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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One) | | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2021
or | | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 001-38791
LUMINAR TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter) | | | | | | | | | | | | | | |
| Delaware | | 83-1804317 |
| (State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| 2603 Discovery Drive | Suite 100 | Orlando | Florida | 32826 |
| (Address of Principal Executive Offices) | (Zip Code) |
(407) 900-5259
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | |
| Title of each class | | Trading symbol(s) | | Name of each exchange on which registered |
| Class A common stock, par value of $0.0001 per share | | LAZR | | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | | | | |
| Large accelerated filer | ☐ | Accelerated filer | ☐ | |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |
| | | Emerging growth company | ☒ | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As of May 7, 2021, the registrant had 234,714,116 shares of Class A common stock and 105,118,203 shares of Class B common stock, par value $0.0001 per share, outstanding.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
FORM 10-Q
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve substantial risks and uncertainties. These statements reflect the current views of management with respect to future events and our financial performance. In some cases, you can identify these statements by forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words or phrases, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business.
These statements are only predictions based on our current expectations and projections about future events. These statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. These factors include the information set forth in Part 1, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors” and Part II, Item 1A, of this Quarterly Report under the heading “Risk Factors”, which we encourage you to carefully read. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. We undertake no obligation to update any forward-looking statements made in this Form 10-Q to reflect events or circumstances after the date of this Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands) | | | | | | | | | | | |
| March 31, 2021 | | December 31, 2020 |
| (Unaudited) | | |
| 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 | | | — | |
| Goodwill | 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 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited, in thousands, except share and per share data)
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2021 | | 2020 |
| Revenue | $ | 5,313 | | | $ | 3,872 | |
| Cost of sales | 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 | |
| Comprehensive Loss: | | | |
| Net loss | $ | (75,923) | | | $ | (15,581) | |
| Net unrealized gains (losses) on available-for-sale debt securities | (43) | | | (7) | |
| Comprehensive loss | $ | (75,966) | | | $ | (15,588) | |
See accompanying notes to the unaudited condensed consolidated financial statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(Unaudited, in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Series A Convertible
Preferred Stock | | | | | Founders Convertible
Preferred Stock | | Class A
Common Stock | | Class B
Common Stock | | Additional
Paid-in
Capital | | Accumulated
Other
Comprehensive
Income Loss | | Accumulated
Deficit | | Total
Stockholders’
Equity (Deficit) |
| Shares | | Amount | | | | | | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | | | |
| Balance as of December 31, 2019 | 94,818,151 | | | $ | 244,743 | | | | | | | | 26,206,837 | | | $ | 3 | | | 139,635,890 | | | $ | 14 | | | — | | | $ | — | | | $ | 10,457 | | | $ | (1) | | | $ | (222,203) | | | $ | (211,730) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Share-based compensation | — | | | — | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,141 | | | — | | | — | | | 1,141 | |
| Other comprehensive Income | — | | | — | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (7) | | | — | | | (7) | |
| Net loss | — | | | — | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (15,581) | | | (15,581) | |
| Balance as of March 31, 2020 | 94,818,151 | | | 244,743 | | | | | | | | 26,206,837 | | | 3 | | | 139,635,890 | | | 14 | | | — | | | — | | | 11,598 | | | (8) | | | (237,784) | | | (226,177) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balance as of December 31, 2020 | — | | | $ | — | | | | | | | | — | | | $ | — | | | 218,818,037 | | | $ | 22 | | | 105,118,203 | | | $ | 11 | | | $ | 733,175 | | | $ | 34 | | | $ | (584,501) | | | $ | 148,741 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Issuance of Class A common stock upon exercise of warrants and stock options | — | | | — | | | | | | | | — | | | — | | | 15,757,955 | | | 1 | | | — | | | — | | | 492,541 | | | — | | | — | | | 492,542 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Share-based compensation | — | | | — | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,843 | | | — | | | — | | | 1,843 | |
| Other comprehensive Income | — | | | — | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (43) | | | — | | | (43) | |
| Net loss | — | | | — | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (75,923) | | | (75,923) | |
| Balance as of March 31, 2021 | — | | | $ | — | | | | | | | | — | | | $ | — | | | 234,575,992 | | | $ | 23 | | | 105,118,203 | | | $ | 11 | | | $ | 1,227,559 | | | $ | (9) | | | $ | (660,424) | | | $ | 567,160 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands) | | | | | | | | | | | |
| Three Months Ended March 31, |
| 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 (discount) 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 and redemption of warrants | (2) | | | (1) | |
| Net cash provided by (used in) financing activities | 154,104 | | | (2,728) | |
| Net decrease 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 | |
| Supplemental disclosures of cash flow information: | | | |
| Cash paid for interest | $ | 19 | | | $ | 329 | |
| | | |
| Supplemental disclosures of noncash investing and financing activities: | | | |
| | | |
| | | |
| | | |
| | | |
| Issuance of Class A common stock upon exercise of warrants | $ | 338,293 | | | $ | — | |
| | | |
| Operating lease right-of-use assets obtained in exchange for lease obligations upon adoption of ASC 842 | 10,849 | | | — | |
| Operating lease right-of-use assets obtained in exchange for lease obligations | 2,876 | | | — | |
| Deferred financing costs recorded in accrued liabilities | 223 | | | — | |
| Assets acquired under finance leases (capital lease prior to adoption of ASC 842) | — | | | 133 | |
| Purchases of property and equipment recorded in accounts payable and accrued liabilities | 504 | | | 35 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1. Organization and Description of Business
Luminar Technologies, Inc. and its wholly-owned subsidiaries (the “Company” or “Luminar”) was originally incorporated in Delaware on August 28, 2018 under the name Gores Metropoulos, Inc (“Gores”). The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On December 2, 2020 (the “Closing Date”), the Company (at such time named Gores Metropoulos, Inc.) consummated the business combination (the “Business Combination”) pursuant to the Agreement and Plan of Merger, dated August 24, 2020 with the pre-Business Combination Luminar Technologies, Inc. (“Legacy Luminar”). In connection with the consummation of the Business Combination, the Company changed its name from Gores Metropoulos, Inc. to Luminar Technologies, Inc. The Company’s common stock is listed on the NASDAQ under the symbol “LAZR.” The Company’s public warrants to purchase shares of Class A common stock were listed on the NASDAQ under the symbol “LAZRW,” until they were delisted on March 5, 2021 upon exercise and redemption.
Unless the context otherwise requires, the “Company” refers to the combined company and its subsidiary following the Business Combination, “Gores” refers to the Company prior to the Business Combination and “Legacy Luminar” refers to Luminar Technologies Inc., prior to the Business Combination. Refer to Note 3 to the financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information relating to the Business Combination.
The Company is a developer of advanced sensor technologies for the autonomous vehicle industry, encompassing the latest in Laser Imaging, Detection and Ranging (lidar) technology. The Company manufactures and distributes commercial lidar sensors. In addition, the Company develops ultra-sensitive pixel-based sensors and designs, tests and provides consulting services for non-standard integrated circuits that are essential for systems to meet the requirement of customers. Legacy Luminar was incorporated in Delaware on March 31, 2015. The Company has research and manufacturing facilities located in Palo Alto, California and Orlando, Florida, which is also the Company’s headquarters.
Note 2. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, valuation allowance for deferred tax assets, valuation of warrants, revenue, stock-based compensation expense and other loss contingencies. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates.
Segment Information
The Company has determined its operating segments on the same basis that it uses to evaluate its performance internally. The Company has two business activities: (i) manufacturing and distribution of lidar sensors that measure distance using laser light to generate a highly accurate 3D map for automotive mobility applications and (ii) development of ultra-sensitive pixel-based sensors and designing, testing and providing consulting services for non-standard integrated circuits that are essential for systems to meet the requirement of customers. The Company’s operating segments are (i) Autonomy Solutions and (ii) Component Sales. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, reviews the operating results of these segments for the purpose of allocating resources and evaluating financial performance.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, marketable investments and accounts receivable. A significant portion of the Company’s cash and cash equivalents is held at high-quality domestic financial institutions. Deposits held with the financial institutions may, at times, exceed the amount of insurance provided on such deposits. The Company held cash in foreign entities of $0.5 million and $0.6 million as of March 31, 2021 and December 31, 2020, respectively.
The Company’s revenue is derived from customers located in the United States and international markets. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions and requires advance payment from customers in certain circumstances. The Company generally does not require collateral.
Three customers accounted for 28%, 19%, and 18%, respectively, of the Company’s accounts receivable at March 31, 2021 and one customer accounted for 86% of the Company’s accounts receivable at December 31, 2020.
Significant Accounting Policies
The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2020. Other than the accounting policies discussed below related to equity investments, accounting for Earn-Out shares and in Note 11 related to the adoption of Accounting Standards Codification (“ASC”) 842, Leases, there has been no material change to the Company’s significant accounting policies during the three months ended March 31, 2021. See Note 11 related to the adoption of ASC 842.
Equity Investments
The Company’s holds marketable equity investments, over which the Company does not have a controlling interest or significant influence. Marketable equity investments are measured using the quoted prices in active markets with changes recorded in other income (expense), net on the condensed consolidated statement of operations.
Recently Adopted Accounting Pronouncements
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) and issued subsequent amendments to the initial guidance in 2017, 2018 and 2019 (collectively “ASC 842”). Under the new guidance, a lessee is required to recognize assets and liabilities for both finance, previously known as capital, and operating leases with lease terms of more than 12 months. The ASU also requires disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. In transition, the Company recognized and measured leases at the beginning of the period of adoption, January 1, 2021, using a modified retrospective approach that included a number of optional practical expedients that the Company elected to apply. See Note 11 for disclosure on the impact of adopting this standard.
Recent Accounting Pronouncements Not Yet Effective
In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (ASC 326): Measurement of Credit Losses of Financial Instruments, which, together with subsequent amendments, amends the requirement on the measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 will be effective for the Company beginning January 1, 2023, with early adoption permitted. The Company is currently in the process of evaluating the effects of this pronouncement on the Company’s financial statements and does not expect it to have a material impact on the consolidated financial statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 3. Revenue
Disaggregation of Revenues
The Company disaggregates its revenue from contracts with customers by geographic region based on the primary locations where the customer is situated, type of good or service and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue based on the disaggregation criteria described above are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2021 | | 2020 |
| Revenue | | % of Revenue | | Revenue | | % of Revenue |
| | | | | | | |
| Revenue by primary geographical market: | | | | | | | |
| North America | $ | 2,539 | | | 48 | % | | $ | 1,085 | | | 28 | % |
| Asia Pacific | 321 | | | 6 | % | | 8 | | | — | % |
| Europe and Middle East | 2,453 | | | 46 | % | | 2,779 | | | 72 | % |
| Total | $ | 5,313 | | | 100 | % | | $ | 3,872 | | | 100 | % |
| Revenue by timing of recognition: | | | | | | | |
| Recognized at a point in time | $ | 2,053 | | | 39 | % | | $ | 608 | | | 16 | % |
| Recognized over time | 3,260 | | | 61 | % | | 3,264 | | | 84 | % |
| Total | $ | 5,313 | | | 100 | % | | $ | 3,872 | | | 100 | % |
| Revenue by segment: | | | | | | | |
| Autonomy Solutions | $ | 4,336 | | | 82 | % | | $ | 3,297 | | | 85 | % |
| Component Sales | 977 | | | 18 | % | | 575 | | | 15 | % |
| Total | $ | 5,313 | | | 100 | % | | $ | 3,872 | | | 100 | % |
Volvo Stock Purchase Warrant
In March 2020, the Company issued a stock purchase warrant to Volvo Car Technology Fund AB (“VCTF”) in connection with an engineering services contract. VCTF is entitled to purchase from the Company up to 4,089,280 shares of Class A common stock, at a price of $3.1769 per share. The warrants vest and become exercisable in two tranches based on satisfaction of certain commercial milestones. The fair value of warrants aggregating $2.9 million represent consideration payable to a customer and would be recognized as reduction in revenue consistent with the revenue recognition pattern when these warrants become probable of vesting. The Company’s management determined that the vesting of these warrants was not probable as of March 31, 2021.
Contract assets and liabilities
Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. The Company’s contract assets as of March 31, 2021 and December 31, 2020 were $1.2 million and $0, respectively. Contract liabilities consist of deferred revenue and customer advanced payments. Deferred revenue includes billings in excess of revenue recognized related to product sales and other services revenue and is recognized as revenue when the Company performs under the contract. Customer advanced payments represent required customer payments in advance of product shipments according to customer’s payment term. Customer advance payments are recognized as revenue when control of the performance obligation is transferred to the customer. The Company’s contract liabilities were $0.7 million and $2.3 million as of March 31, 2021 and December 31, 2020, respectively, and were included in accrued and other current liabilities in the condensed consolidated balance sheets.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
The significant changes in contract liabilities balances consisted of the following (in thousands):
| | | | | | | | | | | |
| |
| | March 31, 2021 | | December 31, 2020 |
| Beginning balance | $ | 2,284 | | | $ | 225 | |
| | | |
| Revenue recognized that was included in the contract liabilities beginning balance | (1,667) | | | (225) | |
| Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period | 37 | | | 2,284 | |
| Ending balance | $ | 654 | | | $ | 2,284 | |
Note 4. Investments
Debt Securities
The Company’s investments in debt securities consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2021 |
| | | Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value |
| U.S. Treasury | | $ | 210,739 | | | $ | 29 | | | $ | (59) | | | $ | 210,709 | |
| | | | | | | | |
| Commercial paper | | 272,457 | | | 15 | | | (8) | | | 272,464 | |
| Corporate bonds | | 61,662 | | | 29 | | | (19) | | | 61,672 | |
| Asset-backed securities | | 8,047 | | | 4 | | | — | | | 8,051 | |
| Total debt securities | | $ | 552,905 | | | $ | 77 | | | $ | (86) | | | $ | 552,896 | |
| Included in cash and cash equivalents | | $ | 166,249 | | | $ | 6 | | | $ | — | | | $ | 166,255 | |
| Included in marketable securities | | $ | 386,656 | | | $ | 71 | | | $ | (86) | | | $ | 386,641 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2020 |
| | | Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value |
| U.S. Treasury | | $ | 155,339 | | | $ | 14 | | | $ | (6) | | | $ | 155,347 | |
| U.S. agency and government sponsored securities | | 19,996 | | | — | | | — | | | 19,996 | |
| Commercial paper | | 182,218 | | | 6 | | | (4) | | | 182,220 | |
| Corporate bonds | | 45,431 | | | 21 | | | (2) | | | 45,450 | |
| Asset-backed securities | | 7,012 | | | 6 | | | — | | | 7,018 | |
| Total debt securities | | $ | 409,996 | | | $ | 47 | | | $ | (12) | | | $ | 410,031 | |
| Included in cash and cash equivalents | | $ | 133,319 | | | $ | 4 | | | $ | (2) | | | $ | 133,321 | |
| Included in marketable securities | | $ | 276,677 | | | $ | 43 | | | $ | (10) | | | $ | 276,710 | |
The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of March 31, 2021 and December 31, 2020 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2021 | | December 31, 2020 |
| | Gross
Unrealized
Losses | | Fair Value | | Gross
Unrealized
Losses | | Fair Value |
| U.S. Treasury | | $ | (59) | | | $ | 54,992 | | | $ | (6) | | | $ | 65,298 | |
| | | | | | | | |
| Commercial paper | | (8) | | | 46,305 | | | (4) | | | 47,629 | |
| Corporate bonds | | (19) | | | 29,713 | | | (2) | | | 15,575 | |
| | | | | | | | |
| Total | | $ | (86) | | | $ | 131,010 | | | $ | (12) | | | $ | 128,502 | |
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Equity Investments
The Company’s equity investments included in marketable securities as of March 31, 2021 and December 31, 2020 were as follows (in thousands):
| | | | | | | | | | | | | | |
| | March 31, 2021 | | December 31, 2020 |
| Equity investments included in marketable securities | | $ | 16,950 | | | $ | — | |
Total realized and unrealized gains and losses associated with the Company’s equity investments consisted of the following (in thousands):
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| | 2021 | | 2020 |
| Net realized gains (losses) recognized on equity investments sold | | $ | 114 | | | $ | — | |
| Net unrealized gains (losses) recognized on equity investments held | | (278) | | | — | |
| Total net gains (losses) recognized in other income (expense), net | | $ | (164) | | | $ | — | |
Note 5. Financial Statement Components
Cash and Cash Equivalents
Cash and cash equivalents consisted of the following (in thousands): | | | | | | | | | | | |
| |
| | March 31, 2021 | | December 31, 2020 |
| Cash | $ | 21,440 | | | $ | 10,652 | |
| Money market funds | 19,035 | | | 64,971 | |
| U.S. Treasury | — | | | 24,999 | |
| | | |
| Commercial paper | 166,255 | | | 108,322 | |
| | | |
| Total cash and cash equivalents | $ | 206,730 | | | $ | 208,944 | |
Inventories, net
Inventories consisted of the following (in thousands):
| | | | | | | | | | | |
| |
| | March 31, 2021 | | December 31, 2020 |
| Raw materials | $ | 1,805 | | | $ | 625 | |
| Work-in-process | 520 | | | 52 | |
| Finished goods | 958 | | | 2,936 | |
| Total inventories, net | $ | 3,283 | | | $ | 3,613 | |
The Company’s inventory write-down for the three months ended March 31, 2021 and 2020 were $0.3 million and $0.2 million, respectively.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
| | | | | | | | | | | |
| |
| | March 31, 2021 | | December 31, 2020 |
| Prepaid expenses | $ | 8,012 | | | $ | 1,073 | |
| Contract assets | 1,221 | | | — | |
| Advance payments to vendors | 196 | | | 961 | |
| Prepaid rent and other | — | | | 503 | |
| Other receivables | 942 | | | 2,260 | |
| Total prepaid expenses and other current assets | $ | 10,371 | | | $ | 4,797 | |
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Property and Equipment
Property and equipment consisted of the following (in thousands):
| | | | | | | | | | | |
| |
| | March 31, 2021 | | December 31, 2020 |
| Computer hardware and software | $ | 2,559 | | | $ | 2,450 | |
| Demonstration fleet and demonstration units | 1,669 | | | 1,821 | |
| Machinery and equipment | 6,596 | | | 5,940 | |
| Furniture and fixtures | 293 | | | 293 | |
| Vehicles | 856 | | | 835 | |
| Leasehold improvements | 960 | | | 791 | |
| | | |
| Construction in progress | 1,841 | | | 1,410 | |
| Total property and equipment | 14,774 | | | 13,540 | |
| Accumulated depreciation and amortization | (6,408) | | | (5,851) | |
| Total property and equipment, net | $ | 8,366 | | | $ | 7,689 | |
Depreciation and amortization associated with property and equipment was $0.7 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively.
Property and equipment capitalized under finance lease (capital lease prior to adoption of ASC 842) consisted of the following (in thousands):
| | | | | | | | | | | |
| |
| March 31, 2021 | | December 31, 2020 |
| Computer hardware and software | $ | 88 | | | $ | 88 | |
| Machinery and equipment | 838 | | 838 |
| Total property and equipment, gross | 926 | | 926 |
| Less: accumulated depreciation | (261) | | | (219) | |
| Total property and equipment, net | $ | 665 | | | $ | 707 | |
Other Non-Current Assets
Other non-current assets consisted of the following (in thousands):
| | | | | | | | | | | |
| |
| | March 31, 2021 | | December 31, 2020 |
| Security deposits | $ | 1,072 | | | $ | 1,106 | |
| Other non-current assets | 1,397 | | | 45 | |
| Total other non-current assets | $ | 2,469 | | | $ | 1,151 | |
Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following (in thousands):
| | | | | | | | | | | |
| |
| | March 31, 2021 | | December 31, 2020 |
| Accrued expenses | $ | 3,654 | | | $ | 3,998 | |
| Warranty liabilities | 283 | | | 259 | |
| Contract liabilities | 654 | | | 2,284 | |
| Accrued compensation and benefits | 3,595 | | | 3,071 | |
| Contract losses | 452 | | | 558 | |
| Finance lease (capital lease prior to adoption of ASC 842) liabilities, current | 281 | | | 282 | |
| Total accrued and other current liabilities | $ | 8,919 | | | $ | 10,452 | |
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Other Non-Current Liabilities
Other non-current liabilities consisted of the following (in thousands):
| | | | | | | | | | | |
| |
| | March 31, 2021 | | December 31, 2020 |
| Deferred rent | $ | — | | | $ | 826 | |
| Finance lease (capital lease prior to adoption of ASC 842) liabilities, non-current | 263 | | | 331 | |
| Other non-current liabilities | 973 | | | 161 | |
| Total other non-current liabilities | $ | 1,236 | | | $ | 1,318 | |
Note 6. Fair Value Measurements
The Company carries cash equivalents, marketable investments, and Public and Private Warrants. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
Level 1 — Observable inputs, which include unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — Observable inputs other than Level 1 inputs, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 — Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques.
The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments.
Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations, alternative pricing sources or U.S. Government Treasury yield of appropriate term. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. The Company performs routine procedures such as comparing prices obtained from independent source to ensure that appropriate fair values are recorded. Because the transfer of Private Warrants to anyone outside of a small group of individuals constituting the sponsors of Gores Metropoulos, Inc. would result in the Private Warrants having substantially the same terms as the Public Warrants, management determined that the fair value of each Private Warrant is the same as that of a Public Warrant, with an insignificant adjustment for short-term marketability restrictions, as of December 31, 2020. As of March 31, 2021, management determined the fair value of the Private Warrants using observable inputs in the Black-Scholes valuation model, which used the remaining term of warrants of 4.68 years, volatility of 64.2% and a risk-free rate of 0.83%. Accordingly, the Private Warrants are classified as Level 3 financial instruments. The following table presents changes in Level 3 liabilities relating to Private Warrants measured at fair value as of March 31, 2021 (in thousands):
| | | | | | | | |
| | Private Warrants |
| Balance as of December 31, 2020 | | $ | — | |
| Additions | | 51,753 | |
| Exercise | | — | |
| Measurement adjustments | | — | |
| Balance as of March 31, 2021 | | $ | 51,753 | |
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value (in thousands) Measured as of
March 31, 2021 Using: |
| Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | |
| Cash equivalents: | | | | | | | |
| Money market funds | $ | 19,035 | | | $ | — | | | $ | — | | | $ | 19,035 | |
| U.S. Treasury | — | | | — | | | — | | | — | |
| Commercial paper | — | | | 166,255 | | | — | | | 166,255 | |
| Total cash equivalents | $ | 19,035 | | | $ | 166,255 | | | $ | — | | | $ | 185,290 | |
| Marketable investments: | | | | | | | |
| U.S. Treasury | $ | 210,709 | | | $ | — | | | $ | — | | | $ | 210,709 | |
| U.S. agency and government sponsored securities | — | | | — | | | — | | | — | |
| Commercial paper | — | | | 106,209 | | | — | | | 106,209 | |
| Corporate bonds | — | | | 61,672 | | | — | | | 61,672 | |
| Asset-backed securities | — | | | 8,051 | | | — | | | 8,051 | |
| Equity investments | $ | 16,950 | | | $ | — | | | $ | — | | | $ | 16,950 | |
| Total marketable investments | $ | 227,659 | | | $ | 175,932 | | | $ | — | | | $ | 403,591 | |
| Liabilities: | | | | | | | |
| Public Warrants | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Private Warrants | — | | | — | | | 51,753 | | | 51,753 | |
| Total warrant liabilities | $ | — | | | $ | — | | | $ | 51,753 | | | $ | 51,753 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Fair Value (in thousands) Measured as of
December 31, 2020 Using: |
| Level 1 | | Level 2 | | Level 3 | | Total |
| Assets: | | | | | | | |
| Cash equivalents: | | | | | | | |
| Money market funds | $ | 64,971 | | | $ | — | | | $ | — | | | $ | 64,971 | |
| U.S. Treasury | 24,999 | | | — | | | — | | | 24,999 | |
| | | | | | | |
| Commercial paper | — | | | 108,322 | | | — | | | 108,322 | |
| | | | | | | |
| Total cash equivalents | $ | 89,970 | | | $ | 108,322 | | | $ | — | | | $ | 198,292 | |
| Marketable investments: | | | | | | | |
| U.S. Treasury | $ | 130,348 | | | $ | — | | | $ | — | | | $ | 130,348 | |
| U.S. agency and government sponsored securities | — | | | 19,996 | | | — | | | 19,996 | |
| Commercial paper | — | | | 73,898 | | | — | | | 73,898 | |
| Corporate bonds | — | | | 45,450 | | | — | | | 45,450 | |
| Asset-backed securities | — | | | 7,018 | | | |