Organization and Description of Business

12 Months Ended

Dec. 31, 2025

Organization and Description of Business [Abstract]

Organization and Description of Business

Note 1. Organization and Description of Business

Luminar Technologies, Inc. (together with its wholly-owned subsidiaries, the “Company” or “Luminar”) is incorporated in Delaware. Luminar is a technology company specializing in advanced Light Detection and Ranging (LiDAR) hardware and software solutions to enable the world’s safest and smartest vehicles. Over the past decade, Luminar has been developing proprietary LiDAR hardware, core semiconductor components, and software in-house to meet the demanding performance, safety, reliability and cost requirements to enable next-generation safety and autonomous capabilities for passenger and commercial vehicles, as well as other adjacent markets. The Company’s Class A common stock, par value $0.0001 per share (the “Class A common stock”) trades on the OTC Pink Limited Market as of December 24, 2025 under the symbol “LAZRQ”.

On December 15, 2025 and December 31, 2025, as applicable, the Company and certain of its subsidiaries (collectively, the “Debtors”) filed voluntary petitions (the “Bankruptcy Petitions”) for relief under chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) thereby commencing chapter 11 cases (the “Chapter 11 Cases”). The Company’s subsidiary, Luminar Semiconductors, Inc. (“Luminar Semiconductor” or “LSI”), LSI’s subsidiaries and the Company’s foreign subsidiaries are not Debtors in the Chapter 11 Cases.

The Debtors also filed a motion seeking authorization to conduct sale processes for the LSI equity and the LiDAR business designed to achieve the highest or otherwise best offer for the assets pursuant to section 363 of Bankruptcy Code.

In addition, the Debtors filed a proposed Chapter 11 Plan of Liquidation of Luminar Technologies, Inc. and its Affiliated Debtors (the “Plan of Liquidation” or “Plan”) and a related disclosure statement with the Bankruptcy Court. The Plan of Liquidation provides for the establishment of a liquidation trust to oversee and implement the liquidation of the Debtors’ remaining assets and distribute the proceeds thereof to the Debtors’ stakeholders.

As of the date hereof, the Company has sold substantially all of its assets and ceased business operations, and is in the process of winding down its remaining operations and pursuing confirmation of its Plan of Liquidation

Since inception, the Company has not generated positive cash flows from operating activities and has incurred significant losses from operations. As of December 31, 2025, the Company had an accumulated deficit of $2.5 billion. For additional information regarding the Chapter 11 Cases, see Note 3, “Bankruptcy Proceedings”, Note 21, “Subsequent Events” and for additional information on the Company’s ability to continue as a going concern, see Note 2, “Basis of Presentation and Summary of Significant Accounting Policies - Liquidity and Going Concern.”

The Company is headquartered in Orlando, Florida and has personnel in various locations in the United States and internationally including Germany, Sweden, Mexico, China and India.

Reverse Stock Split

In November 2024, following approval by the Company’s stockholders at a special meeting of stockholders (the “Special Meeting”) held in October 2024 of a reverse stock split of all the outstanding Class A common stock and Class B common stock and any common stock held by the Company as treasury shares (the “Reverse Stock Split”), and a determination by the Board of Directors of a reverse stock split ratio of 1-for-15 (the “Reverse Stock Split Ratio”), the Company effected a Reverse Stock Split at the Reverse Stock Split Ratio. All share data and per share data amounts included in this Form 10-K have been retrospectively adjusted to reflect the effect of the Reverse Stock Split.