Accelerating Business Growth and On-Track for All Four Key 2022 Milestones and Financial Guidance
ORLANDO, Fla.--(BUSINESS WIRE)--Luminar (NASDAQ: LAZR), a leading global automotive technology company, today announced its quarterly business update and financial results for the first quarter of 2022, ended March 31, 2022. The company delivered $6.9 million in first-quarter revenue, up 29% year-over-year (YoY) and ahead of internal expectations. Luminar remains on-track to meet or beat its prior $40 million full-year 2022 revenue guidance. Today, Luminar also released its quarterly Path to Series Production video, which can be viewed at: www.luminartech.com/path.
“Automakers are aligning with our vision that next-level safety should come standard with all vehicles, not just available to a select few, and our new partner Nissan is helping lead the pack to mainstream adoption,” said Austin Russell, Luminar Founder and CEO. “We remain heads-down, relentlessly focused on execution as we work to accelerate our roadmap, from a new planned volume capacity expansion for Iris to advancing our foundational chip-level tech capabilities with the Freedom Photonics acquisition.”
New Business Update Highlights:
Major Full-Year 2022 Milestone Status:
Key Q1 2022 Financials:
Webcast Details
Founder and CEO Austin Russell and CFO Tom Fennimore will host a video webcast, featuring a business update followed by a live Q&A session.
What: video webcast featuring quarterly business and financial update and live Q&A Date: today, May 5, 2022 Time: 2:00 p.m. PDT (5:00 p.m. EDT)
A live webcast of the event will be available on Luminar’s investor site at https://luminartech.com/quarterlyreview. A replay of the webcast will be available following the presentation. For additional information or to be added to our investor distribution list, please visit us at https://investors.luminartech.com/ir-resources/email-alerts.
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Luminar considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what we consider to be our core operating performance, as well as unusual events. The Company’s management uses these measures to (i) illustrate underlying trends in the Company’s business that could otherwise be masked by the effect of income or expenses that are excluded from non-GAAP measures, and (ii) establish budgets and operational goals for managing the Company’s business and evaluating its performance. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures are presented only as supplemental information for purposes of understanding the Company’s operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP.
This release includes non-GAAP financial measures, including non-GAAP net loss (see below for a reconciliation of GAAP net loss to non-GAAP net loss), cash spend and Order Book. Non-GAAP net loss is defined as GAAP net loss plus stock-based compensation expense, plus amortization of intangible assets, plus transaction costs relating to acquisition activities, plus expenses related to registration statement on Form S-1 on behalf of selling stockholders, plus change in fair value of warrant liabilities, plus benefit from income taxes. Cash spend is defined as operating cash flow less capital expenditures.
This release includes forward-looking estimates of Order Book and cash spend as part of our financial guidance. We do not reconcile these non-GAAP measures for future periods to their most comparable GAAP measures due to the uncertainty and potential variability of reconciling items. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide a reconciliation of these non-GAAP measures without unreasonable effort.
Order Book is defined as the forward-looking cumulative sales estimates of Luminar’s hardware and software products over the lifetime of given programs which Luminar’s technology is integrated into or provided for, based primarily on projected/actual contractual pricing terms and good faith estimates of “take rates” of Luminar’s technology on vehicles. Such anticipated programs and volumes/take rates are based on commitments by our partners that are dependent on successful performance through development and validation and entering definitive purchase orders for series production, which may change for a variety of reasons as disclosed herein and other SEC filings, including, without limitation, the risks set forth in the “Forward-Looking Statements” section below. Customer production vehicle volume estimates (and take rates when applicable) are largely sourced from (i) the OEM/customer, (ii) IHS Markit or other third party estimates, and/or (iii) Luminar’s management good faith estimates.
Luminar defines a “major win” as a written agreement with a major industry player, including based on their past experience in high volume production, leadership in autonomy, or market leadership, that selects our technology for what is expected to be a significant commercial program, including OEM series production programs. We only include major commercial wins, disclosed or undisclosed, in our forward-looking order book calculation, which are subject to the risks set forth in the “Forward-Looking Statements” section below.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under 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 that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected achievement and timing of series production readiness for Iris lidar and core software, the expected timing of the beta release of Sentinel, the expected growth in 2022 of Luminar’s forward-looking order book and major commercial wins, and expectations for 2022 revenue growth and cash expenditure. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar's management and are not guarantees of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including the risks discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Luminar’s most recently filed periodic reports on Form 10-K and Form 10-Q, and other documents Luminar files with the SEC in the future. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
About Luminar Technologies
Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. For more information please visit www.luminartech.com.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
|
|||||||
|
March 31, 2022 |
|
December 31, 2021 |
||||
ASSETS |
|
|
|
||||
Current Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
159,416 |
|
|
$ |
329,977 |
|
Restricted cash |
|
710 |
|
|
|
725 |
|
Marketable securities |
|
547,440 |
|
|
|
462,141 |
|
Accounts receivable |
|
3,256 |
|
|
|
13,013 |
|
Inventory |
|
10,012 |
|
|
|
10,342 |
|
Prepaid expenses and other current assets |
|
37,545 |
|
|
|
29,195 |
|
Total current assets |
|
758,379 |
|
|
|
845,393 |
|
Property and equipment, net |
|
16,437 |
|
|
|
11,009 |
|
Operating lease right-of-use assets |
|
14,005 |
|
|
|
9,145 |
|
Intangible assets, net |
|
2,361 |
|
|
|
2,424 |
|
Goodwill |
|
2,945 |
|
|
|
3,110 |
|
Other non-current assets |
|
13,673 |
|
|
|
12,455 |
|
Total assets |
$ |
807,800 |
|
|
$ |
883,536 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
17,293 |
|
|
$ |
14,419 |
|
Accrued and other current liabilities |
|
24,848 |
|
|
|
19,844 |
|
Operating lease liabilities |
|
5,079 |
|
|
|
4,735 |
|
Total current liabilities |
|
47,220 |
|
|
|
38,998 |
|
Warrant liabilities |
|
16,399 |
|
|
|
31,230 |
|
Convertible senior notes |
|
609,766 |
|
|
|
608,957 |
|
Operating lease liabilities, non-current |
|
10,102 |
|
|
|
5,768 |
|
Other non-current liabilities |
|
429 |
|
|
|
598 |
|
Total liabilities |
|
683,916 |
|
|
|
685,551 |
|
Stockholders’ equity: |
|
|
|
||||
Class A common stock |
|
27 |
|
|
|
27 |
|
Class B common stock |
|
10 |
|
|
|
10 |
|
Additional paid-in capital |
|
1,314,742 |
|
|
|
1,257,214 |
|
Accumulated other comprehensive loss |
|
(4,556 |
) |
|
|
(908 |
) |
Treasury stock |
|
(275,519 |
) |
|
|
(235,871 |
) |
Accumulated deficit |
|
(910,820 |
) |
|
|
(822,487 |
) |
Total stockholders’ equity |
|
123,884 |
|
|
|
197,985 |
|
Total liabilities and stockholders’ equity |
$ |
807,800 |
|
|
$ |
883,536 |
|
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Revenue: |
|
|
|
||||
Products |
$ |
1,541 |
|
|
$ |
2,933 |
|
Services |
|
5,314 |
|
|
|
2,380 |
|
Total revenue |
|
6,855 |
|
|
|
5,313 |
|
Cost of sales: |
|
|
|
||||
Products |
|
11,818 |
|
|
|
5,309 |
|
Services |
|
4,836 |
|
|
|
2,330 |
|
Total cost of sales |
|
16,654 |
|
|
|
7,639 |
|
Gross loss |
|
(9,799 |
) |
|
|
(2,326 |
) |
Operating expenses: |
|
|
|
||||
Research and development |
|
33,109 |
|
|
|
14,010 |
|
Sales and marketing |
|
9,398 |
|
|
|
2,635 |
|
General and administrative |
|
30,025 |
|
|
|
10,273 |
|
Total operating expenses |
|
72,532 |
|
|
|
26,918 |
|
Loss from operations |
|
(82,331 |
) |
|
|
(29,244 |
) |
Other income (expense), net: |
|
|
|
||||
Change in fair value of warrant liabilities |
|
(3,857 |
) |
|
|
(46,649 |
) |
Interest expense and other |
|
(3,280 |
) |
|
|
(200 |
) |
Interest income and other |
|
1,539 |
|
|
|
170 |
|
Total other income (expense), net |
|
(5,598 |
) |
|
|
(46,679 |
) |
Loss before provision for income taxes |
|
(87,929 |
) |
|
|
(75,923 |
) |
Provision for income taxes |
|
404 |
|
|
|
— |
|
Net loss |
$ |
(88,333 |
) |
|
$ |
(75,923 |
) |
Net loss per share: |
|
|
|
||||
Basic and diluted |
$ |
(0.25 |
) |
|
$ |
(0.23 |
) |
Shares used in computing net loss per share: |
|
|
|
||||
Basic and diluted |
|
348,683,836 |
|
|
|
332,987,523 |
|
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(88,333 |
) |
|
$ |
(75,923 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
805 |
|
|
|
657 |
|
Noncash lease expense related to operating lease right-of-use assets |
|
885 |
|
|
|
890 |
|
Amortization of premium on marketable securities |
|
444 |
|
|
|
262 |
|
Change in fair value of warrants |
|
3,857 |
|
|
|
46,649 |
|
Vendor stock-in lieu of cash program |
|
7,848 |
|
|
|
— |
|
Amortization of debt discount and issuance costs |
|
809 |
|
|
|
— |
|
Impairment of inventories |
|
1,356 |
|
|
|
257 |
|
Share-based compensation |
|
26,698 |
|
|
|
1,837 |
|
Product warranty and other |
|
107 |
|
|
|
853 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
9,757 |
|
|
|
3,828 |
|
Inventories |
|
(768 |
) |
|
|
(442 |
) |
Prepaid expenses and other current assets |
|
(3,300 |
) |
|
|
(5,797 |
) |
Other non-current assets |
|
158 |
|
|
|
(1,318 |
) |
Accounts payable |
|
5,983 |
|
|
|
1,766 |
|
Accrued and other current liabilities |
|
1,200 |
|
|
|
(813 |
) |
Other non-current liabilities |
|
(343 |
) |
|
|
(720 |
) |
Net cash used in operating activities |
|
(32,837 |
) |
|
|
(28,014 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchases of marketable securities |
|
(193,687 |
) |
|
|
(226,245 |
) |
Proceeds from maturities of marketable securities |
|
91,454 |
|
|
|
69,275 |
|
Proceeds from sales of marketable securities |
|
12,842 |
|
|
|
29,505 |
|
Purchases of property and equipment |
|
(5,004 |
) |
|
|
(889 |
) |
Net cash used in investing activities |
|
(94,395 |
) |
|
|
(128,354 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from exercise of warrants |
|
— |
|
|
|
153,927 |
|
Proceeds from exercise of stock options |
|
1,092 |
|
|
|
321 |
|
Payments of employee taxes related to vested restricted stock units |
|
(516 |
) |
|
|
— |
|
Repurchase of common stock and redemption of warrants |
|
(43,920 |
) |
|
|
(2 |
) |
Other financing activities |
|
— |
|
|
|
(142 |
) |
Net cash provided by (used in) financing activities |
|
(43,344 |
) |
|
|
154,104 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(170,576 |
) |
|
|
(2,264 |
) |
Beginning cash, cash equivalents and restricted cash |
|
330,702 |
|
|
|
209,719 |
|
Ending cash, cash equivalents and restricted cash |
$ |
160,126 |
|
|
$ |
207,455 |
|
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP cost of sales |
$ |
16,654 |
|
|
$ |
7,639 |
|
Non-GAAP adjustments: |
|
|
|
||||
Stock-based compensation |
|
(1,786 |
) |
|
|
(83 |
) |
Amortization of intangible assets |
|
(44 |
) |
|
|
— |
|
Non-GAAP cost of sales |
$ |
14,824 |
|
|
$ |
7,556 |
|
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP gross loss |
$ |
(9,799 |
) |
|
$ |
(2,326 |
) |
Non-GAAP adjustments: |
|
|
|
||||
Stock-based compensation |
|
1,786 |
|
|
|
83 |
|
Amortization of intangible assets |
|
44 |
|
|
|
— |
|
Non-GAAP gross loss |
$ |
(7,969 |
) |
|
$ |
(2,243 |
) |
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP operating expenses |
$ |
72,532 |
|
|
$ |
26,918 |
|
Non-GAAP adjustments: |
|
|
|
||||
Stock-based compensation |
|
(24,912 |
) |
|
|
(1,754 |
) |
Amortization of intangible assets |
|
(19 |
) |
|
|
— |
|
Transaction costs relating to acquisition activities |
|
(1,513 |
) |
|
|
— |
|
Expenses related to registration statement on Form S-1 on behalf of selling stockholders |
|
— |
|
|
|
(461 |
) |
Non-GAAP operating expenses |
$ |
46,088 |
|
|
$ |
24,703 |
|
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP net loss |
$ |
(88,333 |
) |
|
$ |
(75,923 |
) |
Non-GAAP adjustments: |
|
|
|
||||
Stock-based compensation |
|
26,698 |
|
|
|
1,837 |
|
Amortization of intangible assets |
|
63 |
|
|
|
— |
|
Transaction costs relating to acquisition activities |
|
1,513 |
|
|
|
— |
|
Expenses related to registration statement on Form S-1 on behalf of selling stockholders |
|
— |
|
|
|
461 |
|
Change in fair value of warrant liabilities |
|
3,857 |
|
|
|
46,649 |
|
Provision for income taxes |
|
165 |
|
|
|
— |
|
Non-GAAP net loss |
$ |
(56,037 |
) |
|
$ |
(26,976 |
) |
GAAP net loss per share: |
|
|
|
||||
Basic and diluted |
$ |
(0.25 |
) |
|
$ |
(0.23 |
) |
Non-GAAP net loss per share: |
|
|
|
||||
Basic and diluted |
$ |
(0.16 |
) |
|
$ |
(0.08 |
) |
Shares used in computing GAAP net loss per share: |
|
|
|
||||
Basic and diluted |
|
348,683,836 |
|
|
|
332,987,523 |
|
Shares used in computing Non-GAAP net loss per share: |
|
|
|
||||
Basic and diluted |
|
348,683,836 |
|
|
|
332,987,523 |
|
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP operating cash flow |
$ |
(32,837 |
) |
|
$ |
(28,014 |
) |
Non-GAAP adjustments: |
|
|
|
||||
Capital expenditure |
|
(5,004 |
) |
|
|
(889 |
) |
Non-GAAP free cash flow |
$ |
(37,841 |
) |
|
$ |
(28,903 |
) |
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
|
|||||||||||
(Unaudited) |
Three Months Ended |
||||||||||
|
March 31, 2022 |
|
March 31, 2021 |
||||||||
|
Stock-Based
|
|
Intangibles
|
|
Stock-Based
|
|
Intangibles
|
||||
Cost of Sales |
$ |
1,786 |
|
$ |
44 |
|
$ |
83 |
|
$ |
— |
Research and development |
|
7,102 |
|
|
— |
|
|
762 |
|
|
— |
Sales and marketing |
|
2,868 |
|
|
19 |
|
|
186 |
|
|
— |
General and administrative |
|
14,942 |
|
|
— |
|
|
806 |
|
|
— |
Non-GAAP gross loss |
$ |
26,698 |
|
$ |
63 |
|
$ |
1,837 |
|
$ |
— |
Ускорение роста бизнеса и выполнение всех четырех Ключевых этапов 2022 года и Финансовых рекомендаций
ОРЛАНДО, ФЛОРИДА.--(BUSINESS WIRE)--Luminar (NASDAQ: LAZR), ведущая мировая компания в области автомобильных технологий, сегодня объявила о своих ежеквартальных обновлениях бизнеса и финансовых результатах за первый квартал 2022 года, закончившийся 31 марта 2022 года. Выручка компании в первом квартале составила 6,9 млн долларов, что на 29% больше по сравнению с аналогичным периодом прошлого года (г/г) и превысило внутренние ожидания. Luminar по-прежнему находится на пути к достижению или превышению своих предыдущих прогнозов по выручке на 2022 год в размере 40 миллионов долларов. Сегодня Luminar также выпустила свой ежеквартальный видеоролик "Путь к серийному производству", который можно посмотреть по адресу: www.luminartech.com/path .
“Автопроизводители согласны с нашим видением того, что безопасность следующего уровня должна быть стандартной для всех автомобилей, а не только для избранных, и наш новый партнер Nissan помогает привести пакет к массовому внедрению”, - сказал Остин Рассел, основатель и генеральный директор Luminar. “Мы по-прежнему сосредоточены на выполнении, неустанно работая над ускорением нашей дорожной карты, начиная с нового запланированного расширения производственных мощностей Iris и заканчивая расширением наших базовых технологических возможностей на уровне чипов с приобретением Freedom Photonics”.
Основные моменты новых Бизнес-обновлений:
Важный Этапный статус на Весь 2022 год:
Основные финансовые показатели за 1 квартал 2022 года:
Подробности веб-трансляции
Основатель и генеральный директор Остин Рассел и финансовый директор Том Феннимор проведут видеотрансляцию, в которой будут представлены последние новости о бизнесе, за которыми последует прямая сессия вопросов и ответов.
Что: видеотрансляция с ежеквартальной деловой и финансовой информацией и живыми вопросами и ответами Дата: сегодня, 5 мая 2022 года Время: 2:00 вечера PDT (5:00 вечера EDT)
Прямая трансляция мероприятия будет доступна на сайте Luminar для инвесторов по адресу https://luminartech.com/quarterlyreview . Повтор веб-трансляции будет доступен после презентации. Для получения дополнительной информации или для добавления в наш список рассылки инвесторов, пожалуйста, посетите нас по адресу https://investors.luminartech.com/ir-resources/email-alerts .
Финансовые показатели, Не относящиеся к ОПБУ
В дополнение к раскрытию финансовых показателей, подготовленных в соответствии с общепринятыми принципами бухгалтерского учета США (GAAP), в этом пресс-релизе содержатся некоторые финансовые показатели, не относящиеся к GAAP. Финансовые показатели, не относящиеся к GAAP, не имеют какого-либо стандартизированного значения и поэтому вряд ли будут сопоставимы с аналогичными показателями, представленными другими компаниями. Luminar считает эти финансовые показатели, не относящиеся к GAAP, важными, поскольку они обеспечивают полезные показатели операционной деятельности Компании, исключая факторы, которые напрямую не влияют на то, что мы считаем нашими основными операционными показателями, а также необычные события. Руководство Компании использует эти показатели, чтобы (i) проиллюстрировать основные тенденции в бизнесе Компании, которые в противном случае могли бы быть замаскированы влиянием доходов или расходов, которые исключены из показателей, не относящихся к GAAP, и (ii) установить бюджеты и операционные цели для управления бизнесом Компании и оценки его эффективности. Кроме того, инвесторы часто используют аналогичные показатели для оценки операционных показателей компании. Финансовые показатели, не относящиеся к GAAP, представлены только в качестве дополнительной информации для целей понимания операционных результатов Компании. Финансовые показатели, не относящиеся к ОПБУ, не следует рассматривать как замену финансовой информации, представленной в соответствии с ОПБУ.
Этот выпуск включает финансовые показатели, не относящиеся к GAAP, включая чистый убыток, не относящийся к GAAP (см. Ниже сверку чистого убытка по GAAP с чистым убытком, не относящимся к GAAP), расход денежных средств и Книгу заказов. Чистый убыток, не относящийся к GAAP, определяется как чистый убыток по GAAP плюс расходы на компенсацию на основе акций, плюс амортизация нематериальных активов, плюс операционные издержки, связанные с деятельностью по приобретению, плюс расходы, связанные с регистрационным заявлением по форме S-1 от имени продающих акционеров, плюс изменение справедливой стоимости обязательств по гарантиям, плюс выгода от подоходного налога. Расход денежных средств определяется как операционный денежный поток за вычетом капитальных затрат.
Этот релиз включает прогнозные оценки портфеля заказов и денежных расходов в рамках нашего финансового руководства. Мы не сверяем эти показатели, не относящиеся к GAAP, для будущих периодов с их наиболее сопоставимыми показателями GAAP из-за неопределенности и потенциальной изменчивости выверяемых статей. Поскольку такие статьи не могут быть разумно предсказаны с требуемым уровнем точности, мы не можем обеспечить сверку этих показателей, не относящихся к GAAP, без необоснованных усилий.
Портфель заказов определяется как прогнозные совокупные оценки продаж аппаратных и программных продуктов Luminar в течение срока действия данных программ, в которые интегрирована или предусмотрена технология Luminar, основанные главным образом на прогнозируемых / фактических договорных условиях ценообразования и добросовестных оценках “ставок использования” технологии Luminar на транспортных средствах. Такие ожидаемые программы и объемы / ставки закупок основаны на обязательствах наших партнеров, которые зависят от успешной работы путем разработки и проверки и ввода окончательных заказов на поставку для серийного производства, которые могут измениться по целому ряду причин, как указано в настоящем документе и других документах SEC, включая, помимо прочего, риски, изложенные в в разделе “Прогнозные заявления” ниже. Оценки объема производства транспортных средств для клиентов (и, если применимо, ставки сбора) в основном получены из (i) OEM / заказчика, (ii) оценок IHS Markit или других сторонних организаций и /или (iii) добросовестных оценок руководства Luminar.
Luminar определяет “крупную победу” как письменное соглашение с крупным игроком отрасли, в том числе основанное на их прошлом опыте в крупносерийном производстве, лидерстве в автономии или лидерстве на рынке, которое выбирает нашу технологию для того, что, как ожидается, станет важной коммерческой программой, включая программы серийного производства OEM. Мы включаем только крупные коммерческие выигрыши, раскрытые или нераскрытые, в наш прогнозный расчет портфеля заказов, которые подвержены рискам, изложенным в разделе “Прогнозные заявления” ниже.
Прогнозные заявления
Некоторые заявления, включенные в этот пресс-релиз, которые не являются историческими фактами, являются прогнозными заявлениями для целей положений о безопасной гавани в соответствии с Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года. Прогнозные заявления обычно сопровождаются такими словами, как “цели”, “полагаю”, “может”, “будет”, “оценить”, “установить”, “продолжать”, “к”, “предвидеть”, “намереваться”, “ожидать”, “следует”, “бы”, “вперед” и подобные выражения, которые предсказывают или указывают на будущие события или тенденции или которые не являются заявлениями об исторических событиях. Эти прогнозные заявления включают, но не ограничиваются ими, заявления относительно ожидаемого достижения и сроков готовности к серийному производству Iris lidar и основного программного обеспечения, ожидаемых сроков бета-версии Sentinel, ожидаемого роста в 2022 году прогнозного портфеля заказов Luminar и крупных коммерческих побед, а также ожидания роста выручки и денежных расходов в 2022 году. Эти заявления основаны на различных предположениях, независимо от того, указаны они в данном пресс-релизе или нет, а также на текущих ожиданиях руководства Luminar и не являются гарантией фактических результатов. Прогнозные заявления подвержены ряду рисков и неопределенностей, которые могут привести к тому, что фактические результаты будут существенно отличаться от прогнозных заявлений, включая риски, обсуждаемые в разделах “Факторы риска” и “Обсуждение и анализ руководством финансового состояния и результатов деятельности” в последней поданной Luminar периодические отчеты по форме 10-K и форме 10-Q, а также другие документы Luminar будут представлены в SEC в будущем. Вас предупреждают, чтобы вы не слишком полагались на какие-либо прогнозные заявления, которые действуют только на дату, и Luminar не берет на себя никаких обязательств обновлять какие-либо прогнозные заявления, чтобы отразить события или обстоятельства после даты настоящего пресс-релиза.
Об Luminar Technologies
Luminar - это глобальная автомобильная технологическая компания, открывающая новую эру безопасности и автономности транспортных средств. За последнее десятилетие Luminar создала передовую аппаратную и программную платформу, позволяющую своим более чем 50 отраслевым партнерам, включая большинство мировых производителей автомобилей. От Volvo Cars и Mercedes-Benz для потребительских автомобилей и Daimler Trucks для коммерческих грузовиков до технических партнеров NVIDIA и Mobileye от Intel, Luminar готова стать первой автомобильной технологической компанией, которая обеспечит безопасность и автономные возможности следующего поколения для серийных автомобилей. Для получения дополнительной информации, пожалуйста, посетите www.luminartech.com .
Luminar Technologies, INC. AND SUBSIDIARIES
|
|||||||
|
March 31, 2022 |
|
December 31, 2021 |
||||
ASSETS |
|
|
|
||||
Current Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
159,416 |
|
|
$ |
329,977 |
|
Restricted cash |
|
710 |
|
|
|
725 |
|
Marketable securities |
|
547,440 |
|
|
|
462,141 |
|
Accounts receivable |
|
3,256 |
|
|
|
13,013 |
|
Inventory |
|
10,012 |
|
|
|
10,342 |
|
Prepaid expenses and other current assets |
|
37,545 |
|
|
|
29,195 |
|
Total current assets |
|
758,379 |
|
|
|
845,393 |
|
Property and equipment, net |
|
16,437 |
|
|
|
11,009 |
|
Operating lease right-of-use assets |
|
14,005 |
|
|
|
9,145 |
|
Intangible assets, net |
|
2,361 |
|
|
|
2,424 |
|
Goodwill |
|
2,945 |
|
|
|
3,110 |
|
Other non-current assets |
|
13,673 |
|
|
|
12,455 |
|
Total assets |
$ |
807,800 |
|
|
$ |
883,536 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
17,293 |
|
|
$ |
14,419 |
|
Accrued and other current liabilities |
|
24,848 |
|
|
|
19,844 |
|
Operating lease liabilities |
|
5,079 |
|
|
|
4,735 |
|
Total current liabilities |
|
47,220 |
|
|
|
38,998 |
|
Warrant liabilities |
|
16,399 |
|
|
|
31,230 |
|
Convertible senior notes |
|
609,766 |
|
|
|
608,957 |
|
Operating lease liabilities, non-current |
|
10,102 |
|
|
|
5,768 |
|
Other non-current liabilities |
|
429 |
|
|
|
598 |
|
Total liabilities |
|
683,916 |
|
|
|
685,551 |
|
Stockholders’ equity: |
|
|
|
||||
Class A common stock |
|
27 |
|
|
|
27 |
|
Class B common stock |
|
10 |
|
|
|
10 |
|
Additional paid-in capital |
|
1,314,742 |
|
|
|
1,257,214 |
|
Accumulated other comprehensive loss |
|
(4,556 |
) |
|
|
(908 |
) |
Treasury stock |
|
(275,519 |
) |
|
|
(235,871 |
) |
Accumulated deficit |
|
(910,820 |
) |
|
|
(822,487 |
) |
Total stockholders’ equity |
|
123,884 |
|
|
|
197,985 |
|
Total liabilities and stockholders’ equity |
$ |
807,800 |
|
|
$ |
883,536 |
|
Luminar Technologies, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Revenue: |
|
|
|
||||
Products |
$ |
1,541 |
|
|
$ |
2,933 |
|
Services |
|
5,314 |
|
|
|
2,380 |
|
Total revenue |
|
6,855 |
|
|
|
5,313 |
|
Cost of sales: |
|
|
|
||||
Products |
|
11,818 |
|
|
|
5,309 |
|
Services |
|
4,836 |
|
|
|
2,330 |
|
Total cost of sales |
|
16,654 |
|
|
|
7,639 |
|
Gross loss |
|
(9,799 |
) |
|
|
(2,326 |
) |
Operating expenses: |
|
|
|
||||
Research and development |
|
33,109 |
|
|
|
14,010 |
|
Sales and marketing |
|
9,398 |
|
|
|
2,635 |
|
General and administrative |
|
30,025 |
|
|
|
10,273 |
|
Total operating expenses |
|
72,532 |
|
|
|
26,918 |
|
Loss from operations |
|
(82,331 |
) |
|
|
(29,244 |
) |
Other income (expense), net: |
|
|
|
||||
Change in fair value of warrant liabilities |
|
(3,857 |
) |
|
|
(46,649 |
) |
Interest expense and other |
|
(3,280 |
) |
|
|
(200 |
) |
Interest income and other |
|
1,539 |
|
|
|
170 |
|
Total other income (expense), net |
|
(5,598 |
) |
|
|
(46,679 |
) |
Loss before provision for income taxes |
|
(87,929 |
) |
|
|
(75,923 |
) |
Provision for income taxes |
|
404 |
|
|
|
— |
|
Net loss |
$ |
(88,333 |
) |
|
$ |
(75,923 |
) |
Net loss per share: |
|
|
|
||||
Basic and diluted |
$ |
(0.25 |
) |
|
$ |
(0.23 |
) |
Shares used in computing net loss per share: |
|
|
|
||||
Basic and diluted |
|
348,683,836 |
|
|
|
332,987,523 |
|
Luminar Technologies, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(88,333 |
) |
|
$ |
(75,923 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
805 |
|
|
|
657 |
|
Noncash lease expense related to operating lease right-of-use assets |
|
885 |
|
|
|
890 |
|
Amortization of premium on marketable securities |
|
444 |
|
|
|
262 |
|
Change in fair value of warrants |
|
3,857 |
|
|
|
46,649 |
|
Vendor stock-in lieu of cash program |
|
7,848 |
|
|
|
— |
|
Amortization of debt discount and issuance costs |
|
809 |
|
|
|
— |
|
Impairment of inventories |
|
1,356 |
|
|
|
257 |
|
Share-based compensation |
|
26,698 |
|
|
|
1,837 |
|
Product warranty and other |
|
107 |
|
|
|
853 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
9,757 |
|
|
|
3,828 |
|
Inventories |
|
(768 |
) |
|
|
(442 |
) |
Prepaid expenses and other current assets |
|
(3,300 |
) |
|
|
(5,797 |
) |
Other non-current assets |
|
158 |
|
|
|
(1,318 |
) |
Accounts payable |
|
5,983 |
|
|
|
1,766 |
|
Accrued and other current liabilities |
|
1,200 |
|
|
|
(813 |
) |
Other non-current liabilities |
|
(343 |
) |
|
|
(720 |
) |
Net cash used in operating activities |
|
(32,837 |
) |
|
|
(28,014 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchases of marketable securities |
|
(193,687 |
) |
|
|
(226,245 |
) |
Proceeds from maturities of marketable securities |
|
91,454 |
|
|
|
69,275 |
|
Proceeds from sales of marketable securities |
|
12,842 |
|
|
|
29,505 |
|
Purchases of property and equipment |
|
(5,004 |
) |
|
|
(889 |
) |
Net cash used in investing activities |
|
(94,395 |
) |
|
|
(128,354 |
) |
Cash flows from financing activities: |
|
|
|
||||
Proceeds from exercise of warrants |
|
— |
|
|
|
153,927 |
|
Proceeds from exercise of stock options |
|
1,092 |
|
|
|
321 |
|
Payments of employee taxes related to vested restricted stock units |
|
(516 |
) |
|
|
— |
|
Repurchase of common stock and redemption of warrants |
|
(43,920 |
) |
|
|
(2 |
) |
Other financing activities |
|
— |
|
|
|
(142 |
) |
Net cash provided by (used in) financing activities |
|
(43,344 |
) |
|
|
154,104 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(170,576 |
) |
|
|
(2,264 |
) |
Beginning cash, cash equivalents and restricted cash |
|
330,702 |
|
|
|
209,719 |
|
Ending cash, cash equivalents and restricted cash |
$ |
160,126 |
|
|
$ |
207,455 |
|
Luminar Technologies, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP cost of sales |
$ |
16,654 |
|
|
$ |
7,639 |
|
Non-GAAP adjustments: |
|
|
|
||||
Stock-based compensation |
|
(1,786 |
) |
|
|
(83 |
) |
Amortization of intangible assets |
|
(44 |
) |
|
|
— |
|
Non-GAAP cost of sales |
$ |
14,824 |
|
|
$ |
7,556 |
|
Luminar Technologies, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP gross loss |
$ |
(9,799 |
) |
|
$ |
(2,326 |
) |
Non-GAAP adjustments: |
|
|
|
||||
Stock-based compensation |
|
1,786 |
|
|
|
83 |
|
Amortization of intangible assets |
|
44 |
|
|
|
— |
|
Non-GAAP gross loss |
$ |
(7,969 |
) |
|
$ |
(2,243 |
) |
Luminar Technologies, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP operating expenses |
$ |
72,532 |
|
|
$ |
26,918 |
|
Non-GAAP adjustments: |
|
|
|
||||
Stock-based compensation |
|
(24,912 |
) |
|
|
(1,754 |
) |
Amortization of intangible assets |
|
(19 |
) |
|
|
— |
|
Transaction costs relating to acquisition activities |
|
(1,513 |
) |
|
|
— |
|
Expenses related to registration statement on Form S-1 on behalf of selling stockholders |
|
— |
|
|
|
(461 |
) |
Non-GAAP operating expenses |
$ |
46,088 |
|
|
$ |
24,703 |
|
Luminar Technologies, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP net loss |
$ |
(88,333 |
) |
|
$ |
(75,923 |
) |
Non-GAAP adjustments: |
|
|
|
||||
Stock-based compensation |
|
26,698 |
|
|
|
1,837 |
|
Amortization of intangible assets |
|
63 |
|
|
|
— |
|
Transaction costs relating to acquisition activities |
|
1,513 |
|
|
|
— |
|
Expenses related to registration statement on Form S-1 on behalf of selling stockholders |
|
— |
|
|
|
461 |
|
Change in fair value of warrant liabilities |
|
3,857 |
|
|
|
46,649 |
|
Provision for income taxes |
|
165 |
|
|
|
— |
|
Non-GAAP net loss |
$ |
(56,037 |
) |
|
$ |
(26,976 |
) |
GAAP net loss per share: |
|
|
|
||||
Basic and diluted |
$ |
(0.25 |
) |
|
$ |
(0.23 |
) |
Non-GAAP net loss per share: |
|
|
|
||||
Basic and diluted |
$ |
(0.16 |
) |
|
$ |
(0.08 |
) |
Shares used in computing GAAP net loss per share: |
|
|
|
||||
Basic and diluted |
|
348,683,836 |
|
|
|
332,987,523 |
|
Shares used in computing Non-GAAP net loss per share: |
|
|
|
||||
Basic and diluted |
|
348,683,836 |
|
|
|
332,987,523 |
|
Luminar Technologies, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
GAAP operating cash flow |
$ |
(32,837 |
) |
|
$ |
(28,014 |
) |
Non-GAAP adjustments: |
|
|
|
||||
Capital expenditure |
|
(5,004 |
) |
|
|
(889 |
) |
Non-GAAP free cash flow |
$ |
(37,841 |
) |
|
$ |
(28,903 |
) |
Luminar Technologies, INC. AND SUBSIDIARIES
|
|||||||||||
(Unaudited) |
Three Months Ended |
||||||||||
|
March 31, 2022 |
|
March 31, 2021 |
||||||||
|
Stock-Based
|
|
Intangibles
|
|
Stock-Based
|
|
Intangibles
|
||||
Cost of Sales |
$ |
1,786 |
|
$ |
44 |
|
$ |
83 |
|
$ |
— |
Research and development |
|
7,102 |
|
|
— |
|
|
762 |
|
|
— |
Sales and marketing |
|
2,868 |
|
|
19 |
|
|
186 |
|
|
— |
General and administrative |
|
14,942 |
|
|
— |
|
|
806 |
|
|
— |
Non-GAAP gross loss |
$ |
26,698 |
|
$ |
63 |
|
$ |
1,837 |
|
$ |
— |