Shares of Luminar Technologies (LAZR) surged nearly 7% in pre-market trading on Monday, November 12th, driven by the company's latest business updates and expectations for continued revenue growth.

The lidar sensor and software company reported mixed results for the third quarter of 2024, with revenue growing 8.6% year-over-year to $15.49 million, but a wider adjusted loss of 16 cents per share compared to analysts' expectations.

However, the company's business outlook remained positive, as it announced two key developments - a new contract with a major Japanese automaker to develop advanced driver assistance systems (ADAS) using Luminar's lidar technology and software capabilities, and the selection of its lidar sensors as standard equipment on an additional Volvo model, beyond the already ongoing production ramp for the Volvo EX90.

Luminar CEO Austin Russell highlighted the company's continued execution and ability to capitalize on the growing demand for lidar-based autonomous driving solutions, stating, "Today, nearly every major automaker has lidar planned into their roadmaps, and our commercial growth this quarter is a testament to both our technical leadership and ability to execute to global automaker standards."

The company also expects revenue to increase moderately in the fourth quarter, driven by higher production volumes of its lidar sensors. While Luminar reported a net loss in Q3 due to higher operating expenses, it saw significant improvement in operating cash flow and free cash flow during the quarter.