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Jun 30, 2023
Luminar Q2 2023 Earnings Report
Luminar's Q2 revenue and EPS exceeded guidance, with revenue up 63% year-over-year, and maintained a strong balance sheet.
Key Takeaways
Luminar reported a strong second quarter of 2023, exceeding revenue and non-GAAP EPS guidance. The company's revenue increased by 63% compared to the previous year. Luminar is on track to meet or beat all 2023 company milestones and financial guidance.
Q2 revenue was $16.2 million, up 63% compared to Q2'22.
Q2 GAAP net loss was $141.8 million, or $(0.37) per share; Q2 Non-GAAP net loss was $81.5 million, or $(0.21) per share.
Maintained strong cash position, including marketable securities, of $365.8 million as of June 30, 2023.
Free cash flow (operating cash flow less capital expenditures) was $(78.5) million.
Luminar
Luminar
Forward Guidance
Luminar is on track to meet or beat its financial guidance.
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, which is more than required to execute on its current plan for profitability.
- As Luminar’s business ramps up and launch costs ramp down throughout the year, the company expects to reduce its free cash flow spend in Q4 by approximately 50% relative to Q1, and Q2 of $(78.5) million.