Luminar Technologies — Q1 2025 Earnings Presentation
28 slides from Luminar Technologies's earnings presentation, May 14, 2025
Slide 1: Operating Plan, Go-Forward Strategy & Q1'25 Business Update
Operating Plan, Go-Forward Strategy & Q1’25 Business Update May 14, 2025
Slide 2: 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 3: Disclaimer & Cautionary Note: Non-GAAP Financial 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 4: Operating Plan & Go-Forward Strategy
Operating Plan & Go-Forward Strategy © 2025 Luminar Technologies, Inc. All rights reserved. | 4
Slide 5: Luminar's New Unified Product Architecture
UNIFIED PRODUCT ARCHITECTURE Luminar’s New Unified Product Architecture LiDAR A LiDAR B LiDAR C LiDAR D LiDAR E Rest of Industry & Previous Luminar Operating Model Luminar Halo: A New Global Standard Please refer to Footnotes on slide 3 for more detail. © 2025 Luminar Technologies, Inc. All rights r
Slide 6: Enablers of a Unified Product Architecture: Luminar Halo
UNIFIED PRODUCT ARCHITECTURE Enablers of a Unified Product Architecture: Luminar Halo Technology Cost & Advantages OEM Alignment Manufacturability Please refer to Footnotes on slide 3 for more detail. © 2025 Luminar Technologies, Inc. All rights reserved. | 6
Slide 7: Advantage of Luminar Halo Technology Platform
UNIFIED PRODUCT ARCHITECTURE Advantage of Luminar Halo Technology Platform LEVEL LEVEL LEVEL LEVEL LEVEL LEVEL 0 1 2 3 4 5 Advanced Safety Full Autonomy Same Product, All Levels 1550nm 4x performance 1/3 size Point quality high performance over Iris of Iris over just quantity wavelength Please refer
Slide 8: Global OEM Alignment Around Luminar Halo
UNIFIED PRODUCT ARCHITECTURE Global OEM Alignment Around Luminar Halo In collaboration with our partners Nissan, Mercedes, Volvo Cars and Polestar, Luminar Halo is setting a unified global standard for automotive grade LiDAR. “As one of the world’s top selling car brands, Nissan has the ability to p
Slide 9: Implications of Unified Product Architecture
UNIFIED PRODUCT ARCHITECTURE Implications of Unified Product Architecture >$100M Expected product development savings; scales by customer[1] >3x Aggregated target volume for economies of scale 2x Targeted faster time to market[2] Please refer to Footnotes on slide 3 for more detail. © 2025 Luminar T
Slide 10: Operating Model Beyond Luminar Halo
Operating Model Beyond Luminar Halo Please refer to Footnotes on slide 3 for more detail. © 2025 Luminar Technologies, Inc. All rights reserved. | 10
Slide 11: Leveraging Partnerships to Enable Focus on Core LiDAR Technology
GO-FORWARD STRATEGY Leveraging Partnerships to Enable Focus on Core LiDAR Technology Through strategic partnerships, Luminar can focus on core transceiver expertise, while still maintaining ownership of our OEM customer relationships. 2021 2024 2026+ + + Manufacturing Industrialization Module Develo
Slide 12: Example: Success of Industrialization Partnership
GO-FORWARD STRATEGY Example: Success of Industrialization Partnership Partnership With TPK/LTEC Contributed to: $80M+ >50% ~75% in annual cost savings at expected BOM reduction fewer assembly steps Luminar[3] from Iris to Halo[4] for Halo versus Iris Please refer to Footnotes on slide 3 for more det
Slide 13: Radical Streamlining of Luminar to Core LiDAR Business
GO-FORWARD STRATEGY Radical Streamlining of Luminar to Core LiDAR Business OEM Relationship Owned by Luminar Manufacturing Industrialization LiDAR Module Transceiver Semiconductors Semiconductors (Receiver, Laser, Digital ASIC) In-house at Luminar Software Partner responsibility 2021 2022 2024 2026+
Slide 14: Luminar's Post-Halo Operating Model
GO-FORWARD STRATEGY Luminar's Post-Halo Operating Model The Past The Future Full responsibility for investment and Luminar responsible for core IP/Tech only; Increase execution from semi to factory use of partners Custom products for each customer Single unified product platform at any given time Si
Slide 15: Creating advanced LiDAR and software to enable the world's safest and smartest vehicles
Creating advanced LiDAR and software to enable the world’s [5] safest and smartest vehicles. Please refer to Footnotes on slide 3 for more detail. © 2025 Luminar Technologies, Inc. All rights reserved. | 15
Slide 16: Financials & Guidance
Financials & Guidance © 2025 Luminar Technologies, Inc. All rights reserved. | 16
Slide 17: Cost Actions Update
Q1’25 BUSINESS UPDATE Cost Actions Update Cost actions are not expected to adversely impact our execution in a material way Quarterly Non-GAAP[6] Quarterly Stock-Based Operating Expenses ($M) Lowering YE’25 quarterly OpEx Compensation ($M) target from mid/high-$30M to $75 $73 low-$30M range $50 $44
Slide 18: Balance Sheet Update
Q1’25 BUSINESS UPDATE Balance Sheet Update Continuing to reduce outstanding Addressing Upcoming Debt Maturity balance of debt maturing next year 2026 Unsecured Convertible Face Value ($M) • Mar ’25: Retired $18M face amount of $700 $625 2026 convertible debt via stock $600 exchange transaction $500
Slide 19: Q1'25 Financial Results Highlights
Q1’25 BUSINESS UPDATE Q1’25 Financial Results Highlights Revenue Gross Profit Cash & Liquidity[7] $18.9M GAAP = $(8.1)M $188.2M -16% QoQ, -10% YoY Non-GAAP[6] = $(6.4)M In-line with guidance for Q1’25 revenue Consistent with guidance of Gross Loss Includes $138.2M of cash & equivalents to be lower v
Slide 20: Reiterating FY'25 Financial Guidance with Lower OpEx Targets
FY’25 GUIDANCE Reiterating FY’25 Financial Guidance with Lower OpEx Targets Revenue Gross Loss Cash & Liquidity[7] Maintained Maintained Maintained FY’25 Total Revenue Growth of 10% Non-GAAP[6] Quarterly Gross Loss End FY’25 with >$150M in Cash & to 20% through FY’25 Liquidity • >3x expected increas
Slide 21: 2025 Year-End Milestones & Status Update
FY’25 GUIDANCE 2025 Year-End Milestones & Status Update 1 Ramp series production volume at least 3x year-over-year; Drive economies of scale; Launch additional vehicle models. Series Status: On track. Shipped ~6k LiDARs in Q1’25, driven by automotive series production. On Production track to support
Slide 22: Appendix
Appendix © 2025 Luminar Technologies, Inc. All rights reserved. | 22
Slide 23: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets In thousands Unaudited As Of Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 ASSETS Current Assets: Cash and cash equivalents $59,322 $82,840 $109,563 Restricted cash 1,900 1,882 1,733 Marketable securities 78,863 99,827 108,768 Accounts receivable 28,471 14,272 29,034 I
Slide 24: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations In thousands, except share and per share data Unaudited Three Months Ended Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 Revenue: Products $12,972 $18,887 $15,302 Services 5,914 3,597 5,666 Total revenue 18,886 22,484 20,968 Cost of sales: Products 22,830 17,
Slide 25: Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Cash Flows In thousands, Unaudited Three Months Ended Mar 31, 2025 2024 Cash flows from operating activities: Net loss $(76,516) (125,714) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 4,413 8,066 Amortiz
Slide 26: Reconciliation Tables
Reconciliation Tables Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales In thousands Unaudited Three Months Ended Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 GAAP cost of sales $26,986 $10,006 $31,423 Non-GAAP adjustments: Stock-based compensation (1,291) (1,193) (3,395) Amortization of inta
Slide 27: 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 Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 GAAP Net income (loss) $(76,516) $(44,222) $(125,714) Non-GAAP adjustments: Stock-based compensation 19,428 23,
Slide 28: Reconciliation Tables
Reconciliation Tables Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow In thousands Unaudited Three Months Ended Mar 31, 2025 Dec 31, 2024 Mar 31, 2024 GAAP Operating cash flow $(44,229) $(61,360) $(81,229) Non-GAAP adjustments: Capital expenditures: (115) (846) (1,284) Non-GAAP