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Jun 30, 2024
Luminar Q2 2024 Earnings Report
Announced Q2 2024 financial results, bolstered balance sheet, and restructured debt.
Key Takeaways
Luminar announced a restructuring of $422 million in debt, raised $100 million in new capital, and reported Q2 2024 revenue of $16.5 million. The company is revising its FY 2024 revenue guidance due to slower anticipated series production ramp.
Reduced convertible debt principal amount by approximately $148 million through exchange of Convertible Senior Notes.
Received $100 million in new non-convertible Senior Secured Notes due 2028.
Successfully ramped production for the first global production vehicle with standardized LiDAR.
Launched Sentinel software solution, with first shipments to automakers expected by the end of Q3 2024.
Luminar
Luminar
Forward Guidance
Luminar is revising elements of its FY 2024 financial guidance to reflect updated expectations of vehicle production ramps in 2H’24, the renegotiation of a non-series production customer contract, as well as the announced capital structure actions.
Positive Outlook
- YE’24 Cash & Liquidity increased from >$150 million to >$240 million, which still includes the $50 million line of credit obtained in Q1’24 that remains undrawn.
Challenges Ahead
- Shifting its outlook for a revenue run-rate in the mid-$30 million range from 2H’24 to now in FY’25 due to slower anticipated series production ramp.
- Luminar expects Q3’24 revenue to be in line with to modestly higher versus Q2’24, as a QoQ increase in series production volume is offset by a QoQ decrease in revenue from a non-series production customer for a contract expected to be renegotiated.