• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

6 Steps to Creating a Home Inventory — Before It’s Too Late

July 9, 2025

Starbucks Wants to Remove Seed Oils From Egg Bites

July 8, 2025

Barbara Corcoran Retains Staff With Wild Perks, No Turnover

July 8, 2025
Facebook Twitter Instagram
Trending
  • 6 Steps to Creating a Home Inventory — Before It’s Too Late
  • Starbucks Wants to Remove Seed Oils From Egg Bites
  • Barbara Corcoran Retains Staff With Wild Perks, No Turnover
  • How to Turn Summer Travel into More Business and Less Taxes
  • Proposed Law Would Mandate Automatic Enrollment Into Medicare Advantage
  • New Tariff Threats Tank Stocks: Find Out How to Protect Your Portfolio
  • These Jobs Can Pay $100 an Hour (or More) Without a Degree
  • Being ‘Nice’ Almost Cost Me My Business — Here’s What I Do Differently Now
Wednesday, July 9
Facebook Twitter Instagram
FintechoPro
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
FintechoPro
Home » Luminar’s Sales Are Set to Accelerate, But the Self-Driving Car Stock Is Down
Investing

Luminar’s Sales Are Set to Accelerate, But the Self-Driving Car Stock Is Down

News RoomBy News RoomAugust 10, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

Luminar’s Lidar tech enables autonomous driving features that might one day make road trips and morning commutes more bearable.


PATRICK T. FALLON/AFP/Getty Images

Luminar Technologies
posted growth in the second quarter and maintained full-year and long-term guidance. It was enough for investors initially, but stock gains have evaporated.

Self-driving car technology is making progress. Lidar, the technology in which
Luminar
(ticker: LAZR) is a leader, is essentially laser-based radar that is used to help cars see, enabling driver-assistance features. On Tuesday evening, the company reported a per-share loss of 21 cents for the second quarter from $16.2 million in sales, very close to what Wall Street was looking for.

A year ago, Luminar posted an 18-cent loss from $9.9 million in sales. Sales growth at start-ups typically matters more than earnings, and sales grew 64% year over year.

Shares were up more than 3% in premarket trading Wednesday. The stock, however, has traded down with the market. Luminar stock was off 6.7% at $6.26 in recent trading, while the
S&P 500
and
Nasdaq Composite
slipped down 0.6% and 1.1%, respectively.

Wednesday’s stock dip could also be partly chalked up to profit-taking.

Coming into Wednesday trading, Luminar stock was up about 36% year to date. Solid business execution as well as investors looking to the end of the Federal Reserve’s interest-rate hike cycle have boosted shares.

More than growth, sales guidance was responsible for the early bump. It didn’t change, which means growth will accelerate. Luminar still expects to grow 2023 sales by “at least 100%” over 2022 and to post positive Ebitda in the fourth quarter. Ebitda is short for earnings before interest, taxes, depreciation, and amortization.

That guidance implies more than $50 million of sales in the second half of 2023. Wall Street currently projects about $55 million. Sales growth in the second half should come in around 130% year over year, up from roughly 80% in the first half of 2023.

The overall 2023 numbers are just a drop in the bucket relative to Luminar’s ambitions. The company believes it can generate about $5 billion in annual sales by the end of the decade. It bases that on the business it is booking to put Lidar and software on upcoming cars.

“As we realize our long-term vision, Luminar continues to prove that it can execute our ambitious plan across hardware, software/AI, and beyond,” said CEO Austin Russell in a news release, citing progress in the quarter made with
Nissan Motor
(7201.Japan),
Mobileye
(MBLY), and
Polestar Automotive
(PSNY). “This puts us on the path to meet or beat our company-level milestones for the third consecutive year.”

Write to Al Root at [email protected]

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Barbara Corcoran Retains Staff With Wild Perks, No Turnover

Investing July 8, 2025

Jack Dorsey Announces Bitchat Messaging App

Investing July 7, 2025

101 Small Business Ideas to Match Your Personality, Investment, Skills & Goals

Investing July 6, 2025

How to Deal With Negative Articles on Google

Investing July 5, 2025

13 Jobs Without College or AI: Salaries Can Start at $70k+

Investing July 2, 2025

Why Your Finance Team Needs an AI Strategy, Now

Investing July 1, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

Starbucks Wants to Remove Seed Oils From Egg Bites

July 8, 20250 Views

Barbara Corcoran Retains Staff With Wild Perks, No Turnover

July 8, 20250 Views

How to Turn Summer Travel into More Business and Less Taxes

July 8, 20250 Views

Proposed Law Would Mandate Automatic Enrollment Into Medicare Advantage

July 8, 20251 Views
Don't Miss

New Tariff Threats Tank Stocks: Find Out How to Protect Your Portfolio

By News RoomJuly 8, 2025

fizkes / Shutterstock.comAdvertising Disclosure: When you buy something by clicking links within this article, we…

These Jobs Can Pay $100 an Hour (or More) Without a Degree

July 8, 2025

Being ‘Nice’ Almost Cost Me My Business — Here’s What I Do Differently Now

July 7, 2025

Jack Dorsey Announces Bitchat Messaging App

July 7, 2025
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 FintechoPro. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.