Luminar Reports Q2 2021 Results and Business Update
Aug 12, 2021 |

Raises Guidance for Full-Year 2021 Revenue, Major Commercial Program Targets And Forward-Looking Order Book

ORLANDO, Fla.--(BUSINESS WIRE)--Aug. 12, 2021-- Luminar Technologies, Inc. (NASDAQ: LAZR), the global leader in automotive lidar hardware and software technology, today announced its quarterly business update and financials for the second quarter of 2021, ended June 30, 2021. The company is increasing full-year guidance for major commercial wins, revenue, and forward-looking order book growth as a result of strong year-to-date execution and accelerating OEM adoption of Luminar.

“This has certainly been our most incredible quarter yet. We’ve been relentlessly executing and are on-track or beating each of our five key milestones. Since our last update, we made our first acquisition as a public company, and we achieved the industry’s most significant commercial win to-date for lidar and software,” said Austin Russell, Luminar Founder and CEO. “Our industry-first standardization win with Volvo has solidified Luminar as not only the standard in automotive lidar, but also the standard for next-generation vehicle safety.”

Major 2021 Milestones and Q2 Company Highlights:

Today, Luminar reported second-quarter progress on its five key 2021 milestones set forth at the beginning of the year and increased several targets driven by strong year-to-date performance.

  1. Iris Industrialization for Series Production: Luminar has now locked down over 85% of its series production supply chain and tooling for Iris, and expects to enter the C-phase in the fourth quarter. The company has also completed and passed some of the most challenging automotive-grade testing for Iris, including thermal, shock, vibration, and electrical. The company also acquired OptoGration1, its exclusive InGaAs chip design partner and manufacturer, which secures a key part of its supply chain and deepens Luminar’s competitive moat. In addition, the company was awarded its one hundredth patent in the second quarter, more than all other public lidar companies combined.
  2. Software & Product Development: Today, Luminar showcased its first public demonstration2 of its Proactive Safety™ software and capabilities in action. Luminar software is also a part of Volvo’s standard safety package program for their next-generation electric SUV. Luminar remains on track to deliver its alpha version of the full-stack Sentinel solution by year end.
  3. Commercial Programs & Customer Adoption: Volvo’s decision to make Luminar a standard3 feature on its next-generation electric SUV represents an industry first and a catalyst for next-generation automotive safety. Luminar is now doubling its major commercial win target this year to six from three, based on accelerated adoption of Luminar for OEM programs.
  4. Forward-Looking Order Book: Luminar is raising its 2021 forward-looking order book growth target to 60% over the prior year, up from the previous target of 40% growth.
  5. Liquidity and Cash Position: Luminar remains on track to achieve its target of ending the year with more cash on the balance sheet compared to year-end 2020, driven by continued disciplined use of cash and greater commercial success than expected.

Key Q2 2021 Financials:

Financial Guidance Increase: The company is raising its full-year 2021 revenue guidance to $30 to $33 million versus prior guidance of $25 to $30 million.

  • Revenue was $6.3 million, an 84% year-over-year increase and a 19% increase compared to the prior quarter.
  • GAAP and Non-GAAP net loss: Non-GAAP net loss was $27.7 million, or $(0.08) per share, compared to a non-GAAP net loss of $18.0 million, or $(0.14) per share, basic and diluted, for the second quarter of 2020. GAAP net loss was $36.8 million, or $(0.11) per share compared to a GAAP net loss of $25.4 million, or $(0.20) per share for the second quarter of 2020.
  • Cash, Cash Equivalents and Marketable Securities were $580.4 million as of June 30, 2021, compared to $485.7 million as of December 31, 2020. Cash spend (operating cash flow less capital expenditures) was $32.0 million during the second quarter.

__________________________________
1 https://www.luminartech.com/optogration
2 https://www.luminartech.com/pathtoseriesproduction
3 https://www.luminartech.com/standardized-on-next-gen-volvo

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 Update, Q2 Financials and Live Q&A
Date: Today, August 12, 2021
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 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. 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 in our forward-looking order book calculation, and 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 Luminar’s preparation for series production and scale and Luminar’s expectation that its technology will be standard on Volvo Cars’ next generation electric SUV, that Sentinel software will be successfully released and validated with demonstrable safety benefits, that Luminar will succeed in achieving additional commercial wins in 2021, that major wins will successfully result into series production to achieve the order book outlook, that full year spending and expansion will continue as planned, and that Luminar will successfully integrate the technology, manufacturing, and staffing of OptoGration Inc. after acquisition. 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 predictions 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 under the heading “Risk Factors” in the Annual Report on Form 10-K filed by Luminar on April 14, 2021, the registration statements on Form S-1 (Nos. 333-251657 and 333-257989) filed with the SEC and amendments thereto, 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 Technologies, Inc. (Nasdaq: LAZR) is transforming automotive safety and autonomy by delivering lidar and associated software that meets the industry’s stringent performance, safety, and economic requirements. Luminar has rapidly gained over 50 industry partners, including a majority of the top global automotive OEMs. In 2020, Luminar signed the industry’s first production deal for autonomous consumer vehicles with Volvo Cars, which now expects to make Luminar’s technology part of the standard safety package on their next generation electric SUV. Additional customer wins include SAIC, Daimler Truck AG, Intel’s Mobileye, Pony.ai and Airbus UpNext. Founded in 2012, Luminar employs approximately 400 with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich. For more information, please visit www.luminartech.com.

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

 

June 30, 2021

 

December 31, 2020

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$

134,689

 

 

$

208,944

 

Restricted cash

725

 

 

775

 

Marketable securities

445,755

 

 

276,710

 

Accounts receivable

2,444

 

 

5,971

 

Inventories, net

4,318

 

 

3,613

 

Prepaid expenses and other current assets

13,660

 

 

4,797

 

Total current assets

601,591

 

 

500,810

 

Property and equipment, net

9,258

 

 

7,689

 

Operating lease right-of-use assets

11,976

 

 

 

Goodwill

701

 

 

701

 

Other non-current assets

2,641

 

 

1,151

 

Total assets

$

626,167

 

 

$

510,351

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

6,996

 

 

$

6,039

 

Accrued and other current liabilities

12,904

 

 

10,452

 

Operating lease liabilities

4,275

 

 

 

Debt, current

64

 

 

99

 

Total current liabilities

24,239

 

 

16,590

 

Warrant liabilities

44,825

 

 

343,400

 

Debt, non-current

194

 

 

302

 

Operating lease liabilities, non-current

8,760

 

 

 

Other non-current liabilities

1,133

 

 

1,318

 

Total liabilities

79,151

 

 

361,610

 

Stockholders’ equity:

 

 

 

Class A common stock

24

 

 

22

 

Class B common stock

11

 

 

11

 

Additional paid-in capital

1,244,228

 

 

733,175

 

Accumulated other comprehensive income

7

 

 

34

 

Accumulated deficit

(697,254)

 

 

(584,501)

 

Total stockholders’ equity

547,016

 

 

148,741

 

Total liabilities and stockholders’ equity

$

626,167

 

 

$

510,351

 

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

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

Revenue

$

6,309

 

 

$

3,424

 

 

$

11,622

 

 

$

7,296

 

Cost of sales

7,853

 

 

7,442

 

 

15,492

 

 

11,285

 

Gross loss

(1,544)

 

 

(4,018)

 

 

(3,870)

 

 

(3,989)

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

19,913

 

 

9,708

 

 

33,923

 

 

18,116

 

Sales and marketing

3,507

 

 

1,232

 

 

6,142

 

 

3,075

 

General and administrative

19,237

 

 

4,892

 

 

29,510

 

 

9,505

 

Total operating expenses

42,657

 

 

15,832

 

 

69,575

 

 

30,696

 

Loss from operations

(44,201)

 

 

(19,850)

 

 

(73,445)

 

 

(34,685)

 

Other income (expense), net:

 

 

 

 

 

 

 

Change in fair value of warrant liabilities

6,928

 

 

(4,265)

 

 

(39,721)

 

 

(4,574)

 

Loss on extinguishment of debt

 

 

(866)

 

 

 

 

(866)

 

Interest expense and other

(288)

 

 

(489)

 

 

(488)

 

 

(1,021)

 

Interest income and other

731

 

 

35

 

 

901

 

 

130

 

Total other income (expense), net

7,371

 

 

(5,585)

 

 

(39,308)

 

 

(6,331)

 

Net loss

$

(36,830)

 

 

$

(25,435)

 

 

$

(112,753)

 

 

$

(41,016)

 

Net loss attributable to common stockholders

$

(36,830)

 

 

$

(25,435)

 

 

$

(112,753)

 

 

$

(41,016)

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic and diluted

$

(0.11)

 

 

$

(0.20)

 

 

$

(0.33)

 

 

$

(0.32)

 

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

 

 

 

 

 

 

 

Basic and diluted

340,255,023

 

 

129,650,239

 

 

336,641,349

 

 

128,780,581

 

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

 

Six Months Ended June 30,

 

2021

 

2020

Cash flows from operating activities:

 

 

 

Net loss

$

(112,753)

 

 

$

(41,016)

 

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

 

 

 

Depreciation and amortization

1,332

 

 

1,241

 

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

1,748

 

 

 

Amortization of premium on marketable securities

602

 

 

 

Unrealized loss on marketable securities

60

 

 

 

Change in fair value of warrants

39,721

 

 

4,574

 

Impairment of inventories

1,453

 

 

2,481

 

Loss on extinguishment of debt

 

 

866

 

Share-based compensation

16,367

 

 

3,413

 

Other

512

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

3,527

 

 

(3,940)

 

Inventories

(2,640)

 

 

(3,440)

 

Prepaid expenses and other current assets

(8,469)

 

 

(1,049)

 

Other non-current assets

(1,490)

 

 

638

 

Accounts payable

854

 

 

92

 

Accrued and other current liabilities

2,652

 

 

2,531

 

Other non-current liabilities

(1,659)

 

 

(369)

 

Net cash used in operating activities

(58,183)

 

 

(33,978)

 

Cash flows from investing activities:

 

 

 

Purchases of marketable securities

(376,289)

 

 

 

Proceeds from maturities of marketable securities

169,619

 

 

 

Proceeds from sales of marketable securities

36,937

 

 

285

 

Purchases of property and equipment

(2,710)

 

 

(708)

 

Net cash used in investing activities

(172,443)

 

 

(423)

 

Cash flows from financing activities:

 

 

 

Cash received from Gores on settlement of recapitalization of escrow

10

 

 

 

Proceeds from the issuance of debt

 

 

31,910

 

Repayment of debt

(143)

 

 

(3,843)

 

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

(143)

 

 

(108)

 

Proceeds from exercise of warrants

153,927

 

 

 

Proceeds from exercise of stock options

2,812

 

 

 

Proceeds from issuance of restricted common stock

 

 

9

 

Payments of employee taxes related to vested restricted stock units

(140)

 

 

 

Repurchase of common stock and redemption of warrants

(2)

 

 

(4)

 

Net cash provided by financing activities

156,321

 

 

27,964

 

Net decrease in cash, cash equivalents and restricted cash

(74,305)

 

 

(6,437)

 

Beginning cash, cash equivalents and restricted cash

209,719

 

 

27,305

 

Ending cash, cash equivalents and restricted cash

$

135,414

 

 

$

20,868

 

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
June 30,

 

Six Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

GAAP net loss

$

(36,830)

 

 

$

(25,435)

 

 

$

(112,753)

 

 

$

(41,016)

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

14,530

 

 

2,284

 

 

16,367

 

 

3,413

 

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

1,521

 

 

 

 

1,982

 

 

 

Change in fair value of warrant liabilities

(6,928)

 

 

4,265

 

 

39,721

 

 

4,574

 

Loss on extinguishment of debt

 

 

866

 

 

 

 

866

 

Non-GAAP net loss

$

(27,707)

 

 

$

(18,020)

 

 

$

(54,683)

 

 

$

(32,163)

 

GAAP net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic and diluted

$

(0.11)

 

 

$

(0.20)

 

 

$

(0.33)

 

 

$

(0.32)

 

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

 

 

 

 

 

 

 

Basic and diluted

$

(0.08)

 

 

$

(0.14)

 

 

$

(0.16)

 

 

$

(0.25)

 

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

 

 

 

 

 

 

 

Basic and diluted

340,255,023

 

 

129,650,239

 

 

336,641,349

 

 

128,780,581

 

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

 

 

 

 

 

 

 

Basic and diluted

340,255,023

 

 

129,650,239

 

 

336,641,349

 

 

128,780,581

 

 

Media Relations:
Press@luminartech.com

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

Source: Luminar Technologies, Inc.