LAZR - Luminar's Q1 Results: Financial Struggles And Strategic Moves
2024-05-09 00:31:00 ET
Summary
- Luminar reports significant cash outflow of $81M in Q1, generating $21M in revenue with a negative 50% gross margin.
- Revenue projection influenced by LiDAR sensor production for Volvo, expecting a quarterly run rate of $35M by the end of the year.
- Luminar's balance sheet shows a cash balance of $218.3M, but additional equity issuance and cost-cutting measures are needed to reach cash objectives.
Luminar ( LAZR ) was one of the first LiDAR companies to report their first-quarter results. Once again, the company had a surprisingly significant cash outflow of $81M in net cash used in operating activities, not estimated previously. Meeting the given estimate, it generated $21M in revenue, broken down into $15M for product sales and $5.6M for services. However, the gross margin remained a concern, although it improved, standing at a negative 50%....
Luminar's Q1 Results: Financial Struggles And Strategic Moves