Luminartech update#
Luminartech full#
Luminartech software#

Revenue: better-than-guidance Q1 revenue was $14.5 million, up 112% year-over-year and 30% quarter-over-quarter.

Luminar exceeded its Q1 revenue guidance and maintains a strong balance sheet for accelerating business growth and reaching positive cash flow. Last month, Volvo Cars unveiled the new Luminar-equipped 4-seater EX90 Excellence, which will come standard with Luminar on every car. Pre-orders for the Luminar-equipped Volvo EX90 have now surpassed Volvo Cars’ “boldest and most ambitious internal projections,” according to the company. Luminar announced the expansion of its partnership with both Mercedes-Benz and Polestar across their next-generation vehicle lineups.

Business Growth: Luminar is on track to meet or beat its goal of adding at least $1 billion to its forward-looking order book in 2023.

Luminartech software#

Successfully completing software milestones for Volvo Cars and Mercedes-Benz series production programs, among others.Įxpanded technical talent in Q1 with specialized engineering teams from Argo AI, Seagate, and Velodyne/Ouster to support additional series production programs and accelerate Luminar’s technology roadmap. Luminar began shipping Iris+ B-samples to its lead series production OEM.

Product and Technology: The company remains on track to meet or beat its 2023 goals for Iris+, software, and next-gen products:.

Yesterday, TPK entered into a definitive agreement to proceed with an investment in Luminar.

In April, the company announced a partnership with TPK to build and operate an additional, even higher-volume automated factory driven by rapidly growing demand for Luminar in Asia. The indoor, controlled facility was built for the highest automotive test and validation requirements of automotive OEMs for series production and engineered for Luminar’s leading lidar resolution-at-range capability. In Q1, Luminar also brought online a new long-range testing facility, which is the largest and most advanced of its kind. The new factory, built in conjunction with and operated by Luminar’s contract manufacturing partner Celestica, is expected to complete a rigorous validation process and continue to be optimized leading up to Luminar’s first high-volume global production vehicle start of production (SOP).

Industrialization: Luminar successfully achieved its goal of bringing the high-volume automated manufacturing facility in Monterrey, Mexico online, and did so ahead of guidance.

The company reported progress on its business milestones for 2023. Top Three Critical Business Milestones to Achieve by Year-End 2023:

Luminartech full#

Today, the company provided a progress report on its key business milestone targets and maintained financial guidance for the full year of 2023. Major 2023 Milestone Targets and Financial Guidance: These additions follow the company’s January acquisition from Seagate of IP, equipment and other assets related to Seagate’s lidar development efforts as well as the hiring of the former Seagate lidar development team. Additionally, Luminar opened a technical development office in India, which welcomed a team formerly at Velodyne/Ouster. The company announced today that it added core members of the former Argo AI lidar engineering team who will partner with Luminar Semiconductor to advance Luminar's high performance laser and photodetector roadmaps. In Q1, Luminar opportunistically expanded its technical talent, IP and R&D assets through targeted acquisitions and team hirings. This demonstrates the sheer demand for the most advanced and safest technologies on the road, with growing excitement about Luminar not just from automakers but also consumers directly.” “The first production run of the Luminar-equipped Volvo EX90 has now sold out faster than even Volvo’s ambitious expectations. Over the past quarter, leading automakers have continued to expand our technology across their vehicle lineups, betting the future of their ADAS and autonomous roadmaps in partnership with Luminar,” said Austin Russell, Luminar Founder and CEO. “Luminar is firing on all cylinders and successfully proving our ability to execute, industrialize and capitalize on our business. The company is on track to meet or beat all of its company-level execution milestones and financial guidance for the year.

Luminartech update#

Today Luminar (NASDAQ: LAZR), a leading global automotive technology company, provided its quarterly business update and financial results for the first quarter of 2023.

Revenue Exceeds High End of Guidance High-Volume Factory Ahead of Guidance