Luminar Technologies — Q3 2024 Earnings Presentation
38 slides from Luminar Technologies's earnings presentation, November 2024
Slide 1: Q3'24 Business Update
Q3’24 Business Update November 2024
Slide 2: Creating advanced LiDAR and software for the safest vehicles
Luminar Creating advanced LiDAR and software to enable the world’s [1] safest and smartest vehicles. Please refer to Footnotes on page 37 for more detail. © 2024 Luminar Technologies, Inc. All rights reserved. | 2
Slide 3: Disclaimer & Cautionary Note
Disclaimer & Cautionary Note Forward-looking statements This presentation of Luminar technologies, inc. (“Luminar” or the “company”) includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private securities litigation reform act of 1995. Forward-looking
Slide 4: Disclaimer & Cautionary Note: Non-GAAP Measures
Disclaimer & Cautionary Note Use of non-GAAP financial measures The financial information and data contained in this presentation is unaudited and does not conform to regulation S-X promulgated under the securities act of 1933, as amended. Accordingly, such information and data may not be included i
Slide 5: Q3'24 Business Update
Q3’24 Business Update © 2024 Luminar Technologies, Inc. All rights reserved. | 5
Slide 6: Luminar Announces Expansions With Global OEMs
Q3'24 BUSINESS UPDATE Luminar Announces Expansions With 2 Global OEMs Volvo & Japanese automaker announcements prove our ability to execute and expand A Major Japanese Automaker Volvo Cars Shortly after the quarter, a major Japanese OEM With the EX90 now being delivered to customers, expanded its Ad
Slide 7: Cost Actions Update
Q3'24 BUSINESS UPDATE Cost Actions Update Our cost actions are not expected to adversely impact our technical milestones, customer programs, or product deliverables in any material respect Cost Actions Summary Quarterly GAAP Quarterly Non-GAAP[2] Operating Cash Flow ($M) Free Cash Flow [3] ($M) In S
Slide 8: First Point Cloud Generated by Luminar Halo
Q3'24 BUSINESS UPDATE First Point Cloud Generated by Luminar Halo In Q3’24, we generated our first Point Cloud with Luminar Halo, achieving a critical milestone on the program. This demonstrates industry-leading long range LiDAR data fidelity for improved safety and autonomous capabilities. While Ir
Slide 9: 2024 Year-End Milestones
Q3'24 BUSINESS UPDATE 2024 Year-End Milestones 1 Pass final Run at Rate production audit ahead of Volvo SOP; Achieve global SOP & ramp with 2 Launch TPK facility for additional capacity and improved cost Volvo Status: Achieved. In April 2024 we launched an expanded partnership with TPK to substantia
Slide 10: Luminar Overview
Luminar Overview CONFIDENTIAL | © 2023 Luminar Technologies, Inc. All rights reserved. | 10
Slide 11: What's the Problem?
STATE OF THE INDUSTRY What’s the Problem? 1.2 million annual fatalities from vehicle 1 in 100 of us will tragically lose our collisions globally life in a car crash $1 trillion estimated to be paid annually to global automotive insurance companies by 2027 We need a step change in ADAS & AV technolog
Slide 12: Luminar is the Established Leader for LiDAR Rapid Growth
OVERVIEW Luminar is the Established Leader for LiDAR Rapid Growth Founded by Hydra Volvo Nissan Iris+ Plus Trucking Luminar Halo Volvo EX90 Austin Russell Launched Partnership Partnership Announced Partnership Announced Launched 2012-2021 2021-2022 2022-2023 2024 Polestar Scale.ai Model G Pony.ai Ir
Slide 13: Luminar's competitive moat is reinforced by our end-to-end ecosystem
OVERVIEW Luminar’s Insurance competitive moat is reinforced by our end-to-end OEM Partners ecosystem Platform Partners DEVELOPED BY Software[1] enables LiDAR’s performance & increase stickiness Software Stack with customers. Series Production LiDAR systems deliver unparalleled performance with LiDAR
Slide 14: What's the LiDAR Opportunity?
LIDAR’S ADVANTAGE What’s the LiDAR Opportunity? L2+ L3 & Beyond Next-Gen ADAS & AV is Coming LiDAR useful for L2+ To improve safety performance versus Camera/RADAR LiDAR required for L3 & Beyond To provide reliable 3-D context & object detection for safe autonomy, along with upgrade optionality from
Slide 15: Why LiDAR?
LIDAR’S ADVANTAGE Why LiDAR? For Safety Vehicles with current camera/RADAR systems experienced collisions in 70% of pedestrian AEB scenarios*. Safety regulations are getting increasingly tough. 0% of camera/RADAR systems today appear equipped to meet tougher safety standards. LiDAR introduces reliab
Slide 16: Swiss Re: Luminar LiDAR Proven to Improve Safety
LIDAR’S ADVANTAGE Swiss Re: Luminar LiDAR Proven to Improve Safety "Our results show that the Luminar system-equipped vehicle is expected to avoid up to 25% more collisions than the same vehicle without the Luminar equipment and it is expected to enhance the mitigation power by up to 29%. Compared t
Slide 17: Differentiated Approach to Driving the AV Future
LUMINAR’S ADVANTAGE Differentiated Approach to Driving the AV Future Industry is focused on replacing the driver. Billions spent in efforts to replace the driver with no near-term reliable solution in sight. The Vision The Reality Photo Credit: The San Francisco Standard (L), ABC 15 Arizona (R). © 2
Slide 18: Differentiated Approach to Driving the AV Future
LUMINAR’S ADVANTAGE Differentiated Approach to Driving the AV Future Luminar’s strategy is to Enhance the driver. We are the first and only LiDAR technology made standard on a global production vehicle. © 2024 Luminar Technologies, Inc. All rights reserved. | 18
Slide 19: Programs Across All Major Powertrains
LUMINAR’S ADVANTAGE Luminar & LiDAR are Powertrain Agnostic Internal Combustion Electric Vehicle Hybrid Vehicle Luminar is currently planned into Programs Across All Major Powertrains © 2024 Luminar Technologies, Inc. All rights reserved. | 19
Slide 20: Why Luminar?
LUMINAR’S ADVANTAGE Why Luminar? Others Luminar Path of Least Resistance Path of Most Performance Product decisions were made to Product decisions were made to meet the needs 1. Get to market as fast as possible of highway speed autonomy and maximum safety. 2. Use off-the-shelf components These need
Slide 21: Why 1550nm?
LUMINAR’S ADVANTAGE Why 1550nm? To deliver safe highway speed autonomy Range x Resolution is required. Birds Eye Point Cloud Illustration of Luminar versus 905nm Peers 905nm wavelength operates closer to that visible by human eye & can cause eye damage. 1550nm can output more power than 905nm while
Slide 22: Our Foundational Technology Moat
LUMINAR’S ADVANTAGE Our Foundational Technology Moat Custom developed components from Luminar Semiconductor, Inc. Gen 4 laser chip Laser driver chip 5th gen receiver chip 5th gen signal (InP) (Si) (InGaAs) processing chip (Si) Luminar’s LiDAR leverages highly specialized components developed by Lumi
Slide 23: Technology Roadmap to Mass Adoption
LUMINAR’S ADVANTAGE Technology Roadmap to Mass Adoption 2017 Model G-Series Built for Proof of Concept 2019 Hydra Built for Test & Development 2022 Iris Family Built for Series Production 2026 Luminar Halo Built for Scale & Mass Adoption © 2024 Luminar Technologies, Inc. All rights reserved. | 23
Slide 24: Luminar has Separated from the Pack
LOOKING BACK Luminar has Separated from the Pack 2020 Now >100 <10 1 Estimated LiDAR companies that LiDAR industrialized, number of successfully developed launched & standard on LiDAR efforts and industrialized product global production vehicle Note: IDTechEx estimated 106 3D LiDAR players as of 202
Slide 25: Near-Term Priorities
LOOKING AHEAD Near-Term Priorities 3 Launch Additional Vehicle Programs 1 Ramp Production for Volvo & Others Post SOP 4 Accelerate Luminar Halo to Market 2 Ramp Down Costs Post SOP OpEx & COGS 5 Sufficiently Capitalize for Future Growth © 2024 Luminar Technologies, Inc. All rights reserved. | 25
Slide 26: Q3'24 Financials
Q3’24 Financials © 2024 Luminar Technologies, Inc. All rights reserved. | 26
Slide 27: Q3'24 Financial Results Highlights
Q3'24 BUSINESS UPDATE Q3'24 Financial Results Highlights Revenue Gross Loss Cash & Liquidity[4] $15.5M GAAP = $(14.0)M $248.6M Cash & Liquidity Non-GAAP[2] = $(11.7)M $430.6M Incl. Equity Program Below guidance for Q3 revenue to be Prior guidance for Q3 gross loss to increase $430.6M includes $198.6
Slide 28: Financial Guidance Update
Q3'24 BUSINESS UPDATE Financial Guidance Update Q4’24 Revenue Q4’24 Gross Loss YE’24 Cash & Liquidity[5] Q4’24 revenue expected to Q4’24 Gross Loss expected to Estimating ~$230M to $240M grow moderately relative to improve significantly (down) (down from $240M) Q3’24 QoQ Comments: Comments: Comments
Slide 29: Slide 29
Slide 30: Appendix
Appendix © 2024 Luminar Technologies, Inc. All rights reserved. | 30
Slide 31: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets In thousands Unaudited Sept 30, 2024 June 30, 2023 Dec 31, 2023 ASSETS Current Assets: Cash and cash equivalents $114,209 $52,335 $139,095 Restricted cash 1,937 1,758 1,529 Marketable securities 84,409 108,989 150,727 Accounts receivable 15,246 19,752 14,124 Inv
Slide 32: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations In thousands, except share and per share data Unaudited Three Months Ended Nine Months Ended Sept 30, 2024 June 30, 2024 Sept 30, 2023 Sept 30, 2024 Sept 30, 2023 Revenue: Products $12,681 $15,739 $10,753 $43,721 $28,043 Services 2,812 712 6,206 9,190
Slide 33: Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Cash Flows In thousands Unaudited Nine Months Ended Sept 30, 2024 2023 Cash flows from operating activities: Net loss $(228,918) $(422,868) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 20,169 19,468 Amor
Slide 34: Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales
Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales In thousands Unaudited Three Months Ended Nine Months Ended Sept 30, 2024 June 30, 2024 Sept 30, 2023 Sept 30, 2024 Sept 30, 2023 GAAP cost of sales $29,525 $30,131 $35,119 $91,079 $98,784 Non-GAAP adjustments: Stock-based compensation (
Slide 35: Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss In thousands, except share and per share data Unaudited Three Months Ended Nine Months Ended Sept 30, 2024 June 30, 2024 Sept 30, 2023 Sept 30, 2024 Sept 30, 2023 GAAP Net income (loss) $27,403 $(130,607) $(134,338) $(228,918) $(422,868) Non-GAAP
Slide 36: Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow In thousands Unaudited Three Months Ended Nine Months Ended Sept 30, 2024 Jun 30, 2024 Sept 30, 2023 Sept 30, 2024 Sept 30, 2023 GAAP Operating cash flow $(55,754) $(77,707) $(56,543) $(214,692) $(194,526) Non-GAAP adjustments: Ca
Slide 37: Footnotes & Legal Notices
Footnotes & Legal Notices Footnotes 1 Software: Various Luminar software capabilities are still in development and have not achieved “technology feasibility” or “production ready” status. 2 Non-GAAP metrics: Please refer to Reconciliation of GAAP to Non-GAAP financial measures on slides 31-36. 3 Fre
Slide 38: Legal Notices
Legal Notices Industry and market data In this presentation, Luminar relies on and refers to information and statistics regarding the sectors in which Luminar competes and other industry data. Luminar obtained this information and statistics from third-party sources, including reports by market rese