Luminar (NASDAQ: LAZR), a leading global automotive technology company, today announced its quarterly business update and financial results for the first quarter of 2022, ended March 31, 2022. The company delivered $6.9 million in first-quarter revenue, up 29% year-over-year (YoY) and ahead of internal expectations. Luminar remains on-track to meet or beat its prior $40 million full-year 2022 revenue guidance. Today, Luminar also released its quarterly Path to Series Production video, which can be viewed at: www.luminartech.com/path.

“Automakers are aligning with our vision that next-level safety should come standard with all vehicles, not just available to a select few, and our new partner Nissan is helping lead the pack to mainstream adoption,” said Austin Russell, Luminar Founder and CEO. “We remain heads-down, relentlessly focused on execution as we work to accelerate our roadmap, from a new planned volume capacity expansion for Iris to advancing our foundational chip-level tech capabilities with the Freedom Photonics acquisition.”

New Business Update Highlights:

1. On Track to All Four Key 2022 Business Milestones and Financial Guidance (see major 2022 milestone updates in the section below).
2. Established Nissan Partnership for their next-generation ADAS and safety system. Nissan aims to complete development by mid-2020’s, and equip virtually every new model by fiscal year 2030. Separately, Luminar won a landmark series production deal with Mercedes-Benz, announced in January.
3. Increasing Series Production Capacity in light of increased volume indications from existing wins and additional major commercial wins. Additionally, Luminar’s optical manufacturing partner for series production, Fabrinet is live and ramping.
4. Acquired Freedom Photonics to advance chip-level technology roadmap and lower costs with proprietary high-performance laser diode tech. The acquisition further enables Luminar’s ability to achieve its long-term $100 bill of materials target, and the company is now vertically integrated across all core lidar hardware components.

Major Full-Year 2022 Milestone Status:

1. Iris Industrialization for Series Production: Luminar remains on track to its goal of achieving series production readiness for Iris lidar and core software in 2022, and is currently focused on continuous process improvements in partnership with Fabrinet and Celestica in preparation for series production.
2. Software: Luminar is on track to release the beta version of Sentinel before the end of 2022. In Q1, the company delivered software to an independent third party testing company for further validation of its Proactive Safety™ capability, and expects to report the positive results of this independent study this year.
3. Commercial Programs: Luminar has achieved two additional major commercial wins year-to-date (Mercedes and Nissan), about halfway to the 40% growth target for the full-year. The company expects to meet or beat this target.
4. Forward-Looking Order Book: Following continued major commercial successes, the company expects to achieve its forward-looking order book growth target of at least 40% YoY in 2022. The company reports its forward-looking order book on an annual basis.

Key Q1 2022 Financials:

• Revenue: Q1 revenue of $6.9 million, ahead of company expectations and up 29% YoY
• GAAP and Non-GAAP net loss: Q1 GAAP net loss was $88.3 million, or $(0.25) per share; Q1 Non-GAAP net loss was $56.0 million, or $(0.16) per share.
• Cash, Cash Equivalents and Marketable Securities were $706.9 million as of March 31, 2022, compared to $792.1 million as of December 31, 2020. Q1 cash spend (operating cash flow less capital expenditures) was $37.8 million, down sequentially and consistent with full-year guidance. During the quarter, the company used $43.9 million in cash for share repurchases.
• Maintaining full-year 2022 revenue and cash spend guidance

Webcast Details

Founder and CEO Austin Russell and CFO Tom Fennimore will host a video webcast, featuring a business update followed by a live Q&A session.

What: video webcast featuring quarterly business and financial update and live Q&A
Date: today, May 5, 2022
Time: 2:00 p.m. PDT (5:00 p.m. EDT)

A live webcast of the event will be available on Luminar’s investor site at https://luminartech.com/quarterlyreview. A replay of the webcast will be available following the presentation. For additional information or to be added to our investor distribution list, please visit us at https://investors.luminartech.com/ir-resources/email-alerts.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Luminar considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what we consider to be our core operating performance, as well as unusual events. The Company’s management uses these measures to (i) illustrate underlying trends in the Company’s business that could otherwise be masked by the effect of income or expenses that are excluded from non-GAAP measures, and (ii) establish budgets and operational goals for managing the Company’s business and evaluating its performance. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures are presented only as supplemental information for purposes of understanding the Company’s operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP.

This release includes non-GAAP financial measures, including non-GAAP net loss (see below for a reconciliation of GAAP net loss to non-GAAP net loss), cash spend and Order Book. Non-GAAP net loss is defined as GAAP net loss plus stock-based compensation expense, plus amortization of intangible assets, plus transaction costs relating to acquisition activities, plus expenses related to registration statement on Form S-1 on behalf of selling stockholders, plus change in fair value of warrant liabilities, plus benefit from income taxes. Cash spend is defined as operating cash flow less capital expenditures.

This release includes forward-looking estimates of Order Book and cash spend as part of our financial guidance. We do not reconcile these non-GAAP measures for future periods to their most comparable GAAP measures due to the uncertainty and potential variability of reconciling items. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide a reconciliation of these non-GAAP measures without unreasonable effort.

Order Book is defined as the forward-looking cumulative sales estimates of Luminar’s hardware and software products over the lifetime of given programs which Luminar’s technology is integrated into or provided for, based primarily on projected/actual contractual pricing terms and good faith estimates of “take rates” of Luminar’s technology on vehicles. Such anticipated programs and volumes/take rates are based on commitments by our partners that are dependent on successful performance through development and validation and entering definitive purchase orders for series production, which may change for a variety of reasons as disclosed herein and other SEC filings, including, without limitation, the risks set forth in the “Forward-Looking Statements” section below. Customer production vehicle volume estimates (and take rates when applicable) are largely sourced from (i) the OEM/customer, (ii) IHS Markit or other third party estimates, and/or (iii) Luminar’s management good faith estimates.

Luminar defines a “major win” as a written agreement with a major industry player, including based on their past experience in high volume production, leadership in autonomy, or market leadership, that selects our technology for what is expected to be a significant commercial program, including OEM series production programs. We only include major commercial wins, disclosed or undisclosed, in our forward-looking order book calculation, which are subject to the risks set forth in the “Forward-Looking Statements” section below.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “aims,” “believe,” “may,” “will,” “estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,” “expect,” “should,” “would,” “forward,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected achievement and timing of series production readiness for Iris lidar and core software, the expected timing of the beta release of Sentinel, the expected growth in 2022 of Luminar’s forward-looking order book and major commercial wins, and expectations for 2022 revenue growth and cash expenditure. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar's management and are not guarantees of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including the risks discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Luminar’s most recently filed periodic reports on Form 10-K and Form 10-Q, and other documents Luminar files with the SEC in the future. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

About Luminar Technologies

Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. For more information please visit www.luminartech.com.