Luminar appoints new CFO; Forbearance agreements in place while company evaluates capital structure and liquidity solutions

Q3 revenue up ~20% YoY and QoQ; Off-road, defense, and photonics opportunities continue to advance

Today, Luminar (NASDAQ:LAZR), a leading global automotive technology company, provided its quarterly business update and financial results for the third quarter of 2025. These results and related commentary were published in a Presentation available on its Investor Relations website at https://investors.luminartech.com.

"This quarter has required us to confront difficult realities in the automotive LiDAR market and take deliberate steps to strengthen our capital structure and liquidity position," said Paul Ricci, CEO of Luminar. "At the same time, we are seeing growing momentum in commercial and defense applications across both Luminar and LSI, which reinforces our belief that the strategic direction we outlined last quarter better positions Luminar for the years ahead."

Key Q3 2025 Financials:

Revenue: Q3 Revenue was $18.7 million, up 21% compared to Q3'24, and 20% compared to Q2'25.
Gross Profit (Loss): Q3 Gross Profit (Loss) was $(8.1) million on a GAAP basis and $(7.3) million on a non-GAAP basis.
Net Income (Loss): Q3 GAAP Net Income (Loss) attributable to common stockholders was $(89.5) million, or $(1.29) per share; Q3 Non-GAAP Net Loss was $(65.4) million, or $(0.94) per share.
Operating Expenses: Q3 OpEx was $66.6 million on a GAAP basis and $43.0 million on a non-GAAP basis.
Cash & Marketable Securities: Ended Q3'25 with $74.0 million in Cash & Marketable Securities.

Financial Outlook:

As previously disclosed, Luminar has suspended its guidance for the fiscal year ending December 31, 2025.

Appointment of New CFO:

On November 7, 2025, Luminar appointed Thomas Beaudoin as Chief Financial Officer, effective November 13, 2025. Beaudoin brings more than four decades of finance and operational leadership across public and private technology companies, and particularly in the automotive space. He previously served as CFO of Cerence Inc. from May 2022 to March 2024, following senior transformation and operational roles at Qualifacts Systems Inc., Credible Inc., and Nuance. Earlier in his career, Beaudoin held multiple executive finance positions, including CFO of SimpliVity Corp. (now HPE SimpliVity), Executive Vice President and CFO of Nuance, President and CFO of Polaroid Corporation, and Senior Vice President and CFO of Parametric Technology Corporation, after spending 24 years in senior finance roles at Digital Equipment Corporation and Compaq Computer Corporation (now Hewlett Packard). He holds both a B.S.B.A. and an M.B.A. from Babson College.

Strategic Review:

As previously announced, Luminar is exploring a number of potential strategic alternatives, including the sale of all or part of Luminar's business or assets, raising additional capital or restructuring its existing capital structure. Luminar has engaged Weil, Gotshal & Manges LLP, as legal advisers, Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC, as financial advisors, to assist Luminar in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity. Luminar has received and is evaluating nonbinding, preliminary proposals and indications of interest to purchase the entire company as well as certain of its assets and business lines.

Capital Structure:

Luminar has signed forbearance and non-disclosure agreements with the vast majority of its secured noteholders through November 24, 2025, with further extensions anticipated as the company continues to negotiate with them. This provides time and stability as Luminar works toward a longer-term solution to its capital structure and liquidity needs.

Appointment of New Directors

Luminar is pleased to announce the appointment of Patricia Ferrari and Elizabeth Abrams to its Board of Directors, effective November 13, 2025. Together, Ms. Ferrari and Ms. Abrams bring extensive experience in banking, finance, restructuring, advisory, and leadership that will be invaluable as the company continues to explore strategic alternatives.

Webcast Details:

What: Webcast featuring third quarter 2025 results and live Q&A
Date: Today, November 13, 2025
Time: 5:00 p.m. EST (2:00 p.m. PST)
Location: The webcast will be available live on Luminar's Investor site at 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.

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. These statements reflect the current views of management with respect to future events and our financial performance. These forward-looking statements include statements regarding the Company's ability to enter into longer-term forbearance agreements with the certain holders of its convertible notes and the continuing defaults under the indentures governing such convertible notes, the Company's plans and expectations regarding its liquidity situation and the outcome of the Company's review of strategic alternatives and other measures, including capital raises, a potential sale of all or part of the Company's business or assets, and/or potentially seeking relief under the U.S. Bankruptcy Code, the Company's funding levels and ability to continue operations, the Company's ability to improve its liquidity and long-term capital structure to address debt service obligations, the Company ability to make the required payments under the agreements governing its debt obligations, the Company's negotiations with its customers, manufacturers and suppliers, the Company's ability to continue as a going concern, the estimated costs and expected benefits of the Company's restructuring plans initiated in 2024 and 2025, product plans, future growth, sales estimates, market opportunities, strategic initiatives, industry positioning, customer acquisition and retention, revenue growth, anticipated impacts on our business of current worldwide economic uncertainty, inflation, monetary policy shifts, and other disruptions due to geopolitical conditions and global health emergencies. 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 Securities and Exchange Commission ( 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 and most recently filed Form 10-Q for the quarter ended September 30, 2025, each filed with the SEC, and other previous 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.

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)

	September 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	54,482		$	82,840
Restricted cash		2,610			1,882
Marketable securities		19,508			99,827
Accounts receivable		14,317			14,272
Inventory		16,103			14,908
Prepaid expenses and other current assets		15,153			31,498
Total current assets		122,173			245,227
Property and equipment, net		37,798			52,281
Operating lease right-of-use assets		17,108			31,479
Intangible assets, net		10,986			15,556
Goodwill		1,750			3,994
Other non-current assets		13,701			16,676
Total assets	$	203,516		$	365,213

LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable	$	21,391		$	18,972
Accrued and other current liabilities		33,915			31,567
Operating lease liabilities		7,362			10,049
Total current liabilities		62,668			60,588
Debt		429,178			500,516
Operating lease liabilities, non-current		13,047			24,083
Other non-current liabilities		184			815
Total liabilities		505,077			586,002
Series A preferred stock		3,368			—
Stockholders' deficit:
Class A common stock		7			3
Class B common stock		1			1
Additional paid-in capital		2,310,266			2,204,814
Accumulated other comprehensive loss		(456	)		(295	)
Treasury stock		(312,477	)		(312,477	)
Accumulated deficit		(2,302,270	)		(2,112,835	)
Total stockholders' deficit		(304,929	)		(220,789	)
Total liabilities, preferred stock and stockholders' deficit	$	203,516		$	365,213

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Revenue:
Products	$	13,689		$	12,681		$	38,628		$	43,721
Services		5,060			2,812			14,641			9,190
Total revenue		18,749			15,493			53,269			52,911
Cost of sales:
Products		21,383			24,128			68,337			68,604
Services		5,447			5,397			13,540			22,475
Total cost of sales		26,830			29,525			81,877			91,079
Gross loss		(8,081	)		(14,032	)		(28,608	)		(38,168	)
Operating expenses:
Research and development		35,268			50,591			112,884			184,191
Sales and marketing		4,264			11,097			14,465			37,752
General and administrative		14,109			30,206			16,272			93,045
Impairment of goodwill and intangible assets		3,719			6,647			3,719			6,647
Impairment of long-lived assets		7,513			—			7,513			—
Restructuring costs		1,708			3,284			2,952			9,546
Total operating expenses		66,581			101,825			157,805			331,181
Loss from operations		(74,662	)		(115,857	)		(186,413	)		(369,349	)
Other income (expense), net:
Change in fair value of private warrants		—			65			—			1,050
Interest expense		(12,342	)		(8,908	)		(36,918	)		(14,422	)
Interest income		961			2,407			3,997			8,356
Gain on extinguishment of debt		—			147,346			22,056			147,346
Gain (loss) from acquisition of EM4, LLC ("EM4")		—			—			(48	)		1,752
Gain from Sale of Investments		—			—			2,908			—
Change in fair value of derivative liability		2,521			2,476			7,841			2,476
Provision for credit loss		(2,186	)		—			(2,186	)		—
Gain (Losses) and impairments related to investments and certain other assets, and other income (expense)		(162	)		32			(400	)		(5,947	)
Total other income (expense), net		(11,208	)		143,418			(2,750	)		140,611
Income (Loss) before provision for (benefit from) income taxes		(85,870	)		27,561			(189,163	)		(228,738	)
Provision for (benefit from) income taxes		(25	)		158			272			180
Net Income (loss)		(85,845	)		27,403			(189,435	)		(228,918	)
Less: Deemed dividend on Series A preferred stock		3,682			—			11,284			—
Net income (loss) attributable to common stockholders	$	(89,527	)	$	27,403		$	(200,719	)	$	(228,918	)
Net Income (loss) per share attributable to common stockholders:
Basic	$	(1.29	)	$	0.86		$	(3.75	)	$	(7.58	)
Diluted	$	(1.29	)	$	(3.62	)	$	(3.75	)	$	(7.58	)
Weighted average shares used in computing net income (loss) per share attributable to common stockholders:
Basic		69,281,237			32,001,765			53,586,034			30,190,418
Diluted		69,281,237			32,934,998			53,586,034			30,190,418

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

	Nine Months Ended September 30,
		2025			2024
Cash flows from operating activities:
Net loss	$	(189,435	)	$	(228,918	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		12,956			20,169
Amortization of operating lease right-of-use assets		4,928			6,464
Amortization of discount on marketable securities		(1,086	)		(1,819	)
Loss on marketable securities		150			2,201
Impairment of goodwill and other intangible assets		3,719			6,647
Impairment of long-lived assets		7,513			—
Change in fair value of private warrants		—			(1,050	)
Vendor stock in lieu of cash program		12,785			12,358
Amortization of debt discount and issuance costs		5,868			3,065
Inventory write-offs and write-downs		4,587			20,737
Change in the fair value of derivatives		(7,841	)		(2,476	)
Gain or write-off on sale or disposal of property and equipment		238			—
Share-based compensation, including restructuring costs		9,192			115,792
Gain on extinguishment of debt		(22,056	)		(147,346	)
Impairment of investments		—			4,000
Gain (loss) from acquisition of EM4		48			(1,752	)
Provision for credit loss		2,186			—
Gain from sale of investment		(2,908	)		—
Change in product warranty and other		6,284			(2,367	)
Changes in operating assets and liabilities:
Accounts receivable		(45	)		(59	)
Inventories		(6,080	)		(22,638	)
Prepaid expenses and other current assets		15,449			(1,987	)
Other non-current assets		17,979			(5,108	)
Accounts payable		1,288			7,327
Accrued and other current liabilities		(4,721	)		9,590
Other non-current liabilities		(16,930	)		(7,522	)
Net cash used in operating activities		(145,932	)		(214,692	)
Cash flows from investing activities:
Purchases of marketable securities		(54,080	)		(92,400	)
Proceeds from maturities of marketable securities		118,980			154,837
Proceeds from sales/redemptions of marketable securities		16,194			3,737
Issuance of promissory notes		(2,100	)		—
Proceeds from sales of equity investment		2,908			—
Purchases of property and equipment		(766	)		(4,244	)
Acquisition of EM4 (net of cash acquired)		242			(3,831	)
Proceeds from disposal of property and equipment		305			—
Net cash provided by investing activities		81,683			58,099
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock under the Equity Financing Program		36,153			41,806
Proceeds from sale of Class A common stock under ESPP		338			800
Proceeds from exercise of stock options		—			547
Payments of employee taxes related to stock-based awards		(990	)		(240	)
Proceeds from issuance of Senior notes, net of Senior Notes and 2030 Convertible Notes issuance		—			89,202
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 activities		36,619			132,115
Net decrease in cash, cash equivalents and restricted cash		(27,630	)		(24,478	)
Beginning cash, cash equivalents and restricted cash		84,722			140,624
Ending cash, cash equivalents and restricted cash	$	57,092		$	116,146

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales
(In thousands)
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
GAAP cost of sales	$	26,830		$	29,525		$	81,877		$	91,079
Non-GAAP adjustments:
Stock-based compensation		(607	)		(1,204	)		(3,259	)		(4,897	)
Amortization of intangible assets		(196	)		(197	)		(591	)		(529	)
Accelerated depreciation related to certain property, plant and equipment items		—			(933	)		(286	)		(4,363	)
Non-GAAP cost of sales	$	26,027		$	27,191		$	77,741		$	81,290

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Gross Loss to Non-GAAP Gross Loss
(In thousands)
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
GAAP gross loss	$	(8,081	)	$	(14,032	)	$	(28,608	)	$	(38,168	)
Non-GAAP adjustments:
Stock-based compensation		607			1,204			3,259			4,897
Amortization of intangible assets		196			197			591			529
Accelerated depreciation related to certain property, plant and equipment items		—			933			286			4,363
Non-GAAP gross loss	$	(7,278	)	$	(11,698	)	$	(24,472	)	$	(28,379	)

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(In thousands)
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
GAAP operating expenses	$	66,581		$	101,825		$	157,805		$	331,181
Non-GAAP adjustments:
Stock-based compensation		(9,836	)		(30,564	)		(5,966	)		(108,415	)
Impairment of goodwill and intangible assets		(3,719	)		(6,647	)		(3,719	)		(6,647	)
Impairment of long-lived assets		(7,513	)		—			(7,513	)		—
Restructuring costs		(1,708	)		(3,284	)		(2,952	)		(9,546	)
Amortization of intangible assets		(834	)		(834	)		(2,503	)		(2,502	)
Transaction costs relating to acquisition activities		—			(5	)		—			(237	)
Non-GAAP operating expenses	$	42,971		$	60,491		$	135,152		$	203,834

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 September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
GAAP net loss attributable to common stockholders	$	(89,527	)	$	27,403		$	(200,719	)	$	(228,918	)
Non-GAAP adjustments:
Stock-based compensation, excluding restructuring		10,443			31,768			9,225			113,312
Amortization of intangible assets		1,030			1,031			3,094			3,031
Accelerated depreciation related to certain property, plant and equipment		—			933			286			4,363
Impairment of goodwill and intangible assets		3,719			6,647			3,719			6,647
Impairment of long-lived assets		7,513			—			7,513			—
Gain on extinguishment of debt		—			(147,346	)		(22,056	)		(147,346	)
Impairment of investments		—			—			—			4,000
Restructuring costs, including stock-based compensation		1,708			3,284			2,952			9,546
Gain from acquisition of EM4		—			—			48			(1,752	)
Gain from sale of investments		—			—			(2,908	)
Provision for credit losses		2,186			—			2,186			—
Transaction costs relating to acquisition activities		—			5			—			237
Change in the fair value of derivative liabilities		(2,521	)		(2,476	)		(7,841	)		(2,476	)
Change in fair value of private warrants		—			(65	)		—			(1,050	)
Non-GAAP net loss attributable to common stockholders	$	(65,449	)	$	(78,816	)	$	(204,501	)	$	(240,406	)
GAAP net loss per share attributable to common stockholders:
Basic	$	(1.29	)	$	0.86		$	(3.75	)	$	(7.58	)
Diluted	$	(1.29	)	$	(3.62	)	$	(3.75	)	$	(7.58	)
Non-GAAP net loss per share attributable to common stockholders:
Basic	$	(0.94	)	$	(2.46	)	$	(3.82	)	$	(7.96	)
Diluted	$	(0.94	)	$	(2.39	)	$	(3.82	)	$	(7.96	)
Shares used in computing GAAP net loss per share attributable to common stockholders:
Basic		69,281,237			32,001,765			53,586,034			30,190,418
Diluted		69,281,237			32,934,998			53,586,034			30,190,418
Shares used in computing Non-GAAP net loss per share attributable to common stockholders:
Basic		69,281,237			32,001,765			53,586,034			30,190,418
Diluted		69,281,237			32,934,998			53,586,034			30,190,418

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow
(In thousands)
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
GAAP operating cash flow	$	(47,978	)	$	(55,754	)	$	(145,932	)	$	(214,692	)
Non-GAAP adjustments:
Capital expenditure:
Purchases of property and equipment		(540	)		(2,658	)		(766	)		(4,244	)
Non-GAAP free cash flow	$	(48,518	)	$	(58,412	)	$	(146,698	)	$	(218,936	)

LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Summary of Stock-Based Compensation and Intangibles Amortization
(In thousands)
(Unaudited)

	Three Months Ended September 30,
	2025				2024
	Stock-Based Compensation		Intangibles Amortization		Stock-Based Compensation		Intangibles Amortization
Cost of Sales	$	607	$	196	$	1,204	$	197
Research and development		4,300		599		10,862		599
Sales and marketing		967		235		4,171		235
General and administrative		4,569		—		15,531		—
Restructuring costs		26		—		1,068		—
Total	$	10,469	$	1,030	$	32,836	$	1,031

	Nine Months Ended September 30,
	2025					2024
	Stock-Based Compensation			Intangibles Amortization		Stock-Based Compensation		Intangibles Amortization
Cost of Sales	$	3,259		$	591	$	4,897	$	529
Research and development		15,429			1,798		41,724		1,797
Sales and marketing		4,242			705		12,951		705
General and administrative		(13,705	)		—		53,740		—
Restructuring costs		(33	)		—		2,480		—
Total	$	9,192		$	3,094	$	115,792	$	3,031

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Investor Relations:

Yarden Amsalem

Investors@luminartech.com

Media Relations:

Milin Mehta

Press@luminartech.com

Luminar Reports Q3'25 Financials