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ORLANDO, Fla. - Luminar Technologies (NASDAQ:LAZR) reported fourth quarter 2024 financial results that exceeded analyst expectations for revenue, sending shares surging 19% in after-hours trading on Thursday.
The automotive technology company posted revenue of $22.48 million for the quarter, beating the consensus estimate of $17.75 million. This represents a 45% increase compared to the previous quarter. However, Luminar reported a wider-than-expected loss, with adjusted earnings per share of -$1.42, falling short of analysts’ projections for a -$0.14 loss.
Despite the earnings miss, investors appeared to focus on the strong revenue growth and positive outlook. Luminar said it expects LiDAR shipments to at least triple in 2025 as more Luminar-equipped vehicles enter production.
"We delivered a strong finish to 2024, achieving our key business milestones and outperforming our financial expectations in Q4," said Austin Russell, Founder and CEO of Luminar. "We’re off to the races in 2025 by successfully transitioning key customers to Luminar Halo and securing new contracts."
The company highlighted several achievements in 2024, including passing final production audits for Volvo (OTC:VLVLY)’s EX90 vehicle, launching a new manufacturing facility with partner TPK Group, and unveiling its next-generation Luminar Halo LiDAR technology.
Looking ahead, Luminar outlined goals for 2025 including ramping production volume by at least 3x YoY and streamlining operations around its Luminar Halo platform to drive efficiency and reduce costs.
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