Luminar expects ‘at least 100%’ revenue growth in 2023

Luminar said it is “on track to meet or beat its financial guidance.” Luminar expects at least 100% revenue growth in 2023. The company expects to reach positive gross margin on a non-GAAP basis by the fourth quarter. “The company expects to end the year with a balance of greater than $300M, which is more than required to execute on its current plan for profitability. As Luminar’s business ramps up and launch costs ramp down throughout the year, the company expects to reduce its free cash flow spend in Q4 by approximately 50% relative to Q1, and Q2 of ($78.5M),” the company said.