Luminar Technologies — Q1 2024 Earnings Presentation
19 slides from Luminar Technologies's earnings presentation, May 7, 2024
Slide 1: Q1 2024 Quarterly Business Update
Q1 2024 Quarterly Business Update Please see Legal Notices at the end of this report for explanation of Forward-Looking Statements and important cautions.
Slide 2: A Message from Founder & CEO Austin Russell
A Message from Founder & CEO Austin Russell The last decade has led to a defining moment for our Correspondingly, we believe the opportunity for company, and industry at large: Luminar has officially adoption and standardization of our technology has begun production for the first global consumer in
Slide 3: Global SOP with Volvo Cars Achieved
Global SOP with Volvo Cars Achieved We officially kicked off Luminar’s start of production The Volvo EX90 launch will mark the first time our (SOP) for Volvo, starting with the EX90. This marks multi-billion dollar Order Book[1] will begin to the first global production consumer vehicle with materia
Slide 4: From First Launch To Mass Adoption
From First Launch To Mass Adoption Luminar is planned into 25+ commercial programs Volvo EX90 kicks off a plethora of subsequent vehicle launches with Luminar Luminar is powertrain agnostic Planned into programs across all major powertrains ICE EV HEV Internal Combustion Engines Electric Vehicles Hy
Slide 5: Riding the Tailwind from NHTSA's Rulemaking
Riding the Tailwind from NHTSA’s Rulemaking In May 2024, the National Highway Traffic Safety While NHTSA regulations dictate performance Administration (NHTSA) published the Final Rule rather than technologies, we think these rules will adopting new Federal Motor Safety Standard No. be difficult to
Slide 6: Meeting & Exceeding New NHTSA Standards
Meeting & Exceeding New NHTSA Standards Luminar demonstrated its ability to not only meet, but beat ,NHTSA's new standards by approximately 50%, while also exposing limitations of camera/radar-based systems. Vehicle-to-Vehicle AEB NHTSA requirement: 50MPH Luminar delivers: 75MPH Crossing Pedestrian
Slide 7: Luminar Halo & Reg Tailwinds 10x'ing Opportunity
Luminar Halo & Reg Tailwinds 10x'ing Opportunity We believe NHTSA’s new mandate for advanced At the same time, automakers have also been AEB systems will be one of the key pillars driving continuing to advance their autonomous driving standardization of long-range LiDAR. efforts for Level 3 capabili
Slide 8: Advancing Our Industrialization with TPK
Advancing Our Industrialization with TPK When we discuss industrialization, we are referring focused on product, process, and supplier to the process of preparing for high volume development to support Luminar. industrial production and managing our supply base. Examples of resources provided by TPK
Slide 9: Corporate Restructuring for the New Era
Corporate Restructuring for the New Era The First Step When we founded Luminar over a decade ago, it was This strategic realignment is a necessary step in a formidable task to try to develop a technology, the New Era for Luminar and is the first of build a product, industrialize that product, get to
Slide 10: A Message from CFO Tom Fennimore
A Message from CFO Tom Fennimore Our Q1’24 financial results were generally consistent We ended Q1’24 with $268M in Cash & Liquidity[4]. with the guidance provided at Q4’23 reporting. This number excludes ~$7M of capital raised under our Specifically, Q1 Revenue declined slightly QoQ, while strategi
Slide 11: Q1 2024 Financial Summary
Q1 2024 Financial Summary Revenue Q1 Revenue of $21.0M increased 45% YoY, but fell 5% QoQ. This was Up 45% YoY & down 5% consistent with our guidance for Q1’24 revenue to be in line to slightly QoQ lower than Q4’23 ($22.1M). The lower QoQ revenue was mainly driven by lower sensor sales to non-automo
Slide 12: Reiterating FY'24 Financial Guidance
Reiterating FY’24 Financial Guidance We are reiterating our FY’24 financial guidance. As we continue to gain more visibility around the pace of the Volvo production ramp and the timing of sensor production cost reductions and launch-related cost roll-off, we plan to provide more detail around our fi
Slide 13: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets In thousands Unaudited Three Months Ended Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 ASSETS Current Assets: Cash and cash equivalents $109,563 $139,095 $89,933 Restricted cash 1,733 1,529 2,226 Marketable securities 108,768 150,727 332,363 Accounts receivable 29,034
Slide 14: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations In thousands, except share and per share data Unaudited Three Months Ended Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 Revenue: Products $15,302 $17,001 $7,367 Services 5,666 5,113 7,142 Total revenue 20,968 22,114 14,509 Cost of sales: Products 24,507 33,7
Slide 15: Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Cash Flows In thousands Unaudited Three Months Ended Mar 31, 2024 2023 Cash flows from operating activities: Net loss $(125,714) $(146,774) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 8,066 2,987 Amorti
Slide 16: 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 Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 GAAP Cost of sales $31,423 $43,685 $29,133 Non-GAAP adjustments: Stock-based compensation (3,395) (2,321) (2,662) Amortization of intangible assets (166) (1
Slide 17: 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 Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 GAAP Net loss $(125,714) $(148,401) $(146,774) Non-GAAP adjustments: Stock-based compensation 44,465 47,101 55,954 Amortization of in
Slide 18: Footnotes & Legal Notices
Footnotes & Legal Notices Footnotes 1 Order Book: Please refer to Order Book definition in Legal Notices on page 19, and within “Risk Factors” in Item 1A of Part I of our Annual Report on Form 10-K for more detail. 2 Software: Various Luminar software capabilities are still in development and have n
Slide 19: 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