Luminar Technologies Inc (NASDAQ: LAZR) stock rose over 1.9% in the pre-market session of March 19th, 2021 (Source: Google finance) after the company as per preliminary unaudited financial results for full-year 2020, has reported order book that exceeded original guidance of $1 Billion and met updated guidance at just over $1.3 Billion.
The company posted the revenue of approximately $14 million fiscal 2020.Cash, equivalents, and marketable securities were approximately $485.7 million at the end of December 2020.
For fiscal 2021, the company expects to increase forward-looking order book by 40%, deliver revenue of $25 to 30 million (August 2020 forecast was $26 million for ‘21) and gross cash spend (operating cash flow less capital expenditures) to be of approximately $140 million, which assumes a Capex target in the range of approximately $10-15M for the year.
Moreover, in fiscal 2020, in 2020, LAZR had launched and completed builds of its first Iris units, the series production version of its technology. The company has now successfully completed engineering validation testing of Iris, progressing onto the final stages of B-samples before ramping into C-sample phase later this year. Today, Luminar has Iris lidars on customer vehicles going through the data collection and development process, transitioning from its previous generation Hydra lidar. In addition to greater manufacturability, economics, and ability to integrate into vehicles, Iris now outperforms Luminar’s Hydra lidar across several dimensions, including better-ranging performance and ability to see dark objects and even higher point density. The company has selected a contract manufacturer for continued, efficient series production of Iris in a Mexico production facility. Earlier this month, LAZR also unveiled its rapid evolution from a lidar company to an autonomous vehicle company with the introduction of Sentinel – the industry’s first full-stack autonomous system for series production. For Luminar, this is key in the transformation from being solely a lidar provider to a software and systems company, enabling autonomy and improved vehicle safety to become ubiquitous.
Furthermore, the company has partnered with China’s largest automaker to deeply integrate lidar and software technology into its new production EV line launching next year.
On the other hand, on February 11, 2021, Luminar has appointed to its Board Katharine “Katie” A. Martin, Chair of the Board of Wilson Sonsini Goodrich & Rosati, and Dr. Mary Lou Jepsen, which is a globally renowned technology industry executive, currently CEO, Founder, and Chair of medical laser imaging device company Openwater as well as Director at Lear Corporation.