Luminar (NASDAQ: LAZR), a global leader in automotive technology, has released its Q3 2024 business update and financial results. The company highlighted its commercial growth, strategic milestones, and steps to strengthen its position in the trillion-dollar automotive industry.
Key Achievements in Q3 2024:
- New Volvo Model Partnership:
- Luminar’s LiDAR will now be standard on an additional Volvo Cars model, alongside the Volvo EX90.
- This reinforces Volvo’s safety commitment and Luminar’s industrial scalability and technological leadership.
- Advanced Development Contract with Japanese Automaker:
- A new agreement supports the automaker’s next-gen ADAS system using Luminar’s LiDAR and new software.
- The partnership highlights Luminar’s role in advancing global ADAS and AI capabilities.
- Series Production Ramp-Up:
- Production of the Volvo EX90 has accelerated, with more units shipped in Q3 than in the past three quarters combined.
- Global deliveries began in Q3, expanding beyond the U.S.
- Milestone Achievement for Luminar Halo:
- The first point cloud from Halo demonstrates industry-leading LiDAR data fidelity for safety and autonomy.
- Luminar Halo aims to drive mass adoption of advanced safety technologies.
- Operational and Financial Improvements:
- Q3 non-GAAP free cash flow improved by approximately $20 million compared to Q2, with further improvements expected in Q4.
- Cost-cutting measures, including a reduction in non-technical roles, contributed to efficiency gains.
Upcoming Webcast Details:
Luminar’s Founder and CEO, Austin Russell, and CFO, Tom Fennimore, will present a business update and financial review, followed by a live Q&A session.
- Date: November 11, 2024
- Time: 5:00 p.m. EST (2:00 p.m. PST)
- Where: Luminar Quarterly Review
- A replay will be available after the webcast.
Notice of Late Filing:
Luminar expects to file a notification of late filing with the SEC, extending the deadline for its Q3 10-Q report to November 18, 2024, due to complexities surrounding its convertible notes exchange.
Non-GAAP Financial Measures:
The company uses non-GAAP financial metrics, such as free cash flow, to provide insight into its core operating performance. These measures are supplementary and not a replacement for GAAP financials.
Luminar continues to position itself as a leader in the evolving automotive industry, focusing on scaling its technologies and partnerships for long-term success.
