Fed Governor Adriana Kugler to resign
Luminar Technologies, Inc. (NASDAQ:LAZR), a player in the motor vehicle parts and accessories industry with a market capitalization of $221 million and annual revenue of $75 million, announced a change in its independent registered public accounting firm. On March 31, 2025, the company’s Audit Committee approved the dismissal of Deloitte & Touche LLP and the appointment of KPMG LLP as its new auditor for the fiscal year ending December 31, 2025.
The company’s previous reports by Deloitte & Touche for the fiscal years ending December 31, 2024, and December 31, 2023, were unqualified. There were no disagreements or reportable events between Luminar and Deloitte & Touche that would have impacted the audit reports for those periods.
Luminar has provided Deloitte & Touche with the disclosures made in the 8-K filing and has included a letter from Deloitte & Touche in the filing, dated March 31, 2025, confirming their agreement with the statements made by the company.
The appointment of KPMG is contingent upon the completion of standard client acceptance procedures. During the last two fiscal years and through March 31, 2025, Luminar did not consult KPMG on any accounting principles or auditing matters that would affect the company’s financial statements.
This change in certifying accountant is based on a press release statement. For investors seeking deeper insights, InvestingPro offers 18 additional key tips and a comprehensive analysis of Luminar’s financial health. The company operates from its headquarters at 2603 Discovery (NASDAQ:WBD) Drive, Suite 100, Orlando, Florida.
In other recent news, Luminar Technologies has announced a significant partnership with Caterpillar Inc (NYSE:CAT). to integrate its LiDAR technology into Caterpillar’s autonomous vehicles. This collaboration aims to enhance the next generation of Cat® Command for hauling, particularly in quarry and aggregate operations. Luminar’s Iris LiDAR sensors will be used in Caterpillar’s off-highway trucks, which is expected to improve safety and productivity. Additionally, Craig-Hallum has adjusted its price target for Luminar to $7.00, down from $15.00, while maintaining a Hold rating due to concerns about delayed lidar development and slow production ramps with Volvo (OTC:VLVLY). Meanwhile, JPMorgan has maintained an Overweight rating on Luminar, highlighting the company’s plans to increase its equity financing program by approximately $75 million. Luminar has also begun a series of transactions to exchange portions of its convertible notes for shares of its Class A common stock, aiming to manage its debt and equity structure. The company will not generate cash proceeds from these transactions but will issue shares and cancel the exchanged notes. Luminar anticipates its current liquidity will be sufficient through 2026, with potential additional capital raises needed beyond that year.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.