Luminar Reports Q3'25 Financials

Luminar appoints new CFO; Forbearance agreements in place while company evaluates capital structure and liquidity solutions

Q3 revenue up ~20% YoY and QoQ; Off-road, defense, and photonics opportunities continue to advance

Today, Luminar (NASDAQ:LAZR), a leading global automotive technology company, provided its quarterly business update and financial results for the third quarter of 2025. These results and related commentary were published in a Presentation available on its Investor Relations website at https://investors.luminartech.com.

"This quarter has required us to confront difficult realities in the automotive LiDAR market and take deliberate steps to strengthen our capital structure and liquidity position," said Paul Ricci, CEO of Luminar. "At the same time, we are seeing growing momentum in commercial and defense applications across both Luminar and LSI, which reinforces our belief that the strategic direction we outlined last quarter better positions Luminar for the years ahead."

Key Q3 2025 Financials:

• Revenue: Q3 Revenue was $18.7 million, up 21% compared to Q3'24, and 20% compared to Q2'25.
• Gross Profit (Loss): Q3 Gross Profit (Loss) was $(8.1) million on a GAAP basis and $(7.3) million on a non-GAAP basis.
• Net Income (Loss): Q3 GAAP Net Income (Loss) attributable to common stockholders was $(89.5) million, or $(1.29) per share; Q3 Non-GAAP Net Loss was $(65.4) million, or $(0.94) per share.
• Operating Expenses: Q3 OpEx was $66.6 million on a GAAP basis and $43.0 million on a non-GAAP basis.
• Cash & Marketable Securities: Ended Q3'25 with $74.0 million in Cash & Marketable Securities.

Financial Outlook:

As previously disclosed, Luminar has suspended its guidance for the fiscal year ending December 31, 2025.

Appointment of New CFO:

On November 7, 2025, Luminar appointed Thomas Beaudoin as Chief Financial Officer, effective November 13, 2025. Beaudoin brings more than four decades of finance and operational leadership across public and private technology companies, and particularly in the automotive space. He previously served as CFO of Cerence Inc. from May 2022 to March 2024, following senior transformation and operational roles at Qualifacts Systems Inc., Credible Inc., and Nuance. Earlier in his career, Beaudoin held multiple executive finance positions, including CFO of SimpliVity Corp. (now HPE SimpliVity), Executive Vice President and CFO of Nuance, President and CFO of Polaroid Corporation, and Senior Vice President and CFO of Parametric Technology Corporation, after spending 24 years in senior finance roles at Digital Equipment Corporation and Compaq Computer Corporation (now Hewlett Packard). He holds both a B.S.B.A. and an M.B.A. from Babson College.

Strategic Review:

As previously announced, Luminar is exploring a number of potential strategic alternatives, including the sale of all or part of Luminar's business or assets, raising additional capital or restructuring its existing capital structure. Luminar has engaged Weil, Gotshal & Manges LLP, as legal advisers, Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC, as financial advisors, to assist Luminar in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity. Luminar has received and is evaluating nonbinding, preliminary proposals and indications of interest to purchase the entire company as well as certain of its assets and business lines.

Capital Structure:

Luminar has signed forbearance and non-disclosure agreements with the vast majority of its secured noteholders through November 24, 2025, with further extensions anticipated as the company continues to negotiate with them. This provides time and stability as Luminar works toward a longer-term solution to its capital structure and liquidity needs.

Appointment of New Directors

Luminar is pleased to announce the appointment of Patricia Ferrari and Elizabeth Abrams to its Board of Directors, effective November 13, 2025. Together, Ms. Ferrari and Ms. Abrams bring extensive experience in banking, finance, restructuring, advisory, and leadership that will be invaluable as the company continues to explore strategic alternatives.

Webcast Details:

• What: Webcast featuring third quarter 2025 results and live Q&A
• Date: Today, November 13, 2025
• Time: 5:00 p.m. EST (2:00 p.m. PST)
• Location: The webcast will be available live on Luminar's Investor site at https://www.luminartech.com/quarterlyreview. A recording will be available following the conclusion of the webcast.

Non-GAAP Financial Measures

This release includes non-GAAP gross loss, non-GAAP net loss, non-GAAP operating expenses, non-GAAP cost of sales and free cash flow, which are non-GAAP financial measures, for the periods presented. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles ("GAAP") and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Management believes that these non-GAAP financial measures, when considered together with our financial information prepared in accordance with GAAP, can enhance investors' and analysts' ability to meaningfully compare our results from period to period and to our forward-looking guidance, and to identify operating trends in our business. However, non-GAAP information is not superior to financial measures calculated in accordance with GAAP, is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. A reconciliation of the most comparable GAAP financial measure to each non-GAAP financial measure appearing in this release is included at the end of this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "aims," "believe," "may," "will," "estimate," "set," "continue," "towards," "anticipate," "intend," "expect," "should," "would," "forward," and similar expressions, express or implied, that predict or indicate future events or trends or that are not statements of historical matters. These statements reflect the current views of management with respect to future events and our financial performance. These forward-looking statements include statements regarding the Company's ability to enter into longer-term forbearance agreements with the certain holders of its convertible notes and the continuing defaults under the indentures governing such convertible notes, the Company's plans and expectations regarding its liquidity situation and the outcome of the Company's review of strategic alternatives and other measures, including capital raises, a potential sale of all or part of the Company's business or assets, and/or potentially seeking relief under the U.S. Bankruptcy Code, the Company's funding levels and ability to continue operations, the Company's ability to improve its liquidity and long-term capital structure to address debt service obligations, the Company ability to make the required payments under the agreements governing its debt obligations, the Company's negotiations with its customers, manufacturers and suppliers, the Company's ability to continue as a going concern, the estimated costs and expected benefits of the Company's restructuring plans initiated in 2024 and 2025, product plans, future growth, sales estimates, market opportunities, strategic initiatives, industry positioning, customer acquisition and retention, revenue growth, anticipated impacts on our business of current worldwide economic uncertainty, inflation, monetary policy shifts, and other disruptions due to geopolitical conditions and global health emergencies. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including that next-generation sensors and software will be developed successfully or will accelerate automaker adoption, that new automaker agreements will develop successfully into product launches, that per unit sensor economics will be improved, and that cost reduction efforts, including efforts to reduce the cost of industrialization, will continue to result in improved operational and financial efficiency. More information on these risks and other potential factors that could affect the Company's business is included in the Company's periodic filings with the Securities and Exchange Commission ( the "SEC"), including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's reports on Form 10-K and Form 10-Q, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and most recently filed Form 10-Q for the quarter ended September 30, 2025, each filed with the SEC, and other previous and subsequent reports filed with the SEC. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

About Luminar:

Luminar is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. For more information, please visit www.luminartech.com.

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