Summary by Futu AI
Luminar Technologies reported Q2 2024 revenue of $16.5 million, a 2% increase year-over-year, with Autonomy Solutions segment contributing $10 million. The company announced start of production for Volvo Cars in April 2024 and began shipping production LiDAR sensors for the Volvo EX90. Gross loss improved to $13.7 million from $18.3 million in Q2 2023.The company implemented a restructuring plan in May 2024, reducing workforce by approximately 20% and targeting $50-65 million in annual cost savings. Operating expenses decreased 9% to $114 million, while R&D expenses remained relatively flat at $65.9 million. Net loss improved to $130.6 million from $141.8 million in the prior year quarter.In August 2024, Luminar announced a debt refinancing, issuing $100 million in new senior secured notes and exchanging $421.9 million of existing convertible notes for $274.2 million in new convertible notes due 2030. The company ended Q2 with $161.3 million in total liquidity, including $52.3 million in cash and $109 million in marketable securities.
