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Luminar Technologies, Inc. (NASDAQ:LAZR) stock is moving lower on Wednesday after the company reported worse-than-expected 2024 fiscal year second quarter sales on Tuesday.
The Details: Luminar reported sales of $16.45 million missing analyst estimates of $20.38 million. In addition, the company reported a loss of 18 cents per share inline with analyst estimates.
Compared to the 2024 fiscal year first quarter, this revenue represents a 22% decline. The company also reported $211.3 million in cash and liquidity as well as a gross loss of $11.9 million.
What Else: In the earnings report, Luminar announced it negotiated a debt reduction of $148 million on $422 million owed and extended the term to 2030, along with securing $100 million in new funding with the goal of improving the company’s financial stability.
“This transformational transaction signed today represents a level of conviction from our institutional stakeholders that Luminar is here to stay and thrive this decade. We were able to capitalize on the challenging capital markets conditions in our industry to bolster our balance sheet and raise substantive additional capital from investors to fulfill our business plan,” said Austin Russel, founder and CEO of Luminar.
Analyst Changes: Following the earnings report, Rosenblatt analyst Kevin Cassidy maintained Luminar Technologies with a Neutral and lowered the price target from $3 to $2.
See Also: Apple Retains $3T Status, Nvidia Does Not As Market Overcomes Volatility
LAZR Price Action: As of Wednesday morning, Luminar shares are trading 31% lower at $0.97 per data from Benzinga Pro.
Image: 1239040 from Pixabay.
Posted In: LAZR