Luminar Technologies (LAZR) Stock

Luminar Technologies Inc (NASDAQ: LAZR) has managed to increase its sales by about five times over the past four years. But that may still not be enough for investors as the company's revenue growth has, nonetheless, fallen significantly short of the pace its management guided for in 2020.

Luminar Technologies (LAZR -3.46%), a developer of commercial automotive lidars, went public by merging with a special purpose acquisition company (SPAC) four years ago. The combined company's shares opened at $354.75 on the first day, soared to a record high of $627 just five days later, but now trade at about $6.

ORLANDO, Fla.--(BUSINESS WIRE)--Today, Luminar (NASDAQ: LAZR), a leading global automotive technology company, announced certain key executive updates that include Alex Fishkin joining as Chief Legal Officer, Michael Southard as Vice President of Engineering, and Marc Losiewicz appointed as Chief Business Officer and General Manager. “We're setting Luminar up for success in 2025 with leadership enhancements to help us achieve our two main goals for next year: strong growth and increased efficie.

Luminar Technologies (LAZR -7.83%) announced an expanding relationship with Volvo for its driverless car tech.

Luminar's Q3 2024 results were mixed, with an 8.6% revenue decline. This drop is attributed to a re-negotiated non-automotive contract, not affecting future growth reliant on LiDAR system adoption. Sensor sales increased quarter over quarter, boosted by Volvo's EX 90 production, a key catalyst for Luminar's sustained revenue growth. Despite current challenges, Luminar's long-term prospects remain promising, with Volvo ramping up EX 90 deliveries in late 2024 and early 2025.

Why Luminar Technologies' Shares Are Getting Zapped Today

Luminar Technologies, Inc. is making progress with new deals, but financials remain weak, requiring patience for long-term gains. Volvo's EX90 production ramp and a second model with Iris LiDAR promise future revenue growth, despite current low sales. Luminar's insurance program could offer significant savings, potentially making LiDAR cost-effective for consumers.

Luminar Technologies, Inc.'s Q3 results were mixed, with product revenue growth but a significant decline in services revenue, leading to a hold rating. Luminar has strong partnerships with top auto manufacturers, but demand for its LiDAR technology is still in its infancy. Financially, LAZR has substantial cash reserves but also significant debt, and share dilution remains a concern for future capital needs.

Luminar Technologies, Inc. (NASDAQ:LAZR ) Q3 2024 Earnings Call Transcript November 11, 2024 5:00 PM ET Company Participants Yarden Amsalem - Senior Manager of IR Austin Russell - Founder and CEO Tom Fennimore - CFO Conference Call Participants Winnie Dong - Deutsche Bank John Babcock - Bank of America Jash Patwa - JPMorgan Mark Delaney - Goldman Sachs Kevin Cassidy - Rosenblatt Tristan Gerra - Baird Operator My name is Yarden Amsalem, and I'm Luminar's Senior Manager of Investor Relations, covering for Aileen Smith while she is on maternity leave. With me today are Austin Russell, Luminar's Founder and Chief Executive Officer; and Tom Fennimore, our Chief Financial Officer.