A lot of the SPACs failed to raise enough cash from the going public transaction, but Luminar isn't in this position.ĭuring Q1'23, Luminar burned $76 million in cash and ended the quarter with a cash balance of $414 million. Strong Cash PositionĪ big key to the public markets is a company having the cash in order to reach a cash flow positive position. Considering Luminar just opened a production facility in Mexico, the company expects massive demand growth in the year ahead in order to justify a new production facility, not to mention TPK wouldn't invest cash into the business without confirmation of the rapid growth ahead. The TPK deal apparently includes a $20 million investment with an initial plan for producing up to 600K sensors. As noted, some of these deals heading towards production massively changes the equation and ramps up the confidence these future orders turn into reality.Īs mentioned in our prior research, the company announcing another production partner was a good indication these deals are legitimate. So they sold out for that initial run that they'll do and then, obviously, you're going to be scaling that up exponentially.Īt the Investor Day back in February, Luminar highlighted a projection for the forward looking order book to reach $4.4 billion, up from $3.4 billion at the end of 2022. Though the vehicle production was delayed, the CEO highlighted the strong initial orders for the vehicle as follows:Īnd one of the recent interesting bits of news is that the Volvo CEO, Jim Rowan has just said on the recent earnings call that preorders for the Luminar X90 had surpassed even the company's boldest and most ambitious internal projections in terms of what the sales were. One of the prime deals kicking off implementation of Lidar in a production vehicle is the AB Volvo (publ) ( OTCPK:VOLVF) EX90 vehicle including the Iris sensor as an additional feature of ADAS. While the company constantly announces high level customer engagements, Luminar actually placed the vehicle models with Luminar designed into the car at 20. so for context of the now more than 20 production vehicle models Luminar is designed into, the majority are also slated for the China market. A prime example was this statement on the Q1'23 earnings call by CEO Russell: Luminar has several prime reasons to be very confident in a large revenue ramp that could easily be far in excess of the 100% growth now targeted. A leader in the Lidar sensor sector will start reporting quarterly revenues no longer at the peanuts level, likely bringing more attention from investors. must average $24 million in revenues per quarter in the 2H of the year. The importance here is that the targets suggest Luminar Technologies, Inc. The 2023 revenue target was kept at at least 100% revenue growth leading to a target in excess of $80 million. Luminar has altered this view with its Q1 revenue approaching $15 million while guidance for Q2 is $15 to $17 million. The end result was a sector not projecting the future very well to Wall Street despite all of the promises for massive growth. ( OUST ), reported large revenues, but the revenues were declining. ![]() Even worse, Velodyne Lidar, now owned by Ouster, Inc. A key aspect of the $2.6 million revenue beat for the quarter is that the Lidar sensor company finally reported a material step up in quarterly sales.Ī big problem for the sector is that a handful of companies came public via SPACs over the last couple of years, but most of the companies reported quarterly revenues in the $1 million or less range. Source: Finviz Rapid Luminar Growth Is Hereįor Q1 2023, Luminar reported revenues of $14.5 million for 112% growth. My investment thesis remains ultra Bullish on the stock, with investors now able to buy alongside insiders. ![]() The Lidar sensor company is quickly headed towards production ramps, with multiple vehicles and sales growth set to top 100% for several years ahead, yet the stock won't rally. ![]() ![]() ( NASDAQ: LAZR) continues to trade near all-time lows around $6. Despite all of the great news, Luminar Technologies, Inc.
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