Luminar Technologies — Q4 2024 Earnings Presentation
38 slides from Luminar Technologies's earnings presentation, Mar 20, 2025
Slide 1: Q4'24 Business Update
Q4’24 Business Update March 20, 2025
Slide 2: Creating advanced LiDAR and software
Creating advanced LiDAR and software to enable the world’s [1] safest and smartest vehicles. Please refer to Footnotes on slide 4 for more detail. © 2025 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
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: Luminar Overview
Luminar Overview © 2025 Luminar Technologies, Inc. All rights reserved. | 5
Slide 6: 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 7: Luminar is the Established Leader for LiDAR Rapid Growth
OVERVIEW Luminar is the Established Leader for LiDAR Rapid Growth Founded by Hydra Volvo Nissan Polestar Plus Trucking Luminar Halo Volvo EX90 Austin Russell Launched Partnership Partnership Partnership Partnership Announced Launched 2012-2021 2021-2022 2022-2023 2024-2025 Model G Pony.ai Iris Merce
Slide 8: 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 9: 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 10: 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 11: 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 12: 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: Under Reality, Forbes (L) ABC 15 Arizona (R). © 2025 Lu
Slide 13: Differentiated Approach to Driving the AV Future
LUMINAR’S ADVANTAGE Differentiated Approach to Driving the AV Future Luminar is focused on enhancing the driver. Our focus on consumer production vehicles has proven the correct approach, with our LiDAR industrialized on multiple global production vehicles. Luminar's Vision The Reality © 2025 Lumina
Slide 14: Programs Across All Major Powertrains
LUMINAR’S ADVANTAGE Luminar & LiDAR are Powertrain Agnostic Internal Combustion Electric Vehicle Hybrid Vehicle Luminar is currently being planned into Programs Across All Major Powertrains © 2025 Luminar Technologies, Inc. All rights reserved. | 14
Slide 15: 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 16: 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 17: 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 18: 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 Built for Series Production 2026 Luminar Halo Built for Scale & Mass Adoption © 2025 Luminar Technologies, Inc. All rights reserved. | 18
Slide 19: 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 20: 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 © 2025 Luminar Technologies, Inc. All rights reserved. | 20
Slide 21: Q4'24 Business Update
Q4’24 Business Update © 2025 Luminar Technologies, Inc. All rights reserved. | 21
Slide 22: Luminar Technology Selected for Volvo ES90
Q4'24 BUSINESS UPDATE Luminar Technology Selected for Volvo ES90 Follows Successful Launch & Delivery of Volvo EX90 As prefaced at Q3’24 Earnings, Luminar was selected to be featured on an additional vehicle model in Volvo Cars’ line-up – the Volvo ES90 Luminar’s LiDAR will be similarly integrated i
Slide 23: Momentum with New & Existing Customers
Q4'24 BUSINESS UPDATE Momentum with New & Existing Customers Partnership with a New Major Development Contract for Industrial Equipment OEM Luminar Halo with Auto OEM OEM will integrate Luminar’s technology into its OEM and Luminar decided to transition development industrial automation platform wor
Slide 24: Converting Customers from Iris Family to Luminar Halo
Q4'24 BUSINESS UPDATE Converting Customers from Iris Family to Luminar Halo Transitioning from investing & developing multiple products and variants simultaneously to meet different customers' needs to a singular technology platform (Luminar Halo) that can meet all customer requirements. Essentially
Slide 25: Continued Progress with Luminar Halo
Q4'24 BUSINESS UPDATE Continued Progress with Luminar Halo Accelerated Industrialization Supported by LTEC Luminar has successfully developed and produced fully integrated samples of Luminar Halo, demonstrating its breakthrough capabilities in a small, low cost package Luminar Halo was uniquely desi
Slide 26: 2024 Year in Review
Q4'24 BUSINESS UPDATE 2024 Year in Review Year-End Milestones & Status 1 Pass final Run at Rate production audit ahead of SOP; Achieve global SOP & ramp with Volvo 2 Launch facility with TPK Group for additional capacity and improved cost Status: Achieved. Luminar passed the final Run at Rate Status
Slide 27: Cost Actions Update
Q4'24 BUSINESS UPDATE Cost Actions Update Our cost actions are not expected to adversely impact our execution in any material respect Cost Actions Summary Quarterly Non-GAAP[2] Quarterly Stock-Based May ‘24 Restructuring Operating Expenses ($M) Compensation ($M) • Targeted ~$80M in run-rate annual $
Slide 28: Q4'24 Financial Results Highlights
Q4'24 BUSINESS UPDATE Q4'24 Financial Results Highlights Revenue Gross Profit Cash & Liquidity[3] $22.5M GAAP = $12.5M $232.7M +45% QoQ, +2% YoY Non-GAAP[2] = $14.0M Better than guidance for Q4'24 revenue Positive 4Q Gross Profit better than In line with guidance for YE’24 Cash & to grow modestly ve
Slide 29: FY'25 Guidance
FY’25 Guidance © 2025 Luminar Technologies, Inc. All rights reserved. | 29
Slide 30: 2025 Year Ahead
FY’25 GUIDANCE 2025 Year Ahead Year-End Milestones 1 Ramp series production volume at least 3x year-over-year; Drive economies of scale; Launch additional vehicle models Series Production 2 Progress on Luminar Halo milestones in customer development contracts for SOP Next-Generation Technology 3 Str
Slide 31: FY'25 Financial Guidance
FY’25 GUIDANCE FY’25 Financial Guidance Revenue Gross Loss Cash & Liquidity[3] FY’25 Total Revenue Growth of 10% Non-GAAP[2] Quarterly Gross Loss End FY’25 with >$150M in Cash & to 20% through FY’25 Liquidity • >3x expected increase in LiDAR • Assumed series production volumes • Cash & Liquidity inc
Slide 32: Appendix
Appendix © 2025 Luminar Technologies, Inc. All rights reserved. | 32
Slide 33: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets In thousands Unaudited As Of Dec 31, 2024 Sept 30, 2024 Dec 31, 2023 ASSETS Current Assets: Cash and cash equivalents $82,840 $114,209 $139,095 Restricted cash 1,882 1,937 1,529 Marketable securities 99,827 84,409 150,727 Accounts receivable 14,272 15,246 14,124
Slide 34: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations In thousands, except share and per share data Unaudited Three Months Ended Twelve Months Ended Dec 31, 2024 Sept 30, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 Revenue: Products $18,887 $12,681 $17,001 $62,608 $45,044 Services 3,597 2,812 5,113 12,787
Slide 35: Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Cash Flows In thousands, Unaudited Twelve Months Ended Dec 31, 2024 2023 Cash flows from operating activities: Net loss $(273,140) $(571,269) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 25,255 26,624 Am
Slide 36: Reconciliation Tables
Reconciliation Tables Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales In thousands Unaudited Three Months Ended Twelve Months Ended Dec 31, 2024 Sept 30, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 GAAP cost of sales $10,006 $29,525 $43,685 $101,085 $142,469 Non-GAAP adjustments: Stoc
Slide 37: Reconciliation Tables
Reconciliation Tables Reconciliation of GAAP Net Loss to Non-GAAP Net Loss In thousands, except share and per share data Unaudited Three Months Ended Twelve Months Ended Dec 31, 2024 Sept 30, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 GAAP Net income (loss) $(44,222) $27,403 $(148,401) $(273,140) $
Slide 38: Reconciliation Tables
Reconciliation Tables Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow In thousands Unaudited Three Months Ended Twelve Months Ended Dec 31, 2024 Sept 30, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 GAAP Operating cash flow $(61,360) $(55,754) $(52,778) $(276,052) $(247,304) Non