2019 Q4 Form 10-K Financial Statement

#000162828021006908 Filed on April 14, 2021

View on sec.gov

Income Statement

Concept 2019 Q4
Revenue $5.800M
YoY Change
Cost Of Revenue $7.310M
YoY Change
Gross Profit -$1.510M
YoY Change
Gross Profit Margin -26.03%
Selling, General & Admin $6.540M
YoY Change
% of Gross Profit
Research & Development $9.600M
YoY Change
% of Gross Profit
Depreciation & Amortization $610.0K
YoY Change
% of Gross Profit
Operating Expenses $16.14M
YoY Change
Operating Profit -$17.65M
YoY Change
Interest Expense -$230.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$60.00K
YoY Change
Pretax Income -$17.94M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$17.94M
YoY Change
Net Earnings / Revenue -309.31%
Basic Earnings Per Share
Diluted Earnings Per Share -$55.38K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.74M
YoY Change
Cash & Equivalents $27.08M
Short-Term Investments $6.659M
Other Short-Term Assets
YoY Change
Inventory $4.002M
Prepaid Expenses $136.4K
Receivables $1.677M
Other Receivables $329.0K
Total Short-Term Assets $41.47M
YoY Change 8365.0%
LONG-TERM ASSETS
Property, Plant & Equipment $7.867M
YoY Change
Goodwill $701.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.829M
YoY Change
Total Long-Term Assets $10.40M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $41.47M
Total Long-Term Assets $10.40M
Total Assets $51.86M
YoY Change 10487.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.456M
YoY Change
Accrued Expenses $3.526M
YoY Change 951.23%
Deferred Revenue $225.0K
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $7.791M
YoY Change
Total Short-Term Liabilities $14.77M
YoY Change 2934.41%
LONG-TERM LIABILITIES
Long-Term Debt $1.555M
YoY Change
Other Long-Term Liabilities $1.401M
YoY Change
Total Long-Term Liabilities $2.956M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $14.77M
Total Long-Term Liabilities $2.956M
Total Liabilities $18.85M
YoY Change 3772.04%
SHAREHOLDERS EQUITY
Retained Earnings -$222.2M
YoY Change 1010602.75%
Common Stock $24.01K
YoY Change 0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 4.958M shares
Shareholders Equity -$211.7M
YoY Change
Total Liabilities & Shareholders Equity $51.86M
YoY Change 10487.43%

Cashflow Statement

Concept 2019 Q4
OPERATING ACTIVITIES
Net Income -$17.94M
YoY Change
Depreciation, Depletion And Amortization $610.0K
YoY Change
Cash From Operating Activities -$14.80M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$370.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$6.660M
YoY Change
Cash From Investing Activities -$7.030M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.630M
YoY Change
NET CHANGE
Cash From Operating Activities -14.80M
Cash From Investing Activities -7.030M
Cash From Financing Activities -2.630M
Net Change In Cash -24.46M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$14.80M
Capital Expenditures -$370.0K
Free Cash Flow -$14.43M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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182414000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
17478000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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209719000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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27305000 USD
CY2020 us-gaap Interest Paid Net
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2789000 USD
CY2019 us-gaap Interest Paid Net
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2018000 USD
CY2020 us-gaap Debt Conversion Converted Instrument Amount1
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0 USD
CY2019 us-gaap Debt Conversion Converted Instrument Amount1
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7719000 USD
CY2020 lazr Financial Instruments Subject To Mandatory Redemption Converted To Common Stock
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0 USD
CY2019 lazr Financial Instruments Subject To Mandatory Redemption Converted To Common Stock
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4925000 USD
CY2020 lazr Financial Instruments Subject To Mandatory Redemption Converted To Preferred Stock
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0 USD
CY2019 lazr Financial Instruments Subject To Mandatory Redemption Converted To Preferred Stock
FinancialInstrumentsSubjectToMandatoryRedemptionConvertedToPreferredStock
173726000 USD
CY2020 lazr Conversion Of Warrants Amount Issued
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30112000 USD
CY2019 lazr Conversion Of Warrants Amount Issued
ConversionOfWarrantsAmountIssued
0 USD
CY2020 lazr Conversion Of Temporary Equity Amount Issued
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422813000 USD
CY2019 lazr Conversion Of Temporary Equity Amount Issued
ConversionOfTemporaryEquityAmountIssued
0 USD
CY2020 lazr Assets Acquired On Capital Leases
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318000 USD
CY2019 lazr Assets Acquired On Capital Leases
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397000 USD
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
319000 USD
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
150000 USD
CY2020 us-gaap Nature Of Operations
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Organization and Description of Business<div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Luminar Technologies, Inc. and its wholly-owned subsidiaries (the “Company” or “Luminar”) was originally incorporated in Delaware on August 28, 2018 under the name Gores Metropoulos, Inc (“Gores”). The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On December 2, 2020 (the “Closing Date”), the Company (at such time named Gores Metropoulos, Inc.)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">consummated the business combination (the “Business Combination”) pursuant to the Agreement and Plan of Merger, dated August 24, 2020 with the pre-Business Combination Luminar Technologies, Inc. (“Legacy Luminar”). In connection with the consummation of the Business Combination, the Company changed its name from Gores Metropoulos, Inc. to Luminar Technologies, Inc. The Company’s common stock is listed on the NASDAQ under the symbol “LAZR.” The Company’s warrants to purchase shares of Class A common stock were listed on the NASDAQ under the symbol “LAZRW,” until they were delisted on March 5, 2021 upon exercise and redemption.</span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless the context otherwise requires, the “Company” refers to the combined company and its subsidiary following the Business Combination, “Gores” refers to the Company prior to the Business Combination and “Legacy Luminar” refers to Luminar Technologies Inc prior to the Business Combination. Refer to Note 3 for further discussion of the Business Combination.</span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is a developer of advanced sensor technologies for the autonomous vehicle industry, encompassing the latest in Laser Imaging, Detection and Ranging (lidar) technology. The Company manufactures and distributes commercial lidar sensors. In addition, the Company develops ultra-sensitive pixel-based sensors and designs, tests and provides consulting services for non-standard integrated circuits that are essential for systems to meet the requirement of customers. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Legacy Luminar was incorporated in Delaware on March 31, 2015. The Company has research and manufacturing facilities located in Palo Alto, California and Orlando, Florida, which is also the Company’s headquarters.</span></div>
CY2020Q4 us-gaap Intercompany Foreign Currency Balance Amount
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, warranty reserves, valuation allowance for deferred tax assets, valuation of warrants, revenue, stock-based compensation expense and other loss contingencies. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates.</span></div>
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, marketable investments and accounts receivable. A significant portion of the Company’s cash and cash equivalents is held at high-quality domestic financial institutions. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deposits held with the financial institutions may, at </span></div>times, exceed the amount of insurance provided on such deposits. The Company’s revenue is derived from customers located in the United States and international markets. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions and requires advance payment from customers in certain circumstances. The Company generally does not require collateral.
CY2019Q4 us-gaap Intercompany Foreign Currency Balance Amount
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CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2019 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2020Q4 lazr Class Of Warrant Or Right Cash Settlement Transaction Threshold Percentage Of Shareholders
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0.50
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CY2019 us-gaap Contract With Customer Asset Credit Loss Expense
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CY2019Q4 us-gaap Contract With Customer Asset Net
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CY2019Q4 us-gaap Contract With Customer Liability Current
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CY2019Q4 us-gaap Contract With Customer Liability
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CY2019 lazr Contract With Customer Liability Increase Due To Cash Received Billings In Excess Of Revenue
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2000 USD
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CY2020Q4 us-gaap Cash
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CY2019Q4 us-gaap Cash
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CY2020Q4 us-gaap Money Market Funds At Carrying Value
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CY2019Q4 us-gaap Money Market Funds At Carrying Value
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CY2020Q4 us-gaap Us Government Agencies Securities At Carrying Value
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CY2020Q4 lazr Corporate Bonds
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CY2019Q4 lazr Corporate Bonds
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Inventory Net
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CY2020 us-gaap Inventory Write Down
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CY2019 us-gaap Depreciation
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CY2019Q4 us-gaap Supplies
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CY2019Q4 us-gaap Prepaid Rent
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CY2019Q4 us-gaap Other Receivables Net Current
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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5851000 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2019Q4 us-gaap Property Plant And Equipment Net
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CY2020 us-gaap Depreciation
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CY2020Q4 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
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CY2020Q4 us-gaap Goodwill
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CY2019Q4 us-gaap Goodwill
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36000 USD
CY2020Q4 us-gaap Other Assets Noncurrent
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1151000 USD
CY2019Q4 us-gaap Other Assets Noncurrent
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1829000 USD
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CY2020Q4 us-gaap Product Warranty Accrual Classified Current
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259000 USD
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
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267000 USD
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2284000 USD
CY2019Q4 us-gaap Contract With Customer Liability Current
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225000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
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3071000 USD
CY2019Q4 us-gaap Employee Related Liabilities Current
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823000 USD
CY2019Q4 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss Current
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CY2020Q4 us-gaap Capital Lease Obligations Current
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282000 USD
CY2019Q4 us-gaap Capital Lease Obligations Current
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162000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
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CY2019Q4 us-gaap Accrued Liabilities Current
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CY2019Q4 us-gaap Contract With Customer Liability Noncurrent
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CY2019Q4 us-gaap Capital Lease Obligations Noncurrent
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CY2019Q4 us-gaap Other Liabilities Noncurrent
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1401000 USD
lazr Financial Instruments Subject To Mandatory Redemption Number Of Types
FinancialInstrumentsSubjectToMandatoryRedemptionNumberOfTypes
2 instrumentType
CY2020Q4 lazr Financial Instruments Subject To Mandatory Redemption Interest Rate
FinancialInstrumentsSubjectToMandatoryRedemptionInterestRate
0.18
CY2019Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Impact Of Changes In Fair Value Of Shares On Amount
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24200000 USD
CY2019 lazr Payments For Settlement Of Financial Instruments Subject To Mandatory Redemption
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5600000 USD
CY2020Q4 us-gaap Long Term Debt
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P2Y
lazr Number Of Additional Equipment Loan Agreements
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99000 USD
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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101000 USD
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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91000 USD
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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58000 USD
CY2020Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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52000 USD
CY2020Q4 us-gaap Debt Instrument Carrying Amount
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401000 USD
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lazr Temporary Equity Convertible Beneficial Conversion Feature
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12039000 USD
CY2019Q4 us-gaap Warrants And Rights Outstanding
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CY2019 lazr Dividends Temporary Equity
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CY2020 lazr Dividends Temporary Equity
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CY2020Q3 lazr Temporary Equity Conversion Of Stock Covenant Minimum Price Per Share From Sale Of Stock
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CY2020Q3 lazr Temporary Equity Conversion Of Stock Covenant Minimum Aggregate Cash Proceeds From Sale Of Stock
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100000000.0 USD
lazr Temporary Equity Convertible Beneficial Conversion Feature
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12000000.0 USD
CY2020 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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6757000 USD
CY2020Q4 us-gaap Treasury Stock Shares
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0 shares
CY2019Q4 us-gaap Treasury Stock Shares
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4958471 shares
CY2020 us-gaap Net Income Loss
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CY2019 us-gaap Net Income Loss
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CY2019 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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5282000 USD
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
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-100000000 USD
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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145096996 shares
CY2020 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2019 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
145096996 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020 us-gaap Earnings Per Share Basic And Diluted
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CY2019 us-gaap Earnings Per Share Basic And Diluted
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CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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133258410 shares
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0 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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0
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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5002390 shares
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.67
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
14313 shares
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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