Luminar Technologies Raises Going Concern Doubts, Suspends Fiscal 2025 Guidance; CFO to Step Down

MT Newswires Live

10/31

Luminar Technologies (LAZR) said in a US Securities and Exchange Commission filing that substantial doubt exists about its ability to continue as a going concern, which could impact the company's relationship with its customers, suppliers and materially affect Luminar's financial condition.

Luminar said it is suspending its fiscal 2025 guidance and expects to report revenue of $18 million to $19 million in Q3. Four analysts polled by FactSet expect $17.4 million.

The company said it had total debt of $429.2 million, and cash and marketable securities of $74 million as of Sept. 30.

Luminar also said chief financial officer Thomas Fennimore will step down from his role, effective Nov. 13, and that it plans to reduce its workforce by about 25% in order to reduce operating costs.

The company said it expects to incur $2 million to $3 million in cash charges related to employee costs in Q4.

Shares of the company were down 22% in recent Friday premarket trading.

Price: 1.43, Change: -0.68, Percent Change: -32.27

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