Luminar Reports Q3’25 Financials
ORLANDO, Fla.--( BUSINESS WIRE)--Today, Luminar (NASDAQ: LAZR), a leading global automotive technology company, provided its quarterly business update and financial results for the third quarter of 2025. These results and related commentary were published in a Presentation available on its Investor Relations website at https://investors.luminartech.com.
“This quarter has required us to confront difficult realities in the automotive LiDAR market and take deliberate steps to strengthen our capital structure and liquidity position,” said Paul Ricci, CEO of Luminar. “At the same time, we are seeing growing momentum in commercial and defense applications across both Luminar and LSI, which reinforces our belief that the strategic direction we outlined last quarter better positions Luminar for the years ahead.”
Key Q3 2025 Financials:
Financial Outlook:
As previously disclosed, Luminar has suspended its guidance for the fiscal year ending December 31, 2025.
Appointment of New CFO:
On November 7, 2025, Luminar appointed Thomas Beaudoin as Chief Financial Officer, effective November 13, 2025. Beaudoin brings more than four decades of finance and operational leadership across public and private technology companies, and particularly in the automotive space. He previously served as CFO of Cerence Inc. from May 2022 to March 2024, following senior transformation and operational roles at Qualifacts Systems Inc., Credible Inc., and Nuance. Earlier in his career, Beaudoin held multiple executive finance positions, including CFO of SimpliVity Corp. (now HPE SimpliVity), Executive Vice President and CFO of Nuance, President and CFO of Polaroid Corporation, and Senior Vice President and CFO of Parametric Technology Corporation, after spending 24 years in senior finance roles at Digital Equipment Corporation and Compaq Computer Corporation (now Hewlett Packard). He holds both a B.S.B.A. and an M.B.A. from Babson College.
Strategic Review:
As previously announced, Luminar is exploring a number of potential strategic alternatives, including the sale of all or part of Luminar’s business or assets, raising additional capital or restructuring its existing capital structure. Luminar has engaged Weil, Gotshal & Manges LLP, as legal advisers, Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC, as financial advisors, to assist Luminar in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity. Luminar has received and is evaluating nonbinding, preliminary proposals and indications of interest to purchase the entire company as well as certain of its assets and business lines.
Capital Structure:
Luminar has signed forbearance and non-disclosure agreements with the vast majority of its secured noteholders through November 24, 2025, with further extensions anticipated as the company continues to negotiate with them. This provides time and stability as Luminar works toward a longer-term solution to its capital structure and liquidity needs.
Appointment of New Directors
Luminar is pleased to announce the appointment of Patricia Ferrari and Elizabeth Abrams to its Board of Directors, effective November 13, 2025. Together, Ms. Ferrari and Ms. Abrams bring extensive experience in banking, finance, restructuring, advisory, and leadership that will be invaluable as the company continues to explore strategic alternatives.
Webcast Details:
Non-GAAP Financial Measures
This release includes non-GAAP gross loss, non-GAAP net loss, non-GAAP operating expenses, non-GAAP cost of sales and free cash flow, which are non-GAAP financial measures, for the periods presented. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (“GAAP”) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Management believes that these non-GAAP financial measures, when considered together with our financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare our results from period to period and to our forward-looking guidance, and to identify operating trends in our business. However, non-GAAP information is not superior to financial measures calculated in accordance with GAAP, is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. A reconciliation of the most comparable GAAP financial measure to each non-GAAP financial measure appearing in this release is included at the end of this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “aims,” “believe,” “may,” “will,” “estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,” “expect,” “should,” “would,” “forward,” and similar expressions, express or implied, that predict or indicate future events or trends or that are not statements of historical matters. These statements reflect the current views of management with respect to future events and our financial performance. These forward-looking statements include statements regarding the Company’s ability to enter into longer-term forbearance agreements with the certain holders of its convertible notes and the continuing defaults under the indentures governing such convertible notes, the Company’s plans and expectations regarding its liquidity situation and the outcome of the Company’s review of strategic alternatives and other measures, including capital raises, a potential sale of all or part of the Company’s business or assets, and/or potentially seeking relief under the U.S. Bankruptcy Code, the Company’s funding levels and ability to continue operations, the Company’s ability to improve its liquidity and long-term capital structure to address debt service obligations, the Company ability to make the required payments under the agreements governing its debt obligations, the Company’s negotiations with its customers, manufacturers and suppliers, the Company’s ability to continue as a going concern, the estimated costs and expected benefits of the Company’s restructuring plans initiated in 2024 and 2025, product plans, future growth, sales estimates, market opportunities, strategic initiatives, industry positioning, customer acquisition and retention, revenue growth, anticipated impacts on our business of current worldwide economic uncertainty, inflation, monetary policy shifts, and other disruptions due to geopolitical conditions and global health emergencies. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including that next-generation sensors and software will be developed successfully or will accelerate automaker adoption, that new automaker agreements will develop successfully into product launches, that per unit sensor economics will be improved, and that cost reduction efforts, including efforts to reduce the cost of industrialization, will continue to result in improved operational and financial efficiency. More information on these risks and other potential factors that could affect the Company’s business is included in the Company’s periodic filings with the Securities and Exchange Commission ( the “SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s reports on Form 10-K and Form 10-Q, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and most recently filed Form 10-Q for the quarter ended September 30, 2025, each filed with the SEC, and other previous and subsequent reports filed with the SEC. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
About Luminar:
Luminar is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. For more information, please visit www.luminartech.com.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
September 30, 2025
December 31, 2024
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents
$
54,482
$
82,840
Restricted cash
2,610
1,882
Marketable securities
19,508
99,827
Accounts receivable
14,317
14,272
Inventory
16,103
14,908
Prepaid expenses and other current assets
15,153
31,498
Total current assets
122,173
245,227
Property and equipment, net
37,798
52,281
Operating lease right-of-use assets
17,108
31,479
Intangible assets, net
10,986
15,556
Goodwill
1,750
3,994
Other non-current assets
13,701
16,676
Total assets
$
203,516
$
365,213
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable
$
21,391
$
18,972
Accrued and other current liabilities
33,915
31,567
Operating lease liabilities
7,362
10,049
Total current liabilities
62,668
60,588
Debt
429,178
500,516
Operating lease liabilities, non-current
13,047
24,083
Other non-current liabilities
184
815
Total liabilities
505,077
586,002
Series A preferred stock
3,368
—
Stockholders’ deficit:
Class A common stock
7
3
Class B common stock
1
1
Additional paid-in capital
2,310,266
2,204,814
Accumulated other comprehensive loss
(456
)
(295
)
Treasury stock
(312,477
)
(312,477
)
Accumulated deficit
(2,302,270
)
(2,112,835
)
Total stockholders’ deficit
(304,929
)
(220,789
)
Total liabilities, preferred stock and stockholders’ deficit
$
203,516
$
365,213
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Revenue:
Products
$
13,689
$
12,681
$
38,628
$
43,721
Services
5,060
2,812
14,641
9,190
Total revenue
18,749
15,493
53,269
52,911
Cost of sales:
Products
21,383
24,128
68,337
68,604
Services
5,447
5,397
13,540
22,475
Total cost of sales
26,830
29,525
81,877
91,079
Gross loss
(8,081
)
(14,032
)
(28,608
)
(38,168
)
Operating expenses:
Research and development
35,268
50,591
112,884
184,191
Sales and marketing
4,264
11,097
14,465
37,752
General and administrative
14,109
30,206
16,272
93,045
Impairment of goodwill and intangible assets
3,719
6,647
3,719
6,647
Impairment of long-lived assets
7,513
—
7,513
—
Restructuring costs
1,708
3,284
2,952
9,546
Total operating expenses
66,581
101,825
157,805
331,181
Loss from operations
(74,662
)
(115,857
)
(186,413
)
(369,349
)
Other income (expense), net:
Change in fair value of private warrants
—
65
—
1,050
Interest expense
(12,342
)
(8,908
)
(36,918
)
(14,422
)
Interest income
961
2,407
3,997
8,356
Gain on extinguishment of debt
—
147,346
22,056
147,346
Gain (loss) from acquisition of EM4, LLC (“EM4”)
—
—
(48
)
1,752
Gain from Sale of Investments
—
—
2,908
—
Change in fair value of derivative liability
2,521
2,476
7,841
2,476
Provision for credit loss
(2,186
)
—
(2,186
)
—
Gain (Losses) and impairments related to investments and certain other assets, and other income (expense)
(162
)
32
(400
)
(5,947
)
Total other income (expense), net
(11,208
)
143,418
(2,750
)
140,611
Income (Loss) before provision for (benefit from) income taxes
(85,870
)
27,561
(189,163
)
(228,738
)
Provision for (benefit from) income taxes
(25
)
158
272
180
Net Income (loss)
(85,845
)
27,403
(189,435
)
(228,918
)
Less: Deemed dividend on Series A preferred stock
3,682
—
11,284
—
Net income (loss) attributable to common stockholders
$
(89,527
)
$
27,403
$
(200,719
)
$
(228,918
)
Net Income (loss) per share attributable to common stockholders:
Basic
$
(1.29
)
$
0.86
$
(3.75
)
$
(7.58
)
Diluted
$
(1.29
)
$
(3.62
)
$
(3.75
)
$
(7.58
)
Weighted average shares used in computing net income (loss) per share attributable to common stockholders:
Basic
69,281,237
32,001,765
53,586,034
30,190,418
Diluted
69,281,237
32,934,998
53,586,034
30,190,418
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2025
2024
Cash flows from operating activities:
Net loss
$
(189,435
)
$
(228,918
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
12,956
20,169
Amortization of operating lease right-of-use assets
4,928
6,464
Amortization of discount on marketable securities
(1,086
)
(1,819
)
Loss on marketable securities
150
2,201
Impairment of goodwill and other intangible assets
3,719
6,647
Impairment of long-lived assets
7,513
—
Change in fair value of private warrants
—
(1,050
)
Vendor stock in lieu of cash program
12,785
12,358
Amortization of debt discount and issuance costs
5,868
3,065
Inventory write-offs and write-downs
4,587
20,737
Change in the fair value of derivatives
(7,841
)
(2,476
)
Gain or write-off on sale or disposal of property and equipment
238
—
Share-based compensation, including restructuring costs
9,192
115,792
Gain on extinguishment of debt
(22,056
)
(147,346
)
Impairment of investments
—
4,000
Gain (loss) from acquisition of EM4
48
(1,752
)
Provision for credit loss
2,186
—
Gain from sale of investment
(2,908
)
—
Change in product warranty and other
6,284
(2,367
)
Changes in operating assets and liabilities:
Accounts receivable
(45
)
(59
)
Inventories
(6,080
)
(22,638
)
Prepaid expenses and other current assets
15,449
(1,987
)
Other non-current assets
17,979
(5,108
)
Accounts payable
1,288
7,327
Accrued and other current liabilities
(4,721
)
9,590
Other non-current liabilities
(16,930
)
(7,522
)
Net cash used in operating activities
(145,932
)
(214,692
)
Cash flows from investing activities:
Purchases of marketable securities
(54,080
)
(92,400
)
Proceeds from maturities of marketable securities
118,980
154,837
Proceeds from sales/redemptions of marketable securities
16,194
3,737
Issuance of promissory notes
(2,100
)
—
Proceeds from sales of equity investment
2,908
—
Purchases of property and equipment
(766
)
(4,244
)
Acquisition of EM4 (net of cash acquired)
242
(3,831
)
Proceeds from disposal of property and equipment
305
—
Net cash provided by investing activities
81,683
58,099
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock under the Equity Financing Program
36,153
41,806
Proceeds from sale of Class A common stock under ESPP
338
800
Proceeds from exercise of stock options
—
547
Payments of employee taxes related to stock-based awards
(990
)
(240
)
Proceeds from issuance of Senior notes, net of Senior Notes and 2030 Convertible Notes issuance
—
89,202
Repurchase of 2026 Convertible Notes
(30,297
)
—
Proceeds from issuance of Series A preferred stock, net of issuance costs, discount and commitment fees
31,415
—
Net cash provided by financing activities
36,619
132,115
Net decrease in cash, cash equivalents and restricted cash
(27,630
)
(24,478
)
Beginning cash, cash equivalents and restricted cash
84,722
140,624
Ending cash, cash equivalents and restricted cash
$
57,092
$
116,146
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales
(In thousands)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
GAAP cost of sales
$
26,830
$
29,525
$
81,877
$
91,079
Non-GAAP adjustments:
Stock-based compensation
(607
)
(1,204
)
(3,259
)
(4,897
)
Amortization of intangible assets
(196
)
(197
)
(591
)
(529
)
Accelerated depreciation related to certain property, plant and equipment items
—
(933
)
(286
)
(4,363
)
Non-GAAP cost of sales
$
26,027
$
27,191
$
77,741
$
81,290
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Gross Loss to Non-GAAP Gross Loss
(In thousands)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
GAAP gross loss
$
(8,081
)
$
(14,032
)
$
(28,608
)
$
(38,168
)
Non-GAAP adjustments:
Stock-based compensation
607
1,204
3,259
4,897
Amortization of intangible assets
196
197
591
529
Accelerated depreciation related to certain property, plant and equipment items
—
933
286
4,363
Non-GAAP gross loss
$
(7,278
)
$
(11,698
)
$
(24,472
)
$
(28,379
)
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(In thousands)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
GAAP operating expenses
$
66,581
$
101,825
$
157,805
$
331,181
Non-GAAP adjustments:
Stock-based compensation
(9,836
)
(30,564
)
(5,966
)
(108,415
)
Impairment of goodwill and intangible assets
(3,719
)
(6,647
)
(3,719
)
(6,647
)
Impairment of long-lived assets
(7,513
)
—
(7,513
)
—
Restructuring costs
(1,708
)
(3,284
)
(2,952
)
(9,546
)
Amortization of intangible assets
(834
)
(834
)
(2,503
)
(2,502
)
Transaction costs relating to acquisition activities
—
(5
)
—
(237
)
Non-GAAP operating expenses
$
42,971
$
60,491
$
135,152
$
203,834
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
GAAP net loss attributable to common stockholders
$
(89,527
)
$
27,403
$
(200,719
)
$
(228,918
)
Non-GAAP adjustments:
Stock-based compensation, excluding restructuring
10,443
31,768
9,225
113,312
Amortization of intangible assets
1,030
1,031
3,094
3,031
Accelerated depreciation related to certain property, plant and equipment
—
933
286
4,363
Impairment of goodwill and intangible assets
3,719
6,647
3,719
6,647
Impairment of long-lived assets
7,513
—
7,513
—
Gain on extinguishment of debt
—
(147,346
)
(22,056
)
(147,346
)
Impairment of investments
—
—
—
4,000
Restructuring costs, including stock-based compensation
1,708
3,284
2,952
9,546
Gain from acquisition of EM4
—
—
48
(1,752
)
Gain from sale of investments
—
—
(2,908
)
Provision for credit losses
2,186
—
2,186
—
Transaction costs relating to acquisition activities
—
5
—
237
Change in the fair value of derivative liabilities
(2,521
)
(2,476
)
(7,841
)
(2,476
)
Change in fair value of private warrants
—
(65
)
—
(1,050
)
Non-GAAP net loss attributable to common stockholders
$
(65,449
)
$
(78,816
)
$
(204,501
)
$
(240,406
)
GAAP net loss per share attributable to common stockholders:
Basic
$
(1.29
)
$
0.86
$
(3.75
)
$
(7.58
)
Diluted
$
(1.29
)
$
(3.62
)
$
(3.75
)
$
(7.58
)
Non-GAAP net loss per share attributable to common stockholders:
Basic
$
(0.94
)
$
(2.46
)
$
(3.82
)
$
(7.96
)
Diluted
$
(0.94
)
$
(2.39
)
$
(3.82
)
$
(7.96
)
Shares used in computing GAAP net loss per share attributable to common stockholders:
Basic
69,281,237
32,001,765
53,586,034
30,190,418
Diluted
69,281,237
32,934,998
53,586,034
30,190,418
Shares used in computing Non-GAAP net loss per share attributable to common stockholders:
Basic
69,281,237
32,001,765
53,586,034
30,190,418
Diluted
69,281,237
32,934,998
53,586,034
30,190,418
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow
(In thousands)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
GAAP operating cash flow
$
(47,978
)
$
(55,754
)
$
(145,932
)
$
(214,692
)
Non-GAAP adjustments:
Capital expenditure:
Purchases of property and equipment
(540
)
(2,658
)
(766
)
(4,244
)
Non-GAAP free cash flow
$
(48,518
)
$
(58,412
)
$
(146,698
)
$
(218,936
)
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Summary of Stock-Based Compensation and Intangibles Amortization
(In thousands)
(Unaudited)
Three Months Ended September 30,
2025
2024
Stock-Based
Compensation
Intangibles
Amortization
Stock-Based
Compensation
Intangibles
Amortization
Cost of Sales
$
607
$
196
$
1,204
$
197
Research and development
4,300
599
10,862
599
Sales and marketing
967
235
4,171
235
General and administrative
4,569
—
15,531
—
Restructuring costs
26
—
1,068
—
Total
$
10,469
$
1,030
$
32,836
$
1,031
Nine Months Ended September 30,
2025
2024
Stock-Based
Compensation
Intangibles
Amortization
Stock-Based
Compensation
Intangibles
Amortization
Cost of Sales
$
3,259
$
591
$
4,897
$
529
Research and development
15,429
1,798
41,724
1,797
Sales and marketing
4,242
705
12,951
705
General and administrative
(13,705
)
—
53,740
—
Restructuring costs
(33
)
—
2,480
—
Total
$
9,192
$
3,094
$
115,792
$
3,031