Le Lézard
Classified in: Science and technology, Business
Subjects: EARNINGS, Photo/Multimedia, Conference Call, Webcast

Luminar Provides Q2 Update; Raises Guidance


Luminar (NASDAQ: LAZR), a leading global automotive technology company, announced its quarterly business update and financial results for the second quarter of 2022, ended June 30, 2022. The company reported $9.9 million of Q2 revenue, ahead of company expectations and up 57% YoY.

"The most advanced automakers' demand for Luminar is further increasing as we continue to successfully execute on their programs and build further conviction," said Austin Russell, Founder and CEO. "As we prepare for the upcoming series production launch of Iris at the existing production facilities with our partners, we are also now planning the build-out of a larger, fully dedicated and automated facility. This will support the accelerated business, which is driving our increased guidance."

Today, Luminar released its quarterly Path to Series Production video update, which can be viewed at: www.luminartech.com/path. The video spotlights the company's continued progress on industrialization for automotive series production. This update highlights increasing factory automation and capacity for a new facility to support higher expected volumes in the years ahead.

Luminar's Major 2022 Milestones - Q2 Highlights:

Luminar is on track to meet or beat all four of its key 2022 business milestones.

  1. Iris Industrialization for Series Production: Luminar remains on track to meet its target of achieving series production readiness for Iris lidar and core software by the end of 2022. In the second quarter, Luminar began preparing for a new higher-volume, fully dedicated manufacturing facility with Celestica, which will feature increased levels of automation and drive scalable capacity to serve increasing demand.
  2. Software: Luminar remains on track to a beta release of Sentinel by the end of 2022. In Q2, Luminar conducted live demo drives at TechCrunch Mobility, demonstrating the higher-confidence detection and collision-avoidance capability of lidar-based Proactive Safetytm compared to today's camera and radar-based ADAS systems.
  3. Commercial Programs: Luminar is raising full-year guidance for growth of major commercial program wins from 40% to 60% YoY growth. In Q2, Luminar successfully completed the first phase of another major OEM program. Luminar also announced a collaboration with ECARX1, a global mobility tech company and key strategic partner to various Geely ecosystem brands, to advance the adoption of lidar-based vehicle safety and autonomy in China and beyond.
  4. Forward-Looking Order Book: Luminar is raising full-year guidance for growth of its forward-looking order book from 40% YoY to 60% YoY growth.

Key Q2 2022 Financials:

Luminar exceeded its financial expectations and maintains a strong balance sheet for accelerating business growth and reaching positive cash flow.

1   

See press release: https://www.luminartech.com/ecarx/

Webcast Details:

Founder and CEO Austin Russell and CFO Tom Fennimore will host a video webcast, featuring a business update followed by a live Q&A session.

A live webcast of the event will be available on Luminar's investor site at https://luminartech.com/quarterlyreview. A replay of the webcast will be available following the presentation. For additional information or to be added to our investor distribution list, please visit us at https://investors.luminartech.com/ir-resources/email-alerts.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Luminar considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what we consider to be our core operating performance, as well as unusual events. The Company's management uses these measures to (i) illustrate underlying trends in the Company's business that could otherwise be masked by the effect of income or expenses that are excluded from non-GAAP measures, and (ii) establish budgets and operational goals for managing the Company's business and evaluating its performance. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures are presented only as supplemental information for purposes of understanding the Company's operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP.

This release includes non-GAAP financial measures, including non-GAAP net loss, Order Book, and Cash Spend. Non-GAAP net loss is defined as GAAP net loss plus stock-based compensation expense, plus amortization of intangible assets, plus legal reserve related to employee matters, plus transaction costs relating to acquisition activities, plus expenses related to registration statement on Form S-1 on behalf of selling stockholders, plus change in fair value of warrant liabilities, plus benefit from income taxes.

Order Book is defined as the forward-looking cumulative sales estimates of Luminar's hardware and software products over the lifetime of given programs which Luminar's technology is integrated into or provided for, based primarily on projected/actual contractual pricing terms and good faith estimates of "take rates" of Luminar's technology on vehicles. Such anticipated programs and volumes/take rates are based on commitments by our partners that are dependent on successful performance through development and validation and entering definitive purchase orders for series production, which may change for a variety of reasons as disclosed herein and other SEC filings, including, without limitation, the risks set forth in the "Forward-Looking Statements" section below. Customer production vehicle volume estimates (and take rates when applicable) are largely sourced from (i) the OEM/customer, (ii) IHS Markit or other third party estimates, and/or (iii) Luminar's management good faith estimates.

Luminar defines a "major win" as a written agreement with a major industry player, including based on their past experience in high volume production, leadership in autonomy, or market leadership, that selects our technology for what is expected to be a significant commercial program, including OEM series production programs. We only include major commercial wins, disclosed or undisclosed, in our forward-looking order book calculation, which are subject to the risks set forth in the "Forward-Looking Statements" section below.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under 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 that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected achievement and timing of series production readiness for Iris lidar and core software, the expected timing and impact of the new, high-volume manufacturing facility, the expected timing of a Sentinel beta, the expected growth in 2022 of Luminar's forward-looking order book and major commercial wins, and expectations for 2022 revenue growth and cash expenditure. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar's management and are not guarantees of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including the risks discussed in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Luminar's most recently filed periodic reports on Form 10-K and Form 10-Q, and other documents Luminar files with the SEC in the future. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

About Luminar

Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel's Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. For more information please visit www.luminartech.com.

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

June 30, 2022

 

December 31, 2021

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$

76,717

 

 

$

329,977

 

Restricted cash

 

980

 

 

 

725

 

Marketable securities

 

528,548

 

 

 

462,141

 

Accounts receivable

 

9,279

 

 

 

13,013

 

Inventory

 

9,349

 

 

 

10,342

 

Prepaid expenses and other current assets

 

46,178

 

 

 

29,195

 

Total current assets

 

671,051

 

 

 

845,393

 

Property and equipment, net

 

19,946

 

 

 

11,009

 

Operating lease right-of-use assets

 

17,447

 

 

 

9,145

 

Intangible assets, net

 

23,458

 

 

 

2,424

 

Goodwill

 

18,465

 

 

 

3,110

 

Other non-current assets

 

25,230

 

 

 

12,455

 

Total assets

$

775,597

 

 

$

883,536

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

20,119

 

 

$

14,419

 

Accrued and other current liabilities

 

31,504

 

 

 

19,844

 

Operating lease liabilities

 

6,217

 

 

 

4,735

 

Total current liabilities

 

57,840

 

 

 

38,998

 

Warrant liabilities

 

4,351

 

 

 

31,230

 

Convertible senior notes

 

610,575

 

 

 

608,957

 

Operating lease liabilities, non-current

 

12,464

 

 

 

5,768

 

Other non-current liabilities

 

1,806

 

 

 

598

 

Total liabilities

 

687,036

 

 

 

685,551

 

Stockholders' equity:

 

 

 

Class A common stock

 

28

 

 

 

27

 

Class B common stock

 

10

 

 

 

10

 

Additional paid-in capital

 

1,413,064

 

 

 

1,257,214

 

Accumulated other comprehensive loss

 

(6,005

)

 

 

(908

)

Treasury stock

 

(312,477

)

 

 

(235,871

)

Accumulated deficit

 

(1,006,059

)

 

 

(822,487

)

Total stockholders' equity

 

88,561

 

 

 

197,985

 

Total liabilities and stockholders' equity

$

775,597

 

 

$

883,536

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended June 30, 2022

 

Six Months Ended June 30, 2022

 

2022

 

2021

 

2022

 

2021

Revenue:

 

 

 

 

 

 

 

Products

$

1,798

 

 

$

1,977

 

 

$

3,339

 

 

$

4,910

 

Services

 

8,134

 

 

 

4,332

 

 

 

13,448

 

 

 

6,712

 

Total revenue

 

9,932

 

 

 

6,309

 

 

 

16,787

 

 

 

11,622

 

Cost of sales:

 

 

 

 

 

 

 

Products

 

16,987

 

 

 

3,720

 

 

 

28,805

 

 

 

9,029

 

Services

 

11,105

 

 

 

4,133

 

 

 

15,941

 

 

 

6,463

 

Total cost of sales

 

28,092

 

 

 

7,853

 

 

 

44,746

 

 

 

15,492

 

Gross loss

 

(18,160

)

 

 

(1,544

)

 

 

(27,959

)

 

 

(3,870

)

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

40,941

 

 

 

19,913

 

 

 

74,050

 

 

 

33,923

 

Sales and marketing

 

7,189

 

 

 

3,507

 

 

 

16,587

 

 

 

6,142

 

General and administrative

 

38,150

 

 

 

19,237

 

 

 

68,175

 

 

 

29,510

 

Total operating expenses

 

86,280

 

 

 

42,657

 

 

 

158,812

 

 

 

69,575

 

Loss from operations

 

(104,440

)

 

 

(44,201

)

 

 

(186,771

)

 

 

(73,445

)

Other income (expense), net:

 

 

 

 

 

 

 

Change in fair value of warrant liabilities

 

11,733

 

 

 

6,928

 

 

 

7,876

 

 

 

(39,721

)

Interest expense and other

 

(3,148

)

 

 

(288

)

 

 

(6,428

)

 

 

(488

)

Interest income and other

 

603

 

 

 

731

 

 

 

2,142

 

 

 

901

 

Total other income (expense), net

 

9,188

 

 

 

7,371

 

 

 

3,590

 

 

 

(39,308

)

Loss before provision (benefit from) for income taxes

 

(95,252

)

 

 

(36,830

)

 

 

(183,181

)

 

 

(112,753

)

Provision for (benefit from) income taxes

 

(13

)

 

 

?

 

 

 

391

 

 

 

?

 

Net loss

$

(95,239

)

 

$

(36,830

)

 

$

(183,572

)

 

$

(112,753

)

Net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.27

)

 

$

(0.11

)

 

$

(0.52

)

 

$

(0.33

)

Shares used in computing net loss per share:

 

 

 

 

 

 

 

Basic and diluted

 

352,054,529

 

 

 

340,255,023

 

 

 

350,378,494

 

 

 

336,641,349

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Six Months Ended June 30,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net loss

$

(183,572

)

 

$

(112,753

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

2,544

 

 

 

1,332

 

Noncash lease expense related to operating lease right-of-use assets

 

2,139

 

 

 

1,748

 

Amortization of premium on marketable securities

 

919

 

 

 

602

 

Change in fair value of warrants

 

(7,876

)

 

 

39,721

 

Vendor stock-in lieu of cash program

 

19,916

 

 

 

?

 

Amortization of debt discount and issuance costs

 

1,618

 

 

 

?

 

Impairment of inventories

 

4,778

 

 

 

1,453

 

Share-based compensation

 

65,323

 

 

 

16,367

 

Product warranty and other

 

171

 

 

 

572

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

7,038

 

 

 

3,527

 

Inventories

 

(2,814

)

 

 

(2,640

)

Prepaid expenses and other current assets

 

(2,417

)

 

 

(8,469

)

Other non-current assets

 

(532

)

 

 

(1,490

)

Accounts payable

 

7,392

 

 

 

854

 

Accrued and other current liabilities

 

1,106

 

 

 

2,652

 

Other non-current liabilities

 

(931

)

 

 

(1,659

)

Net cash used in operating activities

 

(85,198

)

 

 

(58,183

)

Cash flows from investing activities:

 

 

 

Acquisition of Freedom Photonics

 

(2,759

)

 

 

?

 

Acquisition of Solfice assets

 

(2,001

)

 

 

?

 

Purchases of marketable securities

 

(270,440

)

 

 

(376,289

)

Proceeds from maturities of marketable securities

 

147,053

 

 

 

169,619

 

Proceeds from sales of marketable securities

 

50,315

 

 

 

36,937

 

Purchases of property and equipment

 

(7,491

)

 

 

(2,710

)

Advances for capital projects and equipment

 

(1,673

)

 

 

?

 

Net cash used in investing activities

 

(86,996

)

 

 

(172,443

)

Cash flows from financing activities:

 

 

 

Proceeds from exercise of warrants

 

?

 

 

 

153,927

 

Proceeds from exercise of stock options

 

1,791

 

 

 

2,812

 

Payments of employee taxes related to stock-based awards

 

(1,724

)

 

 

(140

)

Repurchase of common stock and redemption of warrants

 

(80,878

)

 

 

(2

)

Other financing activities

 

?

 

 

 

(276

)

Net cash provided by (used in) financing activities

 

(80,811

)

 

 

156,321

 

Net decrease in cash, cash equivalents and restricted cash

 

(253,005

)

 

 

(74,305

)

Beginning cash, cash equivalents and restricted cash

 

330,702

 

 

 

209,719

 

Ending cash, cash equivalents and restricted cash

$

77,697

 

 

$

135,414

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales

(In thousands)

(Unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

GAAP cost of sales

$

28,092

 

 

$

7,853

 

 

$

44,746

 

 

$

15,492

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

(6,989

)

 

 

(1,127

)

 

 

(8,775

)

 

 

(1,210

)

Amortization of intangible assets

 

(259

)

 

 

?

 

 

 

(303

)

 

 

?

 

Non-GAAP cost of sales

$

20,844

 

 

$

6,726

 

 

$

35,668

 

 

$

14,282

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Gross Loss to Non-GAAP Gross Loss

(In thousands)

(Unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

GAAP gross loss

$

(18,160

)

 

$

(1,544

)

 

$

(27,959

)

 

$

(3,870

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

6,989

 

 

 

1,127

 

 

 

8,775

 

 

 

1,210

 

Amortization of intangible assets

 

259

 

 

 

?

 

 

 

303

 

 

 

?

 

Non-GAAP gross loss

$

(10,912

)

 

$

(417

)

 

$

(18,881

)

 

$

(2,660

)

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses

(In thousands)

(Unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

GAAP operating expenses

$

86,280

 

 

$

42,657

 

 

$

158,812

 

 

$

69,575

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

(31,636

)

 

 

(13,403

)

 

 

(56,548

)

 

 

(15,157

)

Amortization of intangible assets

 

(534

)

 

 

?

 

 

 

(553

)

 

 

?

 

Reserve related to employee matters

 

(2,000

)

 

 

?

 

 

 

(2,000

)

 

 

?

 

Transaction costs relating to acquisition activities

 

(524

)

 

 

?

 

 

 

(2,037

)

 

 

?

 

Expenses related to registration statement on Form S-1 on behalf of selling stockholders

 

?

 

 

 

(1,521

)

 

 

?

 

 

 

(1,982

)

Non-GAAP operating expenses

$

51,586

 

 

$

27,733

 

 

$

97,674

 

 

$

52,436

 

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 June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

GAAP net loss

$

(95,239

)

 

$

(36,830

)

 

$

(183,572

)

 

$

(112,753

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

38,625

 

 

 

14,530

 

 

 

65,323

 

 

 

16,367

 

Amortization of intangible assets

 

793

 

 

 

?

 

 

 

856

 

 

 

?

 

Legal reserve related to employee matters

 

2,000

 

 

 

?

 

 

 

2,000

 

 

 

?

 

Transaction costs relating to acquisition activities

 

524

 

 

 

?

 

 

 

2,037

 

 

 

?

 

Expenses related to registration statement on Form S-1 on behalf of selling stockholders

 

?

 

 

 

1,521

 

 

 

?

 

 

 

1,982

 

Change in fair value of warrant liabilities

 

(11,733

)

 

 

(6,928

)

 

 

(7,876

)

 

 

39,721

 

Provision for income taxes

 

?

 

 

 

?

 

 

 

165

 

 

 

?

 

Non-GAAP net loss

$

(65,030

)

 

$

(27,707

)

 

$

(121,067

)

 

$

(54,683

)

GAAP net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.27

)

 

$

(0.11

)

 

$

(0.52

)

 

$

(0.33

)

Non-GAAP net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.18

)

 

$

(0.08

)

 

$

(0.35

)

 

$

(0.16

)

Shares used in computing GAAP net loss per share:

 

 

 

 

 

 

 

Basic and diluted

 

352,054,529

 

 

 

340,255,023

 

 

 

350,378,494

 

 

 

336,641,349

 

Shares used in computing Non-GAAP net loss per share:

 

 

 

 

 

 

 

Basic and diluted

 

352,054,529

 

 

 

340,255,023

 

 

 

350,378,494

 

 

 

336,641,349

 

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow

(In thousands)

(Unaudited)

 

 

Six Months Ended June 30,

 

2022

 

2021

GAAP operating cash flow

$

(85,198

)

 

$

(58,183

)

Non-GAAP adjustments:

 

 

 

Capital expenditure

 

(9,164

)

 

 

(2,710

)

Non-GAAP free cash flow

$

(94,362

)

 

$

(60,893

)

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES

Summary of Stock-Based Compensation and Intangibles Amortization

(In thousands)

(Unaudited)

 

Three Months Ended

 

June 30, 2022

 

June 30, 2021

 

Stock-Based
Compensation

 

Intangibles
Amortization

 

Stock-Based
Compensation

 

Intangibles
Amortization

Cost of Sales

$

            6,989

 

$

               259

 

$

            1,127

 

$

                 ?

Research and development

 

              8,714

 

 

                 201

 

 

              5,663

 

 

                   ?

Sales and marketing

 

              2,741

 

 

                 333

 

 

                 934

 

 

                   ?

General and administrative

 

            20,181

 

 

                   ?

 

 

              6,806

 

 

                   ?

Total

$

          38,625

 

$

               793

 

$

          14,530

 

$

                 ?

 

 

Six Months Ended

 

June 30, 2022

 

June 30, 2021

 

Stock-Based
Compensation

 

Intangibles
Amortization

 

Stock-Based
Compensation

 

Intangibles
Amortization

Cost of Sales

$

            8,775

 

$

               303

 

$

            1,210

 

$

                 ?

Research and development

 

            15,816

 

 

                 201

 

 

              6,425

 

 

                   ?

Sales and marketing

 

              5,609

 

 

                 352

 

 

              1,120

 

 

                   ?

General and administrative

 

            35,123

 

 

                   ?

 

 

              7,612

 

 

                   ?

Total

$

          65,323

 

$

               856

 

$

          16,367

 

$

                 ?

 


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