Luminar Posts Quarterly Loss, Revenues Miss Estimates

Luminar Technologies (LAZR), the global automotive lidar hardware and software technology provider, has reported lower-than-expected revenues in the third quarter of 2021. Meanwhile, the company’s adjusted loss came in line with analysts’ expectations. 

Following the news, shares of the company dropped almost 3% in the extended trading session on Thursday after closing 5.9% higher on the day. 

Results in Detail 

Luminar incurred an adjusted loss of $0.10 per share, lower than the loss of $0.22 per share reported in the same quarter last year. 

Total revenues generated during the quarter grew 89% year-over-year and stood at $8 million against the consensus estimate of $8.89 million. (See Luminar Technologies stock charts on TipRanks) 

During the quarter, total operating expenses more than tripled on a year-over-year basis to $67.4 million. 

Other Developments 

Recently, at the NVIDIA GPU Technology Conference (GTC), Luminar announced that its lidar solution had been selected to integrate into the sensor suite of semiconductor maker Nvidia Corporation’s (NVDA) AI vehicle computing platform for autonomous vehicles.   

Markedly, the production of the AI vehicle computing platform, DRIVE Hyperion, is planned to commence in 2024 and the platform is expected to enhance the development of autonomous consumer vehicles. 

CEO Comments 

In response to the third-quarter results, the CEO of Luminar, Austin Russell, said, “This quarter was one to remember with the debut of our Proactive Safety software, new top vehicle integration partnerships, two trucking wins, closing the acquisition of a key supplier, world-class leadership additions, and the culmination of our platform win with NVIDIA.” 

“We look forward to powering the safest production vehicles on the road and enabling the first truly autonomous capabilities,” Russell added. 

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Reiterating its 2021 guidance, the company expects revenue to land between $30 million and $33 million, compared to the consensus estimate of $31.17 million. 

Wall Street’s Take 

The rest of the Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 3 Buys and 2 Holds. The average Luminar Technologies price target of $26 implies 30% upside potential from current levels. Shares have gained 97.3% over the past year. 

Risk Analysis 

According to the new TipRanks’ Risk Factors tool, the Luminar Technologies stock is at risk mainly from three factors: Finance and Corporate, Legal and Regulatory, and Production, which contribute 32%, 18%, and 16%, respectively, to the total 79 risks identified for the stock. 

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