Exhibit 99.1
Luminar Reports Q3’25 Financials
Luminar appoints new CFO; Forbearance agreements in place while company evaluates capital structure and liquidity solutions
Q3 revenue up ~20% YoY and QoQ; Off-road, defense, and photonics opportunities continue to advance
Orlando, Fla. — November 13, 2025 — Today, Luminar (NASDAQ: LAZR), a leading global automotive technology company, provided its quarterly business update and financial results for the third quarter of 2025. These results and related commentary were published in a Presentation available on its Investor Relations website at https://investors.luminartech.com.
“This quarter has required us to confront difficult realities in the automotive LiDAR market and take deliberate steps to strengthen our capital structure and liquidity position,” said Paul Ricci, CEO of Luminar. “At the same time, we are seeing growing momentum in commercial and defense applications across both Luminar and LSI, which reinforces our belief that the strategic direction we outlined last quarter better positions Luminar for the years ahead.”
Key Q3 2025 Financials:
•Revenue: Q3 Revenue was $18.7 million, up 21% compared to Q3’24, and 20% compared to Q2’25.
•Gross Profit (Loss): Q3 Gross Profit (Loss) was $(8.1) million on a GAAP basis and $(7.3) million on a non-GAAP basis.
•Net Income (Loss): Q3 GAAP Net Income (Loss) attributable to common stockholders was $(89.5) million, or $(1.29) per share; Q3 Non-GAAP Net Loss was $(65.4) million, or $(0.94) per share.
•Operating Expenses: Q3 OpEx was $66.6 million on a GAAP basis and $43.0 million on a non-GAAP basis.
•Cash & Marketable Securities: Ended Q3’25 with $74.0 million in Cash & Marketable Securities.
Financial Outlook:
As previously disclosed, Luminar has suspended its guidance for the fiscal year ending December 31, 2025.
Appointment of New CFO:
On November 7, 2025, Luminar appointed Thomas Beaudoin as Chief Financial Officer, effective November 13, 2025. Beaudoin brings more than four decades of finance and operational leadership across public and private technology companies, and particularly in the automotive space. He previously served as CFO of Cerence Inc. from May 2022 to March 2024, following senior transformation and operational roles at Qualifacts Systems Inc., Credible Inc., and Nuance. Earlier in his career, Beaudoin held multiple executive finance positions, including CFO of SimpliVity Corp. (now HPE SimpliVity), Executive Vice President and CFO of Nuance, President and CFO of Polaroid Corporation, and Senior Vice President and CFO of Parametric Technology Corporation, after spending 24 years in senior finance roles at Digital Equipment Corporation and Compaq Computer Corporation (now Hewlett Packard). He holds both a B.S.B.A. and an M.B.A. from Babson College.
Strategic Review:
As previously announced, Luminar is exploring a number of potential strategic alternatives, including the sale of all or part of Luminar’s business or assets, raising additional capital or restructuring its existing capital structure. Luminar has engaged Weil, Gotshal & Manges LLP, as legal advisers, Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC, as financial advisors, to assist Luminar in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity. Luminar has received and is evaluating nonbinding, preliminary proposals and indications of interest to purchase the entire company as well as certain of its assets and business lines.
Capital Structure:
Luminar has signed forbearance and non-disclosure agreements with the vast majority of its secured noteholders through November 24, 2025, with further extensions anticipated as the company continues to negotiate with them. This provides time and stability as Luminar works toward a longer-term solution to its capital structure and liquidity needs.
Appointment of New Directors
Luminar is pleased to announce the appointment of Patricia Ferrari and Elizabeth Abrams to its Board of Directors, effective November 13, 2025. Together, Ms. Ferrari and Ms. Abrams bring extensive experience in banking, finance, restructuring, advisory, and leadership that will be invaluable as the company continues to explore strategic alternatives.
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Webcast Details:
•What: Webcast featuring third quarter 2025 results and live Q&A
•Date: Today, November 13, 2025
•Time: 5:00 p.m. EDT (2:00 p.m. PDT)
•Location: The webcast will be available live on Luminar’s Investor site at
https://www.luminartech.com/quarterlyreview. A recording will be available following the conclusion of the webcast.
Non-GAAP Financial Measures
This release includes non-GAAP gross loss, non-GAAP net loss, non-GAAP operating expenses, non-GAAP cost of sales and free cash flow, which are non-GAAP financial measures, for the periods presented. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (“GAAP”) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Management believes that these non-GAAP financial measures, when considered together with our financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare our results from period to period and to our forward-looking guidance, and to identify operating trends in our business. However, non-GAAP information is not superior to financial measures calculated in accordance with GAAP, is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. A reconciliation of the most comparable GAAP financial measure to each non-GAAP financial measure appearing in this release is included at the end of this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of 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, express or implied, that predict or indicate future events or trends or that are not statements of historical matters. These statements reflect the current views of management with respect to future events and our financial performance. These forward-looking statements include statements regarding the Company’s ability to enter into longer-term forbearance agreements with the certain holders of its convertible notes and the continuing defaults under the indentures governing such convertible notes, the Company’s plans and expectations regarding its liquidity situation and the outcome of the Company’s review of strategic alternatives and other measures, including capital raises, a potential sale of all or part of the Company’s business or assets, and/or potentially seeking relief under the U.S. Bankruptcy Code, the Company’s funding levels and ability to continue operations, the Company’s ability to improve its liquidity and long-term capital structure to address debt service obligations, the Company ability to make the required payments under the agreements governing its debt obligations, the Company’s negotiations with its customers, manufacturers and suppliers, the Company’s ability to continue as a going concern, the estimated costs and expected benefits of the Company’s restructuring plans initiated in 2024 and 2025, product plans, future growth, sales estimates, market opportunities, strategic initiatives, industry positioning, customer acquisition and retention, revenue growth, anticipated impacts on our business of current worldwide economic uncertainty, inflation, monetary policy shifts, and other disruptions due to geopolitical conditions and global health emergencies. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including that next-generation sensors and software will be developed successfully or will accelerate automaker adoption, that new automaker agreements will develop successfully into product launches, that per unit sensor economics will be improved, and that cost reduction efforts, including efforts to reduce the cost of industrialization, will continue to result in improved operational and financial efficiency. More information on these risks and other potential factors that could affect the Company’s business is included in the Company’s periodic filings with the Securities and Exchange Commission ( the “SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s reports on Form 10-K and Form 10-Q, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and most recently filed Form 10-Q for the quarter ended September 30, 2025, each filed with the SEC, and other previous and subsequent reports filed with the SEC. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
About Luminar:
Luminar is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and
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commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. For more information, please visit www.luminartech.com.
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
September 30, 2025December 31, 2024
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents$54,482 $82,840 
Restricted cash2,610 1,882 
Marketable securities19,508 99,827 
Accounts receivable14,317 14,272 
Inventory16,103 14,908 
Prepaid expenses and other current assets15,153 31,498 
Total current assets122,173 245,227 
Property and equipment, net37,798 52,281 
Operating lease right-of-use assets17,108 31,479 
Intangible assets, net10,986 15,556 
Goodwill1,750 3,994 
Other non-current assets13,701 16,676 
Total assets$203,516 $365,213 
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable$21,391 $18,972 
Accrued and other current liabilities33,915 31,567 
Operating lease liabilities7,362 10,049 
Total current liabilities62,668 60,588 
Debt429,178 500,516 
Operating lease liabilities, non-current13,047 24,083 
Other non-current liabilities184 815 
Total liabilities505,077 586,002 
Series A preferred stock
3,368 — 
Stockholders’ deficit:
Class A common stock7 3 
Class B common stock1 1 
Additional paid-in capital2,310,266 2,204,814 
Accumulated other comprehensive loss
(456)(295)
Treasury stock(312,477)(312,477)
Accumulated deficit(2,302,270)(2,112,835)
Total stockholders’ deficit
(304,929)(220,789)
Total liabilities, preferred stock and stockholders’ deficit
$203,516 $365,213 
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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 September 30,Nine Months Ended September 30,
2025202420252024
Revenue:
Products$13,689 $12,681 $38,628 $43,721 
Services5,060 2,812 14,641 9,190 
Total revenue18,749 15,493 53,269 52,911 
Cost of sales:
Products21,383 24,128 68,337 68,604 
Services5,447 5,397 13,540 22,475 
Total cost of sales26,830 29,525 81,877 91,079 
Gross loss(8,081)(14,032)(28,608)(38,168)
Operating expenses:
Research and development35,268 50,591 112,884 184,191 
Sales and marketing4,264 11,097 14,465 37,752 
General and administrative14,109 30,206 16,272 93,045 
Impairment of goodwill and intangible assets3,719 6,647 3,719 6,647 
Impairment of long-lived assets7,513 — 7,513 — 
Restructuring costs1,708 3,284 2,952 9,546 
Total operating expenses66,581 101,825 157,805 331,181 
Loss from operations(74,662)(115,857)(186,413)(369,349)
Other income (expense), net:
Change in fair value of private warrants
— 65 — 1,050 
Interest expense(12,342)(8,908)(36,918)(14,422)
Interest income961 2,407 3,997 8,356 
Gain on extinguishment of debt— 147,346 22,056 147,346 
Gain (loss) from acquisition of EM4, LLC (“EM4”)— — (48)1,752 
Gain from Sale of Investments— — 2,908 — 
Change in fair value of derivative liability
2,521 2,476 7,841 2,476 
Provision for credit loss

(2,186)— (2,186)— 
Gain (Losses) and impairments related to investments and certain other assets, and other income (expense)(162)32 (400)(5,947)
Total other income (expense), net(11,208)143,418 (2,750)140,611 
Income (Loss) before provision for (benefit from) income taxes(85,870)27,561 (189,163)(228,738)
Provision for (benefit from) income taxes
(25)158 272 180 
Net Income (loss)(85,845)27,403 (189,435)(228,918)
Less: Deemed dividend on Series A preferred stock
3,682 — 11,284 — 
Net income (loss) attributable to common stockholders$(89,527)$27,403 $(200,719)$(228,918)
Net Income (loss) per share attributable to common stockholders:
Basic $(1.29)$0.86 $(3.75)$(7.58)
Diluted$(1.29)$(3.62)$(3.75)$(7.58)
Weighted average shares used in computing net income (loss) per share attributable to common stockholders:
Basic69,281,237 32,001,765 53,586,034 30,190,418 
Diluted69,281,237 32,934,998 53,586,034 30,190,418 
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended September 30,
20252024
Cash flows from operating activities:
Net loss$(189,435)$(228,918)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization12,956 20,169 
Amortization of operating lease right-of-use assets4,928 6,464 
Amortization of discount on marketable securities
(1,086)(1,819)
Loss on marketable securities150 2,201 
Impairment of goodwill and other intangible assets3,719 6,647 
Impairment of long-lived assets7,513 — 
Change in fair value of private warrants— (1,050)
Vendor stock in lieu of cash program12,785 12,358 
Amortization of debt discount and issuance costs5,868 3,065 
Inventory write-offs and write-downs4,587 20,737 
Change in the fair value of derivatives
(7,841)(2,476)
Gain or write-off on sale or disposal of property and equipment238 — 
Share-based compensation, including restructuring costs9,192 115,792 
Gain on extinguishment of debt(22,056)(147,346)
Impairment of investments— 4,000 
Gain (loss) from acquisition of EM4
48 (1,752)
Provision for credit loss2,186 — 
Gain from sale of investment(2,908)— 
Change in product warranty and other6,284 (2,367)
Changes in operating assets and liabilities:
Accounts receivable(45)(59)
Inventories(6,080)(22,638)
Prepaid expenses and other current assets15,449 (1,987)
Other non-current assets17,979 (5,108)
Accounts payable1,288 7,327 
Accrued and other current liabilities(4,721)9,590 
Other non-current liabilities(16,930)(7,522)
Net cash used in operating activities(145,932)(214,692)
Cash flows from investing activities:
Purchases of marketable securities(54,080)(92,400)
Proceeds from maturities of marketable securities118,980 154,837 
Proceeds from sales/redemptions of marketable securities16,194 3,737 
Issuance of promissory notes(2,100)— 
Proceeds from sales of equity investment2,908 — 
Purchases of property and equipment(766)(4,244)
Acquisition of EM4 (net of cash acquired)242 (3,831)
Proceeds from disposal of property and equipment305 — 
Net cash provided by investing activities81,683 58,099 
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock under the Equity Financing Program36,153 41,806 
Proceeds from sale of Class A common stock under ESPP338 800 
Proceeds from exercise of stock options— 547 
Payments of employee taxes related to stock-based awards(990)(240)
Proceeds from issuance of Senior notes, net of Senior Notes and 2030 Convertible Notes issuance costs— 89,202 
Repurchase of 2026 Convertible Notes(30,297)— 
Proceeds from issuance of Series A preferred stock, net of issuance costs, discount and commitment fees
31,415 — 
Net cash provided by financing activities36,619 132,115 
Net decrease in cash, cash equivalents and restricted cash
(27,630)(24,478)
Beginning cash, cash equivalents and restricted cash84,722 140,624 
Ending cash, cash equivalents and restricted cash$57,092 $116,146 
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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 September 30,Nine Months Ended September 30,
2025202420252024
GAAP cost of sales$26,830 $29,525 $81,877 $91,079 
Non-GAAP adjustments:
Stock-based compensation(607)(1,204)(3,259)(4,897)
Amortization of intangible assets(196)(197)(591)(529)
Accelerated depreciation related to certain property, plant and equipment items— (933)(286)(4,363)
Non-GAAP cost of sales$26,027 $27,191 $77,741 $81,290 
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Gross Loss to Non-GAAP Gross Loss
(In thousands)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
GAAP gross loss$(8,081)$(14,032)$(28,608)$(38,168)
Non-GAAP adjustments:
Stock-based compensation607 1,204 3,259 4,897 
Amortization of intangible assets196 197 591 529 
Accelerated depreciation related to certain property, plant and equipment items— 933 286 4,363 
Non-GAAP gross loss$(7,278)$(11,698)$(24,472)$(28,379)
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(In thousands)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
GAAP operating expenses$66,581 $101,825 $157,805 $331,181 
Non-GAAP adjustments:
Stock-based compensation(9,836)(30,564)(5,966)(108,415)
Impairment of goodwill and intangible assets(3,719)(6,647)(3,719)(6,647)
Impairment of long-lived assets(7,513)— (7,513)— 
Restructuring costs(1,708)(3,284)(2,952)(9,546)
Amortization of intangible assets(834)(834)(2,503)(2,502)
Transaction costs relating to acquisition activities — (5)— (237)
Non-GAAP operating expenses$42,971 $60,491 $135,152 $203,834 

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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 September 30,Nine Months Ended September 30,
2025202420252024
GAAP net loss attributable to common stockholders
$(89,527)$27,403 $(200,719)$(228,918)
Non-GAAP adjustments:
Stock-based compensation, excluding restructuring10,443 31,768 9,225 113,312 
Amortization of intangible assets1,030 1,031 3,094 3,031 
Accelerated depreciation related to certain property, plant and equipment
— 933 286 4,363 
Impairment of goodwill and intangible assets3,719 6,647 3,719 6,647 
Impairment of long-lived assets7,513 — 7,513 — 
Gain on extinguishment of debt— (147,346)(22,056)(147,346)
Impairment of investments— — — 4,000 
Restructuring costs, including stock-based compensation1,708 3,284 2,952 9,546 
Gain from acquisition of EM4— — 48 (1,752)
Gain from sale of investments — — (2,908)
Provision for credit losses2,186 — 2,186 — 
Transaction costs relating to acquisition activities — 5 — 237 
Change in the fair value of derivative liabilities
(2,521)(2,476)(7,841)(2,476)
Change in fair value of private warrants
— (65)— (1,050)
Non-GAAP net loss attributable to common stockholders
$(65,449)$(78,816)$(204,501)$(240,406)
GAAP net loss per share attributable to common stockholders:
Basic $(1.29)$0.86 $(3.75)$(7.58)
Diluted$(1.29)$(3.62)$(3.75)$(7.58)
Non-GAAP net loss per share attributable to common stockholders:
Basic $(0.94)$(2.46)$(3.82)$(7.96)
Diluted$(0.94)$(2.39)$(3.82)$(7.96)
Shares used in computing GAAP net loss per share attributable to common stockholders:
Basic69,281,237 32,001,765 53,586,034 30,190,418 
Diluted69,281,237 32,934,998 53,586,034 30,190,418 
Shares used in computing Non-GAAP net loss per share attributable to common stockholders:
Basic69,281,237 32,001,765 53,586,034 30,190,418 
Diluted69,281,237 32,934,998 53,586,034 30,190,418 
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow
(In thousands)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
GAAP operating cash flow$(47,978)$(55,754)$(145,932)$(214,692)
Non-GAAP adjustments:
Capital expenditure:
Purchases of property and equipment(540)(2,658)(766)(4,244)
Non-GAAP free cash flow$(48,518)$(58,412)$(146,698)$(218,936)
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Summary of Stock-Based Compensation and Intangibles Amortization
(In thousands)
(Unaudited)
Three Months Ended September 30,
20252024
Stock-Based
Compensation		Intangibles
Amortization		Stock-Based
Compensation		Intangibles
Amortization
Cost of Sales$607 $196 $1,204 $197 
Research and development4,300 599 10,862 599 
Sales and marketing967 235 4,171 235 
General and administrative4,569 — 15,531 — 
Restructuring costs26 — 1,068 — 
Total$10,469 $1,030 $32,836 $1,031 

Nine Months Ended September 30,
20252024
Stock-Based
Compensation		Intangibles
Amortization		Stock-Based
Compensation		Intangibles
Amortization
Cost of Sales$3,259 $591 $4,897 $529 
Research and development15,429 1,798 41,724 1,797 
Sales and marketing4,242 705 12,951 705 
General and administrative(13,705)— 53,740 — 
Restructuring costs(33)— 2,480 — 
Total$9,192 $3,094 $115,792 $3,031 
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Contact Information
Investor Relations:
Yarden Amsalem
Investors@luminartech.com

Media Relations:
Milin Mehta
Press@luminartech.com
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