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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, 2023
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) |
(800) 532-2417
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 31, 2023, the registrant had 304,866,400 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. These forward-looking statements include statements regarding product plans and performance, future growth and financial performance, purchase price allocations with respect to acquired assets, anticipated cost efficiencies associated with locating certain manufacturing assembly activities in the new Mexico manufacturing facility and timing for completion of validation processes with respect to the facility, timing for revenue recognition and validation processes, expectations regarding funding of product and business development initiatives and capital expenditures, and anticipated impacts on our business of COVID-19 and related public health measures. 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 and anticipated trends in our business.
These statements are only predictions based on our current expectations and projections about future events. There are 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 Advanced Driving Assistance 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, including Order Book, our future cost of goods sold (COGS) and bill of materials (BOM) 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, OEM 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; the effect of general economic conditions, including inflation, recession risks and rising interest rates, generally and on our industry and us in particular, including the level of demand and financial performance of the autonomous vehicle industry and the decline in fair value of available-for-sale debt securities in a rising interest rate environment; market adoption of LiDAR as well as developments in alternative technology and the increasingly competitive environment in which we operate, which includes established competitors and market participants that have substantially greater resources; our ability to achieve technological feasibility and commercialize our software products and the requirement to continue to develop new products and product innovations due to rapidly changing markets and government regulations of such technologies; 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 and single-source suppliers; the project-based nature of our orders, which can cause our results of operations to fluctuate on a quarterly and annual basis; 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 maintain an effective system of internal control over financial reporting; our ability to protect and enforce our intellectual property rights; availability of qualified personnel, loss of highly skilled personnel and dependence on Austin Russell, our Founder, President and Chief Executive Officer; the impact of inflation and our stock price on our ability to hire and retain highly skilled personnel; 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; our ability to establish and maintain confidence in our long-term business prospects among customers and analysts and within our industry; whether we are
subject to negative publicity; the effects of COVID-19 or other infectious diseases, health epidemics, pandemics and natural disasters on Luminar’s business; interruption or failure of our information technology and communications systems; cybersecurity risks to our operational systems, security systems, infrastructure, integrated software in our LiDAR solutions; market instability exacerbated by geopolitical conflicts, including the Israel-Hamas war and conflicts involving Russia and China and including the effect of sanctions and trade restrictions that may affect supply chain or sales opportunities; 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, 2022 (our “2022 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, 2023 | | December 31, 2022 |
| (Unaudited) | | |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 74,723 | | | $ | 69,552 | |
Restricted cash | 3,465 | | | 1,553 | |
Marketable securities | 246,242 | | | 419,314 | |
Accounts receivable | 18,903 | | | 11,172 | |
Inventory | 16,698 | | | 8,792 | |
Prepaid expenses and other current assets | 29,389 | | | 44,203 | |
Total current assets | 389,420 | | | 554,586 | |
Property and equipment, net | 72,647 | | | 30,260 | |
Operating lease right-of-use assets | 19,660 | | | 21,244 | |
Intangible assets, net | 27,059 | | | 22,077 | |
Goodwill | 19,879 | | | 18,816 | |
Other non-current assets | 24,213 | | | 40,344 | |
Total assets | $ | 552,878 | | | $ | 687,327 | |
| | | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | |
Current liabilities: | | | |
Accounts payable | $ | 20,732 | | | $ | 18,626 | |
Accrued and other current liabilities | 58,489 | | | 52,962 | |
Operating lease liabilities | 6,475 | | | 5,953 | |
| | | |
Total current liabilities | 85,696 | | | 77,541 | |
Warrant liabilities | 1,660 | | | 3,005 | |
| | | |
Convertible senior notes | 614,619 | | | 612,192 | |
Operating lease liabilities, non-current | 15,551 | | | 16,989 | |
Other non-current liabilities | 1,017 | | | 4,005 | |
Total liabilities | 718,543 | | | 713,732 | |
Commitments and contingencies (Note 14) | | | |
Stockholders’ deficit: | | | |
Class A common stock | 32 | | | 29 | |
Class B common stock | 10 | | | 10 | |
Additional paid-in capital | 1,838,299 | | | 1,558,685 | |
Accumulated other comprehensive loss | (235) | | | (4,226) | |
Treasury stock | (312,477) | | | (312,477) | |
Accumulated deficit | (1,691,294) | | | (1,268,426) | |
Total stockholders’ deficit | (165,665) | | | (26,405) | |
Total liabilities and stockholders’ deficit | $ | 552,878 | | | $ | 687,327 | |
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, |
| 2023 | | 2022 | | 2023 | | 2022 |
Revenue: | | | | | | | |
Products | $ | 10,753 | | | $ | 6,796 | | | $ | 28,043 | | | $ | 10,135 | |
Services | 6,206 | | | 5,989 | | | 19,622 | | | 19,437 | |
Total revenue | 16,959 | | | 12,785 | | | 47,665 | | | 29,572 | |
Cost of sales: | | | | | | | |
Products | 27,273 | | | 18,364 | | | 71,535 | | | 47,169 | |
Services | 7,846 | | | 10,147 | | | 27,249 | | | 26,088 | |
Total cost of sales | 35,119 | | | 28,511 | | | 98,784 | | | 73,257 | |
Gross loss | (18,160) | | | (15,726) | | | (51,119) | | | (43,685) | |
Operating expenses: | | | | | | | |
Research and development | 62,937 | | | 46,308 | | | 199,472 | | | 120,358 | |
Sales and marketing | 12,397 | | | 10,111 | | | 41,780 | | | 26,698 | |
General and administrative | 35,435 | | | 42,809 | | | 122,345 | | | 110,984 | |
Total operating expenses | 110,769 | | | 99,228 | | | 363,597 | | | 258,040 | |
Loss from operations | (128,929) | | | (114,954) | | | (414,716) | | | (301,725) | |
Other income (expense), net: | | | | | | | |
Change in fair value of warrant liabilities | 2,373 | | | (1,231) | | | 1,345 | | | 6,645 | |
Interest expense | (2,779) | | | (2,660) | | | (5,717) | | | (9,088) | |
Interest income | 1,260 | | | 1,553 | | | 4,770 | | | 3,970 | |
Other income (expense) | (5,967) | | | (83) | | | (8,245) | | | (358) | |
Total other income (expense), net | (5,113) | | | (2,421) | | | (7,847) | | | 1,169 | |
Loss before provision for income taxes | (134,042) | | | (117,375) | | | (422,563) | | | (300,556) | |
Provision for income taxes | 296 | | | 175 | | | 305 | | | 566 | |
Net loss | $ | (134,338) | | | $ | (117,550) | | | $ | (422,868) | | | $ | (301,122) | |
| | | | | | | |
Net loss per share: | | | | | | | |
Basic and diluted | $ | (0.34) | | | $ | (0.33) | | | $ | (1.11) | | | $ | (0.85) | |
Shares used in computing net loss per share: | | | | | | | |
Basic and diluted | 394,591,942 | | | 359,753,254 | | | 382,673,871 | | | 353,537,754 | |
Comprehensive Loss: | | | | | | | |
Net loss | $ | (134,338) | | | $ | (117,550) | | | $ | (422,868) | | | $ | (301,122) | |
Net unrealized gain (loss) on available-for-sale debt securities | 573 | | | 16 | | | 3,991 | | | (5,081) | |
Comprehensive loss | $ | (133,765) | | | $ | (117,534) | | | $ | (418,877) | | | $ | (306,203) | |
See accompanying notes to the unaudited condensed consolidated financial statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(Unaudited)
(In thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Class A Common Stock | | Class B Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Treasury Stock | | Accumulated Deficit | | Total Stockholders’ Equity (Deficit) |
| | | | | | | | | | | | | | Shares | | Amount | | Shares | | Amount | | | | | |
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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of June 30, 2023 | | | | | | | | | | | | | | 313,888,629 | | | $ | 31 | | | 97,088,670 | | | $ | 10 | | | $ | 1,741,053 | | | $ | (808) | | | $ | (312,477) | | | $ | (1,556,956) | | | $ | (129,147) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | | | | | | | | | | | | | | 4,688,949 | | | 1 | | | — | | | — | | | 903 | | | — | | | — | | | — | | | 904 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of Class A common stock under the Equity Financing Program | | | | | | | | | | | | | | 1,833,829 | | | — | | | — | | | — | | | 9,107 | | | — | | | — | | | — | | | 9,107 | |
Issuance of Class A common stock to a wholly owned subsidiary of TPK Universal Solutions Limited (“TPK”) | | | | | | | | | | | | | | 1,652,892 | | | — | | | — | | | — | | | 10,000 | | | — | | | — | | | — | | | 10,000 | |
Issuance of Class A common stock to Plus Automation, Inc. (“Plus”) | | | | | | | | | | | | | | 1,926,471 | | | — | | | — | | | — | | | 12,141 | | | — | | | — | | | — | | | 12,141 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vendor payments under the stock-in-lieu of cash program | | | | | | | | | | | | | | 389,920 | | | — | | | — | | | — | | | 9,734 | | | — | | | — | | | — | | | 9,734 | |
Milestone awards related to acquisition | | | | | | | | | | | | | | 1,527,788 | | | — | | | — | | | — | | | 11,336 | | | — | | | — | | | — | | | 11,336 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | 44,025 | | | — | | | — | | | — | | | 44,025 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | 573 | | | — | | | — | | | 573 | |
Net loss | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (134,338) | | | (134,338) | |
Balance as of September 30, 2023 | | | | | | | | | | | | | | 325,908,478 | | | $ | 32 | | | 97,088,670 | | | $ | 10 | | | $ | 1,838,299 | | | $ | (235) | | | $ | (312,477) | | | $ | (1,691,294) | | | $ | (165,665) | |
See accompanying notes to the unaudited condensed consolidated financial statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(Unaudited)
(In thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Class A Common Stock | | Class B Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Treasury Stock | | Accumulated Deficit | | Total Stockholders’ Equity (Deficit) |
| | | | | | | | | | | | | | Shares | | Amount | | Shares | | Amount | | | | | |
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 certain assets from Solfice Research, Inc. | | | | | | | | | | | | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2022 | | | | | | | | | | | | | | 291,942,087 | | | $ | 29 | | | 97,088,670 | | | $ | 10 | | | $ | 1,558,685 | | | $ | (4,226) | | | $ | (312,477) | | | $ | (1,268,426) | | | $ | (26,405) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | | | | | | | | | | | | | | 13,414,078 | | | 2 | | | — | | | — | | | 2,551 | | | — | | | — | | | — | | | 2,553 | |
Issuance of Class A common stock under ESPP | | | | | | | | | | | | | | 272,524 | | | — | | | — | | | — | | | 1,406 | | | — | | | — | | | — | | | 1,406 | |
Issuance of Class A common stock under the Equity Financing Program | | | | | | | | | | | | | | 5,599,121 | | | — | | | — | | | — | | | 38,711 | | | — | | | — | | | — | | | 38,711 | |
Issuance of Class A common stock to a wholly owned subsidiary of TPK | | | | | | | | | | | | | | 3,305,784 | | | — | | | — | | | — | | | 20,000 | | | — | | | — | | | — | | | 20,000 | |
Issuance of Class A common stock to Plus | | | | | | | | | | | | | | 1,926,471 | | | — | | | — | | | — | | | 12,141 | | | — | | | — | | | — | | | 12,141 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Vendor payments under the stock-in-lieu of cash program | | | | | | | | | | | | | | 6,505,012 | | | 1 | | | — | | | — | | | 43,328 | | | — | | | — | | | — | | | 43,329 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Milestone awards related to acquisitions | | | | | | | | | | | | | | 2,943,401 | | | — | | | — | | | — | | | 20,656 | | | — | | | — | | | — | | | 20,656 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | 141,393 | | | — | | | — | | | — | | | 141,393 | |
Payments of employee taxes related to stock-based awards | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | (572) | | | — | | | — | | | — | | | (572) | |
Other comprehensive income | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | 3,991 | | | — | | | — | | | 3,991 | |
Net loss | | | | | | | | | | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (422,868) | | | (422,868) | |
Balance as of September 30, 2023 | | | | | | | | | | | | | | 325,908,478 | | | $ | 32 | | | 97,088,670 | | | $ | 10 | | | $ | 1,838,299 | | | $ | (235) | | | $ | (312,477) | | | $ | (1,691,294) | | | $ | (165,665) | |
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, |
| 2023 | | 2022 |
Cash flows from operating activities: | | | |
Net loss | $ | (422,868) | | | $ | (301,122) | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | |
Depreciation and amortization | 19,468 | | | 4,374 | |
Amortization of operating lease right-of-use assets | 5,095 | | | 3,531 | |
Amortization of premium (discount) on marketable securities | (3,952) | | | 1,111 | |
Loss on marketable securities | 7,774 | | | — | |
Change in fair value of private warrants | (1,345) | | | (6,645) | |
Vendor stock-in-lieu of cash program | 31,487 | | | 32,487 | |
Amortization of debt discount and issuance costs | 2,427 | | | 2,427 | |
Inventory write-offs and write-downs | 17,343 | | | 8,750 | |
| | | |
Share-based compensation | 160,031 | | | 117,874 | |
| | | |
Loss on investment in non-marketable securities | 2,141 | | | — | |
Product warranty and other | 4,273 | | | (623) | |
Changes in operating assets and liabilities: | | | |
Accounts receivable | (7,729) | | | 6,457 | |
Inventories | (25,249) | | | (6,648) | |
Prepaid expenses and other current assets | 10,858 | | | (4,685) | |
Other non-current assets | (3,458) | | | (1,371) | |
Accounts payable | 4,018 | | | 8,379 | |
Accrued and other current liabilities | 14,379 | | | 5,716 | |
Other non-current liabilities | (9,219) | | | (3,571) | |
Net cash used in operating activities | (194,526) | | | (133,559) | |
Cash flows from investing activities: | | | |
Acquisition of Freedom Photonics LLC (net of cash acquired) | — | | | (2,759) | |
Acquisition of certain assets from Solfice | — | | | (2,001) | |
Acquisition of Seagate’s lidar business | (12,608) | | | — | |
Purchases of marketable securities | (269,164) | | | (363,906) | |
Proceeds from maturities of marketable securities | 390,836 | | | 254,068 | |
Proceeds from sales/redemptions of marketable securities | 51,569 | | | 68,804 | |
| | | |
Purchases of property and equipment | (21,129) | | | (11,277) | |
Advances for capital projects and equipment | — | | | (2,009) | |
| | | |
Net cash provided by (used in) investing activities | 139,504 | | | (59,080) | |
Cash flows from financing activities: | | | |
Net proceeds from issuance of Class A common stock under the Equity Financing Program | 38,711 | | | — | |
Proceeds from issuance of Class A common stock to a wholly owned subsidiary of TPK | 20,000 | | | — | |
Proceeds from exercise of stock options | 2,560 | | | 2,891 | |
Proceeds from sale of Class A common stock under ESPP | 1,406 | | | — | |
Payments of employee taxes related to stock-based awards | (572) | | | (2,773) | |
Repurchase of common stock | — | | | (80,878) | |
| | | |
Net cash provided by (used in) financing activities | 62,105 | | | (80,760) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 7,083 | | | (273,399) | |
Beginning cash, cash equivalents and restricted cash | 71,105 | | | 330,702 | |
Ending cash, cash equivalents and restricted cash | $ | 78,188 | | | $ | 57,303 | |
Supplemental disclosures of cash flow information: | | | |
Cash paid for interest | $ | 3,906 | | | $ | 3,863 | |
| | | |
Supplemental disclosures of noncash investing and financing activities: | | | |
Issuance of Class A common stock upon exercise of warrants | $ | — | | | $ | 19,003 | |
Operating lease right-of-use assets obtained in exchange for lease obligations | 3,335 | | | 16,749 | |
| | | |
Purchases of property and equipment recorded in accounts payable and accrued liabilities | 2,194 | | | 1,663 | |
Vendor stock-in-lieu of cash program—advances for capital projects and equipment | 7,411 | | | 21,024 | |
Investment in Plus | 10,000 | | | — | |
| | | |
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. (together with its wholly owned subsidiaries, the “Company” or “Luminar”) is incorporated in Delaware. Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. Over the past decade, Luminar has been building from the chip-level up, its light detection and ranging sensor, or LiDAR, which is expected to meet the demanding performance, safety, reliability and cost requirements to enable next generation safety and autonomous capabilities for passenger and commercial vehicles as well as other adjacent markets. The Company’s Class A common stock is listed on the Nasdaq Global Select Market under the symbol “LAZR.”
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 (the “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, 2022 (the “2022 Annual Report”) filed with the SEC on February 28, 2023. 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, useful life of long-lived assets, valuation allowance for deferred tax assets, valuation of warrants issued in a private placement (“Private Warrants”), valuation of assets acquired in mergers and acquisitions including intangible assets, forecasted costs associated with non-recurring engineering (“NRE”) services, product warranty reserves, 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 using the same indicators which are used to evaluate its performance internally. The Company’s business activities are organized in two operating segments:
(i) “Autonomy Solutions,” which includes manufacturing and distribution of LiDAR sensors that measure distance using laser light to generate a 3D map, non-recurring engineering services related to the Company’s LiDAR products, development of software products that enable autonomy capabilities for automotive applications, and licensing of the Company’s intellectual property (“IP”). In January 2023, the Company acquired certain assets from Seagate Technology LLC and Seagate Singapore International Headquarters Pte. Ltd. (individually and collectively, “Seagate”). Assets purchased from Seagate have been included in the Autonomy Solutions segment.
(ii) “Advanced Technologies and Services” (“ATS”), which includes development of application-specific integrated circuits, pixel-based sensors, advanced lasers, as well as designing, testing and providing consulting services for non-standard integrated circuits.
Concentration of Credit Risk
The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, debt securities and accounts receivable. The Company’s deposits exceed federally insured limits. Cash held by foreign subsidiaries of the Company as of September 30, 2023 and December 31, 2022 was not material.
The Company’s revenue is derived from customers located in the United States and international markets. Two customers accounted for 56% and 13% of the Company’s accounts receivable as of September 30, 2023. Three customers accounted for 27%, 23% and 11% of the Company’s accounts receivable as of December 31, 2022.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
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, 2022. There has been no material change to the Company’s significant accounting policies during the nine months ended September 30, 2023.
Recent Accounting Pronouncements Not Yet Effective
The Company has reviewed, or is in the process of evaluating, all issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such accounting pronouncements will cause a material impact on its consolidated financial position, operating results or statements of cash flows.
Note 3. Business Combinations and Acquisitions
Acquisition of Seagate’s LiDAR Business
On January 18, 2023, the Company acquired certain assets (including intellectual property (“IP”), equipment and other assets) and employees from Seagate Technology LLC and its affiliates (together “Seagate”). The Company simultaneously licensed IP from Seagate. The aggregate purchase price of $12.6 million for the said acquired assets and the license was paid in cash. The acquired assets and employees comprised Seagate’s LiDAR development operations and have been combined into the Company’s research and development team. This transaction has been accounted for as a business combination.
Recording of Assets Acquired
Price allocation includes estimates of fair value of certain working capital and deferred tax balances. During the second quarter ended June 30, 2023, the Company finalized its determination relating to the fair value of assets acquired from Seagate. The following table summarizes the purchase price allocation to assets acquired (in thousands):
| | | | | | | | |
| | Recorded Value |
| | |
| | |
| | |
| | |
| | |
Property plant and equipment | | $ | 3,163 | |
| | |
Developed Technology (1) | | 8,240 | |
| | |
| | |
| | |
Goodwill (2) | | 1,063 | |
Other assets | | 142 | |
Net assets acquired | | $ | 12,608 | |
| | |
| | |
| | |
| | |
(1)Technology and IP Licenses were measured using the cost approach. Significant inputs used as part of the valuation of intangible assets include personnel costs, overhead costs, developer’s profit, and expected time to reproduce.
(2)Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected future economic benefits as a result of other assets acquired that could not be individually identified and separately recognized. Goodwill is not amortized. The factors that made up the goodwill recognized included workforce and expected synergies derived from the technology application to the Company’s current technological platforms. The entire amount of goodwill is expected to be deductible for tax purposes and is allocated to the Autonomy Solutions segment, which is also deemed the reporting unit.
Identifiable intangible assets recognized (in thousands):
| | | | | | | | | | | | | | |
| | Useful Life | | Recorded Value |
| | | | |
| | | | |
Developed technology | | 4 — 6 years | | $ | 8,240 | |
| | | | |
| | | | |
| | | | |
| | | | |
The acquired business did not contribute distinct revenues but added additional operating expenses primarily related to personnel-related costs of the hired team of former Seagate employees and related facilities costs in the period from January 18, 2023 to September 30, 2023. Such operating expenses were not material to the operating results of the Company for the three and nine months ended September 30, 2023.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 4. Revenue
The Company’s revenue is comprised of sales of LiDAR sensors hardware, components, NRE services and licensing of certain information available with the Company.
Disaggregation of Revenues
The Company disaggregates its revenue from contracts with customers by (1) geographic region based on a customer’s billed to location, and (2) 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, as well as revenue by segment, are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, |
| 2023 | | 2022 |
| Revenue | | % of Revenue | | Revenue | | % of Revenue |
Revenue by primary geographical market: | | | | | | | |
North America | $ | 16,367 | | | 97 | % | | $ | 12,440 | | | 97 | % |
| | | | | | | |
Europe and Middle East and other | 592 | | | 3 | % | | 345 | | | 3 | % |
Total | $ | 16,959 | | | 100 | % | | $ | 12,785 | | | 100 | % |
Revenue by timing of recognition: | | | | | | | |
Recognized at a point in time | $ | 10,753 | | | 63 | % | | $ | 6,728 | | | 53 | % |
Recognized over time | 6,206 | | | 37 | % | | 6,057 | | | 47 | % |
Total | $ | 16,959 | | | 100 | % | | $ | 12,785 | | | 100 | % |
Revenue by segment: | | | | | | | |
Autonomy Solutions | $ | 11,229 | | | 66 | % | | $ | 6,777 | | | 53 | % |
ATS | 5,730 | | | 34 | % | | 6,008 | | | 47 | % |
Total | $ | 16,959 | | | 100 | % | | $ | 12,785 | | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
| Revenue | | % of Revenue | | Revenue | | % of Revenue |
Revenue by primary geographical market: | | | | | | | |
North America | $ | 43,341 | | | 91 | % | | $ | 26,124 | | | 88 | % |
Asia Pacific | 1,022 | | | 2 | % | | 2,960 | | | 10 | % |
Europe and Middle East | 3,302 | | | 7 | % | | 488 | | | 2 | % |
Total | $ | 47,665 | | | 100 | % | | $ | 29,572 | | | 100 | % |
Revenue by timing of recognition: | | | | | | | |
Recognized at a point in time | $ | 28,043 | | | 59 | % | | $ | 10,067 | | | 34 | % |
Recognized over time | 19,622 | | | 41 | % | | 19,505 | | | 66 | % |
Total | $ | 47,665 | | | 100 | % | | $ | 29,572 | | | 100 | % |
Revenue by segment: | | | | | | | |
Autonomy Solutions | $ | 31,640 | | | 66 | % | | $ | 16,854 | | | 57 | % |
ATS | 16,025 | | | 34 | % | | 12,718 | | | 43 | % |
Total | $ | 47,665 | | | 100 | % | | $ | 29,572 | | | 100 | % |
Volvo Stock Purchase Warrant
As disclosed in the Company’s 2022 Annual Report, the Company had previously issued certain stock purchase warrants (“Volvo Warrants”) to Volvo Car Technology Fund AB (“VCTF”) in connection with an engineering services contract. The Volvo Warrants vest and become exercisable in two tranches based on satisfaction of certain commercial milestones. The fair value of the first tranche of the Volvo Warrants was recorded as a reduction in revenue in 2021. The second tranche of the Volvo warrants will be recorded as reduction in revenue upon achievement of sales of a certain number of the Company’s sensors to Volvo for use in their commercial vehicles, which had not commenced as of the end of September 30, 2023.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Contract assets and liabilities
Changes in our contract assets and contract liabilities primarily result from the timing difference between our performance and the customer’s payment based on contractual terms. Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. Contract liabilities consist of the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. Customer advanced payments represent required customer payments in advance of product shipments. Customer advance payments are recognized in revenue as or when control of the performance obligation is transferred to the customer.
The opening and closing balances of contract assets were as follows (in thousands):
| | | | | | | | | | | |
| |
| September 30, 2023 | | December 31, 2022 |
Contract assets, current | $ | 15,302 | | | $ | 15,395 | |
Contract assets, non-current | 2,081 | | | 2,575 | |
Ending balance | $ | 17,383 | | | $ | 17,970 | |
The significant changes in contract assets balances consisted of the following (in thousands):
| | | | | | | | | | | |
| |
| September 30, 2023 | | December 31, 2022 |
Beginning balance | $ | 17,970 | | | $ | 9,907 | |
Amounts billed that were included in the contract assets beginning balance | (8,379) | | | (4,228) | |
Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed | 7,792 | | | 12,291 | |
Ending balance | $ | 17,383 | | | $ | 17,970 | |
The opening and closing balances of contract liabilities were as follows (in thousands):
| | | | | | | | | | | |
| |
| September 30, 2023 | | December 31, 2022 |
Contract liabilities, current | $ | 3,019 | | | $ | 1,993 | |
Contract liabilities, non-current | 250 | | | 1,015 | |
Ending balance | $ | 3,269 | | | $ | 3,008 | |
The significant changes in contract liabilities balances consisted of the following (in thousands):
| | | | | | | | | | | |
| |
| September 30, 2023 | | December 31, 2022 |
Beginning balance | $ | 3,008 | | | $ | 898 | |
| | | |
Revenue recognized that was included in the contract liabilities beginning balance | (2,083) | | | (489) | |
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period | 2,344 | | | 2,599 | |
Ending balance | $ | 3,269 | | | $ | 3,008 | |
Remaining Performance Obligations
Revenue allocated to remaining performance obligations was $23.0 million as of September 30, 2023 and includes amounts within contract liabilities. The Company expects to recognize approximately 80% of this revenue over the next 12 months and the remainder thereafter.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 5. Investments
Debt Securities
The Company’s investments in debt securities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2023 |
| | Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value |
U.S. treasury securities | | $ | 205,977 | | | $ | 4 | | | $ | (189) | | | $ | 205,792 | |
U.S. agency and government sponsored securities | | 5,691 | | | 1 | | | (1) | | | 5,691 | |
| | | | | | | | |
Corporate bonds | | 31,570 | | | — | | | (50) | | | 31,520 | |
| | | | | | | | |
Total debt securities | | $ | 243,238 | | | $ | 5 | | | $ | (240) | | | $ | 243,003 | |
Included in cash and cash equivalents | | $ | 5,015 | | | $ | 1 | | | $ | — | | | $ | 5,016 | |
Included in marketable securities | | $ | 238,223 | | | $ | 4 | | | $ | (240) | | | $ | 237,987 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2022 |
| | Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value |
U.S. treasury securities | | $ | 191,075 | | | $ | 3 | | | $ | (2,598) | | | $ | 188,480 | |
U.S. agency and government sponsored securities | | 4,999 | | | — | | | (75) | | | 4,924 | |
Commercial paper | | 74,755 | | | — | | | (232) | | | 74,523 | |
Corporate bonds | | 111,123 | | | — | | | (1,214) | | | 109,909 | |
Asset-backed securities | | 11,945 | | | — | | | (110) | | | 11,835 | |
Total debt securities | | $ | 393,897 | | | $ | 3 | | | $ | (4,229) | | | $ | 389,671 | |
| | | | | | | | |
Included in marketable securities | | $ | 393,897 | | | $ | 3 | | | $ | (4,229) | | | $ | 389,671 | |
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 September 30, 2023 and December 31, 2022 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value |
U.S. treasury securities | | $ | (189) | | | $ | 158,051 | | | $ | (2,598) | | | $ | 158,888 | |
U.S. agency and government sponsored securities | | (1) | | | 2,969 | | | (75) | | | 4,924 | |
Commercial paper | | — | | | — | |