Luminar Provides Business Update, 2021 Milestones and Preliminary 2020 Results
Luminar Technologies, Inc. (NASDAQ: LAZR), the global leader in automotive lidar hardware and software technology, is announcing today business updates and a year in review of 2020, including milestone results, preliminary financial results, and 2021 guidance.
"Luminar’s 2020 achievements reflect our product leadership and market ownership as we continue to execute and fulfill the vision of making safe autonomy a reality. Our successful debut as a public company has helped to further accelerate the expansion of our product roadmap in addition to commercial growth across passenger vehicle OEMs, trucking partners, and robo-taxi programs. This is validated by our latest major wins with SAIC and Zenseact, and we look forward to continuing to execute."
— Austin Russell, Founder & CEO
Execution: On Track for Series Production SOP Next Year
In 2020, Luminar launched and completed builds of its first Iris units, the series production version of its technology. Luminar has now successfully completed engineering validation testing of Iris, progressing onto the final stages of B-samples before ramping into C-sample phase later this year. Today, Luminar has Iris lidars on customer vehicles going through the data collection and development process, transitioning from its previous generation Hydra lidar. In addition to greater manufacturability, economics, and ability to integrate into vehicles, Iris now outperforms Luminar’s Hydra lidar across several dimensions, including better-ranging performance and ability to see dark objects and even higher point density. Luminar has selected a contract manufacturer for continued, efficient series production of Iris in a Mexico production facility. Earlier this month, Luminar also unveiled its rapid evolution from a lidar company to an autonomous vehicle company with the introduction of Sentinel - the industry’s first full-stack autonomous system for series production. See here for more on the progress to production.
In the first half of 2020, Luminar won the first series production program for autonomy with Volvo Cars, and by the fourth quarter had won two additional landmark partnerships with Mobileye and Daimler Truck. By year end, it exceeded its original forward-looking order book target of $1 Billion, achieving the updated guidance that was provided last year at $1.3 Billion, credited to increased volume guidance from existing programs as well as new commercial deals.