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Mar 31, 2025
Luminar Q1 2025 Earnings Report
Luminar reported a net loss of $76.5 million in Q1 2025, with revenue down 16% quarter-over-quarter, and continued to focus on cost reduction and production ramp-up efforts.
Key Takeaways
Luminar's Q1 2025 revenue declined to $18.9 million, reflecting reduced contributions from non-series production customers, partially offset by increased series production and NRE revenue. The company reported a GAAP net loss of $76.5 million and a Non-GAAP net loss of $63.1 million. It shipped approximately 6,000 LiDAR units during the quarter, marking a 50% sequential increase, and improved its free cash flow position.
Revenue fell 16% QoQ and 10% YoY to $18.9M, aligned with guidance.
Net loss narrowed to $76.5M from $125.7M YoY; Non-GAAP net loss was $63.1M.
Approximately 6,000 LiDARs were shipped in Q1, up ~50% QoQ.
Free cash flow improved to -$44.3M compared to -$62.2M in Q4 2024.
Forward Guidance
Luminar reaffirmed its FY 2025 financial guidance, projecting total revenue growth of 10% to 20%, improved free cash flow, and targeted cost reductions to bring Non-GAAP operating expenses to the low-$30M range by year-end.
Positive Outlook
- Maintained full-year revenue growth guidance of 10% to 20%
- Expect over 3x increase in LiDAR shipments versus FY’24
- Cost actions driving targeted OpEx decline to low-$30M range by year-end
- Free cash flow expected to improve year-over-year
- Plan to maintain >$150M cash & liquidity by end FY’25
Challenges Ahead
- Q2 revenue expected to decline sequentially due to lower non-series customer sales
- Gross loss projected to persist through FY’25 due to insufficient production volumes
- Unit economics for series production still unfavorable
- Heavy reliance on equity financing ($30M/quarter forecasted)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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