Exhibit 99.1
Luminar Provides Q2 Update; Raises Guidance
Increasing Growth Rate for Major Commercial Program Wins and Order Book; Raising Revenue Guidance
Orlando, Fla. — August 8, 2022 — Luminar (NASDAQ: LAZR), a leading global automotive technology company, announced its quarterly business update and financial results for the second quarter of 2022, ended June 30, 2022. The company reported $9.9 million of Q2 revenue, ahead of company expectations and up 57% YoY.

“The most advanced automakers’ demand for Luminar is further increasing as we continue to successfully execute on their programs and build further conviction,” said Austin Russell, Founder and CEO. “As we prepare for the upcoming series production launch of Iris at the existing production facilities with our partners, we are also now planning the build-out of a larger, fully dedicated and automated facility. This will support the accelerated business, which is driving our increased guidance.”

Today, Luminar released its quarterly Path to Series Production video update, which can be viewed at: www.luminartech.com/path. The video spotlights the company’s continued progress on industrialization for automotive series production. This update highlights increasing factory automation and capacity for a new facility to support higher expected volumes in the years ahead.

Luminar’s Major 2022 Milestones - Q2 Highlights:
Luminar is on track to meet or beat all four of its key 2022 business milestones.

1.Iris Industrialization for Series Production: Luminar remains on track to meet its target of achieving series production readiness for Iris lidar and core software by the end of 2022. In the second quarter, Luminar began preparing for a new higher-volume, fully dedicated manufacturing facility with Celestica, which will feature increased levels of automation and drive scalable capacity to serve increasing demand.
2.Software: Luminar remains on track to a beta release of Sentinel by the end of 2022. In Q2, Luminar conducted live demo drives at TechCrunch Mobility, demonstrating the higher-confidence detection and collision-avoidance capability of lidar-based Proactive Safety™ compared to today’s camera and radar-based ADAS systems.
3.Commercial Programs: Luminar is raising full-year guidance for growth of major commercial program wins from 40% to 60% YoY growth. In Q2, Luminar successfully completed the first phase of another major OEM program. Luminar also announced a collaboration with ECARX1, a global mobility tech company and key strategic partner to various Geely ecosystem brands, to advance the adoption of lidar-based vehicle safety and autonomy in China and beyond.
4.Forward-Looking Order Book: Luminar is raising full-year guidance for growth of its forward-looking order book from 40% YoY to 60% YoY growth.

Key Q2 2022 Financials:
Luminar exceeded its financial expectations and maintains a strong balance sheet for accelerating business growth and reaching positive cash flow.

•Revenue: Q2 revenue of $9.9 million, ahead of company expectations and up 57% YoY, and 45% compared to the prior quarter.
•GAAP and Non-GAAP net loss: Q2 GAAP net loss was $95.2 million, or $(0.27) per share; Q2 Non-GAAP net loss was $65.0 million, or $(0.18) per share.
•Cash, Cash Equivalents and Marketable Securities were $605.3 million as of June 30, 2022. Q2 cash spend (operating cash flow less capital expenditures) was $56.5 million. During the quarter, the company repurchased $37.0 million of its shares. Maintaining prior cash spend guidance of 2022 cash spend moderately higher than 2021 ($155 million).
•Full-Year 2022 Financial Outlook: Raising full-year 2022 revenue outlook to $40 million to $45 million, up from $40 million.



1 See press release: https://www.luminartech.com/ecarx/



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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, August 8, 2022
•Time: 2:00 p.m. PDT (5:00 p.m. EDT)

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

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Luminar considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what we consider to be our core operating performance, as well as unusual events. The Company’s management uses these measures to (i) illustrate underlying trends in the Company’s business that could otherwise be masked by the effect of income or expenses that are excluded from non-GAAP measures, and (ii) establish budgets and operational goals for managing the Company’s business and evaluating its performance. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures are presented only as supplemental information for purposes of understanding the Company’s operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP.

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

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

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


Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “aims,” “believe,” “may,” “will,” “estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,” “expect,” “should,” “would,” “forward,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected achievement and timing of series
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production readiness for Iris lidar and core software, the expected timing and impact of the new, high-volume manufacturing facility, the expected timing of a Sentinel beta, the expected growth in 2022 of Luminar’s forward-looking order book and major commercial wins, and expectations for 2022 revenue growth and cash expenditure. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar's management and are not guarantees of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including the risks discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Luminar’s most recently filed periodic reports on Form 10-K and Form 10-Q, and other documents Luminar files with the SEC in the future. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

About Luminar

Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. For more information please visit www.luminartech.com.



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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
June 30, 2022December 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents$76,717 $329,977 
Restricted cash980 725 
Marketable securities528,548 462,141 
Accounts receivable9,279 13,013 
Inventory9,349 10,342 
Prepaid expenses and other current assets46,178 29,195 
Total current assets671,051 845,393 
Property and equipment, net19,946 11,009 
Operating lease right-of-use assets17,447 9,145 
Intangible assets, net23,458 2,424 
Goodwill18,465 3,110 
Other non-current assets25,230 12,455 
Total assets$775,597 $883,536 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$20,119 $14,419 
Accrued and other current liabilities31,504 19,844 
Operating lease liabilities6,217 4,735 
Total current liabilities57,840 38,998 
Warrant liabilities4,351 31,230 
Convertible senior notes610,575 608,957 
Operating lease liabilities, non-current12,464 5,768 
Other non-current liabilities1,806 598 
Total liabilities687,036 685,551 
Stockholders’ equity:
Class A common stock28 27 
Class B common stock10 10 
Additional paid-in capital1,413,064 1,257,214 
Accumulated other comprehensive loss(6,005)(908)
Treasury stock(312,477)(235,871)
Accumulated deficit(1,006,059)(822,487)
Total stockholders’ equity88,561 197,985 
Total liabilities and stockholders’ equity$775,597 $883,536 
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended June 30, 2022Six Months Ended June 30, 2022
2022202120222021
Revenue:
Products$1,798 $1,977 $3,339 $4,910 
Services8,134 4,332 13,448 6,712 
Total revenue9,932 6,309 16,787 11,622 
Cost of sales:
Products16,987 3,720 28,805 9,029 
Services11,105 4,133 15,941 6,463 
Total cost of sales28,092 7,853 44,746 15,492 
Gross loss(18,160)(1,544)(27,959)(3,870)
Operating expenses:
Research and development40,941 19,913 74,050 33,923 
Sales and marketing7,189 3,507 16,587 6,142 
General and administrative38,150 19,237 68,175 29,510 
Total operating expenses86,280 42,657 158,812 69,575 
Loss from operations(104,440)(44,201)(186,771)(73,445)
Other income (expense), net:
Change in fair value of warrant liabilities11,733 6,928 7,876 (39,721)
Interest expense and other(3,148)(288)(6,428)(488)
Interest income and other603 731 2,142 901 
Total other income (expense), net9,188 7,371 3,590 (39,308)
Loss before provision (benefit from) for income taxes(95,252)(36,830)(183,181)(112,753)
Provision for (benefit from) income taxes(13)— 391 — 
Net loss$(95,239)$(36,830)$(183,572)$(112,753)
Net loss per share:
Basic and diluted$(0.27)$(0.11)$(0.52)$(0.33)
Shares used in computing net loss per share:
Basic and diluted352,054,529 340,255,023 350,378,494 336,641,349 
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended June 30,
20222021
Cash flows from operating activities:
Net loss$(183,572)$(112,753)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization2,544 1,332 
Noncash lease expense related to operating lease right-of-use assets2,139 1,748 
Amortization of premium on marketable securities919 602 
Change in fair value of warrants(7,876)39,721 
 Vendor stock-in lieu of cash program19,916 — 
Amortization of debt discount and issuance costs1,618 — 
Impairment of inventories4,778 1,453 
Share-based compensation65,323 16,367 
Product warranty and other171 572 
Changes in operating assets and liabilities:
Accounts receivable7,038 3,527 
Inventories(2,814)(2,640)
Prepaid expenses and other current assets(2,417)(8,469)
Other non-current assets(532)(1,490)
Accounts payable7,392 854 
Accrued and other current liabilities1,106 2,652 
Other non-current liabilities(931)(1,659)
Net cash used in operating activities(85,198)(58,183)
Cash flows from investing activities:
Acquisition of Freedom Photonics(2,759)— 
Acquisition of Solfice assets(2,001)— 
Purchases of marketable securities(270,440)(376,289)
Proceeds from maturities of marketable securities147,053 169,619 
Proceeds from sales of marketable securities50,315 36,937 
Purchases of property and equipment(7,491)(2,710)
Advances for capital projects and equipment(1,673)— 
Net cash used in investing activities(86,996)(172,443)
Cash flows from financing activities:
Proceeds from exercise of warrants— 153,927 
Proceeds from exercise of stock options1,791 2,812 
Payments of employee taxes related to stock-based awards(1,724)(140)
Repurchase of common stock and redemption of warrants(80,878)(2)
Other financing activities— (276)
Net cash provided by (used in) financing activities(80,811)156,321 
Net decrease in cash, cash equivalents and restricted cash(253,005)(74,305)
Beginning cash, cash equivalents and restricted cash330,702 209,719 
Ending cash, cash equivalents and restricted cash$77,697 $135,414 
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales
(In thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
GAAP cost of sales$28,092 $7,853 $44,746 $15,492 
Non-GAAP adjustments:
Stock-based compensation(6,989)(1,127)(8,775)(1,210)
Amortization of intangible assets(259)— (303)— 
Non-GAAP cost of sales$20,844 $6,726 $35,668 $14,282 
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Gross Loss to Non-GAAP Gross Loss
(In thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
GAAP gross loss$(18,160)$(1,544)$(27,959)$(3,870)
Non-GAAP adjustments:
Stock-based compensation6,989 1,127 8,775 1,210 
Amortization of intangible assets259 — 303 — 
Non-GAAP gross loss$(10,912)$(417)$(18,881)$(2,660)
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(In thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
GAAP operating expenses$86,280 $42,657 $158,812 $69,575 
Non-GAAP adjustments:
Stock-based compensation(31,636)(13,403)(56,548)(15,157)
Amortization of intangible assets(534)— (553)— 
Reserve related to employee matters(2,000)— (2,000)— 
Transaction costs relating to acquisition activities (524)— (2,037)— 
Expenses related to registration statement on Form S-1 on behalf of selling stockholders— (1,521)— (1,982)
Non-GAAP operating expenses$51,586 $27,733 $97,674 $52,436 
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
GAAP net loss$(95,239)$(36,830)$(183,572)$(112,753)
Non-GAAP adjustments:
Stock-based compensation38,625 14,530 65,323 16,367 
Amortization of intangible assets793 — 856 — 
Legal reserve related to employee matters2,000 — 2,000 — 
Transaction costs relating to acquisition activities 524 — 2,037 — 
Expenses related to registration statement on Form S-1 on behalf of selling stockholders— 1,521 — 1,982 
Change in fair value of warrant liabilities(11,733)(6,928)(7,876)39,721 
Provision for income taxes— — 165 — 
Non-GAAP net loss$(65,030)$(27,707)$(121,067)$(54,683)
GAAP net loss per share:
Basic and diluted$(0.27)$(0.11)$(0.52)$(0.33)
Non-GAAP net loss per share:
Basic and diluted$(0.18)$(0.08)$(0.35)$(0.16)
Shares used in computing GAAP net loss per share:
Basic and diluted352,054,529 340,255,023 350,378,494 336,641,349 
Shares used in computing Non-GAAP net loss per share:
Basic and diluted352,054,529 340,255,023 350,378,494 336,641,349 
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow
(In thousands)
(Unaudited)
Six Months Ended June 30,
20222021
GAAP operating cash flow$(85,198)$(58,183)
Non-GAAP adjustments:
Capital expenditure(9,164)(2,710)
Non-GAAP free cash flow$(94,362)$(60,893)
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Summary of Stock-Based Compensation and Intangibles Amortization
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2022June 30, 2021
Stock-Based
Compensation		Intangibles
Amortization		Stock-Based
Compensation		Intangibles
Amortization
Cost of Sales$6,989 $259 $1,127 $— 
Research and development8,714 201 5,663 — 
Sales and marketing2,741 333 934 — 
General and administrative20,181 — 6,806 — 
Total$38,625 $793 $14,530 $— 
Six Months Ended
June 30, 2022June 30, 2021
Stock-Based
Compensation		Intangibles
Amortization		Stock-Based
Compensation		Intangibles
Amortization
Cost of Sales$8,775 $303 $1,210 $— 
Research and development15,816 201 6,425 — 
Sales and marketing5,609 352 1,120 — 
General and administrative35,123 — 7,612 — 
Total$65,323 $856 $16,367 $— 
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Contact Information
Media Relations:
Press@luminartech.com

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