Loading...
Docoh

Luminar (LAZR)

Luminar is an autonomous vehicle sensor and software company with the vision to make self-driving safe and ubiquitous by delivering the only lidar and perception platform that meets the industry's stringent performance, safety, and economic requirements. Luminar has rapidly gained 50 industry partners, including 7 of the top 10 global automotive OEMs, and has received minority investments from the world's largest commercial vehicle manufacturer, Daimler Truck AG and Volvo Cars, a global leader in automotive safety, to bring autonomous trucks and cars to highways, respectively. Founded in 2012, Luminar is a 350-person team with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich. In August 2020, Luminar announced that it has entered into a definitive agreement to merge with Gores Metropoulos, Inc., a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC.

Company profile

Ticker
LAZR
Exchange
CEO
Alec E. Gores
Employees
Incorporated
Location
Fiscal year end
Former names
Gores Metropoulos, Inc.
SEC CIK
Subsidiaries
Luminar, LLC • BFE Acquisition Sub II, LLC • OptoGration, Inc. • Luminar GmbH ...

LAZR stock data

Analyst ratings and price targets

Last 3 months

Calendar

8 Aug 22
27 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 77.7M 77.7M 77.7M 77.7M 77.7M 77.7M
Cash burn (monthly) 27.48M 4.81M 34.81M 28.03M 17.45M 14.62M
Cash used (since last report) 80.62M 14.11M 102.15M 82.26M 51.21M 42.9M
Cash remaining -2.92M 63.58M -24.45M -4.56M 26.48M 34.8M
Runway (months of cash) -0.1 13.2 -0.7 -0.2 1.5 2.4

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
20 Sep 22 Austin Russell Class A Common Stock Buy Acquire P No Yes 9.8727 25,000 246.82K 1,030,000
15 Sep 22 Austin Russell Class A Common Stock Buy Acquire P No Yes 9.3948 25,000 234.87K 1,005,000
9 Sep 22 Austin Russell Class A Common Stock Buy Acquire P No Yes 9.1833 25,000 229.58K 980,000
6 Sep 22 Daniel David Tempesta Class A Common Stock Buy Acquire P No No 8.3445 59,950 500.25K 112,596
24 Aug 22 Austin Russell Class A Common Stock Buy Acquire P No Yes 9.0683 25,000 226.71K 955,000
44.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 243 235 +3.4%
Opened positions 55 44 +25.0%
Closed positions 47 45 +4.4%
Increased positions 75 84 -10.7%
Reduced positions 46 45 +2.2%
13F shares Current Prev Q Change
Total value 1.25B 3.66B -65.9%
Total shares 116.55M 92.89M +25.5%
Total puts 14.63M 6.35M +130.4%
Total calls 5.84M 5.96M -2.0%
Total put/call ratio 2.5 1.1 +135.0%
Largest owners Shares Value Change
Vanguard 18.81M $111.54M -2.1%
BLK Blackrock 16.36M $97.02M +253.8%
MCQEF Macquarie 5.81M $34.48M +0.1%
AEG 5.57M $94.19M 0.0%
Vantage Investment Partners 5.42M $32.17M 0.0%
STT State Street 4.57M $27.1M +189.4%
Moore Capital Management 4.4M $26.09M +8.6%
Geode Capital Management 4.15M $24.63M +91.9%
Vaughan Nelson Investment Management 3.5M $20.76M +10.4%
Allianz Asset Management GmbH 3.02M $17.93M 0.0%
Largest transactions Shares Bought/sold Change
BLK Blackrock 16.36M +11.74M +253.8%
STT State Street 4.57M +2.99M +189.4%
Geode Capital Management 4.15M +1.99M +91.9%
NTRS Northern Trust 2.72M +1.63M +148.7%
MS Morgan Stanley 1.97M +1.29M +191.2%
BMO Bank of Montreal 1.24M -1.25M -50.4%
CQS (us) 0 -1.04M EXIT
HRT Financial 0 -900.72K EXIT
Two Sigma Investments 895.9K +895.9K NEW
Millennium Management 538.19K -787.41K -59.4%

Financial report summary

?
Competition
TuSimple
Risks
  • We are an early stage company with a history of losses, and we expect to incur significant expenses and continuing losses for the foreseeable future.
  • Our limited operating history makes it difficult to evaluate our future prospects and the risks and challenges we may encounter.
  • We continue to implement strategic initiatives designed to grow our business. These initiatives may prove more costly than we currently anticipate and we may not succeed in increasing our revenue in an amount sufficient to offset the costs of these initiatives and to achieve and maintain profitability.
  • If our lidar products are not selected for inclusion in autonomous driving systems or ADAS by automotive OEMs or their suppliers, our business will be materially and adversely affected.
  • The period of time from a major commercial win to implementation is long and we are subject to the risks of cancellation or postponement of the contract or unsuccessful implementation.
  • Our forward looking estimates of certain financial metrics may prove inaccurate.
  • The discontinuation, lack of commercial success, or loss of business with respect to a particular vehicle model or technology package for which we are a significant supplier could reduce our sales and adversely affect our profitability.
  • Information concerning our future cost of goods sold (COGS) and bill of materials (BOM) estimates may prove inaccurate.
  • We are reliant on key inputs and our inability to reduce and control the cost of such inputs could negatively impact the adoption of our products and our profitability.
  • Continued pricing pressures, automotive OEM cost reduction initiatives and the ability of automotive OEMs to re-source or cancel vehicle or technology programs may result in lower than anticipated margins, or losses, which may adversely affect our business.
  • We expect to incur substantial R&D costs and devote significant resources to identifying and commercializing new products, which could significantly reduce our profitability and may never result in revenue to us.
  • Market adoption of lidar is uncertain. Developments in alternative technology may adversely affect the demand for our lidar technology. If market adoption of lidar does not continue to develop, or develops more slowly than we expect, or our investments in educating our customers about the advantages of lidar fail, our business will be adversely affected.
  • We may experience difficulties in managing our growth and expanding our operations.
  • We rely on third-party suppliers and because some of the raw materials and key components in our products come from limited or single source suppliers, we are susceptible to supply shortages, long lead times for components, and supply changes, any of which could disrupt our supply chain and could delay deliveries of our products to customers.
  • Because our sales have been primarily to customers making purchases for R&D projects and our orders are project-based, we expect our results of operations to fluctuate on a quarterly and annual basis, which could cause our stock price to fluctuate or decline.
  • Our transition to an outsourced manufacturing business model may not be successful, which could harm our ability to deliver products and recognize revenue.
  • Our sales and operations in international markets, including our manufacturing operations, expose us to operational, financial and regulatory risks.
  • We, our outsourcing partners and our suppliers may rely on complex machinery for our production, which involves a significant degree of risk and uncertainty in terms of operational performance and costs.
  • As part of growing our business, we may make acquisitions. If we fail to successfully select, execute or integrate our acquisitions, then our business, results of operations and financial condition could be materially adversely affected, and our stock price could decline.
  • Any failure to grow our relationship with Chinese customers and our proposed international expansion into China could expose us to substantial business, regulatory, political, financial and economic risks.
  • The complexity of our products could result in unforeseen delays or expenses from undetected defects, errors or reliability issues in hardware or software which could reduce the market adoption of our new products, damage our reputation with current or prospective customers, expose us to product liability and other claims and adversely affect our operating costs.
  • We may be subject to product liability or warranty claims that could result in significant direct or indirect costs, which could adversely affect our business and operating results.
  • If we do not maintain sufficient inventory or if we do not adequately manage our inventory, we could lose sales or incur higher inventory-related expenses, which could negatively affect our operating results.
  • The average selling prices of our products could decrease rapidly over the life of the product, which may negatively affect our revenue and gross margin.
  • Adverse conditions in the automotive industry or the global economy more generally could have adverse effects on our results of operations.
  • Because lidar is new and since many of the markets in which we compete are new and rapidly evolving, it is difficult to forecast long-term end-customer adoption rates and demand for our products.
  • We currently have and target customers that are large corporations with substantial negotiating power, exacting product standards and potentially competitive internal solutions. If we are unable to sell our products to these customers, our prospects and results of operations will be adversely affected.
  • We are substantially dependent on our partnership with a few key customers, and our business could be materially and adversely affected if our partnership with any of such customers were terminated. Our financial position and results could be materially and adversely affected if we were unable to collect our invoices for any of our key customers.
  • If we are unable to establish and maintain confidence in our long-term business prospects among customers and analysts and within our industry or are subject to negative publicity, then our financial condition, operating results, business prospects and access to capital may suffer materially.
  • We operate in a highly competitive market and some market participants have substantially greater resources. We compete against a large number of both established competitors and new market entrants.
  • The markets in which we compete are characterized by rapid technological change, which requires us to continue to develop new products and product innovations and could adversely affect market adoption of our products.
  • We may need to raise additional capital in the future in order to execute our business plan, which may not be available on terms acceptable to us, or at all.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • We are highly dependent on the services of Austin Russell, our Founder, President and Chief Executive Officer.
  • Our business depends substantially on the efforts of our executive officers and highly skilled personnel, and our operations may be severely disrupted if we lost their services.
  • Our business could be materially and adversely affected by the current global COVID-19 pandemic or other health epidemics and outbreaks.
  • Interruption or failure of our information technology and communications systems could impact our ability to effectively provide our services.
  • We are subject to cybersecurity risks to operational systems, security systems, infrastructure, integrated software in our lidar solutions and customer data processed by us or third-party vendors or suppliers and any material failure, weakness, interruption, cyber event, incident or breach of security could prevent us from effectively operating our business.
  • We are subject to governmental export and import control laws and regulations. Our failure to comply with these laws and regulations could have an adverse effect on our business, prospects, financial condition and results of operations.
  • Changes to trade policy, tariffs and import/export regulations may have a material adverse effect on our business, financial condition and results of operations.
  • We have in the past and may become involved in legal and regulatory proceedings and commercial or contractual disputes, which could have an adverse effect on our profitability and consolidated financial position.
  • We are subject to, and must remain in compliance with, numerous laws and governmental regulations concerning the manufacturing, use, distribution and sale of our products. Some of our customers also require that we comply with their own unique requirements relating to these matters.
  • We are subject to various environmental laws and regulations that could impose substantial costs upon us and cause delays in building our production facilities.
  • Our business may be adversely affected by changes in automotive and laser regulations or concerns that drive further regulation of the automobile and laser market.
  • Autonomous and ADAS features may be delayed in adoption by OEMs, and our business impacted, as additional emissions and safety requirements are imposed on vehicle manufacturers.
  • Our business may be adversely affected if we fail to comply with the regulatory requirements under the Federal Food, Drug, and Cosmetic or the Food and Drug Administration (the “FDA”).
  • Failures, or perceived failures, to comply with privacy, data protection, and information security requirements in the variety of jurisdictions in which we operate may adversely impact our business, and such legal requirements are evolving, uncertain and may require improvements in, or changes to, our policies and operations.
  • Regulations related to conflict minerals may cause us to incur additional expenses and could limit the supply and increase the costs of certain metals used in the manufacturing of our products.
  • Despite the actions we are taking to defend and protect our intellectual property, we may not be able to adequately protect or enforce our intellectual property rights or prevent unauthorized parties from copying or reverse engineering our solutions. Our efforts to protect and enforce our intellectual property rights and prevent third parties from violating our rights may be costly.
  • Third-party claims that we are infringing intellectual property, whether successful or not, could subject us to costly and time-consuming litigation or expensive licenses, and our business could be adversely affected.
  • Our intellectual property applications for registration may not issue or be registered, which may have a material adverse effect on our ability to prevent others from commercially exploiting products similar to ours.
  • In addition to patented technology, we rely on our unpatented proprietary technology, trade secrets, processes and know-how.
  • We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets of our employees’ former employers.
  • We continue to incur increased costs as a result of operating as a public company, and our management continues to devote substantial time to new public company compliance initiatives.
  • Our management team has limited experience managing a public company.
  • Our Second Amended and Restated Certificate of Incorporation provides, subject to limited exceptions, that the Court of Chancery of the State of Delaware (the “Chancery Court”) will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to obtain a chosen judicial forum for disputes with us or our directors, officers, employees or stockholders.
  • Our charter documents and Delaware law could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.
  • Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.
  • The dual class structure of our Common Stock has the effect of concentrating voting control with Austin Russell, our Founder, President and Chief Executive Officer. This will limit or preclude your ability to influence corporate matters, including the outcome of important transactions, including a change in control.
  • We are a controlled company within the meaning of The Nasdaq Stock Market listing standards, and, as a result, qualify for exemptions from certain corporate governance requirements that provide protection to stockholders of other companies. To the extent we utilize any of these exemptions, you will not have the same protections afforded to stockholders of companies that are subject to such requirements. We do not currently intend to rely on the exemptions afforded to controlled companies at this time.
  • Our dual class structure may depress the trading price of the Class A common stock.
  • We do not intend to pay dividends for the foreseeable future.
  • The market price and trading volume of Class A common stock may be volatile and could decline significantly.
  • If securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our market, or if they change their recommendations regarding our Class A common stock adversely, then the price and trading volume of our Class A common stock could decline.
  • Future issuances of debt securities and equity securities, including from the exercise of warrants for our Class A common stock, may adversely affect us, including the market price of the Class A common stock and may be dilutive to existing stockholders.
  • Our failure to meet the continued listing requirements of Nasdaq could result in a delisting of our securities.
  • We may be unable to raise the funds necessary to repurchase the notes for cash following a fundamental change, or to pay any cash amounts due upon conversion, and our other indebtedness may limit our ability to repurchase the notes or pay cash upon their conversion.
  • The accounting method for the notes could adversely affect our reported financial condition and results.
  • The capped call transactions may affect the value of the notes and our Class A common stock.
  • We are subject to counterparty risk with respect to the capped call transactions and, if effected, the ASR program, and the capped call transactions and ASR program may not operate as planned.
  • Our repurchases of shares of our Class A common stock, including pursuant to an ASR program, may affect the value of the notes and our Class A common stock.
  • Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.
  • Changes in laws, regulations or rules, or a failure to comply with any laws, regulations or rules, may adversely affect our business, investments and results of operations.
  • We are subject to U.S. and foreign anti-corruption and anti-money laundering laws and regulations. We can face criminal liability and other serious consequences for violations, which can harm our business.
  • Changes in tax laws or exposure to additional income tax liabilities could affect our future profitability.
  • Our business is subject to the risks of earthquakes, fire, floods and other natural catastrophic events, global pandemics, and interruptions by man-made problems, such as terrorism. Material disruptions of our business or information systems resulting from these events could adversely affect our operating results.
Management Discussion
  • The increase in revenue for 2021 compared to 2020 was primarily driven by increased revenue from our Autonomy Solutions segment. The breakdown of our revenue by our segments for the periods presented was as follows (in thousands):
  • The increase in revenue of our Autonomy Solutions segment in 2021 compared to 2020 was primarily driven by (a) 142% increase in revenue from customization / non-recurring engineering services and (b) 177% increase in sales of sensors.
  • The increase in revenue of our Components segment in 2021 compared to 2020 was primarily due to revenue from OptoGration acquired in August 2021.

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
New words: abandonment, accrual, Additionally, Alec, Code, Construction, contingent, COVA, cumulative, ECARX, ecosystem, eligible, entirety, ESPP, evergreen, forma, Geely, lesser, merged, modification, necessarily, Nonrecurring, payroll, photonic, piloting, PLC, premiere, pro, recession, renamed, rendered, Solfice, SUV, tech, Tradename, treated, UK, unaudited
Removed: Fabrinet, finalizing, recently, release, rent, space, subsequently