Luminar Technologies Shares Slip After Q1 Results, New Operating Plan

Luminar Technologies, Inc. LAZR released its first-quarter results after Wednesday’s closing bell. Here’s a look at the key figures from the quarter. 

The Details:  Luminar Technologies reported quarterly losses of $1.50 per share, which beat the analyst consensus estimate of losses of $1.78. Quarterly revenue came in at $18.89 million, which beat the Street estimate of $15.98 million.

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Luminar announced a new operating plan enabled by a unified product architecture. The company expects it will reduce quarterly non-GAAP opreational expenditures by approximately half by the end of fiscal 2025 versus the beginning of fiscal 2024.

“In a world of macro uncertainty and adversity, we’re firing on all cylinders to ramp up production, ramp down costs and capitalize on the future, as evidenced by our announcements today,” said CEO Austin Russell.

“This kicks off our new operating plan for Luminar with a unified product platform, enabling radical focus and streamlining of the business, as well as unlocking value throughout our organization.”

LAZR Price Action: According to data from Benzinga Pro, Luminar Technologies stock was down 1.68% at $4.68 after-hours on Wednesday.  

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