On November 9, 2021, Luminar Technologies, Inc. (LAZR) stock hikes 37.54% to $24.07 at a volume of 6,912,477, after closing at $17.50 (+4.42%) on the previous day. Earlier today at the NVIDIA GTC Conference, LAZR announced its Lidar solution to have been selected for being a part of the sensor suite in the NVIDIA DRIVE Hyperion autonomous vehicle reference platform. The collaboration between Luminar and NVIDIA will lead to the creation of next generation safety plus autonomous as well as assisted driving on production vehicles. This win created a buzz in the LAZR stock price pre-market, making it go up as much as +44.06%.
Luminar Technologies, Inc. (LAZR), is an autonomous vehicle sensor and Lidar technology (Light Detection and Ranging Technology) company, that specializes in long-range Lidar products, with the vision to make autonomy safe and readily available everywhere.
LAZR Q2 Earnings
On August 12, 2021, Luminar Technologies, Inc. (LAZR) announced its earnings result for the quarter ended June 30, 2021. LAZR’s Q2 earnings result for the quarter ended 30 June 2021, stated a revenue of $6.31 million with a positive change of 84.26% Year over Year, as compared to $5.31 million for the previous quarter. The company’s revenues missed the analysts’ expectations by $0.07 million.
As per the Q2 earnings result, the earnings per share stood at -0.13, with a positive change of 45.00% from -0.23 for the previous quarter. The earnings per share met the analysts’ consensus estimate.
Luminar Technologies, Inc. (LAZR) will announce its Q3 earnings result as well as a business update on November 11, 2021. Austin Russell (Founder and Chief Executive Officer) and Tom Fennimore (Chief Finance Officer) will hold the earnings and updates call at 5:00 pm ET on Tuesday.
Progress in Luminar’s Business Plan
In addition to now working with NVIDIA, Luminar Technologies, Inc. (LAZR) had made a major deal with Volvo earlier this year. Featuring Luminar’s technology, the next generation Volvo vehicles are set to be introduced as early as 2022. Besides NIVIDIA and Volvo, a robotaxi firm Pnoy.ai and Airbus are also Luminar’s clients. Being in a deal with Airbus shows another spectrum for the Lidar technology to expand on i.e. aviation.
Luminar Technologies, Inc. (LAZR) expects fruitful upcoming years like 2024 and 2025 for the increase in adoption of Lidar technology as the market expands further with vehicle advancement.