Luminar, a leading global automotive technology company, has announced its third-quarter 2024 business update and financial results. The full details and accompanying presentation are available on Luminar’s Investor Relations website at https://investors.luminartech.com.
Austin Russell, Founder and CEO of Luminar, stated, “Today, nearly every major automaker has LiDAR integrated into their roadmaps. Our commercial growth this quarter is a testament to our technical leadership and our ability to meet the rigorous standards of global automakers. We’ve made strategic moves this quarter to better position Luminar for long-term success in the trillion-dollar automotive industry, while addressing near-term challenges.”
Key Highlights for Q3 2024:
- New Model Win with Volvo Cars
With the Volvo EX90 now reaching customers, Luminar has been selected as the standard LiDAR supplier for another model in Volvo’s lineup. This marks a significant milestone in Luminar’s collaboration with Volvo, showcasing both the company’s leadership in LiDAR technology and its ability to scale production. - Advanced Development Contract with Major Japanese Automaker
Luminar has secured a new contract with a major Japanese automaker for the next phase of developing its next-generation ADAS (Advanced Driver Assistance Systems) using Luminar’s LiDAR technology. This deal highlights Luminar’s role as a key enabler in the global shift towards autonomous driving and AI-driven systems. - Volvo EX90 Production Ramp
Luminar continues to meet key milestones in the production ramp for the Volvo EX90, with more shipments in Q3 than in the previous three quarters combined. The first global deliveries were completed during Q3, with the ramp-up now expanding beyond the U.S. - Luminar Halo Achieves Major Milestone
Luminar’s Halo system successfully demonstrated its industry-leading long-range LiDAR data fidelity, proving its potential to improve safety and support autonomous driving at a fraction of the cost and size of traditional LiDAR solutions. This breakthrough positions Luminar Halo as a key player in accelerating the mass adoption of autonomous technologies. - Operational Efficiency Gains
Luminar reported a significant improvement in Q3 2024 non-GAAP free cash flow, up approximately $20 million from the previous quarter, following the implementation of cost-cutting measures, including a reduction in non-technical staff. The company also saw a notable improvement in GAAP Operating Cash Flow by around $20 million compared to Q2 2024.
Webcast Details:
Founder and CEO Austin Russell, along with CFO Tom Fennimore, will host a video webcast with a business update and Q&A session.
- What: Quarterly business update and live Q&A
- Date: November 11, 2024
- Time: 5:00 p.m. EST (2:00 p.m. PST)
- Where: https://www.luminartech.com/quarterlyreview
A replay will be available after the webcast. For more information or to join Luminar’s investor distribution list, visit https://investors.luminartech.com/ir-resources/email-alerts.
Late Filing Notice:
Luminar expects to file a notification of late filing with the SEC, extending the deadline for its Quarterly Report on Form 10-Q for the period ending September 30, 2024, by five days. The delay is due to the complexity of the analysis related to the company’s convertible notes exchange transaction in August 2024. The Quarterly Report will be filed as soon as possible within the extended period.
Non-GAAP Financial Measures:
In addition to GAAP financials, this release includes non-GAAP financial measures such as free cash flow, which Luminar uses to evaluate its operational performance. These measures should be viewed as supplemental and not a substitute for GAAP financial data.
Forward-Looking Statements:
This press release contains forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those stated, and Luminar undertakes no obligation to update any forward-loo
