Luminar Technologies Inc (NASDAQ:LAZR) provided a business update for the third quarter after the bell on Monday. Here’s a look at what you need to know.
What Happened: Luminar said it continues to meet all key deliverables for the Volvo EX90 production ramp. The lidar company said it shipped more product in the third quarter than it did in the past three quarters combined.
Luminar also announced that it was selected as a standard equipment feature on an additional model in the Volvo cars line-up. The company said the selection endorses Luminar’s leadership in lidar and the company’s ability to execute and industrialize at scale.
The lidar company also announced a new advanced decampment contract with a major Japanese automaker.
“This contract marks the next phase in the company’s collaboration on the OEM’s next-generation ADAS system using Luminar’s LiDAR, as well as paid development of new software capabilities,” the company said.
Luminar was scheduled to report third-quarter financial results on Monday, but the company said it plans to file a notification of late filing with the SEC, due to “the complexity of the analysis relating to the previously announced convertible notes exchange transaction consummated in August 2024.”
Luminar said it would be automatically granted a five-day extension. The company expects to file its quarterly report “as soon as practicable” within the five-day extension period.
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Luminar did note that third-quarter operating cash flow and free cash flow increased by about $20 million in the quarter. The company said it now expects to see continued improvement in free cash flow in the fourth quarter.
“Today nearly every major automaker has LiDAR planned into their roadmaps, and our commercial growth this quarter is a testament to both our technical leadership and ability to execute to global automaker standards,” said Austin Russell, founder and CEO of Luminar.
“This quarter, we’ve further restructured Luminar to withstand near-term headwinds facing the industry so we are better positioned to capitalize on the long-term value in this trillion-dollar industry.”
Management will hold a conference call to further discuss the business update at 5 p.m. ET.
LAZR Price Action: Luminar shares were up 16.08% in after-hours, trading at $1.09 at the time of publication Monday, according to Benzinga Pro.
Photo: Courtesy of Luminar.
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