Luminar Q2 Earnings Beats Expectations, Stock Rises on Upbeat Outlook

Luminar Technologies, Inc. LAZR shares are trading higher after-hours on reporting the second-quarter earnings. Here's a summary of the action. 

What To Know: Luminar reported quarterly losses of 21 cents per share which beat the analyst consensus estimate of losses of 23 cents per share, a 16.67% decrease over losses of 18 cents per share from the same period last year. 

The company reported quarterly sales of $16.20 million, which beat the analyst consensus estimate of $16.18 million, a 63.08% increase over sales of $9.93 million in the same period last year.

Luminar anticipates meeting or beating its financial guidance with at least 100% revenue growth in 2023. The company also expects to end the year with a balance of greater than $300 million. The amount exceeds what is required to initiate its current plan for profitability.

Due to business ramping up and launch costs ramping down, Luminar expects to lower its free cash flow spend in the fourth quarter by approximately 50% relative to the first quarter and second-quarter losses of $78.5 million.

"As we realize our long-term vision, Luminar continues to prove that it can execute our ambitious plan across hardware, software/AI, and beyond. This puts us on the path to meet or beat our company-level milestones for the third consecutive year," said Austin Russell, Luminar Founder and CEO.

"This execution supports rapid new advancements for our customers and partners enabled by our technology, including: Nissan showcasing new intersection collision avoidance capabilities, Mobileye powering a new OEM autonomous vehicle program, the Polestar 3 becoming available to order with Luminar, NVIDIA advancing the collaboration, and our partnership with Scale delivering on our AI Engine."

Related Link: Lyft Q2 Earnings Highlights: Revenue Beat, EPS Beat, Q3 Guidance, Rides Up 18% YoY And More

LAZR Price Action: Shares of LAZR were up 1.79% at $6.83 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by Mike from Pixabay