"We’ve remained relentlessly focused on execution, hitting our key product, commercial, production and financial targets so far. This puts
—
Execution: Product, Industrialization, and Series Production
Customer Adoption: Commercial Wins from the Ground to the Sky
Since the 2020 year-end business update less than two months ago in March, where
-
Airbus UpNext: Airbus SE’s subsidiary UpNext – which was created to give future flight technologies a development fast-track by building, evaluating, maturing and validating new products and services that encompass radical technological breakthroughs – is integrating Luminar’s lidar technology into its Vertex platform to enable safe, autonomous flight. This partnership marks Luminar’s first foray into the nearly
$1 trillion aviation industry and is aimed at increasing air safety and enabling autonomous operation with automatic obstacle detection. -
Pony.ai: Luminar’s Iris will be seamlessly integrated into Pony.ai’s next-generation autonomous driving platform, featuring a multi-sensor 360-degree configuration and enabling the vehicles to operate safely and reliably in complex urban environments. Pony.ai is set to start deployment of a 200-vehicle robo-taxi fleet in urban settings across five cities in
China and theU.S. The partnership is developing a new integrated sensor design that signals a shift from vehicle testing to advanced development and production scale.
Major 2021 Milestones: On Track of Ahead of Schedule for Each High-Level Milestone
-
Iris Industrialization for Series Production:
Luminar successfully hit its major industrialization milestone with manufacturing partners and producing the first Iris lidars off the line, and remains on track to hit the C-sample phase before year end. -
Software Development:
Luminar collected Iris data and trained its perception software, enabling perception with Iris.Luminar also received approval fromGermany for Sentinel development and testing on public German roads, and remains on track for its Sentinel alpha release at year-end. -
Commercial Programs: So far this year,
Luminar has won more commercial programs than expected, with the recent Airbus UpNext, Pony.ai, Zensact, and SAIC wins in the past few months.Luminar expects to increase its “major commercial win” guidance at its next quarterly business update call. -
Forward-Looking Order Book:
Luminar has been targeting growth of 40% from its year-end 2020 forward-looking order book of$1.3 billion , driven by major commercial wins.Luminar expects to increase this growth guidance at its next quarterly business update call. -
Maintain Strong Liquidity and Cash Position:
Luminar remains on track for its target of achieving a cash position at year end 2021 equal to or higher than its position at year end 2020. This is enabled in part byLuminar successfully raising$154 million from warrants in the first quarter. Luminar’s cash position currently stands at$610 million .
First Quarter 2021 Financials: Strong Revenue Growth and Efficient Cash Management
Revenue for the first quarter was
GAAP net loss for the first quarter of 2021 was
Non-GAAP net loss for the first quarter of 2021 was
Cash and investments were
Financial Guidance:
Webcast Details
Founder and CEO
What: Video Webcast featuring Quarterly Business Update, Financials and live Q&A
Date:
Time:
A live webcast of the event will be available on Luminar’s Investor site at http://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
This presentation 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 plus expenses related to registration statement on Form S-1 on behalf of selling stockholders plus change in fair value of warrant liabilities. Free Cash Flow is defined as EBITDA less capital expenditures (including patent acquisitions) less changes in net working capital less net interest expense less taxes (including the benefit of existing and future net operating losses).
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
*
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 "believe," "may," "will," "estimate," "set", "continue," "towards", "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," ”forward,” “ahead,” "outlook," 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 progress towards full stack series production, statements regarding C sample production by end of 2021, then next phase of software development and partnership with Zenseact, the integration of Luminar’s lidar technology into the Airbus UpNext platform, the integration of Luminar’s Iros into Pony.ai’s next generation autonomous platform and Pony.ai’s planned deployment of 200 robotaxi vehicles, Luminar’s five milestones to gauge its success in 2021, statements relating to the partnership between
About
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|||||
ASSETS |
|
|
|
|
|||||
Current Assets: |
|
|
|
|
|||||
Cash and cash equivalents |
$ |
206,730 |
|
|
$ |
208,944 |
|
|
|
Restricted cash |
725 |
|
|
775 |
|
||||
Marketable securities |
403,591 |
|
|
276,710 |
|
||||
Accounts receivable |
2,143 |
|
|
5,971 |
|
||||
Inventories, net |
3,283 |
|
|
3,613 |
|
||||
Prepaid expenses and other current assets |
10,371 |
|
|
4,797 |
|
||||
Total current assets |
626,843 |
|
|
500,810 |
|
||||
Property and equipment, net |
8,366 |
|
|
7,689 |
|
||||
Operating lease right-of-use assets |
12,835 |
|
|
— |
|
||||
|
701 |
|
|
701 |
|
||||
Other non-current assets |
2,469 |
|
|
1,151 |
|
||||
Total assets |
$ |
651,214 |
|
|
$ |
510,351 |
|
|
|
|
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|||||
Current liabilities: |
|
|
|
|
|||||
Accounts payable |
$ |
7,845 |
|
|
$ |
6,039 |
|
|
|
Accrued and other current liabilities |
8,919 |
|
|
10,452 |
|
||||
Operating lease liabilities |
4,312 |
|
|
— |
|
||||
Debt, current |
104 |
|
|
99 |
|
||||
Total current liabilities |
21,180 |
|
|
16,590 |
|
||||
Warrant liabilities |
51,753 |
|
|
343,400 |
|
||||
Debt, non-current |
223 |
|
|
302 |
|
||||
Operating lease liabilities, non-current |
9,662 |
|
|
— |
|
||||
Other non-current liabilities |
1,236 |
|
|
1,318 |
|
||||
Total liabilities |
84,054 |
|
|
361,610 |
|
||||
Stockholders’ equity: |
|
|
|
|
|||||
Class A common stock |
23 |
|
|
22 |
|
||||
Class B common stock |
11 |
|
|
11 |
|
||||
Additional paid-in capital |
1,227,559 |
|
|
733,175 |
|
||||
Accumulated other comprehensive income (loss) |
(9) |
|
|
34 |
|
||||
Accumulated deficit |
(660,424) |
|
|
(584,501) |
|
||||
Total stockholders’ equity |
567,160 |
|
|
148,741 |
|
||||
Total liabilities and stockholders’ equity |
$ |
651,214 |
|
|
$ |
510,351 |
|
|
|
|
||||||||
|
Three Months Ended |
|||||||
|
2021 |
|
2020 |
|||||
Revenue |
$ |
5,313 |
|
|
$ |
3,872 |
|
|
Cost of revenue |
7,639 |
|
|
3,843 |
|
|||
Gross profit (loss) |
(2,326) |
|
|
29 |
|
|||
Operating expenses: |
|
|
|
|||||
Research and development |
14,010 |
|
|
8,408 |
|
|||
Sales and marketing |
2,635 |
|
|
1,843 |
|
|||
General and administrative |
10,273 |
|
|
4,613 |
|
|||
Total operating expenses |
26,918 |
|
|
14,864 |
|
|||
Loss from operations |
(29,244) |
|
|
(14,835) |
|
|||
Other income (expense), net: |
|
|
|
|||||
Change in fair value of warrant liabilities |
(46,649) |
|
|
(309) |
|
|||
Interest expense and other |
(200) |
|
|
(532) |
|
|||
Interest income and other |
170 |
|
|
95 |
|
|||
Total other income (expense), net |
(46,679) |
|
|
(746) |
|
|||
Net loss |
$ |
(75,923) |
|
|
$ |
(15,581) |
|
|
Net loss attributable to common stockholders |
$ |
(75,923) |
|
|
$ |
(15,581) |
|
|
Net loss per share attributable to common stockholders: |
|
|
|
|||||
Basic and diluted |
$ |
(0.23) |
|
|
$ |
(0.12) |
|
|
Shares used in computing net loss per share attributable to common stockholders: |
|
|
|
|||||
Basic and diluted |
332,987,523 |
|
|
128,668,864 |
|
|||
|
||||||||
|
Three Months Ended |
|||||||
|
2021 |
|
2020 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net loss |
$ |
(75,923) |
|
|
$ |
(15,581) |
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|||||
Depreciation and amortization |
657 |
|
|
628 |
|
|||
Noncash lease expense related to operating right-of-use assets |
890 |
|
|
— |
|
|||
Amortization of premium on marketable securities |
262 |
|
|
(14) |
|
|||
Unrealized loss on marketable securities |
278 |
|
|
— |
|
|||
Change in fair value of warrants |
46,649 |
|
|
309 |
|
|||
Impairment of inventories |
257 |
|
|
225 |
|
|||
Share-based compensation |
1,837 |
|
|
1,128 |
|
|||
Other |
575 |
|
|
117 |
|
|||
Changes in operating assets and liabilities: |
|
|
|
|||||
Accounts receivable |
3,828 |
|
|
(1,560) |
|
|||
Inventories |
(442) |
|
|
(2,508) |
|
|||
Prepaid expenses and other current assets |
(5,797) |
|
|
(760) |
|
|||
Other non-current assets |
(1,318) |
|
|
74 |
|
|||
Accounts payable |
1,766 |
|
|
(28) |
|
|||
Accrued and other current liabilities |
(813) |
|
|
444 |
|
|||
Other non-current liabilities |
(720) |
|
|
(7) |
|
|||
Net cash used in operating activities |
(28,014) |
|
|
(17,533) |
|
|||
Cash flows from investing activities: |
|
|
|
|||||
Purchases of marketable securities |
(226,245) |
|
|
— |
|
|||
Proceeds from maturities of marketable securities |
69,275 |
|
|
— |
|
|||
Proceeds from sales of marketable securities |
29,505 |
|
|
2,319 |
|
|||
Purchases of property and equipment |
(889) |
|
|
(898) |
|
|||
Net cash provided by (used in) investing activities |
(128,354) |
|
|
1,421 |
|
|||
Cash flows from financing activities: |
|
|
|
|||||
Repayment of debt |
(75) |
|
|
(2,678) |
|
|||
Principal payments on finance leases (capital lease prior to adoption of ASC 842) |
(67) |
|
|
(49) |
|
|||
Proceeds from exercise of warrants |
153,927 |
|
|
— |
|
|||
Proceeds from exercise of stock options |
321 |
|
|
— |
|
|||
Repurchase of common stock |
(2) |
|
|
(1) |
|
|||
Net cash provided by (used in) financing activities |
154,104 |
|
|
(2,728) |
|
|||
Net increase in cash and cash equivalents, and restricted cash and cash equivalents |
(2,264) |
|
|
(18,840) |
|
|||
Beginning cash and cash equivalents, and restricted cash and cash equivalents |
209,719 |
|
|
27,305 |
|
|||
Ending cash and cash equivalents, and restricted cash and cash equivalents |
$ |
207,455 |
|
|
$ |
8,465 |
|
|
|
||||||||
|
Three Months Ended |
|||||||
|
2021 |
|
2020 |
|||||
GAAP net loss |
$ |
(75,923) |
|
|
$ |
(15,581) |
|
|
Non-GAAP adjustments: |
|
|
|
|||||
Stock-based compensation |
1,837 |
|
|
1,129 |
|
|||
Expenses related to registration statement on Form S-1 on behalf of selling stockholders |
461 |
|
|
— |
|
|||
Change in fair value of warrant liabilities |
46,649 |
|
|
309 |
|
|||
Non-GAAP net loss |
$ |
(26,976) |
|
|
$ |
(14,143) |
|
|
GAAP net loss per share attributable to common stockholders: |
|
|
|
|||||
Basic and diluted |
$ |
(0.23) |
|
|
$ |
(0.12) |
|
|
Non-GAAP net loss per share attributable to common stockholders: |
|
|
|
|||||
Basic and diluted |
$ |
(0.08) |
|
|
$ |
(0.11) |
|
|
Shares used in computing GAAP net loss per share attributable to common stockholders: |
|
|
|
|||||
Basic and diluted |
332,987,523 |
|
|
128,668,864 |
|
|||
Shares used in computing Non-GAAP net loss per share attributable to common stockholders: |
|
|
|
|||||
Basic and diluted |
332,987,523 |
|
|
128,668,864 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210513005998/en/
Media
press@luminartech.com
Investors
Trey.campbell@luminartech.com
Source: