Luminar Technologies Q1 2023 Revenue Rises to $14 million, up 112% YoY

The News: Luminar Technologies announced its Q1 2023 earnings where the company increased its revenues 112 percent YoY to $14.5 million versus $6.9 million in the prior year quarter, which was ahead of expectations. Read Luminar Technologies Q1 2023 Press Release for more information.

Luminar Technologies Q1 2023 Revenue Rises to $14 million, up 112% YoY

Analyst Take: Luminar Technologies Q1 2023 earnings for the period ending on March 31, 2023, grew to $14.5 million, or a 112 percent growth rate versus the prior-year quarter beating expectations. The company cited that key reasons for beating expectations were associated with higher program revenues and sensor sales. Besides exceptional revenue growth, the company also continued with its promise of margin accretion which it delivered. Luminar also indicated that its plant in Monterey, Mexico was online ahead of the guidance it provided to analysts during its Luminar Day event. During the quarter, Luminar Technologies announced that it signed a partnership with TPK for a new higher-volume facility in the Asia-Pacific region with a capacity of up to 600,000 to support awarded vehicle programs.

Here are Luminar Technologies’ Q1 2023 results by the numbers:

  • Q1 2023 revenues were up 112 percent, or $14.5 million versus $6.9 million in the prior year quarter.
  • Q1 2023 non-GAAP net loss was $11.8 million versus a net loss of $7 million in the prior year quarter.
  • Q1 2023 non-GAAP net loss per basic and diluted share was $(0.24) per share versus a loss of $(0.16) in the prior year quarter.

Luminar Technologies Guidance for Full Year:

  • Luminar Technologies’ full fiscal year guidance revenue range is expected to be $15 million to $17 million coupled with non-GAAP earnings to be similar to their Q1 2023 or ($0.24).

Our overall impression of Luminar Technologies Q1 2023 earnings was solid since the company outperformed expected revenue growth, coupled with its margin accretion strategy. Despite its EPS miss, the company continues to progress forward with its business milestones such as industrialization, continued innovations with its product and technology (e.g., Iris+, software, etc.), and business growth, which is on track to meet or beat its goal of adding approximately $1 billion to its forward-looking order book in 2023.

Ultimately, our view is the company is working diligently toward its goals and it makes sense that more automotive manufacturers’ interest in the market segment should provide tailwinds for the company in the future. Given the stage the company is in, we see the design pipeline and the adoption of lidar as the key trendlines for the market to pay attention to. With designs from the likes of Volvo, Polestar, Mercedes, and several other automotive manufacturers, the growth of the company seems inevitable as vehicles get smarter, safer, and more autonomous. This is why we believe that the future looks positive for Luminar Technologies.

Daniel Newman and his co-host of The Six Five Webcast, Patrick Moorhead of Moor Insights and Strategy discussed Luminar earnings in their latest episode. Check it out here and be sure to subscribe to The Six Five Webcast so you never miss an episode.

Disclosure: The Futurum Group is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.

Analysis and opinions expressed herein are specific to the analyst individually and data and other information that might have been provided for validation, not those of The Futurum Group as a whole.

Other insights from The Futurum Group:

Luminar Completes Bring-up of Mexico Plant

Luminar Q4 2022 Earnings: Committing to Triple-Digit Revenue Growth for the next Five Years

Luminar Enables Mercedes-Benz Next-Generation of Autonomous Vehicles

About the Authors

Daniel Newman is the Chief Analyst of Futurum Research and the CEO of The Futurum Group. Living his life at the intersection of people and technology, Daniel works with the world’s largest technology brands exploring Digital Transformation and how it is influencing the enterprise. Read Full Bio

Michael Diamond is an industry analyst and foresight professional with 25 years of experience in the IT channel and market research industry. He is a route-to-market expert covering desktop and mobile devices, collaboration, contact center, ProAV, data center infrastructure, and cybersecurity. Prior to joining Futurum Research, Michael worked for The NPD Group as the sole industry analyst covering indirect channels, cybersecurity, SMB and vertical market trends, data center infrastructure (e.g., enterprise storage, servers, networking), ProAV and PCs. He has been quoted by media outlets such as Bloomberg, Kiplinger, TWICE, OPI (Office Products International), Apple World today, Dark Reading, Enterprise Storage Forum, Credit-Suisse, Footwear News, CRN (Computer Reseller News), Channel Futures and Into Tomorrow.  Michael has presented at myriad events including The Channel Company’s Xchange, The Global Technology Distribution Council’s summit, SMB TechFest and more.