Exhibit 99.1
Luminar Reports Q2’25 Financials
Luminar advances key auto customer milestones in Q2 and pursues growth opportunities in commercial markets
Exits non-core data and insurance businesses to drive cost reductions and operational discipline
Orlando, Fla. — August 12, 2025 — Today, Luminar (NASDAQ: LAZR), a leading global automotive technology company, provided its quarterly business update and financial results for the second quarter of 2025. These results and related commentary were published in a Presentation available on its Investor Relations website at
https://investors.luminartech.com.
“We took decisive steps this quarter to deliver on our customer commitments, advance Halo as the foundation of our future, and sharpen our focus on near-term revenue and profit opportunities beyond automotive in commercial markets,” said Paul Ricci, CEO of Luminar. “We’re also streamlining our business, exiting non-core areas, and focusing intensely on key operational milestones. We believe these actions set the stage for a stronger, leaner Luminar better positioned to deliver sustainable growth and long-term value.”
Key Q2 2025 Financials:
•Revenue: Q2 Revenue was $15.6 million, down 5% compared to Q2’24, and 17% compared to Q1’25, consistent with guidance for revenue to be lower QoQ.
•Gross Loss: Q2 Gross Loss was $(12.4) million on a GAAP basis and $(10.8) million on a non-GAAP basis.
•Net Loss: Q2 GAAP Net Loss was $(30.5) million, or $(0.62) per share; Q2 Non-GAAP Net Loss was $(73.1) million, or $(1.49) per share.
•Operating Expenses: Q2 OpEx was $(27.1) million on a GAAP basis and $47.0 million on a non-GAAP basis.
•Cash & Marketable Securities: Ended Q2’25 with $107.6 million in Cash & Marketable Securities. This excludes our $50 million line of credit that remains undrawn, $180 million remaining under the equity financing program and $165 million of convertible preferred facility as of Q2’25.
Business Milestones:
Luminar outlined the following business milestones for the next several quarters.
•ASIC tape-out for Halo in by end of Q4’25
•High-volume production line live in Thailand by end of Q4’25
•Low-volume Halo prototype line launch by end of Q1’26
•Halo B-sample delivery by end of Q2’26
Financial Outlook:
Luminar is revising elements of its FY 2025 financial guidance to reflect updated expectations of vehicle production ramps in 2H’25 and the winding down of non-core business, including a data contract and the insurance initiative.
•Shipments: Sensor shipment of 20 thousands to 23 thousands for FY’25 (down from 30 thousands to 33 thousands previously)
•Revenue: FY’25 total revenue of $67 million to $74 million due to lower shipment assumption and lower revenue associated with the winding-down of non-core data contract (down from implied range of $82 million to $90 million previously)
•Gross Loss: Non-GAAP Gross Loss in range of $(5) million to $(10) million per quarter through FY’25, on average, though likely towards higher-end of the range due to wind-down of high-margin data contract (unchanged)
•Operating Expenses: Non-GAAP quarterly operating expenses to reach low ~$30 million range by YE’25 (unchanged)
•Cash & Marketable Securities: YE’25 Cash & Marketable Securities of $80 million to $100 million . This excludes the $50 million line of credit that remains undrawn as well as the availability on the equity finance program ($180 million as of Q2’25) and convertible preferred facility ($165 million). This compares to > $100 million from prior outlook, excluding the $50 million line of credit.
•Q3’25: We expect Q3 revenue in the range of $17 million to $19 million
Webcast Details:
•What: Webcast featuring second quarter 2025 financials, business update, and live Q&A
•Date: Today, August 12, 2025
•Time: 5:00 p.m. EDT (2:00 p.m. PDT)
•Location: The webcast will be available live on Luminar’s Investor site at
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https://www.luminartech.com/quarterlyreview. A recording will be available following the conclusion of the webcast.
Non-GAAP Financial Measures
This release includes non-GAAP gross loss, non-GAAP net loss, non-GAAP operating expenses, non-GAAP cost of sales and free cash flow, which are non-GAAP financial measures, for the periods presented. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (“GAAP”) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Management believes that these non-GAAP financial measures, when considered together with our financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare our results from period to period and to our forward-looking guidance, and to identify operating trends in our business. However, non-GAAP information is not superior to financial measures calculated in accordance with GAAP, is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. A reconciliation of the most comparable GAAP financial measure to each non-GAAP financial measure appearing in this release is included at the end of this press release.
A reconciliation of non-GAAP gross loss and non-GAAP operating expenses for fiscal 2025 to a corresponding GAAP financial guidance measure is not available on a forward-looking basis because the Company is not able to present the various reconciling cash and non-cash items between each forward-looking non-GAAP measure without unreasonable effort. In particular, stock-based compensation expense is impacted by the Company’s future hiring and retention needs, as well as the future fair market value of its common stock, all of which is difficult to predict and is subject to change. The actual amount of these expenses during the second half of fiscal 2025 will have a significant impact on the Company’s future GAAP financial results.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “aims,” “believe,” “may,” “will,” “estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,” “expect,” “should,” “would,” “forward,” and similar expressions, express or implied, that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements include statements relating to the outlook for 2025, including revenue outlook for the third quarter and FY 2025, the availability of liquidity resources, sensor shipments, gross loss and operating expense outlook for FY 2025, and expectations regarding the development and commercialization of Luminar Halo. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including that next-generation sensors and software will be developed successfully or will accelerate automaker adoption, that new automaker agreements will develop successfully into product launches, that per unit sensor economics will be improved, and that cost reduction efforts, including efforts to reduce the cost of industrialization, will continue to result in improved operational and financial efficiency. More information on these risks and other potential factors that could affect the Company’s business is included in the Company’s periodic filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s reports on Form 10-K and Form 10-Q, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC and subsequent reports filed with the SEC. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
About Luminar:
Luminar is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. For more information, please visit www.luminartech.com.
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
June 30, 2025December 31, 2024
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents$48,166 $82,840 
Restricted cash2,740 1,882 
Marketable securities59,465 99,827 
Accounts receivable18,457 14,272 
Inventory18,047 14,908 
Prepaid expenses and other current assets20,453 31,498 
Total current assets167,328 245,227 
Property and equipment, net46,643 52,281 
Operating lease right-of-use assets20,127 31,479 
Intangible assets, net13,493 15,556 
Goodwill3,994 3,994 
Other non-current assets13,902 16,676 
Total assets$265,487 $365,213 
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable$29,714 $18,972 
Accrued and other current liabilities31,901 31,567 
Operating lease liabilities7,572 10,049 
Total current liabilities69,187 60,588 
Debt429,679 500,516 
Operating lease liabilities, non-current14,406 24,083 
Other non-current liabilities184 815 
Total liabilities513,456 586,002 
Series A preferred stock
24,210 — 
Stockholders’ deficit:
Class A common stock5 3 
Class B common stock1 1 
Additional paid-in capital2,257,171 2,204,814 
Accumulated other comprehensive loss
(454)(295)
Treasury stock(312,477)(312,477)
Accumulated deficit(2,216,425)(2,112,835)
Total stockholders’ deficit
(272,179)(220,789)
Total liabilities, preferred stock and stockholders’ deficit
$265,487 $365,213 
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue:
Products$11,967 $15,739 $24,939 $31,041 
Services3,667 712 9,581 6,378 
Total revenue15,634 16,451 34,520 37,419 
Cost of sales:
Products24,124 19,969 46,954 44,476 
Services3,937 10,162 8,093 17,078 
Total cost of sales28,061 30,131 55,047 61,554 
Gross loss(12,427)(13,680)(20,527)(24,135)
Operating expenses:
Research and development39,328 65,850 77,616 133,600 
Sales and marketing5,297 12,140 10,201 26,655 
General and administrative(18,753)29,790 2,163 62,839 
Restructuring costs1,180 6,262 1,244 6,262 
Total operating expenses27,052 114,042 91,224 229,356 
Loss from operations(39,479)(127,722)(111,751)(253,491)
Other income (expense), net:
Change in fair value of private warrants
— 163 — 985 
Interest expense(12,255)(2,757)(24,576)(5,514)
Interest income1,269 2,519 3,036 5,949 
Gain on extinguishment of debt15,281 — 22,056 — 
Gain (loss) from acquisition of EM4, LLC (“EM4”)— — (48)1,752 
Gain from Sale of Investments2,908 — 2,908 — 
Change in fair value of derivative liability
8,991 — 5,320 — 
Losses and impairments related to investments and certain other assets, and other income (expense)536 (3,376)(238)(5,981)
Total other income (expense), net16,730 (3,451)8,458 (2,809)
Loss before provision for (benefit from) income taxes
(22,749)(131,173)(103,293)(256,300)
Provision for (benefit from) income taxes
150 (566)297 21 
Net loss(22,899)(130,607)(103,590)(256,321)
Less: Deemed dividend on Series A preferred stock
7,602 — 7,602 — 
Net loss attributable to common stockholders
$(30,501)$(130,607)$(111,192)$(256,321)
Net loss per share attributable to common stockholders:
Basic and diluted$(0.62)$(4.32)$(2.44)$(8.76)
Weighted average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted49,087,995 30,242,540 45,608,362 29,274,792 
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended June 30,
20252024
Cash flows from operating activities:
Net loss$(103,590)$(256,321)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization8,772 14,458 
Amortization of operating lease right-of-use assets3,446 4,230 
Amortization of discount on marketable securities
(983)(1,278)
Loss on marketable securities90 1,976 
Change in fair value of private warrants— (985)
Vendor stock in lieu of cash program5,694 8,448 
Amortization of debt discount and issuance costs3,848 1,618 
Inventory write-offs and write-downs3,426 17,806 
Change in the fair value of derivatives
(5,320)— 
Gain or write-off on sale or disposal of property and equipment238 — 
Share-based compensation, including restructuring costs(1,277)83,019 
Gain on extinguishment of debt(22,056)— 
Impairment of investments— 4,000 
Gain (loss) from acquisition of EM4
48 (1,752)
Change in product warranty and other4,657 (2,758)
Changes in operating assets and liabilities:
Accounts receivable(4,185)(4,563)
Inventories(6,863)(16,098)
Prepaid expenses and other current assets11,609 (1,793)
Other non-current assets17,778 (2,915)
Accounts payable9,354 (1,877)
Accrued and other current liabilities(7,069)916 
Other non-current liabilities(15,571)(5,067)
Net cash used in operating activities(97,954)(158,936)
Cash flows from investing activities:
Purchases of marketable securities(54,154)(75,051)
Proceeds from maturities of marketable securities80,760 112,242 
Proceeds from sales/redemptions of marketable securities14,490 3,737 
Purchases of property and equipment(226)(1,586)
Acquisition of EM4 (net of cash acquired)242 (3,831)
Proceeds from disposal of property and equipment305 — 
Net cash provided by investing activities41,417 35,511 
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock under the Equity Financing Program21,461 35,903 
Proceeds from sale of Class A common stock under ESPP338 800 
Proceeds from exercise of stock options— 407 
Payments of employee taxes related to stock-based awards(196)(216)
Repurchase of 2026 Convertible Notes(30,297)— 
Proceeds from issuance of Series A preferred stock, net of issuance costs, discount and commitment fees
31,415 — 
Net cash provided by financing activities22,721 36,894 
Net decrease in cash, cash equivalents and restricted cash
(33,816)(86,531)
Beginning cash, cash equivalents and restricted cash84,722 140,624 
Ending cash, cash equivalents and restricted cash$50,906 $54,093 
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales
(In thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
GAAP cost of sales$28,061 $30,131 $55,047 $61,554 
Non-GAAP adjustments:
Stock-based compensation(1,361)(298)(2,652)(3,693)
Amortization of intangible assets(165)(166)(394)(332)
Accelerated depreciation related to certain property, plant and equipment items(143)(1,295)(286)(3,430)
Non-GAAP cost of sales$26,392 $28,372 $51,715 $54,099 
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Gross Loss to Non-GAAP Gross Loss
(In thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
GAAP gross loss$(12,427)$(13,680)$(20,527)$(24,135)
Non-GAAP adjustments:
Stock-based compensation1,361 298 2,652 3,693 
Amortization of intangible assets165 166 394 332 
Accelerated depreciation related to certain property, plant and equipment items143 1,295 286 3,430 
Non-GAAP gross loss$(10,758)$(11,921)$(17,195)$(16,680)
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(In thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
GAAP operating expenses$27,052 $114,042 $91,224 $229,356 
Non-GAAP adjustments:
Stock-based compensation22,007 (36,781)3,870 (77,851)
Impairment of investments— (4,000)— (4,000)
Restructuring costs(1,180)(6,262)(1,244)(6,262)
Amortization of intangible assets(866)(834)(1,669)(1,668)
Transaction costs relating to acquisition activities — (1)— (232)
Non-GAAP operating expenses$47,013 $66,164 $92,181 $139,343 

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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
GAAP net loss attributable to common stockholders
$(30,501)$(130,607)$(111,192)$(256,321)
Non-GAAP adjustments:
Stock-based compensation, excluding restructuring(20,646)37,079 (1,218)81,544 
Amortization of intangible assets1,031 1,000 2,063 2,000 
Accelerated depreciation related to certain property, plant and equipment
143 1,295 286 3,430 
Gain on extinguishment of debt(15,281)— (22,056)— 
Impairment of investments— 4,000 — 4,000 
Restructuring costs, including stock-based compensation1,180 6,262 1,244 6,262 
Gain from acquisition of EM4— — 48 (1,752)
Transaction costs relating to acquisition activities — 1 — 232 
Change in the fair value of derivative liabilities
(8,991)— (5,320)— 
Change in fair value of private warrants
— (163)— (985)
Non-GAAP net loss attributable to common stockholders
$(73,065)$(81,133)$(136,145)$(161,590)
GAAP net loss per share attributable to common stockholders:
Basic and diluted$(0.62)$(4.32)$(2.44)$(8.76)
Non-GAAP net loss per share attributable to common stockholders:
Basic and diluted$(1.49)$(2.68)$(2.99)$(5.52)
Shares used in computing GAAP net loss per share attributable to common stockholders:
Basic and diluted49,087,995 30,242,540 45,608,362 29,274,792 
Shares used in computing Non-GAAP net loss per share attributable to common stockholders:
Basic and diluted49,087,995 30,242,540 45,608,362 29,274,792 
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow
(In thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
GAAP operating cash flow$(53,725)$(77,707)$(97,954)$(158,936)
Non-GAAP adjustments:
Capital expenditure:
Purchases of property and equipment(111)(302)(226)(1,586)
Non-GAAP free cash flow$(53,836)$(78,009)$(98,180)$(160,522)
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Summary of Stock-Based Compensation and Intangibles Amortization
(In thousands)
(Unaudited)
Three Months Ended June 30,
20252024
Stock-Based
Compensation		Intangibles
Amortization		Stock-Based
Compensation		Intangibles
Amortization
Cost of Sales$1,361 $165 $298 $166 
Research and development4,792 600 16,378 599 
Sales and marketing2,109 266 3,557 235 
General and administrative(28,908)— 16,846 — 
Restructuring costs(11)— 1,412 — 
Total$(20,657)$1,031 $38,491 $1,000 

Six Months Ended June 30,
20252024
Stock-Based
Compensation		Intangibles
Amortization		Stock-Based
Compensation		Intangibles
Amortization
Cost of Sales$2,652 $394 $3,693 $332 
Research and development11,129 1,199 30,862 1,198 
Sales and marketing3,275 470 8,780 470 
General and administrative(18,274)— 38,209 — 
Restructuring costs(59)— 1,412 — 
Total$(1,277)$2,063 $82,956 $2,000 
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Contact Information
Investor Relations:
Yarden Amsalem
Investors@luminartech.com

Media Relations:
Milin Mehta
Press@luminartech.com
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