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Luminar Technologies (LAZR)
NASDAQ:LAZR
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Luminar Technologies
(NASDAQ:LAZR)
42Neutral
Positive Factors
Industry Leadership
Luminar is positioned as an industry leader in LiDAR technology and autonomous driving technology, with a differentiated position through performance and software investments.
OEM Engagements
Volvo ramp is unfolding at an accelerating pace with Luminar lidars becoming standard equipment in future Volvo offerings, while engagements with other OEMs are expanding including a new development contract with a leading Japanese OEM.
Partnerships
A new partnership with a major construction highway machinery manufacturer and ongoing engagements with platform partners like NVIDIA enhance LAZR's market positioning.
Negative Factors
Capital Needs
Luminar Technologies is expected to need to raise additional capital to reach self-funding status.
Production Challenges
The company expects production volumes to remain below the levels needed to achieve a positive gross margin.
Revenue Forecast
Estimates are lowered reflecting a reduction in revenue forecast and a continued underperform rating due to a slower growth trajectory.
Luminar Technologies (LAZR) vs. S&P 500 (SPY)
Market Cap
$179.28M
Dividend YieldN/A
Average Volume (3M)3.03M
Price to Earnings (P/E)―
Beta (1Y)1.95
Revenue Growth8.05%
EPS Growth58.44%
CountryUS
Employees580
SectorConsumer Cyclical
Sector Strength59
IndustryAuto - Parts
Share Statistics
EPS (TTM)-9.18
Shares Outstanding40,515,217
10 Day Avg. Volume1,523,711
30 Day Avg. Volume3,033,849
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap3.00
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-7.41
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$25.88Price Target Upside555.19% Upside
Rating ConsensusHold
Number of Analyst Covering4
Luminar Technologies Business Overview & Revenue Model
Company DescriptionLuminar Technologies, Inc., an automotive technology company, provides sensor technologies and software for passenger cars and commercial trucks in North America, the Asia Pacific, Europe, and the Middle East. It operates in two segments, Autonomy Solutions and Components. The Autonomy Solutions segment designs, manufactures, and sells laser imaging, detection, and ranging sensors, as well as related perception and autonomy software solutions primarily for original equipment manufacturers in the automobile, commercial vehicle, robo-taxi, and adjacent industries. The Component segment develops ultra-sensitive pixel-based sensors. This segment also designs, tests, and provides consulting services for non-standard integrated circuits for use in automobile and aeronautics sector, as well as government spending in military and defense activities. The company was founded in 2012 and is headquartered in Orlando, Florida.
How the Company Makes MoneyLuminar Technologies generates revenue primarily through the sale of its LIDAR sensors and software solutions to automotive manufacturers and suppliers. The company collaborates with major automotive OEMs (Original Equipment Manufacturers) and Tier 1 suppliers to integrate its technology into vehicles, contributing to the development and commercial deployment of autonomous driving systems. Luminar also engages in partnerships and strategic alliances, which can include co-development agreements and licensing deals, to expand the adoption and application of its technologies. Revenue streams may also include engineering services and support for integration and optimization of LIDAR systems in vehicles.
Luminar Technologies Financial Statement Overview
Summary
Luminar Technologies is experiencing significant revenue growth, yet continues to face profitability challenges with negative profit margins and high leverage. The balance sheet indicates financial instability with negative equity, and cash flow issues persist despite financing activities.Income Statement
Luminar Technologies has experienced significant revenue growth over the years, with the most recent TTM (Trailing-Twelve-Months) showing an increase in revenue from $69.78 million in 2023 to $75.03 million in 2024. However, the company continues to report negative gross profit margins and net profit margins, indicating high operational costs relative to revenue. The continued negative EBIT and EBITDA margins also highlight persistent profitability challenges.20
Very Negative
Balance Sheet
The balance sheet reveals high leverage, with a negative stockholders' equity and a debt-to-equity ratio that cannot be calculated due to negative equity, indicating financial instability. The company's total liabilities exceed its assets, and the equity ratio is negative due to the deficit in stockholders' equity, raising concerns about solvency.15
Very Negative
Cash Flow
The cash flow statement indicates consistent negative free cash flow, which increased slightly from -$269.22 million in 2023 to -$272.50 million in the latest TTM period. The operating cash flow to net income ratio shows that cash outflows from operations are significantly higher than net losses, pointing to cash flow challenges. However, the company has managed to secure financing activities to support its cash position.25
Negative
| Breakdown | ||||
| Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 69.78M | 40.70M | 31.94M | 13.95M | 12.60M | Gross Profit |
| -72.69M | -60.28M | -14.15M | -11.00M | -4.05M | EBIT |
| -563.31M | -442.40M | -214.55M | -86.88M | -62.62M | EBITDA |
| -530.39M | -425.57M | -239.85M | -364.90M | -94.86M | Net Income Common Stockholders |
| -571.27M | -445.94M | -237.99M | -365.18M | -96.96M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 289.82M | 488.87M | 792.12M | 485.65M | 33.74M | Total Assets |
| 512.37M | 687.33M | 883.54M | 510.35M | 51.86M | Total Debt |
| 660.66M | 635.13M | 619.46M | 893.00K | 9.64M | Net Debt |
| 521.57M | 565.58M | 289.48M | -208.05M | -17.44M | Total Liabilities |
| 737.12M | 713.73M | 685.55M | 361.61M | 263.59M | Stockholders Equity |
| -224.75M | -26.41M | 197.99M | 148.74M | -211.73M |
| Cash Flow | Free Cash Flow | |||
| -269.22M | -226.30M | -154.85M | -77.84M | -61.69M | Operating Cash Flow |
| -247.30M | -208.23M | -148.42M | -75.64M | -60.20M | Investing Cash Flow |
| 236.63M | 27.99M | -194.19M | -271.79M | -7.78M | Financing Cash Flow |
| 80.20M | -79.35M | 463.59M | 529.85M | 85.46M |
Luminar Technologies Technical Analysis
Negative
3.95
Price Trends
5.00
Negative
5.65
Negative
10.11
Negative
Market Momentum
-0.38
Negative
42.68
Neutral
62.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LAZR, the sentiment is Negative. The current price of 3.95 is below the 20-day moving average (MA) of 4.09, below the 50-day MA of 5.00, and below the 200-day MA of 10.11, indicating a bearish trend. The MACD of -0.38 indicates Negative momentum. The RSI at 42.68 is Neutral, neither overbought nor oversold. The STOCH value of 62.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LAZR.
Luminar Technologies Risk Analysis
Luminar Technologies disclosed 72 risk factors in its most recent earnings report. Luminar Technologies reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Luminar Technologies Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $6.65B | 11.71 | 3.09% | 3.98% | 2.65% | -20.82% | |
56 Neutral | $2.40B | ― | -2.44% | ― | 9.07% | 79.21% | |
53 Neutral | $420.20M | ― | -92.90% | ― | 110.23% | 12.96% | |
52 Neutral | $13.57M | ― | -160.65% | ― | -86.20% | 67.94% | |
47 Neutral | $149.22M | ― | -81.61% | ― | 16.25% | 32.95% | |
44 Neutral | $541.91M | ― | 102.04% | ― | 21.32% | 17.48% | |
42 Neutral | $179.28M | ― | 146.24% | ― | 8.05% | 58.44% |
* Consumer Cyclical Sector Average
Performance Comparison
LAZR
Luminar Technologies
3.95
-21.10
-84.23%
AEVA
Aeva Technologies
7.68
4.24
123.26%
INVZ
Innoviz Technologies
0.75
-0.50
-40.00%
LIDR
AEye Inc
0.73
-0.53
-42.06%
ECX
ECARX Holdings
1.45
-0.22
-13.17%
HSAI
Hesai Group Sponsored ADR
18.29
13.22
260.75%
Luminar Technologies Earnings Call Summary
Earnings Call Date:Mar 20, 2025
(Q4-2024)
| % Change Since: -37.10%|
Next Earnings Date:May 13, 2025
Earnings Call Sentiment Neutral
The call presented a mixed outlook with strong revenue growth and significant achievements in product launches and cost restructuring. However, the conservative revenue growth forecast, expected negative gross margins in 2025, and geopolitical challenges indicate areas of concern.Q4-2024 Updates
Positive Updates
Strong Revenue Growth
Luminar reported Q4 revenue of $22.5 million, up 45% quarter-over-quarter and 2% year-over-year, driven by higher sensor sales.
LiDAR Production Scale Up
Luminar plans to scale up LiDAR shipments by more than 200% this year, which is a significant step towards achieving economies of scale.
Successful Launch with Volvo
Luminar achieved the start of production for Volvo with the EX90 and was also awarded the Volvo ES90.
Cost Restructuring Achievements
Significant cost savings have been realized from restructuring efforts, with a decline of $72 million in non-GAAP OpEx and $80 million in stock-based compensation on an annualized basis.
Positive Gross Margin
For the quarter, Luminar reported a positive gross profit of $12.5 million on a GAAP basis.
Negative Updates
Lower Revenue Growth Forecast
The full-year revenue growth for 2025 is expected to be in the range of 10% to 20%, which is conservative due to lower assumed volume for series productions.
Negative Gross Margin Expected
Luminar is guiding to be modestly gross margin negative for each quarter in 2025.
Tariff and Geopolitical Challenges
Geopolitical tensions and tariff changes are expected to have a modest impact on gross profit, and Luminar is exploring alternatives to address these challenges.
Order Book Decline
The forward-looking order book for 2024 is lower relative to 2023 due to the transition to Luminar Halo, although this is expected to be temporary.
Company Guidance
During Luminar's Fourth Quarter of 2024 Business Update Call, the company provided robust guidance for 2025, projecting more than 200% growth in LiDAR shipments, with expectations to ship between 30,000 to 33,000 sensors, compared to 9,000 in 2024. Revenue growth is forecasted to be in the range of 10% to 20%, driven primarily by increased sensor sales to Volvo and other series production customers, although tempered by a significant 50% reduction in forecasted volumes compared to IHS estimates. The company also outlined key milestones for 2025, including ramping up Iris sensor production, meeting key requirements for their next-generation LiDAR, Luminar Halo, and streamlining operations by transitioning to a unified product platform. Financially, Luminar achieved a gross profit of $12.5 million in Q4, driven by sensor sales and cost management, although it anticipates modestly negative gross margins throughout 2025. With $233 million in cash and liquidity at the end of 2024, the company plans to utilize its equity financing program to maintain liquidity above $150 million by year-end 2025 while continuing to focus on cost reductions and efficiency improvements.Luminar Technologies Corporate Events
Private Placements and FinancingBusiness Operations and Strategy
Luminar Technologies Reduces Debt with Note Exchange
Neutral
Mar 24, 2025
On March 23, 2025, Luminar Technologies entered into private exchange agreements with certain holders of its 1.25% Convertible Senior Notes due 2026, exchanging $18.2 million of these notes for newly issued Class A common stock and, in some cases, cash for accrued interest. These transactions, which are expected to settle in four daily tranches starting March 25, 2025, will not generate cash proceeds for the company but will reduce its outstanding notes to $184.9 million, potentially impacting its financial structure and market positioning.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.