(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover page interactive data file formatted in Inline XBRL. |
Luminar Technologies, Inc. | ||||||||
Date: August 8, 2022 | By: | /s/ Thomas J. Fennimore | ||||||
Name: | Thomas J. Fennimore | |||||||
Title: | Chief Financial Officer |
June 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 76,717 | $ | 329,977 | |||||||
Restricted cash | 980 | 725 | |||||||||
Marketable securities | 528,548 | 462,141 | |||||||||
Accounts receivable | 9,279 | 13,013 | |||||||||
Inventory | 9,349 | 10,342 | |||||||||
Prepaid expenses and other current assets | 46,178 | 29,195 | |||||||||
Total current assets | 671,051 | 845,393 | |||||||||
Property and equipment, net | 19,946 | 11,009 | |||||||||
Operating lease right-of-use assets | 17,447 | 9,145 | |||||||||
Intangible assets, net | 23,458 | 2,424 | |||||||||
Goodwill | 18,465 | 3,110 | |||||||||
Other non-current assets | 25,230 | 12,455 | |||||||||
Total assets | $ | 775,597 | $ | 883,536 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 20,119 | $ | 14,419 | |||||||
Accrued and other current liabilities | 31,504 | 19,844 | |||||||||
Operating lease liabilities | 6,217 | 4,735 | |||||||||
Total current liabilities | 57,840 | 38,998 | |||||||||
Warrant liabilities | 4,351 | 31,230 | |||||||||
Convertible senior notes | 610,575 | 608,957 | |||||||||
Operating lease liabilities, non-current | 12,464 | 5,768 | |||||||||
Other non-current liabilities | 1,806 | 598 | |||||||||
Total liabilities | 687,036 | 685,551 | |||||||||
Stockholders’ equity: | |||||||||||
Class A common stock | 28 | 27 | |||||||||
Class B common stock | 10 | 10 | |||||||||
Additional paid-in capital | 1,413,064 | 1,257,214 | |||||||||
Accumulated other comprehensive loss | (6,005) | (908) | |||||||||
Treasury stock | (312,477) | (235,871) | |||||||||
Accumulated deficit | (1,006,059) | (822,487) | |||||||||
Total stockholders’ equity | 88,561 | 197,985 | |||||||||
Total liabilities and stockholders’ equity | $ | 775,597 | $ | 883,536 |
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Products | $ | 1,798 | $ | 1,977 | $ | 3,339 | $ | 4,910 | |||||||||||||||
Services | 8,134 | 4,332 | 13,448 | 6,712 | |||||||||||||||||||
Total revenue | 9,932 | 6,309 | 16,787 | 11,622 | |||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||
Products | 16,987 | 3,720 | 28,805 | 9,029 | |||||||||||||||||||
Services | 11,105 | 4,133 | 15,941 | 6,463 | |||||||||||||||||||
Total cost of sales | 28,092 | 7,853 | 44,746 | 15,492 | |||||||||||||||||||
Gross loss | (18,160) | (1,544) | (27,959) | (3,870) | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 40,941 | 19,913 | 74,050 | 33,923 | |||||||||||||||||||
Sales and marketing | 7,189 | 3,507 | 16,587 | 6,142 | |||||||||||||||||||
General and administrative | 38,150 | 19,237 | 68,175 | 29,510 | |||||||||||||||||||
Total operating expenses | 86,280 | 42,657 | 158,812 | 69,575 | |||||||||||||||||||
Loss from operations | (104,440) | (44,201) | (186,771) | (73,445) | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Change in fair value of warrant liabilities | 11,733 | 6,928 | 7,876 | (39,721) | |||||||||||||||||||
Interest expense and other | (3,148) | (288) | (6,428) | (488) | |||||||||||||||||||
Interest income and other | 603 | 731 | 2,142 | 901 | |||||||||||||||||||
Total other income (expense), net | 9,188 | 7,371 | 3,590 | (39,308) | |||||||||||||||||||
Loss before provision (benefit from) for income taxes | (95,252) | (36,830) | (183,181) | (112,753) | |||||||||||||||||||
Provision for (benefit from) income taxes | (13) | — | 391 | — | |||||||||||||||||||
Net loss | $ | (95,239) | $ | (36,830) | $ | (183,572) | $ | (112,753) | |||||||||||||||
Net loss per share: | |||||||||||||||||||||||
Basic and diluted | $ | (0.27) | $ | (0.11) | $ | (0.52) | $ | (0.33) | |||||||||||||||
Shares used in computing net loss per share: | |||||||||||||||||||||||
Basic and diluted | 352,054,529 | 340,255,023 | 350,378,494 | 336,641,349 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (183,572) | $ | (112,753) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 2,544 | 1,332 | |||||||||
Noncash lease expense related to operating lease right-of-use assets | 2,139 | 1,748 | |||||||||
Amortization of premium on marketable securities | 919 | 602 | |||||||||
Change in fair value of warrants | (7,876) | 39,721 | |||||||||
Vendor stock-in lieu of cash program | 19,916 | — | |||||||||
Amortization of debt discount and issuance costs | 1,618 | — | |||||||||
Impairment of inventories | 4,778 | 1,453 | |||||||||
Share-based compensation | 65,323 | 16,367 | |||||||||
Product warranty and other | 171 | 572 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 7,038 | 3,527 | |||||||||
Inventories | (2,814) | (2,640) | |||||||||
Prepaid expenses and other current assets | (2,417) | (8,469) | |||||||||
Other non-current assets | (532) | (1,490) | |||||||||
Accounts payable | 7,392 | 854 | |||||||||
Accrued and other current liabilities | 1,106 | 2,652 | |||||||||
Other non-current liabilities | (931) | (1,659) | |||||||||
Net cash used in operating activities | (85,198) | (58,183) | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of Freedom Photonics | (2,759) | — | |||||||||
Acquisition of Solfice assets | (2,001) | — | |||||||||
Purchases of marketable securities | (270,440) | (376,289) | |||||||||
Proceeds from maturities of marketable securities | 147,053 | 169,619 | |||||||||
Proceeds from sales of marketable securities | 50,315 | 36,937 | |||||||||
Purchases of property and equipment | (7,491) | (2,710) | |||||||||
Advances for capital projects and equipment | (1,673) | — | |||||||||
Net cash used in investing activities | (86,996) | (172,443) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of warrants | — | 153,927 | |||||||||
Proceeds from exercise of stock options | 1,791 | 2,812 | |||||||||
Payments of employee taxes related to stock-based awards | (1,724) | (140) | |||||||||
Repurchase of common stock and redemption of warrants | (80,878) | (2) | |||||||||
Other financing activities | — | (276) | |||||||||
Net cash provided by (used in) financing activities | (80,811) | 156,321 | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (253,005) | (74,305) | |||||||||
Beginning cash, cash equivalents and restricted cash | 330,702 | 209,719 | |||||||||
Ending cash, cash equivalents and restricted cash | $ | 77,697 | $ | 135,414 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
GAAP cost of sales | $ | 28,092 | $ | 7,853 | $ | 44,746 | $ | 15,492 | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | (6,989) | (1,127) | (8,775) | (1,210) | |||||||||||||||||||
Amortization of intangible assets | (259) | — | (303) | — | |||||||||||||||||||
Non-GAAP cost of sales | $ | 20,844 | $ | 6,726 | $ | 35,668 | $ | 14,282 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
GAAP gross loss | $ | (18,160) | $ | (1,544) | $ | (27,959) | $ | (3,870) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 6,989 | 1,127 | 8,775 | 1,210 | |||||||||||||||||||
Amortization of intangible assets | 259 | — | 303 | — | |||||||||||||||||||
Non-GAAP gross loss | $ | (10,912) | $ | (417) | $ | (18,881) | $ | (2,660) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
GAAP operating expenses | $ | 86,280 | $ | 42,657 | $ | 158,812 | $ | 69,575 | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | (31,636) | (13,403) | (56,548) | (15,157) | |||||||||||||||||||
Amortization of intangible assets | (534) | — | (553) | — | |||||||||||||||||||
Reserve related to employee matters | (2,000) | — | (2,000) | — | |||||||||||||||||||
Transaction costs relating to acquisition activities | (524) | — | (2,037) | — | |||||||||||||||||||
Expenses related to registration statement on Form S-1 on behalf of selling stockholders | — | (1,521) | — | (1,982) | |||||||||||||||||||
Non-GAAP operating expenses | $ | 51,586 | $ | 27,733 | $ | 97,674 | $ | 52,436 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
GAAP net loss | $ | (95,239) | $ | (36,830) | $ | (183,572) | $ | (112,753) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 38,625 | 14,530 | 65,323 | 16,367 | |||||||||||||||||||
Amortization of intangible assets | 793 | — | 856 | — | |||||||||||||||||||
Legal reserve related to employee matters | 2,000 | — | 2,000 | — | |||||||||||||||||||
Transaction costs relating to acquisition activities | 524 | — | 2,037 | — | |||||||||||||||||||
Expenses related to registration statement on Form S-1 on behalf of selling stockholders | — | 1,521 | — | 1,982 | |||||||||||||||||||
Change in fair value of warrant liabilities | (11,733) | (6,928) | (7,876) | 39,721 | |||||||||||||||||||
Provision for income taxes | — | — | 165 | — | |||||||||||||||||||
Non-GAAP net loss | $ | (65,030) | $ | (27,707) | $ | (121,067) | $ | (54,683) | |||||||||||||||
GAAP net loss per share: | |||||||||||||||||||||||
Basic and diluted | $ | (0.27) | $ | (0.11) | $ | (0.52) | $ | (0.33) | |||||||||||||||
Non-GAAP net loss per share: | |||||||||||||||||||||||
Basic and diluted | $ | (0.18) | $ | (0.08) | $ | (0.35) | $ | (0.16) | |||||||||||||||
Shares used in computing GAAP net loss per share: | |||||||||||||||||||||||
Basic and diluted | 352,054,529 | 340,255,023 | 350,378,494 | 336,641,349 | |||||||||||||||||||
Shares used in computing Non-GAAP net loss per share: | |||||||||||||||||||||||
Basic and diluted | 352,054,529 | 340,255,023 | 350,378,494 | 336,641,349 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
GAAP operating cash flow | $ | (85,198) | $ | (58,183) | |||||||
Non-GAAP adjustments: | |||||||||||
Capital expenditure | (9,164) | (2,710) | |||||||||
Non-GAAP free cash flow | $ | (94,362) | $ | (60,893) |
Three Months Ended | |||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||
Stock-Based Compensation | Intangibles Amortization | Stock-Based Compensation | Intangibles Amortization | ||||||||||||||||||||
Cost of Sales | $ | 6,989 | $ | 259 | $ | 1,127 | $ | — | |||||||||||||||
Research and development | 8,714 | 201 | 5,663 | — | |||||||||||||||||||
Sales and marketing | 2,741 | 333 | 934 | — | |||||||||||||||||||
General and administrative | 20,181 | — | 6,806 | — | |||||||||||||||||||
Total | $ | 38,625 | $ | 793 | $ | 14,530 | $ | — |
Six Months Ended | |||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||
Stock-Based Compensation | Intangibles Amortization | Stock-Based Compensation | Intangibles Amortization | ||||||||||||||||||||
Cost of Sales | $ | 8,775 | $ | 303 | $ | 1,210 | $ | — | |||||||||||||||
Research and development | 15,816 | 201 | 6,425 | — | |||||||||||||||||||
Sales and marketing | 5,609 | 352 | 1,120 | — | |||||||||||||||||||
General and administrative | 35,123 | — | 7,612 | — | |||||||||||||||||||
Total | $ | 65,323 | $ | 856 | $ | 16,367 | $ | — |
Cover |
Aug. 08, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 08, 2022 |
Entity Registrant Name | Luminar Technologies, Inc./DE |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38791 |
Entity Tax Identification Number | 83-1804317 |
Entity Address, Address Line One | 2603 Discovery Drive |
Entity Address, Address Line Two | Suite 100 |
Entity Address, City or Town | Orlando |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 32826 |
City Area Code | 407 |
Local Phone Number | 900-5259 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value of $0.0001 per share |
Trading Symbol | LAZR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001758057 |
Amendment Flag | false |
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