Luminar Provides Business Update with Q4 and Full-Year 2021 Financials

News Highlights:

  • Delivered All 5 Key 2021 Milestones; Full-Year 2021 Revenue at Top End of Guidance
  • Completed All Core Development Milestones in First Series Production Contract
  • Expecting Series Production Readiness at Year End 2022; 40% More Major Commercial Wins

ORLANDO, Fla.--(BUSINESS WIRE)-- Luminar Technologies, Inc. (NASDAQ: LAZR), a leading global automotive technology company, today announced its quarterly business update and financial results for the fourth quarter and full year of 2021, ended December 31, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220227005184/en/

“Our first year as a public company was a blowout success having achieved all of our critical milestones. We secured major commercial wins, advanced our hardware and software technology, and are pioneering the future of safety and autonomy for the industry,” said Austin Russell, Luminar Founder and CEO. “2022 will be our biggest year yet as we prepare for our breakthrough series production launch at year-end.”

Today, Luminar released its quarterly video update regarding the path to series production. The video can be viewed at: www.luminartech.com/path.

Major 2021 Milestones:

Luminar achieved all of its company-level target 2021 milestones and is providing status below:

  1. Iris Industrialization for Series Production: Luminar entered the C-phase for Iris, and completed all core development/revenue milestones under its first awarded series production contract. The company is now intensely focused on industrialization and preparation for series production.
  2. Software & Product Development: Luminar completed development of the alpha version of Sentinel, providing live demonstrations of Proactive Safety™ and Highway Autonomy capabilities to the public at CES.
  3. Commercial Programs & Customer Adoption: Luminar increased its Major Commercial Win target mid-year from 4 to 6, and achieved all 6 major wins by year-end 2021. In January 2022, the company announced a landmark series production win with Mercedes-Benz.
  4. Forward-Looking Order Book: Luminar increased its Forward-Looking Order Book target mid-year from 40% growth to 60% growth, and ended 2021 with a forward-looking order book of approximately $2.1 billion, up 61% year-over-year (YOY).
  5. Liquidity and Cash Position: Luminar achieved its target of ending the year with more cash on the balance sheet compared to the $485.7 million at the prior year end (2020). The company ended 2021 with $792.1 million of cash following significant share repurchases towards the end of Q4.

Key Q4 & Full-Year 2021 Financials:

Key financial highlights for the fourth-quarter and full-year ended December 31, 2021:

  • Revenue: Q4 revenue was $12.3 million, up 408% YoY and up 55% compared to the prior quarter. Full-year revenue was at the higher end of prior guidance at approximately $32 million.
  • GAAP and Non-GAAP net loss: Q4 GAAP net loss was $73.9 million, or $(0.21) per share; Q4 Non-GAAP net loss was $42.6 million, or $(0.12) per share. For the full year, GAAP net loss was $238.0 million, or $(0.69) per share. Full-year Non-GAAP net loss was $133.2 million or $(0.38) per share.
  • Cash, Cash Equivalents and Marketable Securities were $792.1 million as of December 31, 2021, compared to $485.7 million as of December 31, 2020. Cash spend (operating cash flow less capital expenditures) was $56.4 million in Q4 and $154.9 million for the full year.

Major 2022 Milestones and Financial Guidance:

Today, Luminar updated its annual business milestones and financial guidance for the full year of 2022.

Targeted Key Business Milestones to Achieve by Year-End 2022:

  1. Iris Industrialization for Series Production: achieve series production readiness for Iris lidar and core software.
  2. Software: achieve the beta release of Sentinel, advancing Proactive Safety™ and Highway Autonomy capabilities.
  3. Commercial Programs: grow commercial success with existing major commercial program wins. Additionally, Luminar is targeting to achieve 40% additional major commercial wins.
  4. Forward-Looking Order Book: achieve forward-looking order book growth of at least 40% YoY in 2022.

2022 Financial Outlook:

  • Revenue Growth: The company expects 2022 revenue of $40+ million.
  • Cash Spend: Luminar expects net cash spend moderately higher than 2021 levels.

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, February 28, 2022
Time: 2:00 p.m. PT (5:00 p.m. ET)

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, Free Cash Flow (“FCF”) and Order Book. Non-GAAP net loss is defined as GAAP net loss plus stock-based compensation expense, plus amortization of intangible assets, plus change in fair value of warrant liabilities, plus loss on extinguishment of debt, plus expenses related to registration statement on Form S-1 on behalf of selling stockholders, plus benefit from income taxes. FCF is defined as operating cash flow less capital expenditures.

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 of series production readiness for Iris lidar and core software, the expected timing of the beta release of Sentinel, 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 Technologies

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)

 

 

December 31,

 

 

2021

 

 

 

2020

 

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$

329,977

 

 

$

208,944

 

Restricted cash

 

725

 

 

 

775

 

Marketable securities

 

462,141

 

 

 

276,710

 

Accounts receivable

 

13,013

 

 

 

5,971

 

Inventory

 

10,342

 

 

 

3,613

 

Prepaid expenses and other current assets

 

29,195

 

 

 

4,797

 

Total current assets

 

845,393

 

 

 

500,810

 

Property and equipment, net

 

11,009

 

 

 

7,689

 

Operating lease right-of-use assets

 

9,145

 

 

 

 

Intangible assets, net

 

2,424

 

 

 

 

Goodwill

 

3,110

 

 

 

701

 

Other non-current assets

 

12,455

 

 

 

1,151

 

Total assets

$

883,536

 

 

$

510,351

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

14,419

 

 

$

6,039

 

Accrued and other current liabilities

 

19,844

 

 

 

10,452

 

Operating lease liabilities

 

4,735

 

 

 

 

Debt, current

 

 

 

 

99

 

Total current liabilities

 

38,998

 

 

 

16,590

 

Warrant liabilities

 

31,230

 

 

 

343,400

 

Debt, non-current

 

 

 

 

302

 

Convertible senior notes

 

608,957

 

 

 

 

Operating lease liabilities, non-current

 

5,768

 

 

 

 

Other non-current liabilities

 

598

 

 

 

1,318

 

Total liabilities

 

685,551

 

 

 

361,610

 

Stockholders’ equity:

 

 

 

Class A common stock

 

27

 

 

 

22

 

Class B common stock

 

10

 

 

 

11

 

Additional paid-in capital

 

1,257,214

 

 

 

733,175

 

Accumulated other comprehensive income (loss)

 

(908

)

 

 

34

 

Treasury stock

 

(235,871

)

 

 

 

Accumulated deficit

 

(822,487

)

 

 

(584,501

)

Total stockholders’ equity

 

197,985

 

 

 

148,741

 

Total liabilities and stockholders’ equity

$

883,536

 

 

$

510,351

 

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

Products

$

3,857

 

 

$

1,109

 

 

$

10,118

 

 

$

4,840

 

Services

 

8,487

 

 

 

1,323

 

 

 

21,826

 

 

 

9,111

 

Total revenue

 

12,344

 

 

 

2,432

 

 

 

31,944

 

 

 

13,951

 

Cost of sales:

 

 

 

 

 

 

 

Products

 

9,369

 

 

 

3,652

 

 

 

23,484

 

 

 

15,097

 

Services

 

10,469

 

 

 

3,091

 

 

 

22,608

 

 

 

9,855

 

Total cost of sales

 

19,838

 

 

 

6,743

 

 

 

46,092

 

 

 

24,952

 

Gross loss

 

(7,494

)

 

 

(4,311

)

 

 

(14,148

)

 

 

(11,001

)

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

29,048

 

 

 

10,383

 

 

 

88,861

 

 

 

38,651

 

Sales and marketing

 

5,848

 

 

 

2,541

 

 

 

17,858

 

 

 

7,948

 

General and administrative

 

28,572

 

 

 

13,159

 

 

 

93,685

 

 

 

29,275

 

Total operating expenses

 

63,468

 

 

 

26,083

 

 

 

200,404

 

 

 

75,874

 

Loss from operations

 

(70,962

)

 

 

(30,394

)

 

 

(214,552

)

 

 

(86,875

)

Other income (expense), net:

 

 

 

 

 

 

 

Change in fair value of warrant liabilities

 

(3,477

)

 

 

(255,704

)

 

 

(26,126

)

 

 

(268,266

)

Loss on extinguishment of debt

 

 

 

 

(3,130

)

 

 

 

 

 

(3,996

)

Interest expense and other

 

(1,168

)

 

 

(788

)

 

 

(2,028

)

 

 

(2,885

)

Interest income and other

 

1,714

 

 

 

(55

)

 

 

3,458

 

 

 

(276

)

Total other income (expense), net

 

(2,931

)

 

 

(259,677

)

 

 

(24,696

)

 

 

(275,423

)

Loss before benefit from income taxes

 

(73,893

)

 

 

(290,071

)

 

 

(239,248

)

 

 

(362,298

)

Benefit from income taxes

 

 

 

 

 

 

 

(1,262

)

 

 

 

Net loss

$

(73,893

)

 

$

(290,071

)

 

$

(237,986

)

 

$

(362,298

)

Net loss attributable to common stockholders

$

(73,893

)

 

$

(290,581

)

 

$

(237,986

)

 

$

(369,055

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic and diluted

$

(0.21

)

 

$

(1.50

)

 

$

(0.69

)

 

$

(2.54

)

Shares used in computing net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic and diluted

 

359,483,729

 

 

 

193,196,572

 

 

 

346,300,975

 

 

 

145,096,996

 

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Twelve Months Ended December 31,

 

2021

 

2020

Cash flows from operating activities:

 

 

 

Net loss

$

(237,986

)

 

$

(362,298

)

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

 

 

 

Depreciation and amortization

 

4,162

 

 

 

2,517

 

Noncash lease expense relating to operating lease right-of-use assets

 

3,705

 

 

 

 

Amortization of premium on marketable securities

 

1,792

 

 

 

175

 

Change in fair value of warrants and SAFE liabilities

 

26,126

 

 

 

268,266

 

Vendor stock-in-lieu of cash program

 

10,817

 

 

 

 

Impairment of inventories

 

2,918

 

 

 

4,407

 

Loss on sale or disposal of property and equipment

 

752

 

 

 

525

 

Loss on extinguishment of debt

 

 

 

 

3,996

 

Share-based compensation

 

77,684

 

 

 

8,711

 

Expense related to Volvo Warrants

 

959

 

 

 

 

Warranty related to sensors

 

1,538

 

 

 

 

Deferred taxes

 

(1,262

)

 

 

 

Other

 

305

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(6,233

)

 

 

(4,294

)

Inventories

 

(10,751

)

 

 

(4,018

)

Prepaid expenses and other current assets

 

(24,340

)

 

 

(2,805

)

Other non-current assets

 

(6

)

 

 

165

 

Accounts payable

 

3,838

 

 

 

2,620

 

Accrued and other current liabilities

 

3,578

 

 

 

6,693

 

Other non-current liabilities

 

(6,017

)

 

 

(302

)

Net cash used in operating activities

 

(148,421

)

 

 

(75,642

)

Cash flows from investing activities:

 

 

 

Cash received from acquisition of OptoGration, Inc.

 

358

 

 

 

 

Purchases of marketable securities

 

(716,933

)

 

 

(315,920

)

Proceeds from maturities of marketable securities

 

366,857

 

 

 

16,755

 

Proceeds from sales of marketable securities

 

161,910

 

 

 

28,974

 

Proceeds from refundable security deposits

 

 

 

 

581

 

Purchases of property and equipment

 

(6,433

)

 

 

(2,202

)

Disposal of property and equipment

 

53

 

 

 

18

 

Net cash used in investing activities

 

(194,188

)

 

 

(271,794

)

Cash flows from financing activities:

 

 

 

Proceeds from issuance of convertible senior notes, net of debt discounts of $15,625

 

609,375

 

 

 

 

Purchases of capped call options

 

(73,438

)

 

 

 

Cash received from Gores on recapitalization

 

 

 

 

380,601

 

Transaction costs related to merger with Gores

 

 

 

 

(17,226

)

Proceeds from issuance of Series X convertible preferred stock

 

 

 

 

183,865

 

Issuance cost paid for Series X convertible preferred stock

 

 

 

 

(5,790

)

Proceeds from the issuance of debt

 

 

 

 

32,101

 

Repayment of debt

 

(112

)

 

 

(41,190

)

Debt prepayment charges

 

 

 

 

(1,918

)

Debt issuance costs

 

 

 

 

(361

)

Principal payments on finance leases (capital leases prior to adoption of ASC 842)

 

(289

)

 

 

(222

)

Proceeds from exercise of warrants

 

153,927

 

 

 

 

Proceeds from exercise of stock options

 

5,859

 

 

 

 

Repurchases of common stock and redemption of warrants

 

(231,600

)

 

 

(10

)

Other financing activities

 

(130

)

 

 

 

Net cash provided by financing activities

 

463,592

 

 

 

529,850

 

Net increase in cash, cash equivalents and restricted cash

 

120,983

 

 

 

182,414

 

Beginning cash, cash equivalents and restricted cash

 

209,719

 

 

 

27,305

 

Ending cash, cash equivalents and restricted cash

$

330,702

 

 

$

209,719

 

 

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 December 31,

 

Twelve Months Ended December 31,

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

GAAP net loss attributable to common stockholders

$

(73,893

)

 

$

(290,581

)

 

$

(237,986

)

 

$

(369,055

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

27,797

 

 

 

4,001

 

 

 

77,684

 

 

 

8,711

 

Amortization of intangible assets

 

64

 

 

 

 

 

 

226

 

 

 

 

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

 

 

 

 

1,076

 

 

 

1,982

 

 

 

1,076

 

Change in fair value of warrant liabilities

 

3,477

 

 

 

255,704

 

 

 

26,126

 

 

 

268,266

 

Loss on extinguishment of debt

 

 

 

 

3,130

 

 

 

 

 

 

3,996

 

Benefit from income taxes

$

 

 

$

 

 

$

(1,262

)

 

$

 

Non-GAAP net loss attributable to common stockholders

$

(42,555

)

 

$

(26,670

)

 

$

(133,230

)

 

$

(87,006

)

GAAP net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic and diluted

$

(0.21

)

 

$

(1.50

)

 

$

(0.69

)

 

$

(2.54

)

Non-GAAP net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic and diluted

$

(0.12

)

 

$

(0.14

)

 

$

(0.38

)

 

$

(0.60

)

Shares used in computing GAAP net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic and diluted

 

359,483,729

 

 

 

193,196,572

 

 

 

346,300,975

 

 

 

145,096,996

 

Shares used in computing Non-GAAP net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic and diluted

 

359,483,729

 

 

 

193,196,572

 

 

 

346,300,975

 

 

 

145,096,996

 

Media Relations:
Press@luminartech.com

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

Source: Luminar Technologies, Inc.