Luminar Technologies (NASDAQ: LAZR) reported Q2 EPS of ($0.21), $0.02 better than the analyst estimate of ($0.23). Revenue for the quarter came in at $16.2 million versus the consensus estimate of $16.18 million.

2023 Financial Outlook:

Luminar is on track to meet or beat its financial guidance.

Revenue Growth: Luminar expects at least 100% revenue growth in 2023.
Gross Margin: The company expects to reach positive gross margin on a non-GAAP basis by the fourth quarter.
Cash, Cash Equivalents and Marketable Securities (including Liquidity): The company expects to end the year with a balance of greater than $300 million, which is more than required to execute on its current plan for profitability. As Luminar’s business ramps up and launch costs ramp down throughout the year, the company expects to reduce its free cash flow spend in Q4 by approximately 50% relative to Q1, and Q2 of $(78.5) million.

For earnings history and earnings-related data on Luminar Technologies (LAZR) click here.