OUST - Luminar Technologies posts wider than expected loss eyes rapid revenue growth

2023-05-09 16:19:39 ET

Luminar Technologies ( NASDAQ: LAZR ) shares see-sawed in after hours trading on Tuesday as accelerating sales were balanced by widening losses.

The Florida-based auto tech company reported a $0.24 per share loss for the quarter, wider than the $0.21 consensus expectation. However, revenue more than doubled year over year to $14.51M, topping analyst estimates .

The company also announced the addition of “core members of the former Argo AI lidar engineering team,” the now-defunct Ford-backed self-driving tech firm. The earnings release also indicated that the company opened a technical development office in India,to poach former Ouster ( OUST ) team members.

“Luminar is firing on all cylinders and successfully proving our ability to execute, industrialize and capitalize on our business. Over the past quarter, leading automakers have continued to expand our technology across their vehicle lineups, betting on the future of their ADAS and autonomous roadmaps in partnership with Luminar,” CEO Austin Russell said. “The first production run of the Luminar-equipped Volvo EX90 has now sold out faster than even Volvo’s ambitious expectations. This demonstrates the sheer demand for the most advanced and safest technologies on the road, with growing excitement about Luminar not just from automakers but also consumers directly.”

Luminar expects at least 100% revenue growth in 2023, continuing the triple-digit growth reflected in Q1. The company also expects to reach positive gross margin on a non-GAAP basis by the fourth quarter and also anticipates $300M in liquidity by the end of the year to sustain its path toward profitability.

Shares of Luminar bounced between a 1% gain and 1% loss after the earnings announcement .

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