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Luminar Technologies (LAZR)
NASDAQ:LAZR
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Luminar Technologies
(NASDAQ:LAZR)
42Neutral
Positive Factors
Partnerships
A new partnership with a major construction highway machinery manufacturer and ongoing engagements with platform partners like NVIDIA enhance LAZR's market positioning.
Restructuring
Luminar Technologies is making good progress on its restructuring actions and taking out costs faster than expected.
Technology
Luminar’s LiDAR technology is viewed as best-in-class, which positions the company well for future market share growth.
Negative Factors
Capital Requirements
There is an expectation that Luminar Technologies will need to raise significant additional capital due to its high free cash flow usage.
Leadership
The CEO and founder, Austin Russell, resigned, which could adversely impact the company's ability to innovate.
Market Growth
The company is still facing challenging fundamentals, particularly from slower-than-expected growth in the autonomous vehicle market.
Luminar Technologies (LAZR) vs. S&P 500 (SPY)
Market Cap
$206.06M
Dividend YieldN/A
Average Volume (3M)2.10M
Price to Earnings (P/E)―
Beta (1Y)2.00
Revenue Growth8.05%
EPS Growth58.44%
CountryUS
Employees580
SectorConsumer Cyclical
Sector Strength75
IndustryAuto - Parts
Share Statistics
EPS (TTM)-1.50
Shares Outstanding40,515,217
10 Day Avg. Volume2,508,588
30 Day Avg. Volume2,102,346
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-0.66
Price to Sales (P/S)0.00
P/FCF Ratio-0.67
Enterprise Value/Market Cap3.11
Enterprise Value/Revenue2.11
Enterprise Value/Gross Profit-24.94
Enterprise Value/Ebitda-0.42
Forecast
1Y Price Target
$3.83Price Target Upside-8.15% Downside
Rating ConsensusModerate Sell
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 strong revenue growth but faces significant financial challenges, including negative equity and cash flow issues. The company operates at a loss, with high operational costs and negative net income, indicating financial instability that requires improved management.Income Statement
Luminar Technologies has shown significant revenue growth over the years, with a revenue increase from $13.95M in 2020 to $75.39M in 2024. However, the company is operating at a loss, with negative EBIT and EBITDA margins indicating high operational costs. Net income has also remained negative, reflecting ongoing challenges in achieving profitability.45
Neutral
Balance Sheet
The balance sheet shows high leverage with a negative stockholders' equity of -$220.79M in 2024, indicating financial distress. The debt-to-equity ratio cannot be calculated due to negative equity, highlighting potential solvency issues. The equity ratio is negative, reflecting a high proportion of liabilities relative to assets.30
Negative
Cash Flow
Luminar Technologies has experienced negative free cash flow growth, indicative of cash constraints. The operating cash flow remains negative, though there is a substantial cash inflow from financing activities, suggesting reliance on external funding to manage operations.40
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 75.39M | 69.78M | 40.70M | 31.94M | 13.95M | Gross Profit |
| -25.69M | -72.69M | -60.28M | -14.15M | -11.00M | EBIT |
| -435.04M | -563.31M | -442.40M | -214.55M | -86.88M | EBITDA |
| -242.80M | -530.39M | -425.57M | -239.85M | -364.90M | Net Income Common Stockholders |
| -273.14M | -571.27M | -445.94M | -237.99M | -365.18M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 182.67M | 289.82M | 488.87M | 792.12M | 485.65M | Total Assets |
| 365.21M | 512.37M | 687.33M | 883.54M | 510.35M | Total Debt |
| 534.65M | 660.66M | 635.13M | 619.46M | 893.00K | Net Debt |
| 451.81M | 521.57M | 565.58M | 289.48M | -208.05M | Total Liabilities |
| 586.00M | 737.12M | 713.73M | 685.55M | 361.61M | Stockholders Equity |
| -220.79M | -224.75M | -26.41M | 197.99M | 148.74M |
| Cash Flow | Free Cash Flow | |||
| -281.72M | -269.22M | -226.30M | -154.85M | -77.84M | Operating Cash Flow |
| -276.63M | -247.30M | -208.23M | -148.42M | -75.64M | Investing Cash Flow |
| 42.46M | 236.63M | 27.99M | -194.19M | -271.79M | Financing Cash Flow |
| 178.26M | 80.20M | -79.35M | 463.59M | 529.85M |
Luminar Technologies Technical Analysis
Negative
4.17
Price Trends
4.77
Negative
5.38
Negative
8.84
Negative
Market Momentum
-0.03
Negative
47.82
Neutral
67.31
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 4.17 is above the 20-day moving average (MA) of 4.10, below the 50-day MA of 4.77, and below the 200-day MA of 8.84, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 47.82 is Neutral, neither overbought nor oversold. The STOCH value of 67.31 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 (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $6.98B | 11.38 | 2.86% | 3.90% | 2.64% | -22.07% | |
58 Neutral | $198.96M | ― | -65.19% | ― | 28.52% | 41.32% | |
56 Neutral | $2.55B | ― | -2.44% | ― | 9.07% | 79.21% | |
52 Neutral | $857.25M | ― | -113.70% | ― | 95.90% | 10.38% | |
48 Neutral | $13.65M | ― | -170.89% | ― | -70.99% | 69.17% | |
44 Neutral | $560.60M | ― | 102.04% | ― | 21.32% | 17.48% | |
42 Neutral | $206.06M | ― | 146.24% | ― | 8.05% | 58.44% |
* Consumer Cyclical Sector Average
Performance Comparison
LAZR
Luminar Technologies
4.17
-19.75
-82.57%
AEVA
Aeva Technologies
14.96
11.51
333.62%
INVZ
Innoviz Technologies
0.97
-0.14
-12.61%
LIDR
AEye Inc
0.74
-2.51
-77.23%
ECX
ECARX Holdings
1.61
0.46
40.00%
HSAI
Hesai Group Sponsored ADR
19.57
14.84
313.74%
Luminar Technologies Earnings Call Summary
Earnings Call Date:May 14, 2025
(Q1-2025)
| % Change Since: -12.39%|
Next Earnings Date:Aug 12, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture. While Luminar demonstrated progress in cost reduction and debt management, along with positive reception of its unified product architecture, significant challenges remain. These include leadership changes, revenue declines, and ongoing gross losses. The sentiment is balanced with both positive and negative elements.Q1-2025 Updates
Positive Updates
Cost Reduction Achievements
The company has achieved significant cost reductions, saving $120 million in cash and $40 million in stock-based compensation. Non-GAAP OpEx has declined by $115 million, and stock-based compensation has decreased by almost $100 million on an annualized basis.
Debt Reduction Progress
Luminar has reduced the balance on its 2026 debt from $625 million to $185 million, showing progress in managing its capital structure.
Encouraging OEM Adoption of Unified Product Architecture
The transition to a unified product architecture with the Luminar Halo platform has been well received by OEM partners, allowing for streamlined product development and cost reduction.
Positive Cash Flow Developments
Free cash flow improved by $18 million from Q4, marking the lowest level of quarterly cash burn since 2022.
Negative Updates
CEO Resignation
Founder Austin Russell, President and CEO, resigned following a Code of Business Conduct inquiry by the Board of Directors.
Revenue Decline
Revenue for Q1 2025 was $18.9 million, down 10% year-over-year and 16% sequentially, with guidance indicating a further slight revenue decline in Q2.
Gross Loss Challenges
Luminar reported a gross loss of $8 million on a GAAP basis and $6.4 million on a non-GAAP basis for Q1, driven by unfavorable unit economics.
Tariff Costs
The company incurred approximately $1 million in tariff charges during Q1.
Company Guidance
During Luminar's Q1 2025 Business Update Call, CFO Tom Fennimore provided guidance emphasizing the company's strategic transition to the Luminar Halo platform, which consolidates their product portfolio to streamline development and reduce costs. Fennimore noted that the company expects a 10% to 20% revenue growth for the full year despite a 10% year-over-year revenue decline this quarter, with Q1 revenue of $18.9 million. The call highlighted significant cost savings from restructuring actions, reducing non-GAAP operating expenses by $115 million annually and stock-based compensation costs by $100 million annually. The company ended Q1 with $188 million in cash and liquidity and aims to reduce its 2026 debt from $625 million to below $100 million by June 2026. Luminar anticipates a non-GAAP gross loss of $5 million to $10 million per quarter for the rest of the year and aims to lower year-end quarterly OpEx to the low $30 million range.Luminar Technologies Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
Luminar Technologies Announces New CEO Appointment
Neutral
May 15, 2025
On May 14, 2025, Luminar Technologies announced a leadership transition following the resignation of Austin Russell as CEO and Chairperson of the Board due to a Code of Business Conduct and Ethics inquiry. Paul Ricci, a seasoned executive with a strong background in technology and leadership, will assume the role of CEO effective May 21, 2025. Ricci’s appointment is expected to drive Luminar’s next chapter of growth, leveraging his experience in transforming Nuance into a leading provider of AI solutions. The transition is not expected to impact Luminar’s financial results, and Russell will remain on the Board to assist with the transition.
The most recent analyst rating on (LAZR) stock is a Sell with a $18.00 price target. To see the full list of analyst forecasts on Luminar Technologies stock, see the LAZR Stock Forecast page.
Spark’s Take on LAZR Stock
According to Spark, TipRanks’ AI Analyst, LAZR is a Neutral.
Luminar Technologies’ overall score reflects its strong revenue growth but is overshadowed by financial instability and technical weaknesses. The company’s negative equity, cash flow challenges, and bearish stock trends are significant concerns. While the earnings call indicates strategic growth plans, the conservative revenue forecast and geopolitical risks temper enthusiasm.
To see Spark’s full report on LAZR stock, click here.
Executive/Board ChangesRegulatory Filings and Compliance
Luminar Technologies Director Resigns Amid Audit Inquiry
Neutral
May 15, 2025
On May 14, 2025, Jun Hong Heng, a director at Luminar Technologies, resigned following an inquiry by the Audit Committee. His resignation was not due to any disagreements with the company’s operations, policies, or practices.
The most recent analyst rating on (LAZR) stock is a Sell with a $18.00 price target. To see the full list of analyst forecasts on Luminar Technologies stock, see the LAZR Stock Forecast page.
Spark’s Take on LAZR Stock
According to Spark, TipRanks’ AI Analyst, LAZR is a Neutral.
Luminar Technologies’ overall score reflects its strong revenue growth but is overshadowed by financial instability and technical weaknesses. The company’s negative equity, cash flow challenges, and bearish stock trends are significant concerns. While the earnings call indicates strategic growth plans, the conservative revenue forecast and geopolitical risks temper enthusiasm.
To see Spark’s full report on LAZR stock, click here.
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.