Luminar Technologies Q2 2022 Revenue Rises 57% to $9.9M YoY

The News: Luminar Technologies Q2 2022 revenue rises 57 percent to $9.9 million, up from $6.3 million one year ago, as the global automotive technology company unveiled its earnings figures for the quarter on August 8. Read the full Press Release on the Luminar Technologies website.

Luminar Technologies Q2 2022 Revenue Rises 57% to $9.9M YoY

Analyst Take: Luminar Technologies is a 10-year-old company in a growth market that began making LiDAR sensors for autonomous vehicles. Since then, Luminar has been building out its technology to provide tools and components for automakers to include in their vehicles today and tomorrow.

For Luminar Technologies, which is still working to bring its creative visions to the marketplace, this is a solid revenue boost for Q2 2022, and clearly the result of its technologies, its leadership team, and the company’s continuing promise in a very hot industry.

The company is still in growth and development modes as it continues to sign up OEM automaker partners such as Mercedes-Benz and Nissan to collaborate on autonomous and semi-autonomous driving capabilities for their vehicles.

Here are Luminar Technologies’ Q2 2022 results by the numbers:

  • Q2 2022 revenue of $9.9 million, up 57 percent from $6.3 million one year ago. The revenue figure beat consensus estimates of $8.59 million from analysts at Yahoo Finance.
  • Q2 2022 non-GAAP net loss of $65 million, which is a 134 percent increase from a $27.7 million loss one year ago.
  • Q2 2022 non-GAAP net loss per basic and diluted share of $0.18 per share, which is larger than the $0.08 cent loss per share one year ago.

The per share loss was higher than the per share loss of $0.16 per share that was expected by the Yahoo Finance analysts.

We believe these figures are deceiving, however, at this point in Luminar’s story. The company has major operational growth that is scheduled to arrive by year end, including the production launch of its Iris auto-grade, low-cost LiDAR system for use by automakers. Iris will be launched at existing production facilities with Luminar’s partners, but the company is also building a larger, fully dedicated, and automated facility to build Iris and expand its production for future growth and revenue.

Additional advancements are coming as well, including the beta release of Luminar Technologies’ Sentinel software, which allows vehicles to “see” where objects are, even at long distances, by the end of 2022. Sentinel will provide higher-confidence detection and collision-avoidance capabilities compared to camera and radar-based ADAS systems from competitors, the company said.

These additions are seen by Luminar as adding to and accelerating the company’s business momentum, which is driving it to increase its guidance for the rest of the year.

Luminar Guidance for Full Year 2022

Based on this coming growth, Luminar said it is raising its guidance on its future order book from 40 percent YoY growth to 60 percent YoY growth. Full year 2022 revenue guidance is also being raised to $40 million to $45 million, up from $40 million.

Like every other organization today, Luminar Technologies and other tech and consumer companies are continuing to do business in a tumultuous global macroeconomic environment which is continuing to see the effects of the lingering Covid-19 pandemic, the Russian war in Ukraine, supply chain issues, and other disruptions.

Led by founder and CEO Austin Russell, Luminar Technologies said during its earnings call that it is on track to meet or beat all four of its key 2022 business milestones, which include the debuts of Iris production and Sentinel beta releases. The company also announced a collaboration with ECARX1, a global mobility tech company, to advance the adoption of LiDAR-based vehicle safety and autonomy in China and beyond.

In the earnings call, Russell said that much of the autonomous vehicle industry is centered around driverless robotic taxis, which he called a market that continues to face challenges. Instead, he said that his company is focusing on the existing multi-trillion dollar consumer vehicle market and the use of autonomous capabilities for safety and improving driving experiences, rather than just trying to replace drivers in vehicles.

Luminar Technologies’ autonomous driving technologies are in high demand with automakers and we are bullish on Luminar’s coming innovations driving that growth even higher in the future.

It will be interesting to watch how Luminar Technologies responds to market challenges and market changes in the future as it rolls out its next products and services. We are confident that the company’s executive leadership will provide solid guidance and decision-making for this innovative and imaginative company as it attacks the growing marketplace with new ideas and technologies and further addresses the needs of automakers around the world.

Disclosure: Futurum Research is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.

Analysis and opinions expressed herein are specific to the analyst individually and data and other information that might have been provided for validation, not those of Futurum Research as a whole.

Other insights from Futurum Research:

Luminar and Mercedes-Benz Team Up to Advance Development of Automated Driving Technology

Nissan will Utilize Luminar’s Lidar Technology for Next Generation Driver Assistance Technology

Making Markets EP39: Luminar CEO Austin Russell — All-in on the Power of Lidar Technology to Help Automakers Achieve Full Self-Driving

Image Credit: InvestorPlace

Author Information

Daniel is the CEO of The Futurum Group. Living his life at the intersection of people and technology, Daniel works with the world’s largest technology brands exploring Digital Transformation and how it is influencing the enterprise.

From the leading edge of AI to global technology policy, Daniel makes the connections between business, people and tech that are required for companies to benefit most from their technology investments. Daniel is a top 5 globally ranked industry analyst and his ideas are regularly cited or shared in television appearances by CNBC, Bloomberg, Wall Street Journal and hundreds of other sites around the world.

A 7x Best-Selling Author including his most recent book “Human/Machine.” Daniel is also a Forbes and MarketWatch (Dow Jones) contributor.

An MBA and Former Graduate Adjunct Faculty, Daniel is an Austin Texas transplant after 40 years in Chicago. His speaking takes him around the world each year as he shares his vision of the role technology will play in our future.


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