Luminar Technologies Slides on Doubt of Going Concern, Layoffs, Potential Sale

Dow Jones

11/01

By Kelly Cloonan

Shares of Luminar Technologies declined after several disclosures including doubt it can continue as a going concern, layoffs and plans to explore strategic alternatives including a sale.

The stock slid 46% to $1.14 on Friday. Shares are down 78% this year.

The automotive technology company has substantial doubt it can continue as a going concern due to uncertainty around its finances, including debt of about $429.2 million as of Sept. 30, according to a filing with the Securities and Exchange Commission.

Luminar also disclosed plans to cut about 25% of its workforce to reduce costs. It expects the plan will be substantially complete by the end of the year.

Luminar is also exploring strategic alternatives, including a sale of all or part of its business, due to concerns it will not have sufficient cash to meet its operating needs during the first quarter of next year. It has received nonbinding, preliminary proposals and interest, including from a company founded by its founder and former chief executive officer, it said.

Luminar also disclosed that Chief Financial Officer Thomas Fennimore will depart the company effective Nov. 13 to pursue other opportunities. The company said his departure is not the result of any disagreement or matter related to its finances, and expects to name a new CFO shortly.

The company has also entered forbearance agreements with debt holders.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

October 31, 2025 13:56 ET (17:56 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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It has received nonbinding, preliminary proposals and interest, including from a company founded by its founder and former chief executive officer, it said. \n</p>\n<p>\n  Luminar also disclosed that Chief Financial Officer Thomas Fennimore will depart the company effective Nov. 13 to pursue other opportunities. The company said his departure is not the result of any disagreement or matter related to its finances, and expects to name a new CFO shortly. \n</p>\n<p>\n  The company has also entered forbearance agreements with debt holders. \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Write to Kelly Cloonan at kelly.cloonan@wsj.com \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 31, 2025 13:56 ET (17:56 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Luminar Technologies Slides on Doubt of Going Concern, Layoffs, Potential Sale</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLuminar Technologies Slides on Doubt of Going Concern, Layoffs, Potential Sale\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-11-01 01:56</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Kelly Cloonan \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Shares of Luminar Technologies declined after several disclosures including doubt it can continue as a going concern, layoffs and plans to explore strategic alternatives including a sale. \n</p>\n<p>\n  The stock slid 46% to $1.14 on Friday. Shares are down 78% this year. \n</p>\n<p>\n  The automotive technology company has substantial doubt it can continue as a going concern due to uncertainty around its finances, including debt of about $429.2 million as of Sept. 30, according to a filing with the Securities and Exchange Commission. \n</p>\n<p>\n  Luminar also disclosed plans to cut about 25% of its workforce to reduce costs. It expects the plan will be substantially complete by the end of the year. \n</p>\n<p>\n  Luminar is also exploring strategic alternatives, including a sale of all or part of its business, due to concerns it will not have sufficient cash to meet its operating needs during the first quarter of next year. It has received nonbinding, preliminary proposals and interest, including from a company founded by its founder and former chief executive officer, it said. \n</p>\n<p>\n  Luminar also disclosed that Chief Financial Officer Thomas Fennimore will depart the company effective Nov. 13 to pursue other opportunities. The company said his departure is not the result of any disagreement or matter related to its finances, and expects to name a new CFO shortly. \n</p>\n<p>\n  The company has also entered forbearance agreements with debt holders. \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Write to Kelly Cloonan at kelly.cloonan@wsj.com \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 31, 2025 13:56 ET (17:56 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LAZR","symbol_name":"Luminar Technologies, Inc.","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2580497997","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2580497997","pubTimestamp":1761933360,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares of Luminar Technologies declined after several disclosures including doubt it can continue as a going concern, layoffs and plans to explore strategic alternatives including a sale.The stock slid 46% to $1.14 on Friday. 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Shares are down 78% this year. \n\n\n  The automotive technology company has substantial doubt it can continue as a going concern due to uncertainty around its finances, including debt of about $429.2 million as of Sept. 30, according to a filing with the Securities and Exchange Commission. \n\n\n  Luminar also disclosed plans to cut about 25% of its workforce to reduce costs. It expects the plan will be substantially complete by the end of the year. \n\n\n  Luminar is also exploring strategic alternatives, including a sale of all or part of its business, due to concerns it will not have sufficient cash to meet its operating needs during the first quarter of next year. It has received nonbinding, preliminary proposals and interest, including from a company founded by its founder and former chief executive officer, it said. \n\n\n  Luminar also disclosed that Chief Financial Officer Thomas Fennimore will depart the company effective Nov. 13 to pursue other opportunities. The company said his departure is not the result of any disagreement or matter related to its finances, and expects to name a new CFO shortly. \n\n\n  The company has also entered forbearance agreements with debt holders. \n\n\n \n\n\n  Write to Kelly Cloonan at kelly.cloonan@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 31, 2025 13:56 ET (17:56 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}