers, market opportunities, strategic initiatives, industry positioning, customer acquisition and retention, revenue growth and anticipated impacts on our business of current worldwide economic uncertainty, inflation, monetary policy shifts, and other disruptions due to geopolitical conditions and global health emergencies. In some cases, you can identify these statements by forward-looking words such as "outlook," "believes," "expects," "future," "potential," "continues," "may," "will," "should," "could," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words or phrases, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our ac

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 114,209 $ 139,095 Restricted cash 1,937 1,529 Marketable securities 84,409 150,727 Accounts receivable 15,246 14,124 Inventory 17,636 12,196 Prepaid expenses and other current assets 30,449 32,950 Total current assets 263,886 350,621 Property and equipment, net 55,220 66,300 Operating lease right-of-use assets 41,036 42,706 Intangible assets, net 16,712 22,994 Goodwill 3,994 7,390 Other non-current assets 22,566 22,356 Total assets $ 403,414 $ 512,367 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 28,761 $ 21,113 Accrued and other current liabilities 47,954 52,605 Operating lease liabilities 10,978 10,154 Total current liabilities 87,693 83,872 Warrant liabilities 19 1,069 Convertible and senior notes 539,405 615,428 Operating lease liabilities, non-current 33,016 35,079 Other non-current liabilities 1,292 1,667 Total liabilities 661,425 737,115 Commitments and contingencies (Note 15) Stockholders' deficit: Class A common stock 42 34 Class B common stock 10 10 Additional paid-in capital 2,122,786 1,927,378 Accumulated other comprehensive income (loss) 241 2 Treasury stock ( 312,477 ) ( 312,477 ) Accumulated deficit ( 2,068,613 ) ( 1,839,695 ) Total stockholders' deficit ( 258,011 ) ( 224,748 ) Total liabilities and stockholders' deficit $ 403,414 $ 512,367 See accompanying notes to the unaudited condensed consolidated financial statements. 4 Table of Contents LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (In thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue: Products $ 12,681 $ 10,753 $

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View this 10-Q filing on SEC EDGAR