May 11, 2023

The timing shift from the end of this year to 1H'24 for the Volvo EX90 start of production is due to vehicle software unrelated to Luminar. This timing change does not have any material impact on our FY’23 financial guidance, which we recently reiterated at Q1'23 earnings, or other future guidance discussed at Luminar Day on February 28, 2023. We continue to expect at least 100% revenue growth this year compared to FY’22.

In recent weeks, Volvo Cars has commented on the strong reception to the Volvo EX90, and specifically that demand for the flagship SUV has surpassed their most ambitious internal projections. This strong demand reinforces our expectations.

Luminar remains on schedule and our internal timeline has not changed. We expect our high-volume Mexico factory to be fully validated with the capacity to support our global series production programs by year-end, consistent with guidance.