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Luminar Technologies Inc. (LAZR-2.26%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Luminar's operations, focusing on its LiDAR technology for automotive applications. Revenue for 2024 was reported at $75.4 million, an increase from $69.8 million in 2023, attributed to increased sensor shipments and licensing revenue.
Cost of sales decreased to $101.1 million from $142.5 million in 2023, reflecting cost reduction initiatives and a decrease in service project costs.
Operating expenses totaled $409.3 million, down from $490.6 million in 2023, due to reduced R&D, sales, and general administrative costs following a workforce reduction.
Luminar reported a net loss of $273.1 million for 2024, compared to a net loss of $571.3 million in 2023. The decrease in net loss was influenced by a gain on debt extinguishment and lower operating expenses.
The company executed a restructuring plan in 2024, which included reducing its workforce by 30% and subleasing certain facilities, resulting in a $9.8 million charge.
Luminar's cash and cash equivalents totaled $82.8 million as of December 31, 2024, with additional liquidity from marketable securities of $99.8 million.
During 2024, Luminar exchanged $421.9 million of its 2026 Convertible Senior Notes for new 2030 Convertible Notes, recognizing a gain of $148.7 million on the transaction.
The company continues to focus on its industrialization plan, with significant efforts in optimizing manufacturing processes and reducing per unit sensor costs.
Luminar's report highlights ongoing investments in R&D to enhance its LiDAR technology and software capabilities, while also managing costs through strategic workforce and operational adjustments.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.