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Luminar Technologies (LAZR)
NASDAQ:LAZR
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Luminar Technologies
(NASDAQ:LAZR)
27Underperform
Positive Factors
Partnerships
A new partnership with a major construction highway machinery manufacturer and ongoing engagements with platform partners like NVIDIA enhance LAZR's market positioning.
Product Development
Volvo ramp is unfolding at an accelerating pace with Luminar lidars becoming standard equipment in future Volvo offerings, while engagements with other OEMs are expanding including a new development contract with a leading Japanese OEM.
Technology Leadership
Luminar is positioned as an industry leader in LiDAR technology and autonomous driving technology, with a differentiated position through performance and software investments.
Negative Factors
Macro Headwinds
Near term, macro headwinds are resulting in inventory digestion impacting the company's production rate for 4Q.
Revenue Guidance
The 2025 guidance indicates lower-than-expected revenue growth due to non-repeat of one-time benefits and headwinds from contract renegotiations and modest tariff impacts.
Revenue Performance
3Q revenue and gross profit tracked below expectations, with top-line softness attributed to greater than anticipated headwinds.
Luminar Technologies (LAZR) vs. S&P 500 (SPY)
Market Cap
$278.02M
Dividend YieldN/A
Average Volume (3M)2.19M
Price to Earnings (P/E)―
Beta (1Y)2.24
Revenue Growth27.61%
EPS Growth40.95%
CountryUS
Employees800
SectorConsumer Cyclical
Sector Strength48
IndustryAuto - Parts
Share Statistics
EPS (TTM)-13.35
Shares Outstanding26,823,534
10 Day Avg. Volume3,490,602
30 Day Avg. Volume2,193,532
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)3.71
Price to Cash Flow (P/CF)-1.30
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$26.75Price Target Upside317.32% Upside
Rating ConsensusHold
Number of Analyst Covering4
Luminar Technologies Business Overview & Revenue Model
Company DescriptionLuminar Technologies, Inc., an automotive technology company, provides sensor technologies and software for passenger cars and commercial trucks in North America, the Asia Pacific, Europe, and the Middle East. It operates in two segments, Autonomy Solutions and Components. The Autonomy Solutions segment designs, manufactures, and sells laser imaging, detection, and ranging sensors, as well as related perception and autonomy software solutions primarily for original equipment manufacturers in the automobile, commercial vehicle, robo-taxi, and adjacent industries. The Component segment develops ultra-sensitive pixel-based sensors. This segment also designs, tests, and provides consulting services for non-standard integrated circuits for use in automobile and aeronautics sector, as well as government spending in military and defense activities. The company was founded in 2012 and is headquartered in Orlando, Florida.
How the Company Makes MoneyLuminar Technologies generates revenue primarily through the sale of its lidar sensors and related software solutions to automotive manufacturers and suppliers. The company's key revenue streams include direct sales of its lidar products for integration into autonomous vehicles and advanced driver-assistance systems (ADAS). Luminar also collaborates with automotive OEMs and technology companies to integrate its technology into their platforms, sometimes resulting in long-term supply agreements and strategic partnerships. Additionally, Luminar may generate revenue through licensing its perception software and offering engineering services to customize its lidar systems for specific customer needs.
Luminar Technologies Financial Statement Overview
Summary
Luminar Technologies is experiencing significant revenue growth, yet continues to face profitability challenges with negative profit margins and high leverage. The balance sheet indicates financial instability with negative equity, and cash flow issues persist despite financing activities.Income Statement
Luminar Technologies has experienced significant revenue growth over the years, with the most recent TTM (Trailing-Twelve-Months) showing an increase in revenue from $69.78 million in 2023 to $75.03 million in 2024. However, the company continues to report negative gross profit margins and net profit margins, indicating high operational costs relative to revenue. The continued negative EBIT and EBITDA margins also highlight persistent profitability challenges.20
Very Negative
Balance Sheet
The balance sheet reveals high leverage, with a negative stockholders' equity and a debt-to-equity ratio that cannot be calculated due to negative equity, indicating financial instability. The company's total liabilities exceed its assets, and the equity ratio is negative due to the deficit in stockholders' equity, raising concerns about solvency.15
Very Negative
Cash Flow
The cash flow statement indicates consistent negative free cash flow, which increased slightly from -$269.22 million in 2023 to -$272.50 million in the latest TTM period. The operating cash flow to net income ratio shows that cash outflows from operations are significantly higher than net losses, pointing to cash flow challenges. However, the company has managed to secure financing activities to support its cash position.25
Negative
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 75.03M | 69.78M | 40.70M | 31.94M | 13.95M | 12.60M | Gross Profit |
| -59.74M | -72.69M | -60.28M | -14.15M | -11.00M | -4.05M | EBIT |
| -502.45M | -563.31M | -442.40M | -214.55M | -86.88M | -62.62M | EBITDA |
| -320.31M | -530.39M | -425.57M | -239.85M | -364.90M | -94.86M | Net Income Common Stockholders |
| -377.32M | -571.27M | -445.94M | -237.99M | -365.18M | -96.96M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 289.82M | 289.82M | 488.87M | 792.12M | 485.65M | 33.74M | Total Assets |
| 512.37M | 512.37M | 687.33M | 883.54M | 510.35M | 51.86M | Total Debt |
| 660.66M | 660.66M | 635.13M | 619.46M | 893.00K | 9.64M | Net Debt |
| 521.57M | 521.57M | 565.58M | 289.48M | -208.05M | -17.44M | Total Liabilities |
| 737.12M | 737.12M | 713.73M | 685.55M | 361.61M | 263.59M | Stockholders Equity |
| -224.75M | -224.75M | -26.41M | 197.99M | 148.74M | -211.73M |
| Cash Flow | Free Cash Flow | ||||
| -272.50M | -269.22M | -226.30M | -154.85M | -77.84M | -61.69M | Operating Cash Flow |
| -267.47M | -247.30M | -208.23M | -148.42M | -75.64M | -60.20M | Investing Cash Flow |
| 155.22M | 236.63M | 27.99M | -194.19M | -271.79M | -7.78M | Financing Cash Flow |
| 150.21M | 80.20M | -79.35M | 463.59M | 529.85M | 85.46M |
Luminar Technologies Technical Analysis
Neutral
6.41
Price Trends
5.90
Positive
7.70
Negative
12.70
Negative
Market Momentum
0.29
Negative
52.74
Neutral
68.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LAZR, the sentiment is Neutral. The current price of 6.41 is above the 20-day moving average (MA) of 5.57, above the 50-day MA of 5.90, and below the 200-day MA of 12.70, indicating a neutral trend. The MACD of 0.29 indicates Negative momentum. The RSI at 52.74 is Neutral, neither overbought nor oversold. The STOCH value of 68.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for LAZR.
Luminar Technologies Risk Analysis
Luminar Technologies disclosed 72 risk factors in its most recent earnings report. Luminar Technologies reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Luminar Technologies Peers Comparison
Overall Rating
UnderperformOutperform
Sector (59)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | $12.50B | 11.24 | 1.20% | 3.72% | 1.27% | -20.93% | |
58 Neutral | $549.97M | ― | -53.83% | ― | 33.41% | 81.07% | |
55 Neutral | $178.19M | ― | -0.49% | 0.64% | 23.99% | -109.30% | |
55 Neutral | $332.97M | ― | -103.99% | ― | 277.53% | 1.16% | |
43 Neutral | $12.90M | ― | -160.65% | ― | -86.20% | 67.94% | |
40 Underperform | $142.06M | ― | -81.61% | ― | 16.25% | 32.95% | |
27 Underperform | $278.02M | ― | 146.24% | ― | 27.61% | 40.95% |
* Consumer Cyclical Sector Average
Performance Comparison
LAZR
Luminar Technologies
6.41
-18.94
-74.71%
LAKE
Lakeland Industries
21.09
5.55
35.71%
MVIS
Microvision
1.62
-0.10
-5.81%
INVZ
Innoviz Technologies
0.72
-0.59
-45.04%
OUST
Ouster
11.24
6.25
125.25%
LIDR
AEye Inc
0.69
-1.04
-60.12%
Luminar Technologies Earnings Call Summary
Earnings Call Date: Mar 20, 2025 | % Change Since: 2.07% | Next Earnings Date: May 13, 2025
Earnings Call Sentiment Neutral
The call presented a mixed outlook with strong revenue growth and significant achievements in product launches and cost restructuring. However, the conservative revenue growth forecast, expected negative gross margins in 2025, and geopolitical challenges indicate areas of concern.Highlights
Strong Revenue Growth
Luminar reported Q4 revenue of $22.5 million, up 45% quarter-over-quarter and 2% year-over-year, driven by higher sensor sales.
LiDAR Production Scale Up
Luminar plans to scale up LiDAR shipments by more than 200% this year, which is a significant step towards achieving economies of scale.
Successful Launch with Volvo
Luminar achieved the start of production for Volvo with the EX90 and was also awarded the Volvo ES90.
Cost Restructuring Achievements
Significant cost savings have been realized from restructuring efforts, with a decline of $72 million in non-GAAP OpEx and $80 million in stock-based compensation on an annualized basis.
Positive Gross Margin
For the quarter, Luminar reported a positive gross profit of $12.5 million on a GAAP basis.
Lowlights
Lower Revenue Growth Forecast
The full-year revenue growth for 2025 is expected to be in the range of 10% to 20%, which is conservative due to lower assumed volume for series productions.
Negative Gross Margin Expected
Luminar is guiding to be modestly gross margin negative for each quarter in 2025.
Tariff and Geopolitical Challenges
Geopolitical tensions and tariff changes are expected to have a modest impact on gross profit, and Luminar is exploring alternatives to address these challenges.
Order Book Decline
The forward-looking order book for 2024 is lower relative to 2023 due to the transition to Luminar Halo, although this is expected to be temporary.
Company Guidance
During Luminar's Fourth Quarter of 2024 Business Update Call, the company provided robust guidance for 2025, projecting more than 200% growth in LiDAR shipments, with expectations to ship between 30,000 to 33,000 sensors, compared to 9,000 in 2024. Revenue growth is forecasted to be in the range of 10% to 20%, driven primarily by increased sensor sales to Volvo and other series production customers, although tempered by a significant 50% reduction in forecasted volumes compared to IHS estimates. The company also outlined key milestones for 2025, including ramping up Iris sensor production, meeting key requirements for their next-generation LiDAR, Luminar Halo, and streamlining operations by transitioning to a unified product platform. Financially, Luminar achieved a gross profit of $12.5 million in Q4, driven by sensor sales and cost management, although it anticipates modestly negative gross margins throughout 2025. With $233 million in cash and liquidity at the end of 2024, the company plans to utilize its equity financing program to maintain liquidity above $150 million by year-end 2025 while continuing to focus on cost reductions and efficiency improvements.Luminar Technologies Corporate Events
Executive/Board Changes
Luminar Technologies Announces Executive Leadership Change
Neutral
Dec 12, 2024
Luminar Technologies announced that Alan Prescott, the Chief Legal Officer and Secretary, will step down from his role effective December 12, 2024, as part of a mutual agreement. The transition involves a separation agreement that includes a severance package with a $300,000 payment and 55,000 restricted stock units contingent on performance, highlighting a strategic change in the company’s executive team.
Executive/Board ChangesLegal ProceedingsStock Split
Luminar Technologies Announces Board Changes and Legal Settlement
Neutral
Nov 15, 2024
Luminar Technologies has appointed Dominick Schiano to its Board of Directors, leveraging his expertise in strategic business transformation. Additionally, the Board approved a reverse stock split at a 1-for-15 ratio, effective November 20, 2024, to enhance stock value. The company also settled a class action lawsuit, agreeing to a $125,000 payment to the plaintiff’s counsel to avoid further litigation costs.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.