Luminar Technologies (NASDAQ: LAZR) reported Q3 EPS of ($0.21), $0.02 worse than the analyst estimate of ($0.19). Revenue for the quarter came in at $16.96 million versus the consensus estimate of $19.6 million.

2023 Financial Outlook:

Luminar provided more firm ranges and adjusted certain elements of its 2023 financial guidance as follows.

Revenue Growth: Luminar expects 2023 revenue of around $75 million, or roughly 85% YoY growth, versus the consensus of $84.146 million.

Gross Margin: The company expects to reach gross margin positive on a non-GAAP basis in Q4’23.

Cash, Cash Equivalents and Marketable Securities (including Liquidity): The company continues to expect to end 2023 with a balance of greater than $300 million, which we believe is sufficient to reach profitability based on our current trajectory.

Free Cash Flow: Luminar continues to expect to reduce its free cash flow spend by approximately 50% by year-end relative to Q1/Q2 levels. Specifically, Luminar expects Q4 operating cash flow in the range of $(30) million to ($35) million and free cash flow in the range of $(35) million to $(40) million.

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