Luminar Technologies provided its third-quarter 2024 business update and financial results on November 11, 2024. The company reported revenue of $15.5 million, an 8.6% decrease from the prior year period, missing analyst estimates.
Despite the revenue decline, Luminar announced significant business expansions, including being selected as standard equipment for an additional Volvo Cars model, following the EX90. The company also secured a new advanced development contract with a major Japanese automaker for next-generation ADAS systems, which includes paid development of new software capabilities.
Operationally, Luminar achieved a major milestone by generating the first point cloud for its next-generation Luminar Halo platform, demonstrating industry-leading long-range LiDAR data fidelity at a reduced cost and size. The company also reported improved non-GAAP free cash flow by approximately $20 million and GAAP Operating Cash Flow by approximately $20 million compared to the prior quarter, following cost-saving actions including a headcount reduction in non-technical roles.
Luminar expects to file a notification of late filing on Form 12b-25 with the SEC for its Q3 2024 Quarterly Report. This delay is attributed to the complexity of the analysis related to a convertible notes exchange transaction consummated in August 2024, with the company expecting to file within the 5-day extension period.
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