LUMINAR TECHNOLOGIES Reports Missed Earnings and Revenue Estimates

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Luminar Technologies ($NASDAQ:LAZR), a leading provider of autonomous vehicle software solutions (NASDAQ: LAZR), has recently reported their earnings and revenue estimates for the latest quarter. Unfortunately, these estimates fell short of expectations with their Non-GAAP EPS of -$0.21 missing estimates by $0.02, and revenue of $16.96M coming in $2.63M lower than predicted. They offer a comprehensive suite of software solutions designed to enable autonomous driving capabilities for leading automotive manufacturers around the world. Their software enables vehicles to detect and respond to obstacles as well as autonomously navigate complex roads and environments.

In addition, they have developed a suite of advanced safety features like auto-braking and collision avoidance. These features are designed to make autonomous driving safer and more efficient. The company’s recent earnings report was somewhat disappointing given their past performance, but investors remain hopeful that this quarter’s results will be better. Luminar Technologies continues to build upon its existing technology and expand into new markets, which should help to boost their revenue going forward. As long as they can continue to deliver on their promises, investors are optimistic that the company’s future remains bright.

Earnings

In its latest earning report of FY2023 Q2 as of June 30 2021, LUMINAR TECHNOLOGIES reported a total revenue of 6.31M USD and a net income of -36.83M USD. This marked a 36.5% decrease in total revenue from the same quarter last year. Over the last three years, total revenue rose from 6.31M USD to 16.2M USD.

Despite the increase in total revenue in recent years, the second quarter earnings report still fell short of analysts’ expectations. These poor results have raised questions about the company’s long-term prospects and the efficacy of its strategies.

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Luminar Technologies. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Luminar Technologies. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Luminar Technologies. More…

Key Ratios Snapshot

Some of the financial key ratios for Luminar Technologies are shown below. More…

Share Price

On Thursday, LUMINAR TECHNOLOGIES reported disappointing earnings and revenue estimates – causing their stock to open at $3.4 and close at $3.1, a 14.9% decrease from the previous closing price of $3.7. This news caused a 14.9% drop in value and left shareholders feeling uncertain about the future of the company. Investors were expecting better performance from the company than what was actually posted, which has led to an overall decrease in confidence towards LUMINAR TECHNOLOGIES. These numbers have put investors in a state of caution, and they are now waiting to see what the future holds for the company. Live Quote…

Analysis

At GoodWhale, we have taken a deep dive into the financials of LUMINAR TECHNOLOGIES. After analyzing the company’s Star Chart, we can see that LUMINAR TECHNOLOGIES is strong in growth, medium in asset and weak in dividend and profitability. Considering their cashflows and debt, LUMINAR TECHNOLOGIES has a low health score of 3/10 which suggests that it is less likely to sustain future operations in times of crisis. We classify LUMINAR TECHNOLOGIES as a “cheetah”, which is a type of company that achieves high revenue or earnings growth but is considered less stable due to lower profitability. This type of company may appeal to some investors who are more risk-tolerant or looking for higher returns. More…

Peers

The company has a strong competitive position in the market with its core technology being used by major automotive OEMs and Tier 1 suppliers. The company’s main competitors are Aeva Technologies Inc, Innoviz Technologies Ltd, Tesla Inc.

– Aeva Technologies Inc ($NYSE:AEVA)

Aeva Technologies Inc is a technology company that develops and commercializes autonomous driving solutions. The company has a market cap of 412.01M as of 2022 and a Return on Equity of -19.6%. Aeva’s technology is based on LiDAR, AI, and software, and it offers products for autonomous vehicles, robots, and other autonomous systems.

– Innoviz Technologies Ltd ($NASDAQ:INVZ)

Innoviz Technologies Ltd is a company that provides LiDAR products for use in autonomous vehicles. The company has a market cap of 635.59M as of 2022 and a return on equity of -30.51%. The company’s products are used by major automakers around the world, and its products are considered to be some of the best in the industry. The company is headquartered in Israel and has a workforce of over 200 employees.

– Tesla Inc ($NASDAQ:TSLA)

Tesla Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. Tesla’s market cap is $719.4 billion as of 2022. Tesla’s ROE is 20.66%. Tesla designs, manufactures, and sells electric vehicles, and provides energy storage systems. Tesla’s products include the Model S, Model X, Model 3, Roadster, and Powerwall.

Summary

The company reported a non-GAAP earnings per share (EPS) of -$0.21, missing analysts’ estimates by $0.02. On the news of the disappointing financial report, stock prices for Luminar Technologies dropped. Despite the poor financial results, investors should still consider Luminar Technologies as a potential long-term investment option due to its innovative products and services, and continued focus on technological advancement.

The company has recently invested in AI, self-driving car technology and autonomous vehicle sensors, all of which have great potential to contribute to Luminar’s long-term success. It is important that investors watch out for any upcoming announcements regarding these investments as they may influence their assessment of the company’s future prospects.