Luminar Presents Company Update, 2021 Milestones and Preliminary 2020 Effects

PALO ALTO, Calif.–(Business WIRE)–Mar 18, 2021–

Luminar Technologies, Inc. (NASDAQ: LAZR), the worldwide leader in automotive lidar hardware and software technological know-how, is asserting today enterprise updates and a yr in assessment of 2020, such as milestone benefits, preliminary fiscal success, and 2021 steering.

“Luminar’s 2020 achievements reflect our item leadership and market place ownership as we keep on to execute and satisfy the vision of building safe and sound autonomy a reality. Our effective debut as a general public corporation has helped to even further speed up the expansion of our product or service roadmap in addition to industrial expansion throughout passenger motor vehicle OEMs, trucking companions, and robo-taxi courses. This is validated by our latest key wins with SAIC and Zenseact, and we appear forward to continuing to execute.”

— Austin Russell, Founder & CEO

Execution: On Observe for Sequence Production SOP Subsequent Yr
In 2020, Luminar introduced and done builds of its very first Iris units, the sequence creation version of its technological innovation. Luminar has now successfully accomplished engineering validation screening of Iris, progressing on to the remaining phases of B-samples ahead of ramping into C-sample section later on this year. Right now, Luminar has Iris lidars on customer cars going by way of the facts selection and growth system, transitioning from its prior technology Hydra lidar. In addition to higher manufacturability, economics, and means to combine into vehicles, Iris now outperforms Luminar’s Hydra lidar throughout various dimensions, like improved-ranging general performance and means to see darkish objects and even increased position density. Luminar has chosen a contract company for ongoing, efficient sequence output of Iris in a Mexico generation facility. Earlier this month, Luminar also unveiled its quick evolution from a lidar business to an autonomous auto business with the introduction of Sentinel – the industry’s first entire-stack autonomous system for collection generation. See below for extra on the progress to creation.

Customer Adoption
In the to start with fifty percent of 2020, Luminar gained the first sequence manufacturing system for autonomy with Volvo Vehicles, and by the fourth quarter experienced received two added landmark partnerships with Mobileye and Daimler Truck. By calendar year conclude, it exceeded its unique ahead-on the lookout buy reserve target of $1 Billion, obtaining the updated advice that was supplied very last yr at $1.3 Billion, credited to amplified quantity direction from current plans as perfectly as new business discounts.

Given that the beginning of the 12 months, Luminar has welcomed six new strategic companions. This involves SAIC Motor Corporation Minimal, the most significant automaker in China and a Fortune World-wide 100 corporation, who was declared now as Luminar’s direct collection creation automaker spouse in China to produce market-major lidar and parts of Luminar’s recently announced Sentinel to SAIC’s “R Brand” motor vehicles, kicking off Luminar’s foray into China.

2021: What is Ahead
Luminar’s primary emphasis in 2021 is to place the enterprise for continued long-phrase achievements and corresponding shareholder price generation. To that conclude, the corporation is giving visibility on the pursuing 5 milestones to gauge our good results in 2021:

Company 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 technological innovation sector government, at this time CEO, Founder, and Chair of professional medical laser imaging product enterprise Openwater as effectively as Director at Lear Corporation. For a lot more on Mary Lou and Katie, see in this article.

2021 Monetary Guidance
Next on the momentum coming out of 2020, Luminar has issued the following forward-looking financial steering for 2021:

  • Increase ahead-wanting buy e book by 40{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4}+
  • Generate income of $25 to 30 million (August 2020 forecast was $26 million for ’21)
  • Gross money expend (functioning funds circulation significantly less cash expenses) of close to $140 million, which assumes a Capex concentrate on of somewhere around $10-15M for the year

Preliminary 2020 Monetary Benefits
Luminar has declared the subsequent preliminary unaudited monetary final results for complete-year 2020. The Business is finalizing its calendar year-conclusion audit, with audited money statements to be published in the submitting of the 10k as planned by the stop of the thirty day period. For the calendar year ended Dec 31, 2020:

  • Ahead-wanting get ebook exceeded authentic steerage of $1 Billion and fulfilled up to date steering at just about $1.3 Billion
  • Profits was roughly $14 million
  • Hard cash, equivalents, and marketable securities had been about $485.7 million.

Webcast Particulars
Founder and CEO Austin Russell and CFO Tom Fennimore will host a movie webcast and will characteristic a live Q&A session next the business update.

What: Small business Update, 2021 Milestones and Preliminary 2020 Success, and are living Q&A

Date: Thursday, March 18, 2021

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

A live webcast of the event will be out there on Luminar’s Investor site at http://luminartech.com/quarterlyreview. A replay of the webcast will be out there pursuing the presentation.

About Luminar Technologies
Luminar is an autonomous motor vehicle sensor and software enterprise with the eyesight to make autonomy harmless and ubiquitous by delivering the only lidar and affiliated software package that satisfies the industry’s stringent overall performance, security, and economic prerequisites. Luminar has promptly gained more than 50 business partners, including 7 of the major 10 global automakers. Earlier this calendar year, Luminar signed the industry’s first output deal for autonomous shopper autos with Volvo Cars, though also a short while ago placing discounts with SAIC, Daimler Truck AG and Intel’s Mobileye. Luminar has also acquired minority investments from the world’s premier commercial car producer, Daimler Truck AG, and Volvo Autos, a world leader in automotive basic safety, to speed up the introduction of autonomous vans and vehicles at freeway pace. Established in 2012, Luminar is a just about 400-individual workforce with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich. For additional information and facts you should take a look at www.luminartech.com.

Ahead-On the lookout Statements
Selected statements included in this press release that are not historical points are ahead-searching statements for functions of the safe harbor provisions below the Private Securities Litigation Reform Act of 1995. Ahead-seeking statements usually are accompanied by words and phrases this kind of as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” ”forward,” “ahead,” “outlook,” and comparable expressions that forecast or point out long term events or trends or that are not statements of historical matters. These forward-seeking statements include, but are not restricted to, statements pertaining to Luminar’s 5 milestones to gauge its achievement in 2021, statements relating to the partnership involving Luminar and SAIC, the shipping of lidar hardware and autonomous application for sequence output cars, Luminar’s prepared functions in China, the capabilities of Sentinel, Luminar’s engagement of a deal maker for sequence output of Iris in a Mexico output facility, Iris industrialization for series output, Luminar’s goal of winning at minimum a few big commercial plans, Luminar’s foreseeable future revenues, ahead-looking buy e-book and gross dollars spend and Luminar’s anticipations for its comprehensive-12 months 2020 fiscal success,. . These statements are primarily based on a variety of assumptions, whether or not or not identified in this push launch, and on the present-day expectations of Luminar’s management and are not predictions of genuine efficiency. Ahead-seeking statements are subject to a variety of challenges and uncertainties that could cause precise benefits to vary materially from the forward-seeking statements, which includes but not minimal to Luminar’s completion of the fiscal closing process for the whole-12 months 2020 functioning outcomes and fiscal condition, Luminar’s constrained running history Luminar’s lack of ability to cut down and handle the value of the inputs on which Luminar relies Luminar’s ability to changeover to an outsourced manufacturing organization model the success of Luminar’s clients in establishing and commercializing solutions applying Luminar’s answers Luminar’s ability to expand functions in China Luminar’s means to shield its intellectual residence rights whether Luminar’s lidar products are chosen for inclusion in autonomous driving or ADAS programs by automotive OEMs or their suppliers variations in personnel and availability of qualified staff the sum and timing of long run sales regardless of whether the complexity of Luminar’s solutions results in undetected problems and reliability challenges which could decrease current market adoption of its new goods, problems its name and expose Luminar to merchandise liability and other claims strict governing administration regulation that is subject matter to amendment, repeal or new interpretation and Luminar’s potential to comply with modified or new rules and restrictions applying to its organization normal financial uncertainty and the effect of normal financial situations on Luminar’s market in individual, together with the stage of need and fiscal performance of the autonomous vehicle sector and industry adoption of lidar the consequences of the ongoing coronavirus (COVID-19) pandemic or other infectious ailments, health and fitness epidemics, pandemics and organic disasters on Luminar’s small business and the other pitfalls reviewed under the heading “Risk Factors” in the registration assertion on Variety S-1/A filed by Luminar on January 29, 2021 and other files Luminar information with the SEC in the future. If any of these challenges materialize or our assumptions show incorrect, actual success could differ materially from the effects implied by these forward-searching statements. You are cautioned not to area undue reliance on any ahead-wanting statements, which converse only as of the date created and Luminar undertakes no obligation to update any ahead-hunting statement to replicate gatherings or circumstances soon after the day of this press launch.

Preliminary 2020 Economic Success
The preliminary estimates of profits and funds, equivalents and marketable securities discussed herein are primarily based on management’s first review of functions for the full-12 months 2020 and are topic to the completion of the company’s customary yearly closing and critique treatments. The Firm is finalizing its year-conclusion audit and will publish its audited fiscal statements and 10K by the end of this month as planned.

Non-GAAP Monetary Steps
In addition to disclosing fiscal measures well prepared in accordance with U.S. typically approved accounting rules (GAAP), this press release contains selected non-GAAP economical actions. We calculate gross income expend as [net cash used in operating activities less capital expenditures][1] . Non-GAAP economical actions do not have any standardized meaning and are as a result unlikely to be comparable to likewise titled steps offered by other organizations. Luminar considers these non-GAAP fiscal measures to be vital due to the fact they offer practical measures of the operating functionality of the Business, special of components that do not straight have an effect on what we contemplate to be our core running functionality, as perfectly as strange activities. The Company’s management uses these measures to (i) illustrate fundamental traits in the Company’s organization that could in any other case be masked by the outcome of earnings or charges that are excluded from non-GAAP steps, and (ii) set up budgets and operational aims for handling the Company’s organization and evaluating its performance. In addition, investors normally use related actions to appraise the running functionality of a corporation. Non-GAAP economical measures are presented only as supplemental details for functions of understanding the Company’s functioning effects. The non-GAAP economical measures must not be thought of a substitute for economical facts introduced in accordance with GAAP.

Look at supply edition on businesswire.com:https://www.businesswire.com/information/property/20210318005945/en/

Get in touch with: Media

Nicole Phelan

[email protected]

Michael Beer

[email protected]

Keyword: UNITED STATES NORTH America CALIFORNIA

Sector Search phrase: AUTOMOTIVE AUTOMOTIVE Manufacturing Basic AUTOMOTIVE Engineering Production Software package Components

Source: Luminar Systems, Inc.

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PUB: 03/18/2021 04:10 PM/DISC: 03/18/2021 04:10 PM

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