10-Q 1 lazr-20220331.htm 10-Q lazr-20220331
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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 March 31, 2022
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)
(407) 900-5259
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 filerAccelerated filer
Non-accelerated filerSmaller 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 Act).    Yes     No ☒

As of April 29, 2022, the registrant had 252,526,777 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 and Section 21E of the Securities Exchange Act of 1934, which involve substantial risks and uncertainties. These statements reflect the current views of management with respect to future events and our financial performance. 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, product plans, future growth, market opportunities, strategic initiatives, industry positioning, customer acquisition and retention, revenue growth and anticipated trends in our business.
These statements are only predictions based on our current expectations and projections about future events. These statements involve known and unknown risks, uncertainties and other 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 ADAS systems by automotive 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 and 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 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, automotive original equipment manufacturers (“OEMs”) 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; general economic uncertainty and the effect of general economic conditions on our industry in particular, including the level of demand and financial performance of the autonomous vehicle industry and market adoption of lidar as well as developments in alternative technology and the increasingly competitive environment in which we operate; 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 and regulatory risks; adverse impacts due to limited availability and quality of materials, supplies, and capital equipment, or dependency on third-party service providers 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 remediate the material weakness in our internal controls over financial reporting; our ability to protect and enforce our intellectual property rights; changes in personnel and availability of qualified personnel and dependence on Austin Russell, our Founder, President and Chief Executive Officer; 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; the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Luminar’s business; interruption or failure of our information technology and communications systems and cybersecurity risks to our operational systems, security systems, infrastructure, integrated software in our lidar solutions; 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, 2021 under the heading “Risk Factors” and Part II, Item 1A, of this Quarterly Report under the heading “Risk Factors” 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
2

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 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 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)
March 31, 2022December 31, 2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$159,416 $329,977 
Restricted cash710 725 
Marketable securities (including $12,250 and $12,200 with a related party as of March 31, 2022 and December 31, 2021, respectively, see Note 15)
547,440 462,141 
Accounts receivable3,256 13,013 
Inventory10,012 10,342 
Prepaid expenses and other current assets37,545 29,195 
Total current assets758,379 845,393 
Property and equipment, net16,437 11,009 
Operating lease right-of-use assets14,005 9,145 
Intangible assets, net2,361 2,424 
Goodwill2,945 3,110 
Other non-current assets13,673 12,455 
Total assets$807,800 $883,536 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$17,293 $14,419 
Accrued and other current liabilities24,848 19,844 
Operating lease liabilities5,079 4,735 
Total current liabilities47,220 38,998 
Warrant liabilities16,399 31,230 
Convertible senior notes609,766 608,957 
Operating lease liabilities, non-current10,102 5,768 
Other non-current liabilities429 598 
Total liabilities683,916 685,551 
Commitments and contingencies (Note 13)
Stockholders’ equity:
Class A common stock27 27 
Class B common stock10 10 
Additional paid-in capital1,314,742 1,257,214 
Accumulated other comprehensive loss(4,556)(908)
Treasury stock(275,519)(235,871)
Accumulated deficit(910,820)(822,487)
Total stockholders’ equity123,884 197,985 
Total liabilities and stockholders’ equity$807,800 $883,536 
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 March 31,
20222021
Revenue:
Products$1,541 $2,933 
Services5,314 2,380 
Total revenue6,855 5,313 
Cost of sales:
Products11,818 5,309 
Services4,836 2,330 
Total cost of sales16,654 7,639 
Gross loss(9,799)(2,326)
Operating expenses:
Research and development33,109 14,010 
Sales and marketing9,398 2,635 
General and administrative30,025 10,273 
Total operating expenses72,532 26,918 
Loss from operations(82,331)(29,244)
Other income (expense), net:
Change in fair value of warrant liabilities(3,857)(46,649)
Interest expense and other(3,280)(200)
Interest income and other1,539 170 
Total other income (expense), net(5,598)(46,679)
Loss before provision for income taxes(87,929)(75,923)
Provision for income taxes404  
Net loss$(88,333)$(75,923)
Net loss per share:
Basic and diluted$(0.25)$(0.23)
Shares used in computing net loss per share:
Basic and diluted348,683,836 332,987,523 
Comprehensive Loss:
Net loss$(88,333)$(75,923)
Net unrealized losses on available-for-sale debt securities(3,648)(43)
Comprehensive loss$(91,981)$(75,966)
See accompanying notes to the unaudited condensed consolidated financial statements.
5

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(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’
Equity (Deficit)
SharesAmountSharesAmount
Balance as of December 31, 2020218,818,037 $22 105,118,203 $11 $733,175 $34 $ $(584,501)$148,741 
Issuance of Class A common stock upon exercise of Public and Private Warrants15,574,037 1 — — 492,219 — — — 492,220 
Issuance of Class A common stock upon exercise of stock options183,918 — — — 322 — — — 322 
Share-based compensation— — — — 1,843 — — — 1,843 
Other comprehensive loss— — — — — (43)— — (43)
Net loss— — — — — — — (75,923)(75,923)
Balance as of March 31, 2021234,575,992 $23 105,118,203 $11 $1,227,559 $(9)$ $(660,424)$567,160 
Balance as of December 31, 2021266,076,525 $27 97,088,670 $10 $1,257,214 $(908)$(235,871)$(822,487)$197,985 
Shares repurchased— — — — — — (39,648)— (39,648)
Issuance of Class A common stock upon exercise of Private Warrants401,365 — — — 18,689 — — — 18,689 
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units2,117,059 — — — 1,085 — — — 1,085 
Retirement of unvested restricted common stock(40,763)— — — — — — — — 
Vendor stock-in-lieu of cash program1,424,350 — — — 14,613 — — — 14,613 
Share-based compensation— — — — 23,657 — — — 23,657 
Payments of employee taxes related to vested restricted stock units— — — — (516)— — — (516)
Other comprehensive loss— — — — — (3,648)— — (3,648)
Net loss— — — — — — — (88,333)(88,333)
Balance as of March 31, 2022269,978,536 $27 97,088,670 $10 $1,314,742 $(4,556)$(275,519)$(910,820)$123,884 
See accompanying notes to the unaudited condensed consolidated financial statements.
6

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three Months Ended March 31,
20222021
Cash flows from operating activities:
Net loss$(88,333)$(75,923)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization805 657 
Noncash lease expense related to operating lease right-of-use assets885 890 
Amortization of premium on marketable securities444 262 
Change in fair value of warrants3,857 46,649 
Vendor stock-in-lieu of cash program7,848  
Amortization of debt discount and issuance costs809  
Impairment of inventories1,356 257 
Share-based compensation26,698 1,837 
Product warranty and other107 853 
Changes in operating assets and liabilities:
Accounts receivable9,757 3,828 
Inventories(768)(442)
Prepaid expenses and other current assets(3,300)(5,797)
Other non-current assets158 (1,318)
Accounts payable5,983 1,766 
Accrued and other current liabilities1,200 (813)
Other non-current liabilities(343)(720)
Net cash used in operating activities(32,837)(28,014)
Cash flows from investing activities:
Purchases of marketable securities(193,687)(226,245)
Proceeds from maturities of marketable securities91,454 69,275 
Proceeds from sales of marketable securities12,842 29,505 
Purchases of property and equipment(5,004)(889)
Net cash used in investing activities(94,395)(128,354)
Cash flows from financing activities:
Proceeds from exercise of warrants 153,927 
Proceeds from exercise of stock options1,092 321 
Payments of employee taxes related to vested restricted stock units(516) 
Repurchase of common stock and redemption of warrants(43,920)(2)
Other financing activities (142)
Net cash provided by (used in) financing activities(43,344)154,104 
Net decrease in cash, cash equivalents and restricted cash(170,576)(2,264)
Beginning cash, cash equivalents and restricted cash330,702 209,719 
Ending cash, cash equivalents and restricted cash$160,126 $207,455 
Supplemental disclosures of cash flow information:
Cash paid for interest$ $19 
Supplemental disclosures of noncash investing and financing activities:
Issuance of Class A common stock upon exercise of warrants$18,689 $338,293 
Operating lease right-of-use assets obtained in exchange for lease obligations upon adoption of ASC 842 10,849 
Operating lease right-of-use assets obtained in exchange for lease obligations5,746 2,876 
Deferred financing costs recorded in accrued liabilities 223 
Purchases of property and equipment recorded in accounts payable and accrued liabilities1,950 504 
See accompanying notes to the unaudited condensed consolidated financial statements.
7

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1. Organization and Description of Business
Luminar Technologies, Inc. and its wholly-owned subsidiaries (the “Company” or “Luminar”) was originally incorporated in Delaware on August 28, 2018 under the name Gores Metropoulos, Inc (“Gores”). The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On December 2, 2020 (the “Closing Date”), the Company (at such time named Gores Metropoulos, Inc.) consummated the business combination (the “Business Combination”) pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated August 24, 2020 with the pre-Business Combination Luminar Technologies, Inc. (“Legacy Luminar”). Legacy Luminar was incorporated in Delaware on March 31, 2015. In connection with the consummation of the Business Combination, the Company changed its name from Gores Metropoulos, Inc. to Luminar Technologies, Inc. The Company’s common stock is listed on the NASDAQ under the symbol “LAZR.” The Company’s public warrants to purchase shares of Class A common stock were listed on the NASDAQ under the symbol “LAZRW,” until they were delisted on March 5, 2021 upon exercise and redemption.
Unless the context otherwise requires, the “Company” refers to the combined company and its subsidiaries following the Business Combination, “Gores” refers to the Company prior to the Business Combination and “Legacy Luminar” refers to Luminar Technologies, Inc., prior to the Business Combination. Refer to Reverse Merger with Gores in Note 3 to the financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 for additional information relating to the Business Combination.
The Company is a developer of advanced sensor technologies and software for the autonomous vehicle industry, encompassing Laser Imaging, Detection and Ranging (lidar) technology. The Company manufactures and distributes commercial lidar sensors and certain components for the autonomous vehicle industry. The Company is headquartered in Orlando, Florida and has various facilities located in the United States and internationally in Munich, Germany.
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 (“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, 2021. 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, valuation allowance for deferred tax assets, valuation of warrants, forecasted costs associated with non-recurring (“NRE”) services, product warranty reserves, stock-based compensation expense and other loss contingencies. 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 has two business activities which are its operating segments:
(i) “Autonomous Solutions” for automotive applications, 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, and development of software products that enable autonomy capabilities; and
(ii) “Components” which includes development of application-specific integrated circuits, pixel-based sensors, as well as designing, testing and providing consulting services for non-standard integrated circuits. In August 2021, the Company acquired Optogration, Inc. (“Optogration”), which has been included in the Components segment.
8

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, marketable investments and accounts receivable. A significant portion of the Company’s cash and cash equivalents is held at high-quality domestic financial institutions. Deposits held with the financial institutions may, at times, exceed the amount of insurance provided on such deposits. Cash held by the Company in foreign entities as of March 31, 2022 and December 31, 2021 was not material.
The Company’s revenue is derived from customers located in the United States and international markets. Four customers accounted for 39%, 20%, 11% and 10%, respectively, of the Company’s accounts receivable at March 31, 2022. Two customers accounted for 39% and 31% of the Company’s accounts receivable at December 31, 2021.
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, 2021. There has been no material change to the Company’s significant accounting policies during the three months ended March 31, 2022.
Recently Adopted Accounting Pronouncements
In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. No. 2021-08 (“ASU 2021-08”), Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, it requires an acquirer to account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts, which should generally result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. The Company elected to early adopt ASU 2021-08 as of January 1, 2022. The adoption of ASU 2021-08 did not have a material impact on the Company’s consolidated financial position, operating results or cash flows.
Note 3. Revenue
The Company’s revenue is comprised of sales of lidar sensors hardware, components and NRE services.
Disaggregation of Revenues
The Company disaggregates its revenue from contracts with customers by (1) geographic region based on 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 March 31,
20222021
Revenue% of RevenueRevenue% of Revenue
Revenue by primary geographical market:
North America$4,968 73 %$2,539 48 %
Asia Pacific1,860 27 %321 6 %
Europe and Middle East27  %2,453 46 %
Total$6,855 100 %$5,313 100 %
Revenue by timing of recognition:
Recognized at a point in time$1,541 22 %$2,053 39 %
Recognized over time5,314 78 %3,260 61 %
Total$6,855 100 %$5,313 100 %
Revenue by segment:
Autonomy Solutions$5,898 86 %$4,336 82 %
Components957 14 %977 18 %
Total$6,855 100 %$5,313 100 %
9

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Volvo Stock Purchase Warrant
In March 2020, the Company issued a stock purchase warrant (“Volvo Warrants”) to Volvo Car Technology Fund AB (“VCTF”) in connection with an engineering services contract. The Volvo Warrants entitle VCTF to purchase up to 4,089,280 shares of Class A common stock, at a price of $3.1769 per share from the Company and were determined to be an equity classified award to VCTF. The Volvo Warrants vest and become exercisable in two tranches based on satisfaction of certain commercial milestones, upon reaching commercial production and delivering of production units. The grant date fair value of warrants, aggregating $2.9 million, represents consideration payable to VCTF and will be recognized as reduction in revenue consistent with the revenue recognition pattern when these warrants become probable of vesting. The Company’s management determined that the vesting of the first of the two tranches of Volvo Warrants was probable as of December 31, 2021. As such, the Company had recognized a reduction in revenue in the amount of $1.0 million related to the said first tranche of the Volvo Warrants in the year ended December 31, 2021. The Company’s management determined that the vesting of the second tranche of Volvo Warrants was not probable as of March 31, 2022.
Contract assets and liabilities
Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. The Company’s contract assets as of March 31, 2022 and December 31, 2021 were $14.8 million and $9.9 million, respectively. Contract liabilities consist of deferred revenue and customer advanced payments. Deferred revenue includes billings in excess of revenue recognized related to product sales and other services revenue and is recognized as revenue when the Company performs under the contract. Customer advanced payments represent required customer payments in advance of product shipments according to customer’s payment term. Customer advance payments are recognized in revenue as or when control of the performance obligation is transferred to the customer. The Company’s contract liabilities were $0.9 million as of March 31, 2022 and December 31, 2021, and were included in accrued and other current liabilities in the condensed consolidated balance sheets.
The significant changes in contract assets balances consisted of the following (in thousands): 
 March 31, 2022December 31, 2021
Beginning balance$9,907 $ 
Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed4,865 9,907 
Ending balance$14,772 $9,907 
The significant changes in contract liabilities balances consisted of the following (in thousands): 
 March 31, 2022December 31, 2021
Beginning balance$898 $2,284 
Revenue recognized that was included in the contract liabilities beginning balance(250)(1,792)
Net increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period259 406 
Ending balance$907 $898 
10

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 4. Investments
Debt Securities
The Company’s investments in debt securities consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2022
 CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
U.S. treasury securities$251,673 $1 $(2,685)$248,989 
U.S. agency and government sponsored securities4,996  (89)4,907 
Commercial paper130,103 1 (126)129,978 
Corporate bonds158,595 1 (1,348)157,248 
Asset-backed securities41,185  (311)40,874 
Total debt securities$586,552 $3 $(4,559)$581,996 
Included in cash and cash equivalents$80,201 $2 $(28)$80,175 
Included in marketable securities506,351 1 (4,531)501,821 
December 31, 2021
 CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
U.S. treasury securities$161,938 $1 $(474)$161,465 
U.S. agency and government sponsored securities4,995  (25)4,970 
Commercial paper40,788  (4)40,784 
Corporate bonds165,522 13 (345)165,190 
Asset-backed securities46,540  (74)46,466 
Total debt securities$419,783 $14 $(922)$418,875 
Included in cash and cash equivalents$950 $ $ $950 
Included in marketable securities418,833 14 (922)417,925 
The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2022December 31, 2021
Gross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Fair Value
U.S. treasury securities$(2,685)$228,993 $(474)$146,454 
U.S. agency and government sponsored securities(89)4,907 (25)4,970 
Commercial paper(126)114,980 (4)30,285 
Corporate bonds(1,348)156,246 (345)145,522 
Asset-backed securities(311)40,874 (74)45,251 
Total$(4,559)$546,000 $(922)$372,482 
11

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Equity Investments
The Company’s equity investments consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands):
Condensed Consolidated Balance Sheets LocationMarch 31, 2022December 31, 2021
Money market funds(1)
Cash and cash equivalents$47,497 $25,654 
Marketable equity investments(1)
Marketable securities45,619 $44,216 
Non-marketable equity investment measured using the measurement alternative(2)
Other non-current assets$10,002 $10,002 
Total$103,118 $79,872 
(1)    Investments with readily determinable fair values.
(2)    Investment in privately held company without readily determinable fair value.
In December 2021, the Company made an investment in 1,495 Class A Preferred Units of Robotic Research OpCo, LLC (“Robotic Research”) for consideration of $10.0 million, which was settled by issuing 618,924 shares of Class A common stock of the Company. The Company’s investment in Robotic Research represents less than 5% of Robotic Research’s capitalization. The Company neither has a significant influence over Robotic Research nor does its investment amount to a controlling financial interest in Robotic Research. As such, the Company measured the investment in Robotic Research at cost as provided under the guidance for measurement of equity investment using the measurement alternative.
Total realized and unrealized gains and losses associated with the Company’s equity investments was not material in the three months ended March 31, 2022 and 2021.
Note 5. Financial Statement Components
Cash and Cash Equivalents
Cash and cash equivalents consisted of the following (in thousands):
 March 31, 2022December 31, 2021
Cash$31,744 $303,373 
Money market funds47,497 25,654 
U.S. treasury securities19,997  
Commercial paper60,178 950 
Total cash and cash equivalents$159,416 $329,977 
Inventories, net
Inventories consisted of the following (in thousands):
 March 31, 2022December 31, 2021
Raw materials$6,535 $5,866 
Work-in-process2,265 1,171 
Finished goods1,212 3,305 
Total inventories, net$10,012 $10,342 
The Company’s inventory write-down (primarily due to obsolescence, lower of cost or market assessment, and other adjustments) was $1.4 million and $0.3 million for the three months ended March 31, 2022 and 2021, respectively.
12

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
 March 31, 2022December 31, 2021
Prepaid expenses$15,893 $14,651 
Contract assets14,772 9,907 
Advance payments to vendors4,417 1,810 
Other receivables2,463 2,827 
Total prepaid expenses and other current assets$37,545 $29,195 
Property and Equipment
Property and equipment consisted of the following (in thousands):
 March 31, 2022December 31, 2021
Machinery and equipment$8,286 $7,694 
Computer hardware and software2,871 2,854 
Leasehold improvements885 869 
Vehicles, including demonstration fleet2,631 2,421 
Furniture and fixtures829 272 
Construction in progress8,454 3,677 
Total property and equipment23,956 17,787 
Accumulated depreciation and amortization(7,519)(6,778)
Total property and equipment, net$16,437 $11,009 
Property and equipment capitalized under finance lease (capital lease prior to adoption of ASC 842) were not material.
Depreciation and amortization expense associated with property and equipment was $0.7 million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively.
Intangible Assets
The following table summarizes the activity in the Company’s intangible assets during the three months ended March 31, 2022 (in thousands):
Three Months
Ended
March 31, 2022
Beginning of the period$2,424 
Amortization(63)
End of the period$2,361 
The components of intangible assets were as follows (in thousands):
March 31, 2022December 31, 2021
Gross
Carrying
 Amount
Accumulated
Amortization
Net
Carrying
Amount
Weighted Average
Remaining Period
(Years)
Gross
Carrying
 Amount
Accumulated
Amortization
Net
Carrying
Amount
Weighted
Average
Remaining
Period
(Years)
Customer relationships$780 $(52)$728 9.3$780 $(33)$747 9.6
Tradename120 (120) — 120 (120) — 
Developed technology1,750 (117)1,633 9.31,750 (73)1,677 9.6
Total intangible assets$2,650 $(289)$2,361 9.3$2,650 $(226)$2,424 9.6
Amortization expense related to intangible assets was $0.1 million and $0.0 million for the three months ended March 31, 2022 and 2021, respectively.
13

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
As of March 31, 2022, the expected future amortization expense for intangible assets was as follows (in thousands):
PeriodExpected Future
Amortization Expense
Remaining 2022$190 
2023253 
2024253 
2025253 
2026253 
Thereafter1,159 
Total$2,361 
Goodwill
The carrying amount of goodwill allocated to the Company’s reportable segments was as follows (in thousands):
 Autonomy SolutionsComponentsTotal
As of March 31, 2022$687 $2,258 $2,945 
As of December 31, 2021$687 $