Luminar Announces Strong Q4 2024 Financial Results and Business Update
Today, Luminar, a leading global automotive technology company, has released its quarterly business update and financial results for the fourth quarter and full year of 2024. The detailed results and accompanying commentary have been published in a presentation available on the company’s Investor Relations website at https://investors.luminartech.com.
Austin Russell, Founder and CEO of Luminar, reflected on the company’s achievements, stating, “This past year represents a culmination of a decade’s worth of work with the launch of the Volvo EX90 – the first global production vehicle featuring leading technologies such as Luminar and NVIDIA. We concluded 2024 on a high note, surpassing financial expectations and hitting key business milestones. As we transition into 2025, we have successfully moved key customers to Luminar Halo and secured new contracts. We anticipate at least a threefold increase in LiDAR shipments as more Luminar-equipped vehicles enter the market and additional models are introduced. Moving forward, we will unify our product portfolio around Halo, enhancing efficiency, accelerating execution, and fostering exponential growth.”
2024 Business Milestones:
Luminar successfully met its 2024 business objectives, demonstrating significant progress in its operational goals:
- Final Run at Rate Production Audit and Volvo Start of Production (SOP):
- Achieved. Luminar successfully passed the final Run at Rate production audit and met SOP requirements with Volvo in Q2 2024. The company continues to fulfill all key deliverables related to the Volvo EX90 production ramp. In Q3 2024, Luminar also announced the Volvo ES90 as the next model to incorporate Luminar’s technology.
- Launch of Production Facility with TPK Group for Enhanced Capacity and Cost Efficiency:
- Achieved. In Q1 2024, Luminar’s TPK facility in Asia commenced production of specific Iris sub-assemblies and components, improving sensor economics. In Q2, Luminar expanded its partnership with TPK to further cut industrialization costs and transition to an asset-light model. This included establishing a pilot line at the facility for sample production.
- Unveiling of Next-Generation LiDAR and Delivery of Samples to Customers:
- Achieved. In Q2 2024, introduced the Halo, a next-generation LiDAR system offering significant improvements in performance, integration, and cost compared to the Iris model. Throughout the year, showcased Halo’s capabilities and provided prototype samples to select customers for evaluation. Additionally, generated its first point cloud from the Halo in Q3 2024.
- Expansion of the LiDAR Ecosystem (Semiconductors, AI Engine, Software, and Insurance):
- Achieved. Semiconductor advanced its vertical integration strategy by acquiring EM4, enabling the company to expand its operations from chips to modules. In Q2 2024, launched its Sentinel software solution and provided evaluation kits to customers by year-end.
2025 Business Milestones:
For 2025, Luminar has outlined the following key milestones to be achieved by year-end:
- Series Production:
- Increase series production volume by at least 3x year-over-year, achieving economies of scale and launching additional vehicle models.
- Next-Generation Technology:
- Progress on Luminar Halo milestones within customer development contracts in preparation for SOP.
- Business Model Optimization:
- Streamline operations by transitioning customers to a unified technology platform ensuring efficient execution, cost reduction, and an accelerated path to profitability.
Webcast Details:
Austin Russell, Founder and CEO, alongside CFO Tom Fennimore, will host a video webcast to provide a business update, present Q4 2024 and FY 2024 financial results, and engage in a live Q&A session.
- What: Quarterly business update, financial results, and live Q&A
- Date: March 20, 2025
- Time: 5:00 p.m. EDT (2:00 p.m. PDT)
- Where: https://www.luminartech.com/quarterlyreview
A replay of the webcast will be available following its conclusion. For additional investor-related information or to subscribe to investor distribution list, visit https://investors.luminartech.com/ir-resources/email-alerts.
Forward-Looking Statements:
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements often include terms such as “aims,” “believe,” “may,” “will,” “estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,” “expect,” “should,” “would,” “forward,” and similar expressions indicating future trends or projections.
Forward-looking statements in this press release pertain to Luminar’s 2025 outlook and expectations regarding the development and commercialization of Halo. These statements are based on management’s expectations and involve risks and uncertainties that may result in actual outcomes differing materially. Factors influencing such results include the successful development and adoption of next-generation sensors and software, automaker agreements progressing to production launches, improvements in per-unit sensor economics, and the effectiveness of cost-reduction initiatives.
Further details on these risks and additional factors affecting business can be found in the company’s filings with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in Form 10-K for the year ended December 31, 2024, and subsequent SEC filings.
