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Luminar Reports Q2鈥�25 Financials

Luminar advances key auto customer milestones in Q2 and pursues growth opportunities in commercial markets

Exits non-core data and insurance businesses to drive cost reductions and operational discipline

ORLANDO, Fla.--(BUSINESS WIRE)-- Today, Luminar (NASDAQ: LAZR), a leading global automotive technology company, provided its quarterly business update and financial results for the second quarter of 2025. These results and related commentary were published in a Presentation available on its Investor Relations website at .

鈥淲e took decisive steps this quarter to deliver on our customer commitments, advance Halo as the foundation of our future, and sharpen our focus on near-term revenue and profit opportunities beyond automotive in commercial markets,鈥� said Paul Ricci, CEO of Luminar. 鈥淲e鈥檙e also streamlining our business, exiting non-core areas, and focusing intensely on key operational milestones. We believe these actions set the stage for a stronger, leaner Luminar better positioned to deliver sustainable growth and long-term value.鈥�

Key Q2 2025 Financials:

• Revenue: Q2 Revenue was $15.6 million, down 5% compared to Q2鈥�24, and 17% compared to Q1鈥�25, consistent with guidance for revenue to be lower QoQ.
• Gross Loss: Q2 Gross Loss was $(12.4) million on a GAAP basis and $(10.8) million on a non-GAAP basis.
• Net Loss: Q2 GAAP Net Loss was $(30.5) million, or $(0.62) per share; Q2 Non-GAAP Net Loss was $(73.1) million, or $(1.49) per share.
• Operating Expenses: Q2 OpEx was $(27.1) million on a GAAP basis and $47.0 million on a non-GAAP basis.
• Cash & Marketable Securities: Ended Q2鈥�25 with $107.6 million in Cash & Marketable Securities. This excludes our $50 million line of credit that remains undrawn, $180 million remaining under the equity financing program and $165 million of convertible preferred facility as of Q2鈥�25.

Business Milestones:

Luminar outlined the following business milestones for the next several quarters.

• ASIC tape-out for Halo by end of Q4鈥�25
• High-volume production line live in Thailand by end of Q4鈥�25
• Low-volume Halo prototype line launch by end of Q1鈥�26
• Halo B-sample delivery by end of Q2鈥�26

Financial Outlook:

Luminar is revising elements of its FY 2025 financial guidance to reflect updated expectations of vehicle production ramps in 2H鈥�25 and the winding down of non-core business, including a data contract and the insurance initiative.

• Shipments: Sensor shipment of 20 thousands to 23 thousands for FY鈥�25 (down from 30 thousands to 33 thousands previously)
• Revenue: FY鈥�25 total revenue of $67 million to $74 million due to lower shipment assumption and lower revenue associated with the winding-down of non-core data contract (down from implied range of $82 million to $90 million previously)
• Gross Loss: Non-GAAP Gross Loss in range of $(5) million to $(10) million per quarter through FY鈥�25, on average, though likely towards higher-end of the range due to wind-down of high-margin data contract (unchanged)
• Operating Expenses: Non-GAAP quarterly operating expenses to reach low ~$30 million range by YE鈥�25 (unchanged)
• Cash & Marketable Securities: YE鈥�25 Cash & Marketable Securities of $80 million to $100 million . This excludes the $50 million line of credit that remains undrawn as well as the availability on the equity finance program ($180 million as of Q2鈥�25) and convertible preferred facility ($165 million). This compares to > $100 million from prior outlook, excluding the $50 million line of credit.
• 蚕3鈥�25: We expect Q3 revenue in the range of $17 million to $19 million

Webcast Details:

• What: Webcast featuring second quarter 2025 financials, business update, and live Q&A
• Date: Today, August 12, 2025
• Time: 5:00 p.m. EDT (2:00 p.m. PDT)
• Location: The webcast will be available live on Luminar鈥檚 Investor site at . A recording will be available following the conclusion of the webcast.

Non-GAAP Financial Measures

This release includes non-GAAP gross loss, non-GAAP net loss, non-GAAP operating expenses, non-GAAP cost of sales and free cash flow, which are non-GAAP financial measures, for the periods presented. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (鈥淕AAP鈥�) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Management believes that these non-GAAP financial measures, when considered together with our financial information prepared in accordance with GAAP, can enhance investors鈥� and analysts鈥� ability to meaningfully compare our results from period to period and to our forward-looking guidance, and to identify operating trends in our business. However, non-GAAP information is not superior to financial measures calculated in accordance with GAAP, is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. A reconciliation of the most comparable GAAP financial measure to each non-GAAP financial measure appearing in this release is included at the end of this press release.

A reconciliation of non-GAAP gross loss and non-GAAP operating expenses for fiscal 2025 to a corresponding GAAP financial guidance measure is not available on a forward-looking basis because the Company is not able to present the various reconciling cash and non-cash items between each forward-looking non-GAAP measure without unreasonable effort. In particular, stock-based compensation expense is impacted by the Company鈥檚 future hiring and retention needs, as well as the future fair market value of its common stock, all of which is difficult to predict and is subject to change. The actual amount of these expenses during the second half of fiscal 2025 will have a significant impact on the Company鈥檚 future GAAP financial results.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as 鈥渁ims,鈥� 鈥渂elieve,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渆stimate,鈥� 鈥渟et,鈥� 鈥渃ontinue,鈥� 鈥渢owards,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥渆xpect,鈥� 鈥渟hould,鈥� 鈥渨ould,鈥� 鈥渇orward,鈥� and similar expressions, express or implied, that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements include statements relating to the outlook for 2025, including revenue outlook for the third quarter and FY 2025, the availability of liquidity resources, sensor shipments, gross loss and operating expense outlook for FY 2025, and expectations regarding the development and commercialization of Luminar Halo. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including that next-generation sensors and software will be developed successfully or will accelerate automaker adoption, that new automaker agreements will develop successfully into product launches, that per unit sensor economics will be improved, and that cost reduction efforts, including efforts to reduce the cost of industrialization, will continue to result in improved operational and financial efficiency. More information on these risks and other potential factors that could affect the Company鈥檚 business is included in the Company鈥檚 periodic filings with the SEC, including in the 鈥淩isk Factors鈥� and 鈥淢anagement鈥檚 Discussion and Analysis of Financial Condition and Results of Operations鈥� sections of the Company鈥檚 reports on Form 10-K and Form 10-Q, including the Company鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC and subsequent reports filed with the SEC. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

About Luminar:

Luminar is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. For more information, please visit .

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Source: Luminar