Luminar Gives Enterprise Update, 2021 Milestones and Preliminary 2020 Success

Luminar Technologies, Inc. (NASDAQ: LAZR), the world-wide chief in automotive lidar components and computer software engineering, is announcing these days business updates and a calendar year in evaluate of 2020, like milestone final results, preliminary monetary results, and 2021 steerage.

“Luminar’s 2020 achievements mirror our solution management and market ownership as we carry on to execute and satisfy the eyesight of earning secure autonomy a reality. Our productive debut as a public company has assisted to more accelerate the expansion of our product roadmap in addition to commercial progress throughout passenger automobile OEMs, trucking associates, and robo-taxi plans. This is validated by our hottest key wins with SAIC and Zenseact, and we seem ahead to continuing to execute.”

— Austin Russell, Founder & CEO

Execution: On Track for Series Generation SOP Subsequent 12 months
In 2020, Luminar released and done builds of its 1st Iris models, the sequence manufacturing model of its engineering. Luminar has now correctly completed engineering validation testing of Iris, progressing on to the closing phases of B-samples before ramping into C-sample period later on this yr. Now, Luminar has Iris lidars on client cars going by way of the information assortment and enhancement approach, transitioning from its earlier technology Hydra lidar. In addition to larger manufacturability, economics, and means to integrate into automobiles, Iris now outperforms Luminar’s Hydra lidar throughout numerous dimensions, which include far better-ranging effectiveness and means to see dark objects and even increased level density. Luminar has picked a agreement producer for continued, productive sequence generation of Iris in a Mexico creation facility. Before this month, Luminar also unveiled its swift evolution from a lidar organization to an autonomous car corporation with the introduction of Sentinel – the industry’s first entire-stack autonomous process for sequence generation. See here for more on the progress to manufacturing.

Customer Adoption
In the very first 50 percent of 2020, Luminar gained the 1st collection generation method for autonomy with Volvo Automobiles, and by the fourth quarter experienced won two supplemental landmark partnerships with Mobileye and Daimler Truck. By 12 months close, it exceeded its primary forward-searching buy book target of $1 Billion, reaching the current steerage that was delivered final yr at $1.3 Billion, credited to improved volume steerage from existing packages as effectively as new professional bargains.

Due to the fact the starting of the 12 months, Luminar has welcomed six new strategic partners. This includes SAIC Motor Company Minimal, the major automaker in China and a Fortune World-wide 100 company, who was introduced now as Luminar’s guide series production automaker lover in China to provide industry-major lidar and parts of Luminar’s freshly announced Sentinel to SAIC’s “R Brand” vehicles, kicking off Luminar’s foray into China.

2021: What is Ahead
Luminar’s principal concentration in 2021 is to position the company for ongoing lengthy-expression success and corresponding shareholder price generation. To that finish, the business is giving visibility on the adhering to 5 milestones to gauge our achievements in 2021:

  1. Iris Industrialization for Collection Output: Total testing for important vehicle-grade specs, approach transfer from Orlando highly developed production to collection production CM, device up and generation of C sample Iris lidar on collection output line in Mexico.

  2. Business Systems: Earn at the very least a few significant professional plans this 12 months.

  3. Software package: Ongoing Sentinel enhancement leading up to alpha launch at calendar year end.

  4. Forward-wanting Purchase Book: Improve forward-looking buy ebook by at minimum 40{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4}+ this calendar year.

  5. Dollars Commit / Expenditure: Disciplined commit to conclude 12 months with much more money than Luminar started with ($154M elevated from warrants in Q1 2021)

Corporate Governance
On February 11, 2021, Luminar appointed to its Board Katharine “Katie” A. Martin, Chair of the Board of Wilson Sonsini Goodrich & Rosati, and Dr. Mary Lou Jepsen, a globally renowned engineering industry govt, at the moment CEO, Founder, and Chair of healthcare laser imaging device company Openwater as effectively as Director at Lear Company. For extra on Mary Lou and Katie, see here.

2021 Economical Advice
Subsequent on the momentum coming out of 2020, Luminar has issued the next ahead-on the lookout economic steering for 2021:

  • Boost forward-searching order reserve by 40{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4}+

  • Create revenue of $25 to 30 million (August 2020 forecast was $26 million for ‘21)

  • Gross cash invest (operating money flow fewer money expenses) of approximately $140 million, which assumes a Capex target of roughly $10-15M for the calendar year

Preliminary 2020 Economical Results
Luminar has announced the subsequent preliminary unaudited economical success for complete-calendar year 2020. The Firm is finalizing its yr-finish audit, with audited economic statements to be published in the submitting of the 10k as prepared by the conclude of the thirty day period. For the year finished Dec 31, 2020:

  • Ahead-on the lookout buy reserve exceeded first advice of $1 Billion and satisfied up-to-date steerage at just around $1.3 Billion

  • Profits was somewhere around $14 million

  • Money, equivalents, and marketable securities were being somewhere around $485.7 million.

Webcast Aspects
Founder and CEO Austin Russell and CFO Tom Fennimore will host a movie webcast and will element a live Q&A session pursuing the enterprise update.

What: Company Update, 2021 Milestones and Preliminary 2020 Results, and are living Q&A

Date: Thursday, March 18, 2021

Time: 2 p.m. PT (5 p.m. ET)

A dwell webcast of the function will be out there on Luminar’s Trader website at http://luminartech.com/quarterlyreview. A replay of the webcast will be out there adhering to the presentation.

About Luminar Technologies
Luminar is an autonomous motor vehicle sensor and software program enterprise with the eyesight to make autonomy harmless and ubiquitous by offering the only lidar and connected software package that satisfies the industry’s stringent functionality, protection, and economic requirements. Luminar has rapidly acquired over 50 sector companions, like 7 of the major 10 international automakers. Before this yr, Luminar signed the industry’s initially creation offer for autonomous consumer motor vehicles with Volvo Cars, while also lately hanging promotions with SAIC, Daimler Truck AG and Intel’s Mobileye. Luminar has also been given minority investments from the world’s premier commercial car or truck company, Daimler Truck AG, and Volvo Vehicles, a global leader in automotive safety, to accelerate the introduction of autonomous vehicles and automobiles at freeway velocity. Founded in 2012, Luminar is a just about 400-individual group with workplaces in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich. For much more data be sure to visit www.luminartech.com.

Forward-Looking Statements
Specified statements included in this press release that are not historical details are forward-looking statements for functions of the secure harbor provisions below the Non-public Securities Litigation Reform Act of 1995. Forward-wanting statements normally are accompanied by words this kind of as “think,” “may possibly,” “will,” “estimate,” “continue on,” “foresee,” “intend,” “count on,” “need to,” “would,” “approach,” “predict,” “probable,” “appear,” “request,” “foreseeable future,” “forward,” “in advance,” “outlook,” and equivalent expressions that forecast or suggest long run activities or developments or that are not statements of historical matters. These forward-on the lookout statements include, but are not limited to, statements pertaining to Luminar’s 5 milestones to gauge its accomplishment in 2021, statements relating to the partnership among Luminar and SAIC, the shipping of lidar hardware and autonomous application for collection generation automobiles, Luminar’s prepared functions in China, the capabilities of Sentinel, Luminar’s engagement of a agreement maker for sequence output of Iris in a Mexico creation facility, Iris industrialization for sequence creation, Luminar’s intention of profitable at minimum three major business systems, Luminar’s long run revenues, ahead-wanting get reserve and gross income commit and Luminar’s anticipations for its comprehensive-12 months 2020 financial success,. . These statements are centered on several assumptions, whether or not discovered in this press launch, and on the recent anticipations of Luminar’s management and are not predictions of precise general performance. Forward-on the lookout statements are topic to a number of challenges and uncertainties that could trigger precise benefits to differ materially from the ahead-searching statements, which include but not confined to Luminar’s completion of the fiscal closing procedure for the total-yr 2020 functioning results and economic condition, Luminar’s constrained functioning heritage Luminar’s incapacity to lower and regulate the price of the inputs on which Luminar depends Luminar’s means to changeover to an outsourced producing business enterprise design the achievement of Luminar’s prospects in developing and commercializing solutions utilizing Luminar’s methods Luminar’s means to grow operations in China Luminar’s skill to defend its mental home rights regardless of whether Luminar’s lidar products and solutions are picked for inclusion in autonomous driving or ADAS devices by automotive OEMs or their suppliers improvements in staff and availability of certified staff the quantity and timing of future profits whether the complexity of Luminar’s products and solutions benefits in undetected defects and trustworthiness concerns which could lower industry adoption of its new items, injury its standing and expose Luminar to item liability and other promises rigid govt regulation that is topic to amendment, repeal or new interpretation and Luminar’s ability to comply with modified or new laws and regulations applying to its organization common financial uncertainty and the impact of basic economic disorders on Luminar’s sector in particular, including the stage of desire and monetary overall performance of the autonomous motor vehicle sector and industry adoption of lidar the outcomes of the ongoing coronavirus (COVID-19) pandemic or other infectious ailments, overall health epidemics, pandemics and normal disasters on Luminar’s small business and the other threats talked about beneath the heading “Hazard Aspects” in the registration assertion on Type S-1/A filed by Luminar on January 29, 2021 and other paperwork Luminar data files with the SEC in the upcoming. If any of these threats materialize or our assumptions establish incorrect, actual outcomes could vary materially from the results implied by these ahead-wanting statements. You are cautioned not to place undue reliance on any forward-looking statements, which communicate only as of the day manufactured and Luminar undertakes no obligation to update any ahead-wanting assertion to reflect events or instances just after the date of this push release.

Preliminary 2020 Financial Results
The preliminary estimates of income and income, equivalents and marketable securities talked about herein are dependent on management’s original critique of operations for the comprehensive-calendar year 2020 and are subject matter to the completion of the company’s customary yearly closing and evaluate techniques. The Organization is finalizing its yr-end audit and will publish its audited fiscal statements and 10K by the close of this month as planned.

Non-GAAP Economical Actions
In addition to disclosing financial measures organized in accordance with U.S. usually accepted accounting ideas (GAAP), this push launch includes certain non-GAAP monetary actions. We determine gross hard cash spend as [net cash used in operating activities less capital expenditures][1] . Non-GAAP fiscal steps do not have any standardized indicating and are for that reason not likely to be comparable to similarly titled measures offered by other providers. Luminar considers these non-GAAP fiscal measures to be important since they deliver handy actions of the working efficiency of the Company, special of components that do not immediately impact what we take into consideration to be our main functioning effectiveness, as well as abnormal gatherings. The Company’s administration uses these measures to (i) illustrate fundamental developments in the Company’s company that could otherwise be masked by the influence of earnings or costs that are excluded from non-GAAP measures, and (ii) build budgets and operational aims for controlling the Company’s business enterprise and evaluating its efficiency. In addition, buyers generally use very similar measures to consider the operating performance of a firm. Non-GAAP financial measures are presented only as supplemental facts for needs of comprehending the Company’s operating outcomes. The non-GAAP fiscal actions must not be considered a substitute for economical information and facts introduced in accordance with GAAP.

Check out source variation on businesswire.com: https://www.businesswire.com/information/residence/20210318005945/en/

Contacts

Media
Nicole Phelan
[email protected]

Buyers
Michael Beer
[email protected]