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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 September 30, 2022
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 October 28, 2022, the registrant had 265,669,181 shares of Class A common stock and 97,088,670 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”) includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), 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,” “future,” “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, product plans, future growth, market opportunities, strategic initiatives, industry positioning, customer acquisition and retention, revenue growth 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, including our history of losses and our expectation that we will continue to incur significant expenses, including substantial R&D costs, and continuing losses for the foreseeable future as well as our limited operating history which makes it difficult to evaluate our future prospects and the risks and challenges we may encounter; our strategic initiatives which may prove more costly than we currently anticipate and potential failure to increase our revenue to offset these initiatives; whether our lidar products are selected for inclusion in autonomous driving or ADAS systems by automotive original equipment manufacturers (“OEMs”) or their suppliers, and whether we will be de-selected by any customers; the lengthy period of time from a major commercial win to implementation and the risks of cancellation or postponement of the contract or unsuccessful implementation; potential inaccuracies in our forward looking estimates of certain metrics and our future cost of goods sold and bill of materials and total addressable market; the discontinuation, lack of success of our customers in developing and commercializing products using our solutions or loss of business with respect to a particular vehicle model or technology package and whether end automotive consumers will demand and be willing to pay for such features; our inability to reduce and control the cost of the inputs on which we rely, which could negatively impact the adoption of our products and our profitability; the effect of continued pricing pressures, competition from other lidar manufacturers, automotive OEMs cost reduction initiatives and the ability of automotive OEMs to re-source or cancel vehicle or technology programs which may result in lower than anticipated margins, or losses, which may adversely affect our business; general economic uncertainty and the effect of general economic conditions generally, including inflation, recession risks and rising interest rates, and on our industry in particular, including the level of demand and financial performance of the autonomous vehicle industry and market adoption of lidar as well as developments in alternative technology and the increasingly competitive environment in which we operate; our ability to manage our growth and expand our business operations effectively, including into international markets, such as China, which exposes us to operational, financial and regulatory risks; adverse impacts due to limited availability and quality of materials, supplies, and capital equipment, or dependency on third-party service providers; whether we will be able to successfully transition our engineering designs into high volume manufacturing, including our ability to transition to an outsourced manufacturing business model and whether we and our outsourcing partners and suppliers can successfully operate complex machinery; whether we can successfully select, execute or integrate our acquisitions; whether the complexity of our products results in undetected defects and reliability issues which could reduce market adoption of our new products, limit our ability to manufacture, damage our reputation and expose us to product liability, warranty and other claims; our ability to maintain and adequately manage our inventory; our ability to remediate the material weakness in our internal controls over financial reporting; our ability to protect and enforce our intellectual property rights; changes in personnel and availability of qualified personnel and dependence on Austin Russell, our Founder, President and Chief Executive Officer; the amount and timing of future sales and whether the average selling prices of our products could decrease rapidly over the life of the product as well as our dependence on a few key customers, who are often large corporations with substantial negotiating power; the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Luminar’s business; interruption or failure of our information technology and communications systems and cybersecurity risks to our operational systems, security systems, infrastructure, integrated software in our lidar solutions; and those other factors discussed in Part 1, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (our “2021 Annual Report”) under the heading “Risk Factors” and in subsequent reports filed with the SEC which we encourage you to carefully read. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. 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.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
WEBSITE AND SOCIAL MEDIA DISCLOSURE
We use our website (https://www.luminartech.com/) and various social media channels as a means of disclosing information about the Company and its products to its customers, investors and the public (e.g., @luminartech on Twitter, Luminartech on YouTube, and Luminar Technologies on LinkedIn). The information on our website (or any webpages referenced in this Quarterly Report on Form 10-Q) or posted on social media channels is not part of this or any other report that the Company files with, or furnishes to, the Securities and Exchange Commission (the “SEC”). The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands) | | | | | | | | | | | |
| September 30, 2022 | | December 31, 2021 |
| (Unaudited) | | |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 56,069 | | | $ | 329,977 | |
Restricted cash | 1,234 | | | 725 | |
Marketable securities (including $1 and $12,200 with a related party as of September 30, 2022 and December 31, 2021, respectively, see Note 16) | 496,983 | | | 462,141 | |
Accounts receivable | 9,936 | | | 13,013 | |
Inventory | 9,153 | | | 10,342 | |
Prepaid expenses and other current assets | 40,096 | | | 29,195 | |
Total current assets | 613,471 | | | 845,393 | |
Property and equipment, net | 21,646 | | | 11,009 | |
Operating lease right-of-use assets | 22,812 | | | 9,145 | |
Intangible assets, net | 22,768 | | | 2,424 | |
Goodwill | 18,830 | | | 3,110 | |
Other non-current assets | 42,981 | | | 12,455 | |
Total assets | $ | 742,508 | | | $ | 883,536 | |
| | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 24,216 | | | $ | 14,419 | |
Accrued and other current liabilities | 31,832 | | | 19,844 | |
Operating lease liabilities | 6,139 | | | 4,735 | |
| | | |
Total current liabilities | 62,187 | | | 38,998 | |
Warrant liabilities | 5,582 | | | 31,230 | |
| | | |
Convertible senior notes | 611,384 | | | 608,957 | |
Operating lease liabilities, non-current | 18,057 | | | 5,768 | |
Other non-current liabilities | 2,338 | | | 598 | |
Total liabilities | 699,548 | | | 685,551 | |
Commitments and contingencies (Note 14) | | | |
Stockholders’ equity: | | | |
Class A common stock | 29 | | | 27 | |
Class B common stock | 10 | | | 10 | |
Additional paid-in capital | 1,484,996 | | | 1,257,214 | |
Accumulated other comprehensive loss | (5,989) | | | (908) | |
Treasury stock | (312,477) | | | (235,871) | |
Accumulated deficit | (1,123,609) | | | (822,487) | |
Total stockholders’ equity | 42,960 | | | 197,985 | |
Total liabilities and stockholders’ equity | $ | 742,508 | | | $ | 883,536 | |
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 September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Revenue: | | | | | | | |
Products | $ | 6,796 | | | $ | 1,040 | | | $ | 10,135 | | | $ | 5,950 | |
Services | 5,989 | | | 6,938 | | | 19,437 | | | 13,650 | |
Total revenue | 12,785 | | | 7,978 | | | 29,572 | | | 19,600 | |
Cost of sales: | | | | | | | |
Products | 18,364 | | | 4,664 | | | 47,169 | | | 13,693 | |
Services | 10,147 | | | 6,098 | | | 26,088 | | | 12,561 | |
Total cost of sales | 28,511 | | | 10,762 | | | 73,257 | | | 26,254 | |
Gross loss | (15,726) | | | (2,784) | | | (43,685) | | | (6,654) | |
Operating expenses: | | | | | | | |
Research and development | 46,308 | | | 25,890 | | | 120,358 | | | 59,813 | |
Sales and marketing | 10,111 | | | 5,868 | | | 26,698 | | | 12,010 | |
General and administrative | 42,809 | | | 35,603 | | | 110,984 | | | 65,113 | |
Total operating expenses | 99,228 | | | 67,361 | | | 258,040 | | | 136,936 | |
Loss from operations | (114,954) | | | (70,145) | | | (301,725) | | | (143,590) | |
Other income (expense), net: | | | | | | | |
| | | | | | | |
Change in fair value of warrant liabilities | (1,231) | | | 17,072 | | | 6,645 | | | (22,649) | |
| | | | | | | |
Interest expense and other | (2,660) | | | (374) | | | (9,088) | | | (860) | |
Interest income and other | 1,470 | | | 843 | | | 3,612 | | | 1,744 | |
Total other income (expense), net | (2,421) | | | 17,541 | | | 1,169 | | | (21,765) | |
Loss before provision for (benefit from) income taxes | (117,375) | | | (52,604) | | | (300,556) | | | (165,355) | |
Provision for (benefit from) income taxes | 175 | | | (1,264) | | | 566 | | | (1,262) | |
Net loss | $ | (117,550) | | | $ | (51,340) | | | $ | (301,122) | | | $ | (164,093) | |
| | | | | | | |
Net loss per share: | | | | | | | |
Basic and diluted | $ | (0.33) | | | $ | (0.15) | | | $ | (0.85) | | | $ | (0.48) | |
Shares used in computing net loss per share: | | | | | | | |
Basic and diluted | 359,753,254 | | | 352,122,485 | | | 353,537,754 | | | 341,858,435 | |
Comprehensive Loss: | | | | | | | |
Net loss | $ | (117,550) | | | $ | (51,340) | | | $ | (301,122) | | | $ | (164,093) | |
Net unrealized gain (loss) on available-for-sale debt securities | 16 | | | 93 | | | (5,081) | | | 66 | |
Comprehensive loss | $ | (117,534) | | | $ | (51,247) | | | $ | (306,203) | | | $ | (164,027) | |
See accompanying notes to the unaudited condensed consolidated financial statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited, in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Class A Common Stock | | Class B Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Accumulated Deficit | | Total Stockholders’ Equity |
| | | | | | | | | | | | | | Shares | | Amount | | Shares | | Amount | | | | | |
Balance as of June 30, 2021 | | | | | | | | | | | | | | 236,483,687 | | | $ | 24 | | | 105,118,203 | | | $ | 11 | | | $ | 1,244,228 | | | $ | 7 | | | $ | — | | | $ | (697,254) | | | $ | 547,016 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | | | | | | | | | | | | | | 1,920,137 | | | — | | | — | | | — | | | 1,547 | | | — | | | — | | | — | | | 1,547 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vendor payments under the stock-in-lieu of cash program | | | | | | | | | | | | | | 291,940 | | | — | | | — | | | — | | | 4,848 | | | — | | | — | | | — | | | 4,848 | |
Acquisition of Optogration, Inc. | | | | | | | | | | | | | | 370,034 | | | — | | | — | | | — | | | 6,527 | | | — | | | — | | | — | | | 6,527 | |
Issuance of earn-out shares | | | | | | | | | | | | | | 10,242,703 | | | 1 | | | 6,970,467 | | | — | | | (2) | | | — | | | — | | | — | | | (1) | |
Conversion of Class B common stock into Class A common stock | | | | | | | | | | | | | | 10,500,000 | | | 1 | | | (10,500,000) | | | (1) | | | — | | | — | | | — | | | — | | | — | |
Share-based compensation | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | 30,410 | | | — | | | — | | | — | | | 30,410 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | 93 | | | — | | | — | | | 93 | |
Net loss | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (51,340) | | | (51,340) | |
Balance as of September 30, 2021 | | | | | | | | | | | | | | 259,808,501 | | | $ | 26 | | | 101,588,670 | | | $ | 10 | | | $ | 1,287,558 | | | $ | 100 | | | $ | — | | | $ | (748,594) | | | $ | 539,100 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of June 30, 2022 | | | | | | | | | | | | | | 282,211,182 | | | $ | 28 | | | 97,088,670 | | | $ | 10 | | | $ | 1,413,064 | | | $ | (6,005) | | | $ | (312,477) | | | $ | (1,006,059) | | | $ | 88,561 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | | | | | | | | | | | | | | 2,735,219 | | | 1 | | | — | | | — | | | 1,101 | | | — | | | — | | | — | | | 1,102 | |
Retirement of unvested restricted common stock | | | | | | | | | | | | | | (4,648) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Vendor payments under the stock-in-lieu of cash program | | | | | | | | | | | | | | 537,720 | | | — | | | — | | | — | | | 16,920 | | | — | | | — | | | — | | | 16,920 | |
Optogration milestone awards | | | | | | | | | | | | | | 1,632,056 | | | — | | | — | | | — | | | 11,751 | | | — | | | — | | | — | | | 11,751 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | 43,209 | | | — | | | — | | | — | | | 43,209 | |
Payments of employee taxes related to stock-based awards | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | (1,049) | | | — | | | — | | | — | | | (1,049) | |
Other comprehensive income | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | 16 | | | — | | | — | | | 16 | |
Net loss | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (117,550) | | | (117,550) | |
Balance as of September 30, 2022 | | | | | | | | | | | | | | 287,111,529 | | | $ | 29 | | | 97,088,670 | | | $ | 10 | | | $ | 1,484,996 | | | $ | (5,989) | | | $ | (312,477) | | | $ | (1,123,609) | | | $ | 42,960 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited, in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Class A Common Stock | | Class B Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Accumulated Deficit | | Total Stockholders’ Equity |
| | | | | | | | | | | | | | Shares | | Amount | | Shares | | Amount | | | | | |
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 Public and Private Warrants | | | | | | | | | | | | | | 15,574,037 | | | 2 | | | — | | | — | | | 492,219 | | | — | | | — | | | — | | | 492,221 | |
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | | | | | | | | | | | | | | 4,011,750 | | | — | | | — | | | — | | | 4,753 | | | — | | | — | | | — | | | 4,753 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vendor payments under the stock-in-lieu of cash program | | | | | | | | | | | | | | 291,940 | | | — | | | — | | | — | | | 4,848 | | | — | | | — | | | — | | | 4,848 | |
Acquisition of Optogration, Inc. | | | | | | | | | | | | | | 370,034 | | | — | | | — | | | — | | | 6,527 | | | — | | | — | | | — | | | 6,527 | |
Issuance of earn-out shares | | | | | | | | | | | | | | 10,242,703 | | | 1 | | | 6,970,467 | | | — | | | (2) | | | — | | | — | | | — | | | (1) | |
Conversion of Class B common stock into Class A common stock | | | | | | | | | | | | | | 10,500,000 | | | 1 | | | (10,500,000) | | | (1) | | | — | | | — | | | — | | | — | | | — | |
Share-based compensation | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | 46,168 | | | — | | | — | | | — | | | 46,168 | |
Payments of employee taxes related to vested restricted stock units | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | (140) | | | — | | | — | | | — | | | (140) | |
Cash received from Gores on settlement of recapitalization of escrow | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | 10 | | | — | | | — | | | — | | | 10 | |
Other comprehensive income | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | 66 | | | — | | | — | | | 66 | |
Net loss | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (164,093) | | | (164,093) | |
Balance as of September 30, 2021 | | | | | | | | | | | | | | 259,808,501 | | | $ | 26 | | | 101,588,670 | | | $ | 10 | | | $ | 1,287,558 | | | $ | 100 | | | $ | — | | | $ | (748,594) | | | $ | 539,100 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2021 | | | | | | | | | | | | | | 266,076,525 | | | $ | 27 | | | 97,088,670 | | | $ | 10 | | | $ | 1,257,214 | | | $ | (908) | | | $ | (235,871) | | | $ | (822,487) | | | $ | 197,985 | |
Shares repurchased | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | (76,606) | | | — | | | (76,606) | |
Issuance of Class A common stock upon exercise of Private Warrants | | | | | | | | | | | | | | 405,752 | | | — | | | — | | | — | | | 19,003 | | | — | | | — | | | — | | | 19,003 | |
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | | | | | | | | | | | | | | 6,920,617 | | | 1 | | | — | | | — | | | 2,845 | | | — | | | — | | | — | | | 2,846 | |
Retirement of unvested restricted common stock | | | | | | | | | | | | | | (48,204) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Vendor payments under the stock-in-lieu of cash program | | | | | | | | | | | | | | 9,574,385 | | | 1 | | | — | | | — | | | 60,677 | | | — | | | — | | | — | | | 60,678 | |
Optogration milestone awards | | | | | | | | | | | | | | 1,632,056 | | | — | | | — | | | — | | | 11,751 | | | — | | | — | | | — | | | 11,751 | |
Acquisition of Freedom Photonics LLC | | | | | | | | | | | | | | 2,176,205 | | | — | | | — | | | — | | | 30,510 | | | — | | | — | | | — | | | 30,510 | |
Acquisition of Solfice Research, Inc. assets | | | | | | | | | | | | | | 374,193 | | | — | | | — | | | — | | | 3,361 | | | — | | | — | | | — | | | 3,361 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | 102,408 | | | — | | | — | | | — | | | 102,408 | |
Payments of employee taxes related to stock-based awards | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | (2,773) | | | — | | | — | | | — | | | (2,773) | |
Other comprehensive loss | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | (5,081) | | | — | | | — | | | (5,081) | |
Net loss | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (301,122) | | | (301,122) | |
Balance as of September 30, 2022 | | | | | | | | | | | | | | 287,111,529 | | | $ | 29 | | | 97,088,670 | | | $ | 10 | | | $ | 1,484,996 | | | $ | (5,989) | | | $ | (312,477) | | | $ | (1,123,609) | | | $ | 42,960 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands) | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2022 | | 2021 |
Cash flows from operating activities: | | | |
Net loss | $ | (301,122) | | | $ | (164,093) | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | |
Depreciation and amortization | 4,374 | | | 2,240 | |
Amortization of operating lease right-of-use assets | 3,531 | | | 2,682 | |
Amortization of premium on marketable securities | 1,111 | | | 979 | |
| | | |
Change in fair value of warrants | (6,645) | | | 22,649 | |
Vendor stock-in-lieu of cash program | 32,487 | | | 2,744 | |
Amortization of debt discount and issuance costs | 2,427 | | | — | |
Impairment of inventories | 8,750 | | | 1,601 | |
| | | |
| | | |
Share-based compensation | 117,874 | | | 49,887 | |
| | | |
| | | |
Deferred taxes | — | | | (1,264) | |
Product warranty and other | (623) | | | 1,143 | |
Changes in operating assets and liabilities: | | | |
Accounts receivable | 6,457 | | | 5,748 | |
Inventories | (6,648) | | | (6,658) | |
Prepaid expenses and other current assets | (4,685) | | | (16,971) | |
Other non-current assets | (1,371) | | | (88) | |
Accounts payable | 8,379 | | | 3,330 | |
Accrued and other current liabilities | 5,716 | | | 5,910 | |
Other non-current liabilities | (3,571) | | | (4,095) | |
Net cash used in operating activities | (133,559) | | | (94,256) | |
Cash flows from investing activities: | | | |
Acquisition of Freedom Photonics LLC | (2,759) | | | — | |
Acquisition of certain assets from Solfice Research, Inc. | (2,001) | | | — | |
Cash received from acquisition of Optogration, Inc. | — | | | 358 | |
Purchases of marketable securities | (363,906) | | | (530,179) | |
Proceeds from maturities of marketable securities | 254,068 | | | 306,907 | |
Proceeds from sales of marketable securities | 68,804 | | | 83,493 | |
| | | |
Purchases of property and equipment | (11,277) | | | (4,155) | |
Advances for capital projects and equipment | (2,009) | | | — | |
| | | |
Net cash used in investing activities | (59,080) | | | (143,576) | |
Cash flows from financing activities: | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Proceeds from exercise of warrants | — | | | 153,927 | |
Proceeds from exercise of stock options | 2,891 | | | 4,738 | |
| | | |
Payments of employee taxes related to stock-based awards | (2,773) | | | (140) | |
| | | |
Repurchase of common stock and redemption of warrants | (80,878) | | | (2) | |
Other financing activities | — | | | (362) | |
Net cash provided by (used in) financing activities | (80,760) | | | 158,161 | |
Net decrease in cash, cash equivalents and restricted cash | (273,399) | | | (79,671) | |
Beginning cash, cash equivalents and restricted cash | 330,702 | | | 209,719 | |
Ending cash, cash equivalents and restricted cash | $ | 57,303 | | | $ | 130,048 | |
Supplemental disclosures of cash flow information: | | | |
Cash paid for interest | $ | 3,863 | | | $ | 53 | |
| | | |
Supplemental disclosures of noncash investing and financing activities: | | | |
| | | |
| | | |
| | | |
| | | |
Issuance of Class A common stock upon exercise of warrants | $ | 19,003 | | | $ | 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 | 16,749 | | | 2,876 | |
| | | |
| | | |
| | | |
Purchases of property and equipment recorded in accounts payable and accrued liabilities | 1,663 | | | 543 | |
Vendor stock-in-lieu of cash program—advances for capital projects and equipment | 21,024 | | | — | |
| | | |
| | | |
| | | |
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. As part of Gores’ initial public offering on February 5, 2019 (the “IPO”), Gores issued to third party investors 40.0 million units, consisting of one share of Class A common stock of Gores and one-third of one warrant, at a price of $10.00 per unit. Each whole warrant entitled the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing of the IPO, Gores completed the private sale of 6.667 million warrants to Gore’s sponsor at a purchase price of $1.50 per warrant (the “Private Warrants”). Each Private Warrant allows the sponsor to purchase one share of Class A common stock at $11.50 per share. On December 2, 2020, 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”). Legacy Luminar was incorporated in Delaware on March 31, 2015. 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 subsidiaries 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 Reverse Merger with Gores in Note 3 to the financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 for additional information relating to the Business Combination.
The Company is a developer of advanced sensor technologies and software for the autonomous vehicle industry, encompassing Laser Imaging, Detection and Ranging (lidar) technology. The Company manufactures and distributes commercial lidar sensors and certain components for the autonomous vehicle industry. The Company is headquartered in Orlando, Florida and has personnel that conducts the Company’s operations from various locations in the United States and internationally including Germany, Sweden, Mexico, China and India.
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 Exchang