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Luminar Technologies Inc. (LAZR) Stock Trends Higher Following Tesla Tests of Company Sensors

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Luminar Technologies Inc. (LAZR) stock prices were up by 1.35% as of the market opening on May 24th, 2021, bringing the price per share up to USD$21.70 shortly after the trading day commenced.

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UpNext as New Customer

LAZR reported signing on Airbus SE’s subsidiary UpNext as a new customer for the company’s lidar technology, which UpNext hope to integrate into its Vertex platform to facilitate safe and autonomous flight. UpNext was created to build, evaluate, mature, and validate technological breakthroughs as new products and services to fast-track the development of future flight technologies. This collaboration is LAZR’s first foray into the USD$1 trillion aviation industry and is aimed at increasing air safety and allowing for autonomous operation with automatic obstacle detection.


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Pony.ai as New Customer

Pony.ai’s next-generation autonomous driving platform will see the seamless integration of LAZR’s Iris, as per Luminar’s announcement of the signing on of the new customer. Pony.ai’s platform features a multi-sensor 360-degree configuration and facilitates the safe and reliable operation of vehicles in complex urban environments. The customer is set to deploy a robo-taxi fleet consisting of 200 vehicles in urban settings across five cities in China and the U.S. The collaboration will facilitate the development of a new integrated sensor design that signals a shift from vehicle testing to advanced development and production scale.

Revenue Reports

The company generated USD$5.3 million in revenue for the first quarter of the fiscal year 2021, indicating a 37% year-over-year increase from the numbers reported in Q1 2020. The Q1 2021 reports were also a 118% increase over the revenue reported for the fourth and last quarter of the fiscal year 2020.

GAAP Net Loss Reports

GAAP net loss for the first quarter of 2021 came in at USD$75.9 million, representing a GAAP net loss of USD$0.23 per both basic and diluted share. This is comparable to the GAAP net loss of USD$15.6 million for the first quarter of 2020, which represented a GAAP net loss per basic and diluted share of USD$0.12.

Solid Liquidity Position

As of March 31st, 2021, LAZR announced having cash and investments totaling USD$610.3 million, up from the USD$485.7 million reported as of December 31st, 2020. Of this total, USD$154 million consisted of funds raised from exercises of warrants and cash spend of USD$28.9 million during the course of the first quarter of the fiscal year 2021.

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Future Outlook for LAZR

Armed with a solid liquidity position and the promising growth of its customer base, LAZR is poised to capitalize on the opportunities presented to it. Current and potential investors are hopeful that the company will continue to leverage the resources at its disposal to usher in significant and sustained increases in shareholder value.

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