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Luminar Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $15.5 million from $17.0 million in the same quarter the previous year. The decrease is attributed to lower service revenue on certain non-recurring engineering contracts.
Cost of sales for the quarter was $29.5 million, compared to $35.1 million in the same quarter of the previous year. This decrease is due to a reduction in launch-related costs.
The company reported a gross loss of $14.0 million for the quarter, compared to $18.2 million in the previous year, with the improvement attributed to cost reduction actions.
Research and development expenses decreased to $50.6 million from $62.9 million, primarily due to decreased headcount and stock-based compensation.
Sales and marketing expenses decreased to $11.1 million from $12.4 million, primarily due to decreased personnel-related costs.
General and administrative expenses decreased to $30.2 million from $35.4 million, primarily due to a decrease in stock-based compensation.
The company recognized a gain of $147.3 million from the extinguishment of debt related to the exchange of its 2026 Convertible Senior Notes.
Net income for the quarter was $27.4 million, compared to a net loss of $134.3 million in the previous year. The improvement is primarily due to the gain on extinguishment of debt.
Cash used in operating activities was $214.7 million for the nine months ended September 30, 2024, compared to $194.5 million in the previous year.
Luminar had cash and cash equivalents of $114.2 million and marketable securities of $84.4 million as of September 30, 2024.
The filing also details the acquisition of EM4, a designer and manufacturer of photonic components, which is expected to accelerate the company's strategy to package lasers, detectors, and ASICs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Luminar Technologies Inc. quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.