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For the transition period from to

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A common stock, par value of $0.0001 per share

LAZR

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes ☐    No ☒

As of October 31, 2023, the registrant had 304,866,400 shares of Class A common stock and 97,088,670 shares of Class B common stock, par value $0.0001 per share, outstanding.

This Quarterly Report on Form 10-Q (this “Form 10-Q”) includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which involve substantial risks and uncertainties. These statements reflect the current views of management with respect to future events and our financial performance. These forward-looking statements include statements regarding product plans and performance, future growth and financial performance, purchase price allocations with respect to acquired assets, anticipated cost efficiencies associated with locating certain manufacturing assembly activities in the new Mexico manufacturing facility and timing for completion of validation processes with respect to the facility, timing for revenue recognition and validation processes, expectations regarding funding of product and business development initiatives and capital expenditures, and anticipated impacts on our business of COVID-19 and related public health measures. In some cases, you can identify these statements by forward-looking words such as “outlook,” “believes,” “expects,” “future,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words or phrases, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business.

These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including our history of losses and our expectation that we will continue to incur significant expenses, including substantial R&D costs, and continuing losses for the foreseeable future as well as our limited operating history which makes it difficult to evaluate our future prospects and the risks and challenges we may encounter; our strategic initiatives which may prove more costly than we currently anticipate and potential failure to increase our revenue to offset these initiatives; whether our LiDAR products are selected for inclusion in autonomous driving or Advanced Driving Assistance Systems by automotive original equipment manufacturers (“OEMs”) or their suppliers, and whether we will be de-selected by any customers; the lengthy period of time from a major commercial win to implementation and the risks of cancellation or postponement of the contract or unsuccessful implementation; potential inaccuracies in our forward looking estimates of certain metrics, including Order Book, our future cost of goods sold (COGS) and bill of materials (BOM) and total addressable market; the discontinuation, lack of success of our customers in developing and commercializing products using our solutions or loss of business with respect to a particular vehicle model or technology package and whether end automotive consumers will demand and be willing to pay for such features; our inability to reduce and control the cost of the inputs on which we rely, which could negatively impact the adoption of our products and our profitability; the effect of continued pricing pressures, competition from other LiDAR manufacturers, OEM cost reduction initiatives and the ability of automotive OEMs to re-source or cancel vehicle or technology programs which may result in lower than anticipated margins, or losses, which may adversely affect our business; the effect of general economic conditions, including inflation, recession risks and rising interest rates, generally and on our industry and us in particular, including the level of demand and financial performance of the autonomous vehicle industry and the decline in fair value of available-for-sale debt securities in a rising interest rate environment; market adoption of LiDAR as well as developments in alternative technology and the increasingly competitive environment in which we operate, which includes established competitors and market participants that have substantially greater resources; our ability to achieve technological feasibility and commercialize our software products and the requirement to continue to develop new products and product innovations due to rapidly changing markets and government regulations of such technologies; our ability to manage our growth and expand our business operations effectively, including into international markets, such as China, which exposes us to operational, financial and regulatory risks; adverse impacts due to limited availability and quality of materials, supplies, and capital equipment, or dependency on third-party service providers and single-source suppliers; the project-based nature of our orders, which can cause our results of operations to fluctuate on a quarterly and annual basis; whether we will be able to successfully transition our engineering designs into high volume manufacturing, including our ability to transition to an outsourced manufacturing business model and whether we and our outsourcing partners and suppliers can successfully operate complex machinery; whether we can successfully select, execute or integrate our acquisitions; whether the complexity of our products results in undetected defects and reliability issues which could reduce market adoption of our new products, limit our ability to manufacture, damage our reputation and expose us to product liability, warranty and other claims; our ability to maintain and adequately manage our inventory; our ability to maintain an effective system of internal control over financial reporting; our ability to protect and enforce our intellectual property rights; availability of qualified personnel, loss of highly skilled personnel and dependence on Austin Russell, our Founder, President and Chief Executive Officer; the impact of inflation and our stock price on our ability to hire and retain highly skilled personnel; the amount and timing of future sales and whether the average selling prices of our products could decrease rapidly over the life of the product as well as our dependence on a few key customers, who are often large corporations with substantial negotiating power; our ability to establish and maintain confidence in our long-term business prospects among customers and analysts and within our industry; whether we are subject to negative publicity; the effects of COVID-19 or other infectious diseases, health epidemics, pandemics and natural disasters on Luminar’s business; interruption or failure of our information technology and communications systems; cybersecurity risks to our operational systems, security systems, infrastructure, integrated software in our LiDAR solutions; market instability exacerbated by geopolitical conflicts, including the Israel-Hamas war and conflicts involving Russia and China and including the effect of sanctions and trade restrictions that may affect supply chain or sales opportunities; and those other factors discussed in Part 1, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (our “2022 Annual Report”) under the heading “Risk Factors” and in subsequent reports filed with the SEC which we encourage you to carefully read.

Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. We undertake no obligation to update any forward-looking statements made in this Form 10-Q to reflect events or circumstances after the date of this Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

We use our website (https://www.luminartech.com/) and various social media channels as a means of disclosing information about the Company and its products to its customers, investors and the public (e.g., @luminartech on Twitter, Luminartech on YouTube, and Luminar Technologies on LinkedIn). The information on our website (or any webpages referenced in this Quarterly Report on Form 10-Q) or posted on social media channels is not part of this or any other report that the Company files with, or furnishes to, the Securities and Exchange Commission (the “SEC”). The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts.

(In thousands)

			September 30, 2023						December 31, 2022
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			$	74,723					$	69,552
Restricted cash			3,465						1,553
Marketable securities			246,242						419,314
Accounts receivable			18,903						11,172
Inventory			16,698						8,792
Prepaid expenses and other current assets			29,389						44,203
Total current assets			389,420						554,586
Property and equipment, net			72,647						30,260
Operating lease right-of-use assets			19,660						21,244
Intangible assets, net			27,059						22,077
Goodwill			19,879						18,816
Other non-current assets			24,213						40,344
Total assets			$	552,878					$	687,327
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable			$	20,732					$	18,626
Accrued and other current liabilities			58,489						52,962
Operating lease liabilities			6,475						5,953
Total current liabilities			85,696						77,541
Warrant liabilities			1,660						3,005
Convertible senior notes			614,619						612,192
Operating lease liabilities, non-current			15,551						16,989
Other non-current liabilities			1,017						4,005
Total liabilities			718,543						713,732
Commitments and contingencies (Note 14)
Stockholders’ deficit:
Class A common stock			32						29
Class B common stock			10						10
Additional paid-in capital			1,838,299						1,558,685
Accumulated other comprehensive loss			(235)						(4,226)
Treasury stock			(312,477)						(312,477)
Accumulated deficit			(1,691,294)						(1,268,426)
Total stockholders’ deficit			(165,665)						(26,405)
Total liabilities and stockholders’ deficit			$	552,878					$	687,327

(Unaudited)

(In thousands, except share and per share data)

(Unaudited)

(In thousands, except share data)

																								Class A Common Stock												Class B Common Stock												Additional Paid-in Capital						Accumulated Other Comprehensive Loss						Treasury Stock						Accumulated Deficit						Total Stockholders’ Equity (Deficit)
																																										Shares									Amount												Shares												Amount
Balance as of June 30, 2022																																										282,211,182						$	28					97,088,670						$	10					$	1,413,064					$	(6,005)					$	(312,477)					$	(1,006,059)					$	88,561
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units																																										2,735,219						1						—						—						1,101						—						—						—						1,102
Retirement of unvested restricted common stock																																										(4,648)						—						—						—						—						—						—						—						—
Vendor payments under the stock-in-lieu of cash program																																										537,720						—						—						—						16,920						—						—						—						16,920
Optogration milestone awards																																										1,632,056						—						—						—						11,751						—						—						—						11,751
Share-based compensation																																										—						—						—						—						43,209						—						—						—						43,209
Payments of employee taxes related to stock-based awards																																										—						—						—						—						(1,049)						—						—						—						(1,049)
Other comprehensive income																																										—						—						—						—						—						16						—						—						16
Net loss																																										—						—						—						—						—						—						—						(117,550)						(117,550)
Balance as of September 30, 2022																																										287,111,529						$	29					97,088,670						$	10					$	1,484,996					$	(5,989)					$	(312,477)					$	(1,123,609)					$	42,960
Balance as of June 30, 2023																																										313,888,629						$	31					97,088,670						$	10					$	1,741,053					$	(808)					$	(312,477)					$	(1,556,956)					$	(129,147)
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units																																										4,688,949						1						—						—						903						—						—						—						904
Issuance of Class A common stock under the Equity Financing Program																																										1,833,829						—						—						—						9,107						—						—						—						9,107
Issuance of Class A common stock to a wholly owned subsidiary of TPK Universal Solutions Limited (“TPK”)																																										1,652,892						—						—						—						10,000						—						—						—						10,000
Issuance of Class A common stock to Plus Automation, Inc. (“Plus”)																																										1,926,471						—						—						—						12,141						—						—						—						12,141
Vendor payments under the stock-in-lieu of cash program																																										389,920						—						—						—						9,734						—						—						—						9,734
Milestone awards related to acquisition																																										1,527,788						—						—						—						11,336						—						—						—						11,336
Share-based compensation																																										—						—						—						—						44,025						—						—						—						44,025
Other comprehensive income																																										—						—						—						—						—						573						—						—						573
Net loss																																										—						—						—						—						—						—						—						(134,338)						(134,338)
Balance as of September 30, 2023																																										325,908,478						$	32					97,088,670						$	10					$	1,838,299					$	(235)					$	(312,477)					$	(1,691,294)					$	(165,665)

(Unaudited)

(In thousands, except share data)

																								Class A Common Stock												Class B Common Stock												Additional Paid-in Capital						Accumulated Other Comprehensive Loss						Treasury Stock						Accumulated Deficit						Total Stockholders’ Equity (Deficit)
																																										Shares									Amount												Shares												Amount
Balance as of December 31, 2021																																										266,076,525						$	27					97,088,670						$	10					$	1,257,214					$	(908)					$	(235,871)					$	(822,487)					$	197,985
Shares repurchased																																										—						—						—						—						—						—						(76,606)												(76,606)
Issuance of Class A common stock upon exercise of Private Warrants																																										405,752						—						—						—						19,003						—						—						—						19,003
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units																																										6,920,617						1						—						—						2,845						—						—						—						2,846
Retirement of unvested restricted common stock																																										(48,204)						—						—						—						—						—						—						—						—
Vendor payments under the stock-in-lieu of cash program																																										9,574,385						1						—						—						60,677						—						—						—						60,678
Optogration milestone awards																																										1,632,056						—						—						—						11,751						—						—						—						11,751
Acquisition of Freedom Photonics LLC																																										2,176,205						—						—						—						30,510						—						—						—						30,510
Acquisition of certain assets from Solfice Research, Inc.																																										374,193						—						—						—						3,361						—						—						—						3,361
Share-based compensation																																										—						—						—						—						102,408						—						—						—						102,408
Payments of employee taxes related to stock-based awards																																										—						—						—						—						(2,773)						—						—						—						(2,773)
Other comprehensive loss																																										—						—						—						—						—						(5,081)						—						—						(5,081)
Net loss																																										—						—						—						—						—						—						—						(301,122)						(301,122)
Balance as of September 30, 2022																																										287,111,529						$	29					97,088,670						$	10					$	1,484,996					$	(5,989)					$	(312,477)					$	(1,123,609)					$	42,960
Balance as of December 31, 2022																																										291,942,087						$	29					97,088,670						$	10					$	1,558,685					$	(4,226)					$	(312,477)					$	(1,268,426)					$	(26,405)
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units																																										13,414,078						2						—						—						2,551						—						—						—						2,553
Issuance of Class A common stock under ESPP																																										272,524						—						—						—						1,406						—						—						—						1,406
Issuance of Class A common stock under the Equity Financing Program																																										5,599,121						—						—						—						38,711						—						—						—						38,711
Issuance of Class A common stock to a wholly owned subsidiary of TPK																																										3,305,784						—						—						—						20,000						—						—						—						20,000
Issuance of Class A common stock to Plus																																										1,926,471						—						—						—						12,141						—						—						—						12,141
Vendor payments under the stock-in-lieu of cash program																																										6,505,012						1						—						—						43,328						—						—						—						43,329
Milestone awards related to acquisitions																																										2,943,401						—						—						—						20,656						—						—						—						20,656
Share-based compensation																																										—						—						—						—						141,393						—						—						—						141,393
Payments of employee taxes related to stock-based awards																																										—						—						—						—						(572)						—						—						—						(572)
Other comprehensive income																																										—						—						—						—						—						3,991						—						—						3,991
Net loss																																										—						—						—						—						—						—						—						(422,868)						(422,868)
Balance as of September 30, 2023																																										325,908,478						$	32					97,088,670						$	10					$	1,838,299					$	(235)					$	(312,477)					$	(1,691,294)					$	(165,665)