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Mar 31, 2024
Luminar Q1 2024 Earnings Report
Luminar achieved global SOP with Volvo Cars and kicked off conversion of multi-billion dollar order book to revenue.
Key Takeaways
Luminar's Q1 2024 revenue was $21.0M, a 45% increase year-over-year but a 5% decrease quarter-over-quarter. The company's gross loss improved quarter-over-quarter due to lower launch-related costs. They ended the quarter with $268.3M in cash and liquidity.
Global SOP with Volvo Cars was achieved, starting with the EX90.
The Volvo EX90 launch will mark the first time Luminar's multi-billion dollar Order Book will begin to materially convert into revenue.
Luminar is planned into 25+ commercial programs and is powertrain agnostic.
NHTSA's new rule mandating advanced, higher-speed automatic emergency braking (AEB) is a tailwind for Luminar.
Forward Guidance
The company continues to expect to achieve a quarterly run rate of revenue in the mid-$30M range reflecting the production ramp with Volvo in 2H’24 and expects to end FY’24 with >$150M in Cash & Liquidity.
Positive Outlook
- Strong growth in sensor sales and revenue in 2H’24 as production ramps up.
- Expect Q2’24 Change in Cash to improve versus Q1’24, due to reduced working capital investment and early returns on cost saving actions.
- Quarterly Revenue Run Rate of Mid-$30M in 2H’24
- Cash & Liquidity >$150M at YE’24
Challenges Ahead
- Q2’24 Revenue to potentially be lower versus Q1’24 as the current work-phase for two non-series production customer contracts was successfully completed recently and terms for the next phase are being finalized.
- Series production revenue for Volvo in Q2 is expected to be modest as they begin their ramp.
- Will begin recording contra revenue for Volvo related to warrants issued in 2020.
Historical Earnings Impact
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