Luminar Achieves Start of Production with SAIC’s Rising Auto; Reports Q3 Financials

Company Beats on Revenue and Earnings

ORLANDO, Fla.--(BUSINESS WIRE)-- Luminar (NASDAQ: LAZR), a leading global automotive technology company, announced its achievement of the start of production milestone and reported its financial results for the third quarter of 2022, ended Sept. 30, 2022. SAIC is the largest Chinese automaker, and the R7 is the first flagship vehicle from its new smart electric brand RISING AUTO. Its debut, featuring Luminar, marks an inflection point in the industry as Luminar’s technology makes its way into consumer production vehicles.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221102005899/en/

Luminar’s technology helps power the vehicle’s RISING PILOT Intelligent Driving Program to enable advanced safety features and automated driving capabilities over time. The launch follows RISING AUTO’s high-speed testing across China, encompassing more than 400,000km.

“With the start of series production, autonomous technology has for the first time evolved from R&D into consumer production vehicles,” said Austin Russell, Luminar Founder and CEO. “The team and I couldn’t be more proud to bridge that chasm with China’s largest automaker and power what is set to be their most advanced and safest vehicle on the road. As we continue to successfully prove ourselves, major automakers are becoming more convinced that the path to autonomy will be paved by Luminar lidar and will begin with next generation safety.”

On October 12, Polestar unveiled the Polestar 3 vehicle featuring lidar by Luminar, which Polestar referenced as “the best long-range lidar in the world.” Luminar Iris is expected to be available to order on Polestar 3 beginning in Q2 2023. Next week, Volvo Cars is set to unveil its new fully-electric flagship SUV, the Volvo EX90, which will come standard with Luminar on every vehicle.

Today, Luminar released the capstone to its Path to Series Production video series, which can be viewed at: www.luminartech.com/path. The video underscores the recent start of series production for SAIC’s RISING AUTO and spotlights Volvo Cars’ design approach to sleekly integrating Iris into the Volvo EX90 prior to its upcoming reveal on Nov. 9.

Major 2022 Milestones - Q3 Status:

Luminar outlined its four major milestones to measure success at the beginning of the year. Last quarter, the company raised guidance for the growth of commercial programs (major commercial wins) and forward-looking order book. Luminar is on track to meet or beat each of these targets by year-end, and today has achieved its number one major 2022 milestone with the start of Iris production.

  1. Iris Industrialization for Series Production: Luminar successfully launched its Iris lidar into series production, leveraging manufacturing partners in Mexico and Thailand, driven by Luminar’s advanced manufacturing team. The company continues its focus on industrialization with construction of a new dedicated higher volume production facility in Monterrey, Mexico that is on track to be production ready by the second half of 2023.
  2. Software: The company continued to make strong progress improving and refining critical components of its software stack, including the on-road performance of Proactive Safety™ and highway autonomy features. The company remains on track for its beta version milestone by the end of 2022 and expects to demonstrate it live at CES in January 2023.
  3. Commercial Programs: Luminar remains on track to achieve its previously increased goal of 60% YoY growth for major commercial program wins.
  4. Forward-Looking Order Book: Luminar remains on track to achieve its previously increased goal of 60% YoY growth for its forward-looking order book.

Key Q3 2022 Financials:

Luminar exceeded its Q3 financial guidance and maintains a strong balance sheet for accelerating business growth and reaching positive cash flow.

  • Revenue: Q3 revenue of $12.8 million, ahead of expectations and up 60% YoY, and 29% compared to the prior quarter.
  • GAAP and Non-GAAP net loss: Q3 GAAP net loss was $117.6 million, or $(0.33) per share; Q3 Non-GAAP net loss was $63.4 million, or $(0.18) per share.
  • Cash, Cash Equivalents and Marketable Securities were $553.1 million as of Sept. 30, 2022. Q3 cash spend (operating cash flow less capital expenditures) was $52.5 million. Luminar is maintaining prior cash spend guidance of 2022 cash spend moderately higher than 2021.
  • Q4 2022 Financial Outlook: Maintaining full-year revenue outlook of $40 million to $45 million, which the company raised in August.

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 and financial update and live Q&A
  • Date: today, Nov. 2, 2022
  • Time: 2:00 p.m. PDT (5:00 p.m. EDT)

A live webcast of the event will be available on Luminar’s investor site at https://luminartech.com/quarterlyreview. A replay of the webcast will be available following the presentation. For additional information or to be added to our investor distribution list, please visit us at https://investors.luminartech.com/ir-resources/email-alerts.

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

This release includes non-GAAP financial measures, including non-GAAP net loss, Order Book, and Cash Spend. Non-GAAP net loss is defined as GAAP net loss plus stock-based compensation expense, plus amortization of intangible assets, plus legal reserve related to employee matters, plus transaction costs relating to acquisition activities, plus expenses related to registration statement on Form S-1 on behalf of selling stockholders, plus change in fair value of warrant liabilities, plus provision for (benefit from) income taxes.

Order Book is defined as the forward-looking cumulative sales estimates of Luminar’s hardware and software products over the lifetime of given programs which Luminar’s technology is integrated into or provided for, based primarily on projected/actual contractual pricing terms and good faith estimates of “take rates” of Luminar’s technology on vehicles. Such anticipated programs and volumes/take rates are based on commitments by our partners that are dependent on successful performance through development and validation and entering definitive purchase orders for series production, which may change for a variety of reasons as disclosed herein and other SEC filings, including, without limitation, the risks set forth in the “Forward-Looking Statements” section below. Customer production vehicle volume estimates (and take rates when applicable) are largely sourced from (i) the OEM/customer, (ii) IHS Markit or other third party estimates, and/or (iii) Luminar’s management good faith estimates.

Luminar defines a “major win” as a written agreement with a major industry player, including based on their past experience in high volume production, leadership in autonomy, or market leadership, that selects our technology for what is expected to be a significant commercial program, including OEM series production programs. We only include major commercial wins, disclosed or undisclosed, in our forward-looking order book calculation, which are subject to the risks set forth in the “Forward-Looking Statements” section below.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under 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. These forward-looking statements include, but are not limited to, statements regarding the expected achievement and timing of series production readiness for Iris lidar and core software, the expected timing and impact of the new, high-volume manufacturing facility, the expected timing of a Sentinel beta, the expected growth in 2022 of Luminar’s forward-looking order book and major commercial wins, and expectations for 2022 revenue growth and cash expenditure. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar's management and are not guarantees of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including the risks discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Luminar’s most recently filed periodic reports on Form 10-K and Form 10-Q, and other documents Luminar files with the SEC in the future. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

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 platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. For more information please visit www.luminartech.com.

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)

 

September 30, 2022

 

December 31, 2021

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$

56,069

 

 

$

329,977

 

Restricted cash

 

1,234

 

 

 

725

 

Marketable securities

 

496,983

 

 

 

462,141

 

Accounts receivable

 

9,936

 

 

 

13,013

 

Inventory

 

9,153

 

 

 

10,342

 

Prepaid expenses and other current assets

 

40,096

 

 

 

29,195

 

Total current assets

 

613,471

 

 

 

845,393

 

Property and equipment, net

 

21,646

 

 

 

11,009

 

Operating lease right-of-use assets

 

22,812

 

 

 

9,145

 

Intangible assets, net

 

22,768

 

 

 

2,424

 

Goodwill

 

18,830

 

 

 

3,110

 

Other non-current assets

 

42,981

 

 

 

12,455

 

Total assets

$

742,508

 

 

$

883,536

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

24,216

 

 

$

14,419

 

Accrued and other current liabilities

 

31,832

 

 

 

19,844

 

Operating lease liabilities

 

6,139

 

 

 

4,735

 

Total current liabilities

 

62,187

 

 

 

38,998

 

Warrant liabilities

 

5,582

 

 

 

31,230

 

Convertible senior notes

 

611,384

 

 

 

608,957

 

Operating lease liabilities, non-current

 

18,057

 

 

 

5,768

 

Other non-current liabilities

 

2,338

 

 

 

598

 

Total liabilities

 

699,548

 

 

 

685,551

 

Stockholders’ equity:

 

 

 

Class A common stock

 

29

 

 

 

27

 

Class B common stock

 

10

 

 

 

10

 

Additional paid-in capital

 

1,484,996

 

 

 

1,257,214

 

Accumulated other comprehensive loss

 

(5,989

)

 

 

(908

)

Treasury stock

 

(312,477

)

 

 

(235,871

)

Accumulated deficit

 

(1,123,609

)

 

 

(822,487

)

Total stockholders’ equity

 

42,960

 

 

 

197,985

 

Total liabilities and stockholders’ equity

$

742,508

 

 

$

883,536

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

Products

$

6,796

 

 

$

1,040

 

 

$

10,135

 

 

$

5,950

 

Services

 

5,989

 

 

 

6,938

 

 

 

19,437

 

 

 

13,650

 

Total revenue

 

12,785

 

 

 

7,978

 

 

 

29,572

 

 

 

19,600

 

Cost of sales:

 

 

 

 

 

 

 

Products

 

18,364

 

 

 

3,811

 

 

 

47,169

 

 

 

12,840

 

Services

 

10,147

 

 

 

6,951

 

 

 

26,088

 

 

 

13,414

 

Total cost of sales

 

28,511

 

 

 

10,762

 

 

 

73,257

 

 

 

26,254

 

Gross loss

 

(15,726

)

 

 

(2,784

)

 

 

(43,685

)

 

 

(6,654

)

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

46,308

 

 

 

25,890

 

 

 

120,358

 

 

 

59,813

 

Sales and marketing

 

10,111

 

 

 

5,868

 

 

 

26,698

 

 

 

12,010

 

General and administrative

 

42,809

 

 

 

35,603

 

 

 

110,984

 

 

 

65,113

 

Total operating expenses

 

99,228

 

 

 

67,361

 

 

 

258,040

 

 

 

136,936

 

Loss from operations

 

(114,954

)

 

 

(70,145

)

 

 

(301,725

)

 

 

(143,590

)

Other income (expense), net:

 

 

 

 

 

 

 

Change in fair value of warrant liabilities

 

(1,231

)

 

 

17,072

 

 

 

6,645

 

 

 

(22,649

)

Interest expense and other

 

(2,660

)

 

 

(374

)

 

 

(9,088

)

 

 

(860

)

Interest income and other

 

1,470

 

 

 

843

 

 

 

3,612

 

 

 

1,744

 

Total other income (expense), net

 

(2,421

)

 

 

17,541

 

 

 

1,169

 

 

 

(21,765

)

Loss before provision (benefit from) for income taxes

 

(117,375

)

 

 

(52,604

)

 

 

(300,556

)

 

 

(165,355

)

Provision for (benefit from) income taxes

 

175

 

 

 

(1,264

)

 

 

566

 

 

 

(1,262

)

Net loss

$

(117,550

)

 

$

(51,340

)

 

$

(301,122

)

 

$

(164,093

)

Net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.33

)

 

$

(0.15

)

 

$

(0.85

)

 

$

(0.48

)

Shares used in computing net loss per share:

 

 

 

 

 

 

 

Basic and diluted

 

359,753,254

 

 

 

352,122,485

 

 

 

353,537,754

 

 

 

341,858,435

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

Net loss

$

(301,122

)

 

$

(164,093

)

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

 

 

 

Depreciation and amortization

 

4,374

 

 

 

2,240

 

Amortization of operating lease right-of-use assets

 

3,531

 

 

 

2,682

 

Amortization of premium on marketable securities

 

1,111

 

 

 

979

 

Change in fair value of warrants

 

(6,645

)

 

 

22,649

 

Vendor stock-in lieu of cash program

 

32,487

 

 

 

2,744

 

Amortization of debt discount and issuance costs

 

2,427

 

 

 

 

Impairment of inventories

 

8,750

 

 

 

1,601

 

Share-based compensation

 

117,874

 

 

 

49,887

 

Deferred taxes

 

 

 

 

(1,264

)

Product warranty and other

 

(623

)

 

 

1,143

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

6,457

 

 

 

5,748

 

Inventories

 

(6,648

)

 

 

(6,658

)

Prepaid expenses and other current assets

 

(4,685

)

 

 

(16,971

)

Other non-current assets

 

(1,371

)

 

 

(88

)

Accounts payable

 

8,379

 

 

 

3,330

 

Accrued and other current liabilities

 

5,716

 

 

 

5,910

 

Other non-current liabilities

 

(3,571

)

 

 

(4,095

)

Net cash used in operating activities

 

(133,559

)

 

 

(94,256

)

Cash flows from investing activities:

 

 

 

Acquisition of Freedom Photonics LLC

 

(2,759

)

 

 

 

Acquisition of certain assets from Solfice Research, Inc.

 

(2,001

)

 

 

 

Cash received from acquisition of Optogration, Inc.

 

 

 

 

358

 

Purchases of marketable securities

 

(363,906

)

 

 

(530,179

)

Proceeds from maturities of marketable securities

 

254,068

 

 

 

306,907

 

Proceeds from sales of marketable securities

 

68,804

 

 

 

83,493

 

Purchases of property and equipment

 

(11,277

)

 

 

(4,155

)

Advances for capital projects and equipment

 

(2,009

)

 

 

 

Net cash used in investing activities

 

(59,080

)

 

 

(143,576

)

Cash flows from financing activities:

 

 

 

Proceeds from exercise of warrants

 

 

 

 

153,927

 

Proceeds from exercise of stock options

 

2,891

 

 

 

4,738

 

Payments of employee taxes related to stock-based awards

 

(2,773

)

 

 

(140

)

Repurchase of common stock and redemption of warrants

 

(80,878

)

 

 

(2

)

Other financing activities

 

 

 

 

(362

)

Net cash provided by (used in) financing activities

 

(80,760

)

 

 

158,161

 

Net decrease in cash, cash equivalents and restricted cash

 

(273,399

)

 

 

(79,671

)

Beginning cash, cash equivalents and restricted cash

 

330,702

 

 

 

209,719

 

Ending cash, cash equivalents and restricted cash

$

57,303

 

 

$

130,048

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales
(In thousands)
(Unaudited)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

GAAP cost of sales

$

28,511

 

 

$

10,762

 

 

$

73,257

 

 

$

26,254

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

(5,430

)

 

 

(1,619

)

 

 

(14,205

)

 

 

(2,829

)

Amortization of intangible assets

 

(166

)

 

 

(19

)

 

 

(469

)

 

 

(19

)

Non-GAAP cost of sales

$

22,915

 

 

$

9,124

 

 

$

58,583

 

 

$

23,406

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Gross Loss to Non-GAAP Gross Loss
(In thousands)
(Unaudited)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

GAAP gross loss

$

(15,726

)

 

$

(2,784

)

 

$

(43,685

)

 

$

(6,654

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

5,430

 

 

 

1,619

 

 

 

14,205

 

 

 

2,829

 

Amortization of intangible assets

 

166

 

 

 

19

 

 

 

469

 

 

 

19

 

Non-GAAP gross loss

$

(10,130

)

 

$

(1,146

)

 

$

(29,011

)

 

$

(3,806

)

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(In thousands)
(Unaudited)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

GAAP operating expenses

$

99,228

 

 

$

67,361

 

 

$

258,040

 

 

$

136,936

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

(47,121

)

 

 

(31,901

)

 

 

(103,669

)

 

 

(47,058

)

Amortization of intangible assets

 

(524

)

 

 

(143

)

 

 

(1,077

)

 

 

(143

)

Reserve related to employee matters

 

 

 

 

 

 

 

(2,000

)

 

 

 

Transaction costs relating to acquisition activities

 

274

 

 

 

 

 

 

(1,763

)

 

 

 

Expenses related to registration statement on Form S-1 on behalf of selling stockholders

 

 

 

 

 

 

 

 

 

 

(1,982

)

Non-GAAP operating expenses

$

51,857

 

 

$

35,317

 

 

$

149,531

 

 

$

87,753

 

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 September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

GAAP net loss

$

(117,550

)

 

$

(51,340

)

 

$

(301,122

)

 

$

(164,093

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

52,551

 

 

 

33,520

 

 

 

117,874

 

 

 

49,887

 

Amortization of intangible assets

 

690

 

 

 

162

 

 

 

1,546

 

 

 

162

 

Legal reserve related to employee matters

 

 

 

 

 

 

 

2,000

 

 

 

 

Transaction costs relating to acquisition activities

 

(274

)

 

 

 

 

 

1,763

 

 

 

 

Expenses related to registration statement on Form S-1 on behalf of selling stockholders

 

 

 

 

 

 

 

 

 

 

1,982

 

Change in fair value of warrant liabilities

 

1,231

 

 

 

(17,072

)

 

 

(6,645

)

 

 

22,649

 

Provision for (benefit from) income taxes

 

 

 

 

(1,264

)

 

 

165

 

 

 

(1,262

)

Non-GAAP net loss

$

(63,352

)

 

$

(35,994

)

 

$

(184,419

)

 

$

(90,675

)

GAAP net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.33

)

 

$

(0.15

)

 

$

(0.85

)

 

$

(0.48

)

Non-GAAP net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.18

)

 

$

(0.10

)

 

$

(0.52

)

 

$

(0.27

)

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

Basic and diluted

 

359,753,254

 

 

 

352,122,485

 

 

 

353,537,754

 

 

 

341,858,435

 

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

 

 

 

 

 

 

 

Basic and diluted

 

359,753,254

 

 

 

352,122,485

 

 

 

353,537,754

 

 

 

341,858,435

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow
(In thousands)
(Unaudited)

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

GAAP operating cash flow

$

(133,559

)

 

$

(94,256

)

Non-GAAP adjustments:

 

 

 

Capital expenditure

 

(13,286

)

 

 

(4,155

)

Non-GAAP free cash flow

$

(146,845

)

 

$

(98,411

)

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Summary of Stock-Based Compensation and Intangibles Amortization
(In thousands)
(Unaudited)

 

Three Months Ended September 30,

 

2022

 

2021

 

Stock-Based

Compensation

 

Intangibles

Amortization

 

Stock-Based

Compensation

 

Intangibles

Amortization

Cost of Sales

$

5,430

 

$

166

 

$

1,619

 

$

19

Research and development

 

11,326

 

 

 

192

 

 

 

6,318

 

 

 

10

 

Sales and marketing

 

3,821

 

 

 

332

 

 

 

1,859

 

 

 

133

 

General and administrative

 

31,974

 

 

 

 

 

 

23,724

 

 

 

 

Total

$

52,551

 

 

$

690

 

 

$

33,520

 

 

$

162

 

 

Nine Months Ended September 30,

 

2022

 

2021

 

Stock-Based

Compensation

 

Intangibles

Amortization

 

Stock-Based

Compensation

 

Intangibles

Amortization

Cost of Sales

$

14,205

 

$

469

 

$

2,829

 

$

19

Research and development

 

27,142

 

 

 

393

 

 

 

12,743

 

 

 

10

 

Sales and marketing

 

9,430

 

 

 

684

 

 

 

2,979

 

 

 

133

 

General and administrative

 

67,097

 

 

 

 

 

 

31,336

 

 

 

 

Total

$

117,874

 

 

$

1,546

 

 

$

49,887

 

 

$

162

 

 

Media Relations:
Press@luminartech.com

Investor Relations:
Trey Campbell
trey.campbell@luminartech.com

Source: Luminar