10-Q 1 lazr-20240630.htm 10-Q lazr-20240630
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-38791
LUMINAR TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware83-1804317
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2603 Discovery DriveSuite 100OrlandoFlorida32826
(Address of Principal Executive Offices)(Zip Code)
(800) 532-2417
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A common stock, par value of $0.0001 per shareLAZRThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No ☒

As of July 31, 2024, the registrant had 396,671,867 shares of Class A common stock and 97,088,670 shares of Class B common stock, par value $0.0001 per share, outstanding.

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
Page

1
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Form 10-Q”) includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which involve substantial risks and uncertainties. These statements reflect the current views of management with respect to future events and our financial performance. These forward-looking statements include statements regarding the estimated costs and expected benefits of the restructuring plan initiated in May 2024, product plans, future growth, sales estimates/Order Book numbers, market opportunities, strategic initiatives, industry positioning, customer acquisition and retention, revenue growth and anticipated impacts on our business of any future health epidemics and outbreaks. In some cases, you can identify these statements by forward-looking words such as “outlook,” “believes,” “expects,” “future,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words or phrases, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business.
These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including our history of losses and our expectation that we will continue to incur significant expenses, including substantial R&D costs, and continuing losses for the foreseeable future as well as our limited operating history which makes it difficult to evaluate our future prospects and the risks and challenges we may encounter; our strategic initiatives which may prove more costly than we currently anticipate and potential failure to increase our revenue to offset these initiatives; whether our LiDAR products are selected for inclusion in autonomous driving or Advanced Driving Assistance Systems (“ADAS”) by automotive original equipment manufacturers (“OEMs”) or their suppliers, and whether we will be de-selected by any customers; the lengthy period of time from a major commercial win to implementation and the risks of cancellation or postponement of the contract or unsuccessful implementation; potential inaccuracies in our forward looking estimates of certain metrics, including Order Book, our future cost of goods sold (“COGS”) and bill of materials (“BOM”) and total addressable market; the discontinuation, lack of success of our customers in developing and commercializing products using our solutions or loss of business with respect to a particular vehicle model or technology package and whether end automotive consumers will demand and be willing to pay for such features; our ability to successfully fund our growth if there are considerable delays in product introductions by us or our customers; our inability to reduce and control the cost of the inputs on which we rely, which could negatively impact the adoption of our products and our profitability; the effect of continued pricing pressures, competition from other LiDAR manufacturers, OEM cost reduction initiatives and the ability of automotive OEMs to re-source or cancel vehicle or technology programs which may result in lower than anticipated margins, or losses, which may adversely affect our business; the effect of general economic conditions, including inflation, recession risks and rising interest rates, generally and on our industry and us in particular, including the level of demand and financial performance of the autonomous vehicle industry and the decline in fair value of available-for-sale debt securities in a rising interest rate environment; market adoption of LiDAR as well as developments in alternative technology and the increasingly competitive environment in which we operate, which includes established competitors and market participants that have substantially greater resources; our ability to achieve technological feasibility and commercialize our software products and the requirement to continue to develop new products and product innovations due to rapidly changing markets and government regulations of such technologies; our ability to build, launch, receive regulatory approval, sell, and service insurance products as well as market and differentiate the benefits of LiDAR-based ADAS to consumers; our ability to manage our growth and expand our business operations effectively, including into international markets, such as China, which exposes us to operational, financial, regulatory and geopolitical risks; changes in our government contracts business and our defense customers’ business due to political change and global conflicts; adverse impacts due to limited availability and quality of materials, supplies, and capital equipment, or dependency on third-party service providers and single-source suppliers; the project-based nature of our orders, which can cause our results of operations to fluctuate on a quarterly and annual basis; whether we will be able to successfully transition our engineering designs into high volume manufacturing, including our ability to transition to an outsourced manufacturing business model and whether we and our outsourcing partners and suppliers can successfully operate complex machinery; whether we can successfully select, execute or integrate our acquisitions; whether the complexity of our products results in undetected defects and reliability issues which could reduce market adoption of our new products, limit our ability to manufacture, damage our reputation and expose us to product liability, warranty and other claims; our ability to maintain and adequately manage our inventory; our ability to maintain an effective system of internal control over financial reporting; our ability to protect and enforce our intellectual property rights; availability of qualified personnel, loss of highly skilled personnel and dependence on Austin Russell, our Founder, President and Chief Executive Officer; the impact of inflation and our stock price on our ability to hire and retain highly skilled personnel; the amount and timing of future sales and whether the average selling prices of our products could decrease rapidly over the life of the product as well as our dependence on a few key customers, who are often large corporations with substantial negotiating power; our ability to establish and maintain confidence in our long-term business
2
prospects among customers and analysts and within our industry; whether we are subject to negative publicity; the effects of COVID-19 or other infectious diseases, health epidemics, pandemics and natural disasters on Luminar’s business; interruption or failure of our information technology and communications systems; cybersecurity risks to our operational systems, security systems, infrastructure, integrated software in our LiDAR solutions; market instability exacerbated by geopolitical conflicts, including the Israel-Hamas war and the conflict between Russia and Ukraine, as well as trade disputes with China and including the effect of sanctions and trade restrictions that may affect supply chain or sales opportunities; and those other factors discussed in Part 1, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (our “2023 Annual Report”) under the heading “Risk Factors” and in subsequent reports filed with the SEC which we encourage you to carefully read. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. We undertake no obligation to update any forward-looking statements made in this Form 10-Q to reflect events or circumstances after the date of this Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
WEBSITE AND SOCIAL MEDIA DISCLOSURE
We use our website (https://www.luminartech.com/) and various social media channels as a means of disclosing information about the Company and its products to its customers, investors and the public (e.g., @luminartech on X (formerly Twitter), Luminartech on YouTube, and Luminar Technologies on LinkedIn). The information on our website (or any webpages referenced in this Quarterly Report on Form 10-Q) or posted on social media channels is not part of this or any other report that the Company files with, or furnishes to, the Securities and Exchange Commission (the “SEC”). The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts.
3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
June 30, 2024December 31, 2023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$52,335 $139,095 
Restricted cash1,758 1,529 
Marketable securities108,989 150,727 
Accounts receivable19,752 14,124 
Inventory14,026 12,196 
Prepaid expenses and other current assets33,175 32,950 
Total current assets230,035 350,621 
Property and equipment, net58,190 66,300 
Operating lease right-of-use assets44,408 42,706 
Intangible assets, net20,994 22,994 
Goodwill7,390 7,390 
Other non-current assets20,792 22,356 
Total assets$381,809 $512,367 
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable$20,506 $21,113 
Accrued and other current liabilities37,402 52,605 
Operating lease liabilities11,370 10,154 
Total current liabilities69,278 83,872 
Warrant liabilities84 1,069 
Convertible senior notes617,046 615,428 
Operating lease liabilities, non-current36,207 35,079 
Other non-current liabilities1,343 1,667 
Total liabilities723,958 737,115 
Commitments and contingencies (Note 15)
Stockholders’ deficit:
Class A common stock39 34 
Class B common stock10 10 
Additional paid-in capital2,066,404 1,927,378 
Accumulated other comprehensive income (loss)(109)2 
Treasury stock(312,477)(312,477)
Accumulated deficit(2,096,016)(1,839,695)
Total stockholders’ deficit
(342,149)(224,748)
Total liabilities and stockholders’ deficit$381,809 $512,367 
See accompanying notes to the unaudited condensed consolidated financial statements.
4
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenue:
Products$15,739 $9,923 $31,041 $17,290 
Services712 6,274 6,378 13,416 
Total revenue16,451 16,197 37,419 30,706 
Cost of sales:
Products19,969 25,059 44,476 44,262 
Services10,162 9,473 17,078 19,403 
Total cost of sales30,131 34,532 61,554 63,665 
Gross loss(13,680)(18,335)(24,135)(32,959)
Operating expenses:
Research and development65,850 67,483 133,600 136,535 
Sales and marketing12,140 15,654 26,655 29,383 
General and administrative29,790 42,420 62,839 86,910 
Restructuring costs6,262 — 6,262 — 
Total operating expenses114,042 125,557 229,356 252,828 
Loss from operations(127,722)(143,892)(253,491)(285,787)
Other income (expense), net:
Change in fair value of warrant liabilities163 26 985 (1,028)
Interest expense(2,757)(1,273)(5,514)(2,938)
Interest income2,519 1,605 5,949 3,510 
Gain from acquisition of EM4, LLC (“EM4”)
— — 1,752 — 
(Losses)/gains related to investments and certain other assets, and other income (expense)
(3,376)1,787 (5,981)(2,278)
Total other income (expense), net(3,451)2,145 (2,809)(2,734)
Loss before provision for income taxes
(131,173)(141,747)(256,300)(288,521)
Provision for (benefit from) income taxes
(566)9 21 9 
Net loss$(130,607)$(141,756)$(256,321)$(288,530)
Net loss per share:
Basic and diluted$(0.29)$(0.37)$(0.58)$(0.77)
Shares used in computing net loss per share:
Basic and diluted453,978,904 382,424,675 439,454,034 376,616,066 
Comprehensive Loss:
Net loss$(130,607)$(141,756)$(256,321)$(288,530)
Net unrealized gain (loss) on available-for-sale debt securities(41)1,192 (111)3,418 
Comprehensive loss$(130,648)$(140,564)$(256,432)$(285,112)
See accompanying notes to the unaudited condensed consolidated financial statements.
5
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Deficit
(Unaudited)
(In thousands, except share data)
Class A
Common Stock		Class B
Common Stock		Additional
Paid-in
Capital
Accumulated
Other
Comprehensive Income (Loss)
Treasury
Stock		Accumulated
Deficit
Total
Stockholders’
Deficit
SharesAmountSharesAmount
Balance as of March 31, 2023301,045,203 $30 97,088,670 $10 $1,647,357 $(2,000)$(312,477)$(1,415,200)$(82,280)
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units4,009,392 — — — 610 — — — 610 
Issuance of Class A common stock under employee stock purchase plan (“ESPP”)
272,524 — — — 1,406 — — — 1,406 
Issuance of Class A common stock under the Equity Financing Program
1,005,603 — — — 6,939 — — — 6,939 
Issuance of Class A common stock to a wholly owned subsidiary of TPK Universal Solutions Limited (“TPK”)
1,652,892 — — — 10,000 — — — 10,000 
Vendor payments under the stock-in-lieu of cash program4,487,402 1 — — 16,853 — — — 16,854 
Milestone awards related to acquisitions
1,415,613 — — — 9,320 — — — 9,320 
Share-based compensation— — — — 48,568 — — — 48,568 
Other comprehensive income— — — — — 1,192 — — 1,192 
Net loss— — — — — — — (141,756)(141,756)
Balance as of June 30, 2023313,888,629 $31 97,088,670 $10 $1,741,053 $(808)$(312,477)$(1,556,956)$(129,147)
Balance as of March 31, 2024365,309,068 $36 97,088,670 $10 $1,998,063 $(68)$(312,477)$(1,965,409)$(279,845)
Issuance of Class A common stock upon exercise of Private Warrants— — — — — — — — — 
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units10,712,932 1 — — 33 — — — 34 
Issuance of Class A common stock under employee stock purchase plan (“ESPP”)529,648 — — — 799 — — — 799 
Issuance of Class A common stock under the Equity Financing Program10,356,990 1 — — 18,674 — — — 18,675 
Vendor payments under the stock-in-lieu of cash program1,440,549 — — — 2,784 — — — 2,784 
Milestone awards related to acquisition3,167,190 1 — — 5,614 — — — 5,615 
Share-based compensation, including restructuring costs
— — — — 40,392 — — — 40,392 
Expense related to Volvo Warrants— — — — 135 — — — 135 
Payments of employee taxes related to vested restricted stock units— — — — (90)— — — (90)
Other comprehensive loss
— — — — — (41)— — (41)
Net loss— — — — — — — (130,607)(130,607)
Balance as of June 30, 2024391,516,377 $39 97,088,670 $10 $2,066,404 $(109)$(312,477)$(2,096,016)$(342,149)
See accompanying notes to the unaudited condensed consolidated financial statements.

6
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Deficit
(Unaudited)
(In thousands, except share data)
Class A
Common Stock		Class B
Common Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Accumulated
Deficit
Total
Stockholders’
Deficit
SharesAmountSharesAmount
Balance as of December 31, 2022291,942,087 $29 97,088,670 $10 $1,558,685 $(4,226)$(312,477)$(1,268,426)$(26,405)
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units8,725,129 1 — — 1,648 — — — 1,649 
Issuance of Class A common stock under employee stock purchase plan (“ESPP”)
272,524 — — — 1,406 — — — 1,406 
Vendor payments under the stock-in-lieu of cash program6,115,092 1 — — 33,594 — — — 33,595 
Issuance of Class A common stock to a wholly owned subsidiary of TPK
1,652,892 — — — 10,000 — — — 10,000 
Milestone awards related to acquisitions
1,415,613 — — — 9,320 — — — 9,320 
Issuance of Class A common stock under the Equity Financing Program
3,765,292 — — — 29,604 — — — 29,604 
Share-based compensation— — — — 97,368 — — — 97,368 
Payments of employee taxes related to stock-based awards— — — — (572)— — — (572)
Other comprehensive income
— — — — — 3,418 — — 3,418 
Net loss— — — — — — — (288,530)(288,530)
Balance as of June 30, 2023
313,888,629 $31 97,088,670 $10 $1,741,053 $(808)$(312,477)$(1,556,956)$(129,147)
Balance as of December 31, 2023344,606,104 $34 97,088,670 $10 $1,927,378 $2 $(312,477)$(1,839,695)$(224,748)
Issuance of Class A common stock upon exercise of Private Warrants— — — — — — — — — 
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units16,706,256 2 — — 405 — — — 407 
Issuance of Class A common stock under ESPP529,648 — — — 800 — — — 800 
Issuance of Class A common stock under the Equity Financing Program20,001,276 2 — — 35,903 — — — 35,905 
Issuance of Class A common stock under 401(k) Plan
1,500,000 — — — 2,550 — — — 2,550 
Issuance of Class A common stock in settlement of certain claims
704,691 — — — 1,842 — — — 1,842 
Vendor payments under the stock-in-lieu of cash program1,591,755 1 — — 5,004 — — — 5,005 
Milestone awards related to acquisitions5,876,647 — — — 11,249 — — — 11,249 
Share-based compensation, including restructuring costs— — — — 81,354 — — — 81,354 
Expense related to Volvo Warrants
— — — — 135 — — — 135 
Payments of employee taxes related to stock-based awards— — — — (216)— — — (216)
Other comprehensive loss
— — — — — (111)— — (111)
Net loss— — — — — — — (256,321)(256,321)
Balance as of June 30, 2024391,516,377 $39 97,088,670 $10 $2,066,404 $(109)$(312,477)$(2,096,016)$(342,149)
See accompanying notes to the unaudited condensed consolidated financial statements.
7
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Six Months Ended June 30,
20242023
Cash flows from operating activities:
Net loss$(256,321)$(288,530)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization14,458 7,536 
Amortization of operating lease right-of-use assets4,230 3,303 
Amortization of premium on marketable securities
(1,278)(1,611)
Loss on marketable securities1,976 1,859 
Change in fair value of private warrants(985)1,028 
Vendor stock-in-lieu of cash program8,448 21,114 
Gain from acquisition of EM4(1,752)— 
Amortization of debt discount and issuance costs1,618 1,618 
Inventory write-offs and write-downs17,806 13,432 
Share-based compensation, including restructuring costs83,019 115,149 
Impairment of investments4,000 — 
Change in product warranty and other
(2,758)3,084 
Changes in operating assets and liabilities:
Accounts receivable(4,563)(5,635)
Inventories(16,098)(24,958)
Prepaid expenses and other current assets(1,793)13,858 
Other non-current assets(2,915)(5,287)
Accounts payable(1,877)3,761 
Accrued and other current liabilities916 10,927 
Other non-current liabilities(5,067)(8,631)
Net cash used in operating activities(158,936)(137,983)
Cash flows from investing activities:
Acquisition of EM4 (net of cash acquired)(3,831)— 
Acquisition of Seagate’s lidar business
— (12,608)
Purchases of marketable securities(75,051)(171,118)
Proceeds from maturities of marketable securities112,242 277,771 
Proceeds from sales/redemptions of marketable securities3,737 39,152 
Purchases of property and equipment(1,586)(16,831)
Net cash provided by investing activities35,511 116,366 
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock under the Equity Financing Program35,903 29,604 
Proceeds from issuance of Class A common stock to a wholly owned subsidiary of TPK— 10,000 
Proceeds from exercise of stock options407 1,570 
Proceeds from sale of Class A common stock under ESPP800 1,406 
Payments of employee taxes related to stock-based awards(216)(572)
Net cash provided by financing activities36,894 42,008 
Net increase (decrease) in cash, cash equivalents and restricted cash(86,531)20,391 
Beginning cash, cash equivalents and restricted cash140,624 71,105 
Ending cash, cash equivalents and restricted cash$54,093 $91,496 
Supplemental disclosures of cash flow information:
Cash paid for interest$3,906 $3,906 
Supplemental disclosures of noncash investing and financing activities:
Operating lease right-of-use assets obtained in exchange for lease obligations$3,842 $2,948 
Purchases of property and equipment recorded in accounts payable and accrued liabilities876 5,439 
Vendor stock-in-lieu of cash program—advances for capital projects and equipment— 4,245 

See accompanying notes to the unaudited condensed consolidated financial statements.
8
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1. Organization and Description of Business
Luminar Technologies, Inc. (together with its wholly-owned subsidiaries, the “Company” or “Luminar”) is incorporated in Delaware. Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. Over the past decade, Luminar has been building from the chip-level up, its light detection and ranging sensor, or LiDAR, which is expected to meet the demanding performance, safety, reliability and cost requirements to enable next-generation safety and autonomous capabilities for passenger and commercial vehicles as well as other adjacent markets. The Company’s Class A common stock is listed on the NASDAQ under the symbol “LAZR.”
The Company is headquartered in Orlando, Florida and has personnel that conducts the Company’s operations from various locations in the United States and internationally including Germany, Sweden, Mexico, China and India.
Note 2. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”) filed with the SEC on February 28, 2024. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, useful life of long-lived assets, valuation allowance for deferred tax assets, valuation of warrants issued in a private placement (“Private Warrants”), valuation of contingent consideration payable, and assets acquired in mergers and acquisitions including intangible assets, forecasted costs associated with non-recurring engineering (“NRE”) services, restructuring costs and stock-based compensation expense. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates.
Segment Information
The Company has determined its operating segments using the same indicators which are used to evaluate its performance internally. The Company’s business activities are organized in two operating segments:
(i) “Autonomy Solutions” which includes manufacturing and distribution of LiDAR sensors that measure distance using laser light to generate a 3D map, non-recurring engineering services related to the Company’s LiDAR products, development of software products that enable autonomy capabilities for automotive applications, and licensing of certain information. In June 2022, the Company acquired certain assets from Solfice Research, Inc. (“Solfice” or “Civil Maps”). In January 2023, the Company acquired certain assets from Seagate Technology LLC and Seagate Singapore International Headquarters Pte. Ltd. (individually and collectively, “Seagate”). Assets purchased from both Civil Maps and Seagate have been included in the Autonomy Solutions segment.
(ii) “Advanced Technologies and Services (“ATS”) which includes the design, development, manufacturing, packaging and development services of photonic components and subsystems (including semiconductor lasers and photodetectors), application-specific integrated circuits and pixel-based sensors. The Company acquired Optogration, Inc. (“Optogration”) in August 2021, Freedom Photonics LLC (“Freedom Photonics”), in April 2022, and EM4, LLC (“EM4”) in March 2024. Operations of Optogration, Freedom Photonics and EM4 have been included in the ATS segment since their respective acquisition dates.
9
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Concentration of Credit Risk
The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, debt securities and accounts receivable. The Company’s deposits exceed federally insured limits. Cash held by foreign subsidiaries of the Company as of June 30, 2024 and December 31, 2023 was not material.
The Company’s revenue is derived from customers located in the United States and international markets. Two customers accounted for 51% and 12% of the Company’s accounts receivable as of June 30, 2024, respectively. One customer accounted for 71% of the Company’s accounts receivable as of December 31, 2023.
Significant Accounting Policies
The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023. There has been no material change to the Company’s significant accounting policies during the six months ended June 30, 2024.
Recent Accounting Pronouncements Not Yet Effective
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires a public company to enhance the transparency and decision usefulness of income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 will be effective for the Company for the annual period beginning January 1, 2025 with early adoption permitted. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires a public company to enhance disclosures about significant segment expenses and provide incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses. ASU 2023-07 will be effective for the Company for fiscal year beginning January 1, 2024, and interim periods within fiscal year beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures.
Note 3. Business Combinations and Acquisitions
Acquisition of EM4
On March 18, 2024 (the “Acquisition Date”), the Company completed its acquisition of EM4, a designer, manufacturer and seller of packaged photonic components and sub-systems for aerospace and industrial markets. The EM4 acquisition is expected to accelerate the Company’s strategy to package lasers, detectors and ASICs.
The Company acquired 100% of the membership interests of EM4 from G&H Investment Holding, Inc. (“G&H”), for an aggregate purchase price of approximately $4.5 million in cash, net of working capital adjustments, and up to $6.75 million in contingent future payments to G&H subject to the achievement of certain financial performance targets. The fair value of the contingent consideration at the Acquisition Date was estimated to be $0.1 million. The Company utilized a Monte Carlo simulation model to estimate the probability-weighted fair value of the contingent consideration. This transaction has been accounted for as a business combination. The acquisition related costs incurred as part of the transaction were not material.
Recording of Assets Acquired and Liabilities Assumed
Price allocation includes preliminary estimates of deferred tax balances, certain tax liabilities, for which the Company is in the process of collecting documentation to ascertain potential amounts, and fair value of certain working capital components. Preliminary estimates of fair values included in the condensed consolidated financial statements are expected to be finalized within a one-year measurement period following the acquisition date after which any subsequent adjustments will be reflected in the consolidated statements of operations.
10
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
The following table summarizes the preliminary purchase price allocation to assets acquired (in thousands):
Preliminary
Recorded Value
Cash and cash equivalents$557 
Accounts receivable1,064 
Contract asset1,644 
Inventories, net3,539 
Prepaid expenses and other current assets252 
Property plant and equipment1,888 
Operating lease right-of-use assets2,072 
     Total assets acquired11,016 
Current liabilities(3,148)
Operating lease liabilities, non-current(1,628)
     Total liabilities assumed(4,776)
      Net assets acquired$6,240 
Since the consideration paid by the Company to acquire EM4’s business was lower than the estimated fair value of net assets acquired, the Company recognized a $1.8 million gain from the acquisition of EM4. The following factors contributed towards the purchase price paid by the Company being lower than the estimated fair value of the net assets acquired: (a) EM4 had historically been incurring losses; (b) G&H viewed EM4 as non-core; (c) although G&H pursued a competitive auction process for the business, the ultimate timeline to completion was drawn-out due to the complexity of the transaction structure; and (d) during the later stages of the sale process, after the Company was selected as the winning bidder, EM4’s business was impacted by the cancellation of certain material government programs as well as delays in certain other purchase orders, which also served to significantly reduce the estimated probability of the contingent future payments to G&H.
The results of operations related to EM4 are included in our condensed consolidated statements of operations beginning from the Acquisition Date.
11
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 4. Revenue
The Company’s revenue is comprised of sales of LiDAR sensors hardware, components, NRE services and licensing of certain information available with the Company.
Disaggregation of Revenues
The Company disaggregates its revenue from contracts with customers by (1) geographic region based on a customer’s billed to location, and (2) type of good or service and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue based on the disaggregation criteria described above, as well as revenue by segment, are as follows (in thousands):
Three Months Ended June 30,
20242023
Revenue% of RevenueRevenue% of Revenue
Revenue by primary geographical market:
North America$15,764 96 %$13,776 85 %
Asia Pacific16 — %393 2 %
Europe and Middle East
671 4 %2,028 13 %
Total$16,451 100 %$16,197 100 %
Revenue by timing of recognition:
Recognized at a point in time$15,808 96 %$9,932 61 %
Recognized over time643 4 %6,265 39 %
Total$16,451 100 %$16,197 100 %
Revenue by segment:
Autonomy Solutions$9,981 61 %$9,738 60 %
ATS6,470 39 %6,459 40 %
Total$16,451 100 %$16,197 100 %
Six Months Ended June 30,
20242023
Revenue% of RevenueRevenue% of Revenue
Revenue by primary geographical market:
North America$36,101 97 %$26,974 88 %
Asia Pacific97 — %985 3 %
Europe and Middle East1,221 3 %2,747 9 %
Total$37,419 100 %$30,706 100 %
Revenue by timing of recognition:
Recognized at a point in time$31,112 83 %$17,290 56 %
Recognized over time6,307 17 %13,416 44 %
Total$37,419 100 %$30,706 100 %
Revenue by segment:
Autonomy Solutions$26,301 70 %$20,411 66 %
ATS11,118 30 %10,295 34 %
Total$37,419 100 %$30,706 100 %
Volvo Stock Purchase Warrant
The Company had previously issued certain stock purchase warrants (“Volvo Warrants”) to Volvo Car Technology Fund AB (“VCTF”) in connection with an engineering services contract. The Volvo Warrants vest and become exercisable in two tranches based on satisfaction of certain commercial milestones. The fair value of the first tranche of the Volvo Warrants was recorded as a reduction in revenue in 2021. The second tranche of the Volvo warrants will be recorded as reduction in revenue
12
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
to be amortized over sales of a certain number of the Company’s sensors to Volvo for use in their commercial vehicles, which commenced in the second quarter of 2024.
Contract assets and liabilities
Changes in the Company’s contract assets and contract liabilities primarily result from the timing difference between the Company’s performance and the customer’s payment based on contractual terms. Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. Contract liabilities consist of the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. Customer advance payments represent required customer payments in advance of product shipments. Customer advance payments are recognized in revenue as or when control of the performance obligation is transferred to the customer.
The opening and closing balances of contract assets were as follows (in thousands):
 June 30, 2024December 31, 2023
Contract assets, current$10,807 $14,132 
Contract assets, non-current4,944 2,471 
Ending balance$15,751 $16,603 

The significant changes in contract assets balances consisted of the following (in thousands): 
 June 30, 2024December 31, 2023
Beginning balance$16,603 $17,970 
Amounts billed that were included in the contract assets beginning balance(3,523)(10,965)
Contract assets from acquisition of EM4 (See Note 3)1,644 — 
Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed1,027 9,598 
Ending balance$15,751 $16,603 
The opening and closing balances of contract liabilities were as follows (in thousands):
 June 30, 2024December 31, 2023
Contract liabilities, current$1,707 $3,127 
Contract liabilities, non-current229 805 
Ending balance$1,936 $3,932 
The significant changes in contract liabilities balances consisted of the following (in thousands): 
 June 30, 2024December 31, 2023
Beginning balance$3,932 $3,008 
Revenue recognized that was included in the contract liabilities beginning balance(2,586)(2,125)
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period590 3,049 
Ending balance$1,936 $3,932 
Remaining Performance Obligations
Revenue allocated to remaining performance obligations was $7.9 million as of June 30, 2024 and includes amounts within contract liabilities. The Company expects to recognize approximately 97% of this revenue over the next 12 months and the remainder thereafter.
Note 5. Restructuring
In May, the Company approved a restructuring plan (the “May 2024 Plan”) which was announced on May 3, 2024. The plan included reducing workforce by roughly 20% and sub-leasing of certain facilities. The actions disclosed commenced immediately following the announcement and are expected to be essentially complete by the end of 2024. By June 30, 2024, the reduction in workforce actions resulted in the termination of 155 employees. Total separation costs associated with the May
13
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
2024 Plan amounted to $6.3 million in the second quarter of 2024 and have been included as restructuring costs in the income statement. The following table summarizes the restructuring charges as of June 30, 2024.
Severance expense
Other expenses
Total
Balance as of December 31, 2023
$— $— $— 
Restructuring charges
6,151 111 6,262 
Cash payments
(3,300)— (3,300)
Non-cash charges
(1,412)— (1,412)
Balance payable and accrued liabilities as of June 30, 2024
$1,439 $111 $1,550 
The entire balance payable of $1.6 million relates to the Autonomy Solutions segment.
Note 6. Investments
Debt Securities
The Company’s investments in debt securities consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024
 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. treasury securities$18,140 $— $(4)$18,136 
U.S. agency and government sponsored securities1,543 — (1)1,542 
Commercial paper9,876 — — 9,876 
Corporate bonds75,949 3 (107)75,845 
Certificate of deposit
500 — — 500 
Total debt securities$106,008 $3 $(112)