Luminar Provides Key Business Updates, 2021 Guidance


Automotive lidar hardware and software provider, Luminar Technologies, provided business updates and a review of 2020 along with guidance for 2021. Shares of the company were up around 3% in Monday’s pre-market trading session.

Luminar’s (LAZR) Founder and CEO, Austin Russell, said, “Luminar’s 2020 achievements reflect our product leadership and market ownership as we continue to execute and fulfill the vision of making safe autonomy a reality. Our successful debut as a public company has helped to further accelerate the expansion of our product roadmap in addition to commercial growth across passenger vehicle OEMs, trucking partners, and robo-taxi programs. This is validated by our latest major wins with SAIC and Zenseact, and we look forward to continuing to execute.”

Significantly, this month, the company introduced Sentinel which is the first full stack autonomous system for series production. This also marked Luminar’s evolution from a lidar company to an autonomous vehicle company.

In 1H2020, Luminar bagged a series production program for autonomy with Volvo cars and by the end of the year signed two more partnerships with Mobileye and Daimler Truck. On the back of higher volume from existing programs and new commercial deals, Luminar exceeded its order book target of $1 billion.

Looking forward to 2021, Luminar envisions 5 milestones. It expects Iris industrialization for series production, winning at least three commercial programs, alpha release of its Sentinel program, increase its cash position and achieving a growth of at least 40%+ in its forward order book.

For fiscal 2021, Luminar expects revenue to land between $25 million and $30 million. Its 2020 revenue stood at $14 million.  (See Luminar stock analysis on TipRanks)

On March 19, Northland Securities analyst Gus Richard reiterated a Buy rating on the stock and maintained a price target of $38 (23.9% upside potential). Commenting on the announcement, Richard said, “The key takeaway is the Company continues to be the leading automotive Lidar company as it moves toward commercialization in 2022. It recently announced full-stack software that can more than double its revenue per vehicle. Also consistent with our checks LAZR makes a compelling case the designs are sticky as it would be costly to re-write software.”

Turning to rest of the Street, the stock has a Moderate Buy consensus rating alongside an average analyst price target of $34 (10.9% upside potential) based on 3 Buys and 2 Holds.

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