2022 Q1 Form 10-Q Financial Statement

#000162828022013113 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $6.855M $12.34M $5.313M
YoY Change 29.02% 407.98% 37.22%
Cost Of Revenue $16.65M $19.84M $7.639M
YoY Change 118.01% 194.33% 98.78%
Gross Profit -$9.799M -$7.494M -$2.326M
YoY Change 321.28% 73.87% -8120.69%
Gross Profit Margin -142.95% -60.71% -43.78%
Selling, General & Admin $39.42M $34.42M $12.91M
YoY Change 205.42% 119.24% 99.94%
% of Gross Profit
Research & Development $33.11M $29.05M $14.01M
YoY Change 136.32% 179.85% 66.63%
% of Gross Profit
Depreciation & Amortization $805.0K $1.922M $657.0K
YoY Change 22.53% 225.76% 4.62%
% of Gross Profit
Operating Expenses $72.53M $63.47M $26.92M
YoY Change 169.46% 143.27% 81.1%
Operating Profit -$82.33M -$70.96M -$29.24M
YoY Change 181.53% 133.43% 97.13%
Interest Expense $3.280M $546.0K $200.0K
YoY Change 1540.0% -144.39% -62.41%
% of Operating Profit
Other Income/Expense, Net -$5.598M -$3.477M -$46.68M
YoY Change -88.01% -98.64% 6157.24%
Pretax Income -$87.93M -$73.89M -$75.92M
YoY Change 15.81% -74.53% -7548.0%
Income Tax $400.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$88.33M -$73.89M -$75.92M
YoY Change 16.35% -74.53% 387.28%
Net Earnings / Revenue -1288.59% -598.61% -1429.0%
Basic Earnings Per Share -$0.25 -$0.23
Diluted Earnings Per Share -$0.25 -$205.5K -$0.23
COMMON SHARES
Basic Shares Outstanding 348.7M shares 333.0M shares
Diluted Shares Outstanding 348.7M shares 333.0M shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $706.9M $792.1M $610.3M
YoY Change 15.82% 63.1%
Cash & Equivalents $159.4M $330.0M $206.7M
Short-Term Investments $547.4M $462.1M $403.6M
Other Short-Term Assets $16.60M $15.38M $8.700M
YoY Change 90.84% 174.57%
Inventory $10.01M $10.34M $3.283M
Prepaid Expenses
Receivables $3.256M $13.01M $2.143M
Other Receivables $2.463M $2.827M $942.0K
Total Short-Term Assets $758.4M $845.4M $626.8M
YoY Change 20.98% 68.81%
LONG-TERM ASSETS
Property, Plant & Equipment $16.44M $11.01M $21.20M
YoY Change -22.47% 43.18%
Goodwill $2.945M $3.110M $701.0K
YoY Change 320.11% 343.65%
Intangibles $2.361M $2.424M
YoY Change
Long-Term Investments $10.00M
YoY Change
Other Assets $13.67M $12.46M $2.469M
YoY Change 453.79% 982.1%
Total Long-Term Assets $49.42M $38.14M $24.37M
YoY Change 102.79% 299.78%
TOTAL ASSETS
Total Short-Term Assets $758.4M $845.4M $626.8M
Total Long-Term Assets $49.42M $38.14M $24.37M
Total Assets $807.8M $883.5M $651.2M
YoY Change 24.05% 73.12% 1734.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.29M $14.42M $7.845M
YoY Change 120.43% 138.76%
Accrued Expenses $24.85M $19.84M $8.919M
YoY Change 178.6% 89.86% 11307.56%
Deferred Revenue $900.0K $898.0K $654.0K
YoY Change 37.61% -60.68%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $104.0K
YoY Change -100.0%
Total Short-Term Liabilities $47.22M $39.00M $21.18M
YoY Change 122.95% 135.07% 1329.54%
LONG-TERM LIABILITIES
Long-Term Debt $609.8M $609.0M $223.0K
YoY Change 273337.67% 201541.39%
Other Long-Term Liabilities $429.0K $598.0K $1.236M
YoY Change -65.29% -54.63%
Total Long-Term Liabilities $429.0K $598.0K $1.459M
YoY Change -70.6% -63.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.22M $39.00M $21.18M
Total Long-Term Liabilities $429.0K $598.0K $1.459M
Total Liabilities $683.9M $685.6M $84.05M
YoY Change 713.66% 89.58% 442.93%
SHAREHOLDERS EQUITY
Retained Earnings -$910.8M -$822.5M -$660.4M
YoY Change 37.91% 40.72%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $275.5M $235.9M
YoY Change
Treasury Stock Shares 15.26M shares
Shareholders Equity $123.9M $198.0M $567.2M
YoY Change
Total Liabilities & Shareholders Equity $807.8M $883.5M $651.2M
YoY Change 24.05% 73.12%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income -$88.33M -$73.89M -$75.92M
YoY Change 16.35% -74.53% 387.28%
Depreciation, Depletion And Amortization $805.0K $1.922M $657.0K
YoY Change 22.53% 225.76% 4.62%
Cash From Operating Activities -$32.84M -$54.16M -$28.01M
YoY Change 17.22% 94.07% 59.78%
INVESTING ACTIVITIES
Capital Expenditures $5.004M -$2.278M $889.0K
YoY Change 462.88% 935.45% -1.0%
Acquisitions
YoY Change
Other Investing Activities -$89.39M -$48.33M -$127.5M
YoY Change -29.87% -69.62% -5594.4%
Cash From Investing Activities -$94.40M -$50.61M -$128.4M
YoY Change -26.46% -68.24% -9132.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $75.00K
YoY Change -97.2%
Cash From Financing Activities -$43.34M 305.4M $154.1M
YoY Change -128.13% -11.74% -5748.97%
NET CHANGE
Cash From Operating Activities -$32.84M -54.16M -$28.01M
Cash From Investing Activities -$94.40M -50.61M -$128.4M
Cash From Financing Activities -$43.34M 305.4M $154.1M
Net Change In Cash -$170.6M 200.7M -$2.264M
YoY Change 7434.28% 26.36% -87.98%
FREE CASH FLOW
Cash From Operating Activities -$32.84M -$54.16M -$28.01M
Capital Expenditures $5.004M -$2.278M $889.0K
Free Cash Flow -$37.84M -$51.89M -$28.90M
YoY Change 30.92% 87.39% 56.82%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2022Q1 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 (the “Merger Agreement”), dated August 24, 2020 with the pre-Business Combination Luminar Technologies, Inc. (“Legacy Luminar”). </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.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 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 public 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 subsidiaries 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 Reverse Merger with Gores in Note 3 to the financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 for additional information relating to 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 and software for the autonomous vehicle industry, encompassing Laser Imaging, Detection and Ranging (lidar) technology. The Company manufactures and distributes commercial lidar sensors and certain components for the autonomous vehicle industry. The Company is headquartered in Orlando, Florida and has various facilities located in the United States and internationally in Munich, Germany.</span></div>
CY2022Q1 us-gaap Use Of Estimates
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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 condensed 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, valuation allowance for deferred tax assets, valuation of warrants, forecasted costs associated with non-recurring (“NRE”) services, product warranty reserves, 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>
CY2022Q1 us-gaap Concentration Risk Credit Risk
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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 times, exceed the amount of insurance provided on such deposits</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Cash held by the Company in foreign entities as of March 31, 2022 and December 31, 2021 was not material. </span></div>The Company’s revenue is derived from customers located in the United States and international markets.
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10187197 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.73
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
143555000 USD
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
800000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26698000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1837000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26698000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1837000 USD
CY2021Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P65M
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
385000 USD
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
459000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
400000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.005
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1116000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1174000 USD
CY2022Q1 lazr Operating And Variable Lease Cost
OperatingAndVariableLeaseCost
1501000 USD
CY2021Q1 lazr Operating And Variable Lease Cost
OperatingAndVariableLeaseCost
1633000 USD
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1314000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1219000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5746000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2876000 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
14005000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9145000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5079000 USD
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4735000 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10102000 USD
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5768000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
15181000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10503000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y11M19D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y11M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0362
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0280
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3993000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4591000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2373000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2351000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1795000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1231000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
800000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17134000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1953000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
15181000 USD
CY2022Q1 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
39100000 USD
CY2021Q4 lazr Lessee Operating Lease Lease Not Yet Commenced Amount
LesseeOperatingLeaseLeaseNotYetCommencedAmount
5000000 USD
CY2021Q4 lazr Lessee Operating Lease Lease Not Yet Commenced Variable Lease Costs
LesseeOperatingLeaseLeaseNotYetCommencedVariableLeaseCosts
1400000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6855000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6855000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6855000 USD
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
805000 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-82331000 USD
CY2022Q1 us-gaap Assets
Assets
807800000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
10012000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5313000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5313000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5313000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
657000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-29244000 USD
CY2021Q1 us-gaap Assets
Assets
651214000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
3283000 USD

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