LAZR Luminar Technologies Inc

Restructures $422 Million of Debt with Convertible Exchange & Raises $100 Million of New Capital

Today, Luminar (NASDAQ: LAZR), a leading global automotive technology company, provided its quarterly business update and financial results for the second quarter of 2024.

Luminar announced today that it has entered into private, separately negotiated transactions to reduce its debt, extend maturities, and receive $100 million in new capital to bolster its balance sheet. This directly addresses the company’s capital structure overhang, captures a discount on existing notes, and helps provide the financial runway to execute the company’s business plan.

Key highlights of the transactions include:

• Holders of approximately $422 million in Convertible Senior Notes due 2026 have agreed to exchange for approximately $274 million of Convertible Senior Secured Notes due 2030, an approximate $148 million reduction in aggregate convertible debt principal amount.
• Additionally, these bond investors have agreed to provide Luminar with $100 million of new non-convertible Senior Secured Notes due 2028.
• The extension in maturity of Luminar’s debt from 2026 to 2030 and the $100 million of new capital provides the company with additional liquidity to help realize its growth and vision on its path to profitability.
• The transactions are expected to be completed in the coming days, subject to satisfaction of closing conditions.

“We’ve now successfully ramped production for the first global production vehicle with standardized LiDAR, and our shift from all eyes on launch towards cost and efficiency are beginning to pay off as we begin to convert our multi-billion-dollar Order Book,” said Austin Russell, Founder and CEO. “This transformational transaction signed today represents a level of conviction from our institutional stakeholders that Luminar is here to stay and thrive this decade. We were able to capitalize on the challenging capital markets conditions in our industry to bolster our balance sheet and raise substantive additional capital from investors to fulfill our business plan.”

Business Milestones & Mid-Year Update:

At the beginning of the year, Luminar outlined the following business milestone targets to be achieved by year-end 2024. As of the mid-year mark, the company is on track to meet or beat each of these targets as follows:

1. Pass final Run at Rate production audit ahead of Volvo SOP; Achieve global SOP & ramp with Volvo.

• Now achieved.
• In April 2024, Luminar announced its SOP for Volvo Cars. In June, Volvo announced the EX90 SOP. Through Q2’24, Luminar successfully ramped its production and met all of its key customer deliverables.

2. Launch TPK facility for additional capacity and improved cost.

• On track.
• In April 2024, Luminar launched an expanded partnership with TPK, known as LTEC, to substantially reduce cost of industrialization. Subsequently, the company announced that it reduced its workforce by approximately 20% as it transitions to this asset-light industrialization model.

3. Unveil next-generation LiDAR; Deliver samples to customers.

• Achieved unveiling of Luminar Halo. On track for sample deliveries to select automakers by year-end.
• Luminar is realizing the benefits of its existing ~$2 billion technology platform, with Luminar Halo development cost and time substantially lower than its previous LiDAR generation.

4. Expand ecosystem around LiDAR (e.g. Semiconductors, AI Engine, Software, Insurance).

• On track.
• In Q2’24, Luminar launched its Sentinel software[1] solution, with first shipments to automakers expected by the end of Q3’24.
• Luminar Semiconductor, Inc. continues to grow, including the acquisition of EM4 to expand from chips to modules with its customers.

Key Q2 2024 Financials:

• Revenue: Q2 Revenue was $16.5 million, up 2% compared to Q2’23, but down 22% compared to Q1’24, consistent with guidance for revenue to potentially be lower QoQ.
• Gross Loss: Q2 Gross Loss was $(13.7) million on a GAAP basis and $(11.9) million on a non-GAAP basis.
• Net Loss: Q2 GAAP Net Loss was $(130.6) million, or $(0.29) per share; Q2 Non-GAAP Net Loss was $(81.1) million, or $(0.18) per share.
• Cash & Liquidity: Ended Q2’24 with $211.3 million in Cash & Liquidity, which includes marketable securities and a $50 million line of credit executed in Q1’24 that has not been drawn upon.

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.

Webcast Details:

Founder and CEO Austin Russell and CFO Tom Fennimore will host a video webcast, featuring a business update followed by a live Q&A session.

• What: Video webcast featuring quarterly business update, Q2 financials and live Q&A
• Date: Today, August 6, 2024
• Time: 5:00 p.m. EDT (2:00 p.m. PDT)
• Where: https://luminartech.com/quarterlyreview.

A replay will be available following the conclusion of the webcast. For additional information or to be added to Luminar's investor distribution list, please visit us at https://investors.luminartech.com/ir-resources/email-alerts.

Footnote: [1] Various Luminar software capabilities are still in development and have not achieved "technology feasibility" or "production ready" status.

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 and certain other metrics. Non-GAAP financial measures and these other metrics do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures and metrics presented by other companies. Luminar considers these non-GAAP financial measures and metrics 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 and metrics 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 and metrics are presented only as supplemental information for purposes of understanding the company’s operating results. The non-GAAP financial measures and metrics should not be considered a substitute for financial information presented in accordance with GAAP.

This release includes non-GAAP financial measures, including non-GAAP cost of sales, gross loss/gross profit, net loss, and free cash flow. Non-GAAP cost of sales is defined as GAAP cost of sales adjusted for stock-based compensation expense, amortization of intangible assets, restructuring charges, and accelerated depreciation related to certain property, plant and equipment items. Non-GAAP gross loss/gross profit is defined as GAAP gross loss/gross profit adjusted for stock-based compensation expense, amortization of intangible assets, restructuring charges, and accelerated depreciation related to certain property, plant and equipment items. Non-GAAP net loss is defined as GAAP net loss adjusted for stock-based compensation expense, amortization of intangible assets, restructuring charges, accelerated depreciation related to certain property, plant and equipment items, legal reserve related to employee matters, transaction costs relating to acquisition activities, change in fair value of warrant liabilities, and provision for income taxes. Free cash flow is defined as operating cash flow less capital expenditures.

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 that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including that cost reduction efforts, capital structure improvements, and unit economics improvements will continue and lead to profitability, and that next-generation sensors and software will be developed successfully and samples will be delivered on time, and will result in automaker adoption. More information on these risks and other potential factors that could affect the Company’s business is included in the Company’s periodic filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most reports on Form 10-K and Form 10-Q. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

About Luminar

Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software/AI platform to enable its over 50 industry partners, including most global automotive OEMs. From consumer vehicle programs with Volvo Cars and Mercedes-Benz to technology partnerships including NVIDIA and Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for global production vehicles. For more information, please visit www.luminartech.com.

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)

 

 

June 30, 2024

 

March 31, 2024

 

December 31, 2023

 

(Unaudited)

 

(Unaudited)

 

 

ASSETS

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash equivalents

$

52,335

 

 

$

109,563

 

 

$

139,095

 

Restricted cash

 

1,758

 

 

 

1,733

 

 

 

1,529

 

Marketable securities

 

108,989

 

 

 

108,768

 

 

 

150,727

 

Accounts receivable

 

19,752

 

 

 

29,034

 

 

 

14,124

 

Inventory

 

14,026

 

 

 

16,417

 

 

 

12,196

 

Prepaid expenses and other current assets

 

33,175

 

 

 

41,122

 

 

 

32,950

 

Total current assets

 

230,035

 

 

 

306,637

 

 

 

350,621

 

Property and equipment, net

 

58,190

 

 

 

62,127

 

 

 

66,300

 

Operating lease right-of-use assets

 

44,408

 

 

 

46,631

 

 

 

42,706

 

Intangible assets, net

 

20,994

 

 

 

21,994

 

 

 

22,994

 

Goodwill

 

7,390

 

 

 

7,390

 

 

 

7,390

 

Other non-current assets

 

20,792

 

 

 

23,166

 

 

 

22,356

 

Total assets

$

381,809

 

 

$

467,945

 

 

$

512,367

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

20,506

 

 

$

27,359

 

 

$

21,113

 

Accrued and other current liabilities

 

37,402

 

 

 

52,136

 

 

 

52,605

 

Operating lease liabilities

 

11,370

 

 

 

11,309

 

 

 

10,154

 

Total current liabilities

 

69,278

 

 

 

90,804

 

 

 

83,872

 

Warrant liabilities

 

84

 

 

 

248

 

 

 

1,069

 

Convertible senior notes

 

617,046

 

 

 

616,237

 

 

 

615,428

 

Operating lease liabilities, non-current

 

36,207

 

 

 

38,386

 

 

 

35,079

 

Other non-current liabilities

 

1,343

 

 

 

2,115

 

 

 

1,667

 

Total liabilities

 

723,958

 

 

 

747,790

 

 

 

737,115

 

Stockholders’ deficit:

 

 

 

 

 

Class A common stock

 

39

 

 

 

36

 

 

 

34

 

Class B common stock

 

10

 

 

 

10

 

 

 

10

 

Additional paid-in capital

 

2,066,404

 

 

 

1,998,063

 

 

 

1,927,378

 

Accumulated other comprehensive income (loss)

 

(109

)

 

 

(68

)

 

 

2

 

Treasury stock

 

(312,477

)

 

 

(312,477

)

 

 

(312,477

)

Accumulated deficit

 

(2,096,016

)

 

 

(1,965,409

)

 

 

(1,839,695

)

Total stockholders’ deficit

 

(342,149

)

 

 

(279,845

)

 

 

(224,748

)

Total liabilities and stockholders’ deficit

$

381,809

 

 

$

467,945

 

 

$

512,367

 

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

June 30, 2024

 

March 31, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

Revenue:

 

 

 

 

 

 

 

 

 

Products

$

15,739

 

 

$

15,302

 

 

$

9,923

 

 

$

31,041

 

 

$

17,290

 

Services

 

712

 

 

 

5,666

 

 

 

6,274

 

 

 

6,378

 

 

 

13,416

 

Total revenue

 

16,451

 

 

 

20,968

 

 

 

16,197

 

 

 

37,419

 

 

 

30,706

 

Cost of sales:

 

 

 

 

 

 

 

 

 

Products

 

19,969

 

 

 

24,507

 

 

 

25,059

 

 

 

44,476

 

 

 

44,262

 

Services

 

10,162

 

 

 

6,916

 

 

 

9,473

 

 

 

17,078

 

 

 

19,403

 

Total cost of sales

 

30,131

 

 

 

31,423

 

 

 

34,532

 

 

 

61,554

 

 

 

63,665

 

Gross loss

 

(13,680

)

 

 

(10,455

)

 

 

(18,335

)

 

 

(24,135

)

 

 

(32,959

)

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

65,850

 

 

 

67,750

 

 

 

67,483

 

 

 

133,600

 

 

 

136,535

 

Sales and marketing

 

12,140

 

 

 

14,515

 

 

 

15,654

 

 

 

26,655

 

 

 

29,383

 

General and administrative

 

29,790

 

 

 

33,049

 

 

 

42,420

 

 

 

62,839

 

 

 

86,910

 

Restructuring costs

 

6,262

 

 

 

—

 

 

 

—

 

 

 

6,262

 

 

 

—

 

Total operating expenses

 

114,042

 

 

 

115,314

 

 

 

125,557

 

 

 

229,356

 

 

 

252,828

 

Loss from operations

 

(127,722

)

 

 

(125,769

)

 

 

(143,892

)

 

 

(253,491

)

 

 

(285,787

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

Change in fair value of warrant

 

163

 

 

 

821

 

 

 

26

 

 

 

985

 

 

 

(1,028

)

Interest expense

 

(2,757

)

 

 

(2,757

)

 

 

(1,273

)

 

 

(5,514

)

 

 

(2,938

)

Interest income

 

2,519

 

 

 

3,430

 

 

 

1,605

 

 

 

5,949

 

 

 

3,510

 

Gain from acquisition of EM4, Inc.

 

—

 

 

 

1,752

 

 

 

—

 

 

 

1,752

 

 

 

(Losses)/gains related to investments and certain other assets, and other income (expense)

 

(3,376

)

 

 

(2,604

)

 

 

1,787

 

 

 

(5,981

)

 

 

(2,278

)

Total other income (expense), net

 

(3,451

)

 

 

642

 

 

 

2,145

 

 

 

(2,809

)

 

 

(2,734

)

Loss before provision for income taxes

 

(131,173

)

 

 

(125,127

)

 

 

(141,747

)

 

 

(256,300

)

 

 

(288,521

)

Provision for (benefit from) income taxes

 

(566

)

 

 

587

 

 

 

9

 

 

 

21

 

 

 

9

 

Net loss

$

(130,607

)

 

$

(125,714

)

 

$

(141,756

)

 

$

(256,321

)

 

$

(288,530

)

Net loss per share:

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.29

)

 

$

(0.30

)

 

$

(0.37

)

 

$

(0.58

)

 

$

(0.77

)

Shares used in computing net loss per

 

 

 

 

 

 

 

 

 

Basic and diluted

 

453,978,904

 

 

 

424,929,163

 

 

 

382,424,675

 

 

 

439,454,034

 

 

 

376,616,066

 

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

Cash flows from operating activities:

 

Net loss

$

(256,321

)

 

$

(288,530

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

14,458

 

 

 

7,536

 

Amortization of operating lease right-of-use assets

 

4,230

 

 

 

3,303

 

Amortization of discount on marketable securities

 

(1,278

)

 

 

(1,611

)

Loss on marketable securities

 

1,976

 

 

 

1,859

 

Change in fair value of private warrants

 

(985

)

 

 

1,028

 

Vendor stock-in lieu of cash program

 

8,448

 

 

 

21,114

 

Gain from acquisition of EM4

 

(1,752

)

 

 

—

 

Amortization of debt discount and issuance costs

 

1,618

 

 

 

1,618

 

Inventory write-offs and write-downs

 

17,806

 

 

 

13,432

 

Share-based compensation

 

83,019

 

 

 

115,149

 

Impairment of investments

 

4,000

 

 

 

—

 

Product warranty and other

 

(2,758

)

 

 

3,084

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(4,563

)

 

 

(5,635

)

Inventories

 

(16,098

)

 

 

(24,958

)

Prepaid expenses and other current assets

 

(1,793

)

 

 

13,858

 

Other non-current assets

 

(2,915

)

 

 

(5,287

)

Accounts payable

 

(1,877

)

 

 

3,761

 

Accrued and other current liabilities

 

916

 

 

 

10,927

 

Other non-current liabilities

 

(5,067

)

 

 

(8,631

)

Net cash used in operating activities

 

(158,936

)

 

 

(137,983

)

Cash flows from investing activities:

 

 

 

Acquisition of EM4 (net of cash acquired)

 

(3,831

)

 

 

—

 

Acquisition of Seagate's lidar business

 

—

 

 

 

(12,608

)

Purchases of marketable securities

 

(75,051

)

 

 

(171,118

)

Proceeds from maturities of marketable securities

 

112,242

 

 

 

277,771

 

Proceeds from sales/redemptions of marketable securities

 

3,737

 

 

 

39,152

 

Purchases of property and equipment

 

(1,586

)

 

 

(16,831

)

Net cash provided by investing activities

 

35,511

 

 

 

116,366

 

Cash flows from financing activities:

 

 

 

Net proceeds from issuance of Class A common stock under the Equity Financing Program

 

35,903

 

 

 

29,604

 

Proceeds from issuance of Class A common stock to a wholly owned subsidiary of TPK

 

—

 

 

 

10,000

 

Proceeds from exercise of stock options

 

407

 

 

 

1,570

 

Proceeds from sale of Class A common stock under ESPP

 

800

 

 

 

1,406

 

Payments of employee taxes related to stock-based awards

 

(216

)

 

 

(572

)

Net cash provided by financing activities

 

36,894

 

 

 

42,008

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(86,531

)

 

 

20,391

 

Beginning cash, cash equivalents and restricted cash

 

140,624

 

 

 

71,105

 

Ending cash, cash equivalents and restricted cash

$

54,093

 

 

$

91,496

 

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales

(In thousands)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

June 30, 2024

 

March 31, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

GAAP cost of sales

$

30,131

 

 

$

31,423

 

 

$

34,532

 

 

$

61,554

 

 

$

63,665

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

(298

)

 

 

(3,395

)

 

 

(1,925

)

 

 

(3,693

)

 

 

(4,587

)

Amortization of intangible assets

 

(166

)

 

 

(166

)

 

 

(166

)

 

 

(332

)

 

 

(331

)

Accelerated depreciation related to certain property, plant and equipment items

 

(1,295

)

 

 

(2,135

)

 

 

—

 

 

 

(3,430

)

 

 

—

 

Non-GAAP cost of sales

$

28,372

 

 

$

25,727

 

 

$

32,441

 

 

$

54,099

 

 

$

58,747

 

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Gross Loss to Non-GAAP Gross Loss

(In thousands)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

June 30, 2024

 

March 31, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

GAAP gross loss

$

(13,680

)

 

$

(10,455

)

 

$

(18,335

)

 

$

(24,135

)

 

$

(32,959

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

298

 

 

 

3,395

 

 

 

1,925

 

 

 

3,693

 

 

 

4,587

 

Amortization of intangible assets

 

166

 

 

 

166

 

 

 

166

 

 

 

332

 

 

 

331

 

Accelerated depreciation related to certain property, plant and equipment items

 

1,295

 

 

 

2,135

 

 

 

—

 

 

 

3,430

 

 

 

—

 

Non-GAAP gross loss

$

(11,921

)

 

$

(4,759

)

 

$

(16,244

)

 

$

(16,680

)

 

$

(28,041

)

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses

(In thousands)

(Unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

June 30, 2024

 

March 31, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

GAAP operating expenses

$

114,042

 

 

$

115,314

 

 

$

125,557

 

 

$

229,356

 

 

$

252,828

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

(36,781

)

 

 

(41,070

)

 

 

(57,270

)

 

 

(77,851

)

 

 

(110,562

)

Impairment of investments

 

(4,000

)

 

 

—

 

 

 

—

 

 

 

(4,000

)

 

 

—

 

Restructuring costs

 

(6,262

)

 

 

—

 

 

 

—

 

 

 

(6,262

)

 

 

—

 

Amortization of intangible assets

 

(834

)

 

 

(834

)

 

 

(932

)

 

 

(1,668

)

 

 

(1,829

)

Transaction costs relating to acquisition activities

 

(1

)

 

 

(231

)

 

 

(3

)

 

 

(232

)

 

 

(36

)

Non-GAAP operating expenses

$

66,164

 

 

$

73,179

 

 

$

67,352

 

 

$

139,343

 

 

$

140,401

 

 

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

 

Six Months Ended

 

June 30, 2024

 

March 31, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

GAAP net loss

$

(130,607

)

 

$

(125,714

)

 

$

(141,756

)

 

$

(256,321

)

 

$

(288,530

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Stock-based compensation, excluding restructuring

 

37,079

 

 

$

44,465

 

 

 

59,195

 

 

 

81,544

 

 

 

115,149

 

Amortization of intangible assets

 

1,000

 

 

$

1,000

 

 

 

1,098

 

 

 

2,000

 

 

 

2,160

 

Accelerated depreciation related to certain property, plant and equipment items

 

1,295

 

 

$

2,135

 

 

 

—

 

 

 

3,430

 

 

 

—

 

Impairment of investments

 

4,000

 

 

$

—

 

 

 

—

 

 

 

4,000

 

 

 

—

 

Restructuring costs, including stock-based compensation

 

6,262

 

 

$

—

 

 

 

—

 

 

 

6,262

 

 

 

—

 

Gain from acquisition of EM4

 

—

 

 

$

(1,752

)

 

 

—

 

 

 

(1,752

)

 

 

—

 

Transaction costs relating to acquisition activities

 

1

 

 

$

231

 

 

 

3

 

 

 

232

 

 

 

36

 

Change in fair value of warrant liabilities

 

(163

)

 

$

(821

)

 

 

(26

)

 

 

(985

)

 

 

1,028

 

Non-GAAP net loss

$

(81,133

)

 

$

(80,456

)

 

$

(81,486

)

 

$

(161,590

)

 

$

(170,157

)

GAAP net loss per share:

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.29

)

 

$

(0.30

)

 

$

(0.37

)

 

$

(0.58

)

 

$

(0.77

)

Non-GAAP net loss per share:

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.18

)

 

$

(0.19

)

 

$

(0.21

)

 

$

(0.37

)

 

$

(0.45

)

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

 

 

Basic and diluted

 

453,978,904

 

 

 

424,929,163

 

 

 

382,424,675

 

 

 

439,454,034

 

 

 

376,616,066

 

Shares used in computing Non-GAAP net loss per share:

 

 

 

 

 

 

 

 

 

Basic and diluted

 

453,978,904

 

 

 

424,929,163

 

 

 

382,424,675

 

 

 

439,454,034

 

 

 

376,616,066

 

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30, 2024

 

March 31, 2024

 

June 30, 2023

 

June 30, 2024

 

June 30, 2023

GAAP operating cash flow

 

$

(77,707

)

 

$

(81,229

)

 

$

(73,309

)

 

$

(158,936

)

 

$

(137,983

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

Capital expenditure:

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(302

)

 

 

(1,284

)

 

 

(5,151

)

 

 

(1,586

)

 

 

(16,831

)

Non-GAAP free cash flow

 

$

(78,009

)

 

$

(82,513

)

 

$

(78,460

)

 

$

(160,522

)

 

$

(154,814

)

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Summary of Stock-Based Compensation and Intangibles Amortization

(In thousands)

(Unaudited)

 

 

Three Months Ended June 30,

 

2024

 

2023

 

Stock-Based Compensation

 

Intangibles Amortization

 

Stock-Based Compensation

 

Intangibles Amortization

Cost of Sales

$

298

 

$

166

 

$

1,925

 

$

166

Research and development

 

16,378

 

 

599

 

 

20,541

 

 

599

Sales and marketing

 

3,557

 

 

235

 

 

9,792

 

 

333

General and administrative

 

16,846

 

 

—

 

 

26,937

 

 

—

Restructuring costs

 

1,412

 

$

—

 

$

—

 

$

—

Total

$

38,491

 

$

1,000

 

$

59,195

 

$

1,098

 

Three Months Ended March, 31

 

2024

 

2023

 

Stock-Based Compensation

 

Intangibles Amortization

 

Stock-Based Compensation

 

Intangibles Amortization

Cost of Sales

$

3,395

 

$

166

 

$

2,662

 

$

165

Research and development

 

14,484

 

 

599

 

 

17,471

 

 

564

Sales and marketing

 

5,223

 

 

235

 

 

5,828

 

 

333

General and administrative

 

21,363

 

 

—

 

 

29,993

 

 

—

Total

$

44,465

 

$

1,000

 

$

55,954

 

$

1,062

 

Six Months Ended June 30,

 

2024

 

2023

 

Stock-Based Compensation

 

Intangibles Amortization

 

Stock-Based Compensation

 

Intangibles Amortization

Cost of Sales

$

3,693

 

$

332

 

$

4,587

 

$

331

Research and development

 

30,862

 

 

1,198

 

 

38,012

 

 

1,163

Sales and marketing

 

8,780

 

 

470

 

 

15,620

 

 

666

General and administrative

 

38,209

 

 

—

 

 

56,930

 

 

—

Restructuring costs

 

1,412

 

 

—

 

 

—

 

 

—

Total

$

82,956

 

$

2,000

 

$

115,149

 

$

2,160

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240806303009/en/

Investor Relations: Aileen Smith Investors@luminartech.com

Media Relations: Milin Mehta Press@luminartech.com