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

Dow Jones
Nov 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)

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