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.
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.
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|
|
|
|
|
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/