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Jun 30, 2025
Luminar Q2 2025 Earnings Report
Reported lower revenue year-over-year with continued net losses while advancing key operational milestones and exiting non-core businesses.
Key Takeaways
Luminar posted Q2 2025 revenue of $15.6M, down 5% from Q2 2024, with a GAAP net loss of $30.5M ($0.62/share) and a non-GAAP net loss of $73.1M ($1.49/share). The company ended the quarter with $107.6M in cash and marketable securities and announced progress toward Halo production and cost reduction initiatives.
Revenue was $15.6M, down 5% YoY and 17% QoQ, in line with guidance.
GAAP net loss was $30.5M, or $0.62 per share; non-GAAP net loss was $73.1M, or $1.49 per share.
Gross loss on a GAAP basis was $12.4M; non-GAAP gross loss was $10.8M.
Ended Q2 with $107.6M in cash and marketable securities, excluding available credit and financing facilities.
Forward Guidance
Luminar lowered FY2025 revenue expectations to $67M–$74M due to reduced shipment outlook and the wind-down of a high-margin data contract, while maintaining gross loss and operating expense targets.
Positive Outlook
- ASIC tape-out for Halo expected by end of Q4 2025.
- High-volume production line in Thailand to be live by end of Q4 2025.
- Low-volume Halo prototype line to launch by end of Q1 2026.
- Halo B-sample delivery expected by end of Q2 2026.
- Operating expenses projected to reach low $30M range per quarter by year-end 2025.
Challenges Ahead
- Lower FY2025 revenue guidance due to shipment reduction and wind-down of high-margin data contract.
- Shipment expectations reduced to 20k–23k units from 30k–33k units.
- Gross loss expected toward higher end of $(5M)–$(10M) per quarter.
- Year-end cash forecast lowered to $80M–$100M from previous outlook of >$100M.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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