Luminar Reports Q2 2021 Results and Business Update

Luminar Reports Q2 2021 Results and Business Update



Raises Guidance for Full-Year 2021 Revenue, Major Commercial Program Targets, and Forward-Looking Order Book

 

Orlando, Fla. — Aug. 12, 2021 — Luminar Technologies, Inc. (NASDAQ: LAZR), the global leader in automotive lidar hardware and software technology, today announced its quarterly business update and financials for the second quarter of 2021, ended June 30, 2021. The company is increasing full-year guidance for major commercial wins, revenue, and forward-looking order book growth as a result of strong execution year-to-date and accelerating OEM adoption of Luminar. 

 

“This has certainly been our most incredible quarter yet. We’ve been relentlessly executing and are on-track or beating each of our five key milestones. Since our last update, we made our first acquisition as a public company, and we achieved the industry’s most significant commercial win to-date for lidar and software,” said Austin Russell, Luminar Founder and CEO. “Our industry-first standardization win with Volvo has solidified Luminar as not only the standard in automotive lidar, but also the standard for next-generation vehicle safety.” 

 

Major 2021 Milestones and Q2 Company Highlights:


Today, Luminar reported second-quarter progress on its five key 2021 milestones set forth at the beginning of the year and increased several targets driven by strong year-to-date performance. 

  1. Iris Industrialization for Series Production: Luminar has now locked down over 85% of its series production supply chain and tooling for Iris, and expects to enter the C-phase in the fourth quarter. The company has also completed and passed some of the most challenging automotive-grade testing for Iris, including thermal, shock, vibration, and electrical. The company also acquired OptoGration1, its exclusive InGaAs chip design partner and manufacturer, which secures a key part of its supply chain and deepens Luminar’s competitive moat. In addition, the company was awarded its one hundredth patent in the second quarter, more than all other public lidar companies combined.
     
  2. Software & Product Development: Today, Luminar showcased its first public demonstration2 of its Proactive Safety™ software and capabilities in action. Luminar software is also a part of Volvo’s  standard safety package program for their next-generation electric SUV. Luminar remains on track to deliver its alpha version of the full-stack Sentinel solution by year end. 
     
  3. Commercial Programs & Customer Adoption: Volvo’s decision to make Luminar a standard3 feature on its next-generation electric SUV represents an industry first and a catalyst for next-generation automotive safety. Luminar is now doubling its major commercial win target this year to six from three , based on accelerated adoption of Luminar for OEM programs. 
     
  4. Forward-Looking Order Book: Luminar is raising its 2021 forward-looking order book growth target to 60% over the prior year, up from the previous target of 40% growth.
     
  5. Liquidity and Cash Position: Luminar remains on track to achieve its target of ending the year with more cash on the balance sheet compared to year-end 2020, driven by continued disciplined use of cash and greater commercial success than expected.

 

For more information, visit https://www.luminartech.com/luminar-reports-q2-2021-results-and-business-update/

 

2021 Infrared Sensing Market Trend- 3D Sensing, LiDAR, SWIR LED
Release: 01 January 2021 ([Update] 17th May 2021)
Format: PDF
Language: Traditional Chinese / English
Page: 175

 

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