Luminar Technologies (LAZR) Provides Business Update, 2021 Milestones and Preliminary 2020 Results
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Luminar Technologies, Inc. (NASDAQ: LAZR), the global leader in automotive lidar hardware and software technology, is announcing today business updates and a year in review of 2020, including milestone results, preliminary financial results, and 2021 guidance.
"Luminar’s 2020 achievements reflect our product leadership and market ownership as we continue to execute and fulfill the vision of making safe autonomy a reality. Our successful debut as a public company has helped to further accelerate the expansion of our product roadmap in addition to commercial growth across passenger vehicle OEMs, trucking partners, and robo-taxi programs. This is validated by our latest major wins with SAIC and Zenseact, and we look forward to continuing to execute."
— Austin Russell, Founder & CEO
Execution: On Track for Series Production SOP Next Year
In 2020, Luminar launched and completed builds of its first Iris units, the series production version of its technology. Luminar has now successfully completed engineering validation testing of Iris, progressing onto the final stages of B-samples before ramping into C-sample phase later this year. Today, Luminar has Iris lidars on customer vehicles going through the data collection and development process, transitioning from its previous generation Hydra lidar. In addition to greater manufacturability, economics, and ability to integrate into vehicles, Iris now outperforms Luminar’s Hydra lidar across several dimensions, including better-ranging performance and ability to see dark objects and even higher point density. Luminar has selected a contract manufacturer for continued, efficient series production of Iris in a Mexico production facility. Earlier this month, Luminar also unveiled its rapid evolution from a lidar company to an autonomous vehicle company with the introduction of Sentinel - the industry’s first full-stack autonomous system for series production. See here for more on the progress to production.
In the first half of 2020, Luminar won the first series production program for autonomy with Volvo Cars, and by the fourth quarter had won two additional landmark partnerships with Mobileye and Daimler Truck. By year end, it exceeded its original forward-looking order book target of $1 Billion, achieving the updated guidance that was provided last year at $1.3 Billion, credited to increased volume guidance from existing programs as well as new commercial deals.
Since the beginning of the year, Luminar has welcomed six new strategic partners. This includes SAIC Motor Corporation Limited, the largest automaker in China and a Fortune Global 100 company, who was announced today as Luminar’s lead series production automaker partner in China to deliver industry-leading lidar and components of Luminar’s newly announced Sentinel to SAIC’s “R Brand” vehicles, kicking off Luminar’s foray into China.
2021: What’s Ahead
Luminar’s primary focus in 2021 is to position the company for continued long-term success and corresponding shareholder value creation. To that end, the company is providing visibility on the following five milestones to gauge our success in 2021:
- Iris Industrialization for Series Production: Complete testing for key auto-grade specs, process transfer from Orlando advanced manufacturing to series production CM, tool up and production of C sample Iris lidar on series production line in Mexico.
- Commercial Programs: Win at least three major commercial programs this year.
- Software: Continued Sentinel development leading up to alpha release at year end.
- Forward-looking Order Book: Grow forward-looking order book by at least 40%+ this year.
- Cash Spend / Investment: Disciplined spend to end year with more cash than Luminar started with ($154M raised from warrants in Q1 2021)
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 technology industry executive, currently CEO, Founder, and Chair of medical laser imaging device company Openwater as well as Director at Lear Corporation. For more on Mary Lou and Katie, see here.
2021 Financial Guidance
Following on the momentum coming out of 2020, Luminar has issued the following forward-looking financial guidance for 2021:
- Increase forward-looking order book by 40%+
- Generate revenue of $25 to 30 million (August 2020 forecast was $26 million for ‘21)
- Gross cash spend (operating cash flow less capital expenditures) of approximately $140 million, which assumes a Capex target of approximately $10-15M for the year
Preliminary 2020 Financial Results
Luminar has announced the following preliminary unaudited financial results for full-year 2020. The Company is finalizing its year-end audit, with audited financial statements to be published in the filing of the 10k as planned by the end of the month. For the year ended Dec 31, 2020:
- Forward-looking order book exceeded original guidance of $1 Billion and met updated guidance at just over $1.3 Billion
- Revenue was approximately $14 million
- Cash, equivalents, and marketable securities were approximately $485.7 million.
Founder and CEO Austin Russell and CFO Tom Fennimore will host a video webcast and will feature a live Q&A session following the business update.
What: Business Update, 2021 Milestones and Preliminary 2020 Results, and live Q&A
Date: Thursday, March 18, 2021
Time: 2 p.m. PT (5 p.m. ET)
A live webcast of the event will be available on Luminar’s Investor site at http://luminartech.com/quarterlyreview. A replay of the webcast will be available following the presentation.
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