![]() He pointed out that tech specialists like Luminar are helping automakers to develop “parts of the software stack” they need to enhance their product. Russell said Luminar was on track to meet or beat its 2022 financial milestones thanks to its “rock solid strategy” and breakthrough technology “developed from the chip level up”. LAZR Chart by TradingView Software partnerships key driverĪt the earnings, Luminar restated its previous full-year revenue guidance of between $40m and $45m. The technology is also featured in high-tech vehicle Polestar 3, which the company revealed on 12 October and says will be available in 2023. Nevertheless, Austin Russell, Luminar’s founder and CEO, highlighted factors set to drive the company’s growth, including the inclusion of its light detection and ranging (lidar) technology in Volvo’s next-gen EX90 model, set to be released on 9 November. It’s been a tough year for self-driving car companies, with start-ups on the market having lost an estimated $40bn of their valuation over the last two years. Nevertheless, Luminar’s share price fell 5.7% the day after the earnings release and is down 9.5% over the week to date. Overall, Luminar posted revenue of $12.8m, a 60.2% increase year-over-year. ![]() The self-driving software company announced a Q3 loss of $0.18 per share at its earnings on 2 November, a 10% gain over a consensus estimate between 10 analysts who predicted a $0.20 loss per share for the Financial Times. It’s been a cautiously positive few days for Luminar Technologies after it unveiled its third quarter earnings, which beat analyst expectations but revealed an overall loss for the period. The Global X Autonomous & Electric Vehicles ETF is down by 30% this year ![]() Self-driving startups lose $40bn since 2020 Q3 loss per share beat analyst estimates by 14% However, better than expected results and a partnership with Volvo may provide some hope for the company. A damning report last month highlighted autonomous car companies’ losses since 2020. Luminar’s share price has followed its peers in tumbling in 2022.
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