Luminar Provides Business Update and First Quarter Results
Luminar Technologies, Inc. ("Luminar" or the "Company") (NASDAQ: LAZR), the global leader in automotive lidar hardware and software technology, today announced a quarterly business update and financials for the first quarter ended March 31, 2021.
"We've remained relentlessly focused on execution, hitting our key product, commercial, production and financial targets so far. This puts Luminar on track to meet or beat our 2021 company-level milestones from the beginning of the year, as we continue to extend our technology, product, and market leadership positions."
- Austin Russell, Founder & CEO
Execution: Product, Industrialization, and Series Production
Luminar continues to scale its series production capabilities. Today, Luminar officially announced its manufacturing partners Celestica and Fabrinet, while the first Iris units were produced on Luminar's automated line in Celestica's automotive-certified facility in Monterrey, Mexico.
Luminar also continues to advance validation of Iris and development of its Sentinel software as it moves up and beyond the foundation of lidar, reinforcing the Company's transition to a system-level autonomous vehicle company. Following the introduction of Sentinel last quarter, Luminar kicked off the next phase of its software development through its partnership with Zenseact. Iris lidar data has been collected to train and optimize the performance of Luminar's perception software, and Luminar received the green light from German authorities to proceed with Sentinel full-stack solution development and testing on public German roads.
Customer Adoption: Commercial Wins from the Ground to the Sky
Since the 2020 year-end business update less than two months ago in March, where Luminar announced SAIC and detailed its new partnership with Zensact, Luminar achieved commercial wins with two new customers:
Major 2021 Milestones: On Track of Ahead of Schedule for Each High-Level Milestone
Luminar is on-track to meet or exceed each of its key 2021 milestones set forth at the beginning of the year and shared in its fourth quarter 2020 business update:
First Quarter 2021 Financials: Strong Revenue Growth and Efficient Cash Management
Revenue for the first quarter was $5.3 million, a year-over-year increase of 37% compared to the first quarter of 2020 and a sequential 118% increase compared to the fourth quarter of 2020.
GAAP net loss for the first quarter of 2021 was $(75.9) million, or $(0.23) per share, basic and diluted, compared to GAAP net loss of $(15.6) million, or $(0.12) per share, basic and diluted, for the first quarter of 2020.
Non-GAAP net loss for the first quarter of 2021 was $(27.0) million, or $(0.08) per share, basic and diluted, compared to non-GAAP net loss of $(14.1) million, or $(0.11) per share, basic and diluted, for the first quarter of 2020.
Cash and investments were $610.3 million as of March 31, 2021, compared to $485.7 million as of December 31, 2020, and included $154 million raised from exercises of warrants and a cash spend (operating cash flow less capital expenditures) of $28.9 million during the quarter.
Financial Guidance: Luminar remains on track to achieve its full-year 2021 guidance for revenue of $25 to $30 million and net cash spend of approximately $140 million.
Founder and CEO Austin Russell and CFO Tom Fennimore will host a video webcast, featuring a live Q&A session following the business update.
What: Video Webcast featuring Quarterly Business Update, Financials and live Q&A
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 presentation includes non-GAAP financial measures, including non-GAAP net loss, Free Cash Flow ("FCF") and Order Book. Non-GAAP net loss is defined as GAAP net loss plus stock-based compensation plus expenses related to registration statement on Form S-1 on behalf of selling stockholders plus change in fair value of warrant liabilities. Free Cash Flow is defined as EBITDA less capital expenditures (including patent acquisitions) less changes in net working capital less net interest expense less taxes (including the benefit of existing and future net operating losses).
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 in our forward looking orderbook calculation, and subject to the risks set forth in the "Forward-Looking Statements" section below.
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 "believe," "may," "will," "estimate," "set", "continue," "towards", "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "forward," "ahead," "outlook," 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 progress towards full stack series production, statements regarding C sample production by end of 2021, then next phase of software development and partnership with Zenseact, the integration of Luminar's lidar technology into the Airbus UpNext platform, the integration of Luminar's Iros into Pony.ai's next generation autonomous platform and Pony.ai's planned deployment of 200 robotaxi vehicles, Luminar's five milestones to gauge its success in 2021, statements relating to the partnership between Luminar and SAIC or other companies, the capabilities of Sentinel by end of 2021, the success of Luminar's contract manufacturers to achieve series production, the ability of major commercial programs to achieve series production and the scope, timing, and surety of such programs, Luminar's future revenues, forward-looking order book and Luminar's expectations for its full-year 2021 financial results. 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 predictions 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 but not limited to Luminar's financial condition, Luminar's limited operating history; Luminar's inability to reduce and control the cost of the inputs on which Luminar relies; Luminar's ability to transition to an outsourced manufacturing business model; the success of Luminar's customers in developing and commercializing products using Luminar's solutions; Luminar's ability to expand operations in China; Luminar's ability to protect its intellectual property rights; whether Luminar's lidar products are selected for inclusion in autonomous driving or ADAS systems by automotive OEMs or their suppliers; changes in personnel and availability of qualified personnel; the amount and timing of future sales; the extent to which customers who have selected Luminar for a program win commercially launch vehicles which include Luminar hardware and software products, including their success in integration and volume and timing of such launch, and whether such launches are successful unrelated to Luminar's technology; the extent to which delays in commercial launch or testing and development are delayed because of regulation; customer cancellation of contracts; whether the complexity of Luminar's products results in undetected defects and reliability issues which could reduce market adoption of its new products, damage its reputation and expose Luminar to product liability and other claims; strict government regulation that is subject to amendment, repeal or new interpretation and Luminar's ability to comply with modified or new laws and regulations applying to its business; general economic uncertainty and the effect of general economic conditions on Luminar's industry in particular, including the level of demand and financial performance of the autonomous vehicle industry and market adoption of lidar; the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Luminar's business including how it affects transportation demand and business needs of our customers; and the other risks discussed under the heading "Risk Factors" in the Annual Report on Form 10-K filed by Luminar on April 14, 2021, the registration statement on Form S-1 (No. 333-251657) filed with the SEC and amendments thereto (including the post-effective amendment filed with the SEC on April 26, 2021), and other documents Luminar files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. 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 Technologies
Luminar is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering the only lidar and associated software that meets the industry's stringent performance, safety, and economic requirements. Luminar has rapidly gained over 50 industry partners, including 8 of the top 10 global automotive OEMs. In 2020, Luminar signed the industry's first production deal for autonomous consumer vehicles with Volvo Cars, while also recently striking deals with Daimler Truck AG and Intel's Mobileye. Luminar has also received minority investments from the world's largest commercial vehicle manufacturer, Daimler Truck AG, and Volvo Cars, a global leader in automotive safety, to accelerate the introduction of autonomous trucks and cars at highway speed. Founded in 2012, Luminar is a 400-person team with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich. For more information please visit www.luminartech.com.
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