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Mar 31, 2023
Luminar Q1 2023 Earnings Report
Luminar exceeded its Q1 revenue guidance, maintained a strong balance sheet, and continued to expand partnerships with leading automakers.
Key Takeaways
Luminar reported strong first-quarter 2023 results, exceeding revenue guidance with $14.5 million, a 112% increase year-over-year. The company maintained a strong cash position and is on track to meet or beat its 2023 business milestones and financial guidance. Leading automakers expanded their partnerships with Luminar, and pre-orders for Luminar-equipped vehicles surpassed expectations.
Revenue exceeded the high end of guidance at $14.5 million, up 112% year-over-year.
High-volume factory in Monterrey, Mexico, was brought online ahead of schedule.
Partnerships with Mercedes-Benz and Polestar were expanded across next-generation vehicle lineups.
Pre-orders for the Luminar-equipped Volvo EX90 surpassed Volvo Cars’ expectations.
Luminar
Luminar
Forward Guidance
Luminar maintained its full-year financial outlook.
Positive Outlook
- Luminar expects at least 100% revenue growth in 2023.
- The company expects to reach positive gross margin on a non-GAAP basis by the fourth quarter.
- The company expects to end the year with a balance of greater than $300 million in cash, cash equivalents and marketable securities.
- The company expects to demonstrate solid progress towards its profitability goals.
- Free cash flow run rate is expected to improve approximately 50% by year-end relative to Q1.