Brilliant Labs launches its second-generation smart glasses
Brilliant is happy to brag that Halo includes a camera, microphone and bone-conduction speakers in its slender chassis. A natural pitfall of many smart glasses has been the compromises necessary to keep weight down while still offering enough functionality to be useful. Being able to keep the weight to a trim 40 grams is one hell of an achievement, especially given the glasses have a color OLED display and a battery that promises to run for 14 hours on a single charge.
Unfortunately, instead of a display that overlays onto the lens, Halo "works" by projecting into your peripheral vision. I'll be honest, these displays are becoming more of an irritation the more I use them, especially compared to models that have prisms inside the lenses.
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Last year, Brilliant introduced Noa, its AI agent which it said was designed from the ground up to be used within the context of a pair of glasses. The company says that, when paired with Halo, Noa will be able to talk to you in a way that is natural and intuitive, as if 'speaking with a real person.' It claims the secret sauce is in the fact Noa will be able to 'understand what it hears and sees within its environment and responds with contextually relevant information in real time.'
That's a lot of braggadocio, especially given the promises that come next about Narrative, its agentic memory system. Narrative will, so it is said, remember the name of a person you met or the details of a conversation you've had 'years or even decades later.' This will harness the glasses' optical sensors and microphones to keep tabs on what's going on from your point of view. And since audio and video are both being constantly recorded, the system will build a 'private and personalized knowledge base' about you.
Naturally, a pair of AI-enabled smart glasses will raise privacy hackles, and Brilliant says Noa will act as a VPN between you and the AI model behind it. Your interactions will be private by default, and users will get a lot of fine-grain privacy controls to ensure they're happy with how much data they share. Plus, you'll have voice commands to turn off the microphone, camera and the glasses themselves should you need to. Although if you're doing something you'd rather not be recorded, the smartest advice is to not wear a pair of AI glasses in the first place. Not to mention that your general concerns about having a database built of every single thing you do in a day (and your social graph) is likely to be easily de-anonymized if necessary.
Brilliant also promises Halo will enable users to build custom applications for their glasses just from natural language commands. The company says that you just need to tell Noa what you need, and it'll build an app to serve your purpose 'within seconds.'
Pre-orders for Halo are opening today, but shipping isn't due to begin until late November 2025, with the price set at $299. Compatible prescription lenses will be available to purchase through SmartBuyGlasses, too. The company is also taking great pains to tell users that it will, again, be releasing a limited number of pairs and so anyone interested in owning one will need to get in the line.
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ASIC tape-out for Halo by end of Q4'25 High-volume production line live in Thailand by end of Q4'25 Low-volume Halo prototype line launch by end of Q1'26 Halo B-sample delivery by end of Q2'26 Financial Outlook: Luminar is revising elements of its FY 2025 financial guidance to reflect updated expectations of vehicle production ramps in 2H'25 and the winding down of non-core business, including a data contract and the insurance initiative. Shipments: Sensor shipment of 20 thousands to 23 thousands for FY'25 (down from 30 thousands to 33 thousands previously) Revenue: FY'25 total revenue of $67 million to $74 million due to lower shipment assumption and lower revenue associated with the winding-down of non-core data contract (down from implied range of $82 million to $90 million previously) Gross Loss: Non-GAAP Gross Loss in range of $(5) million to $(10) million per quarter through FY'25, on average, though likely towards higher-end of the range due to wind-down of high-margin data contract (unchanged) Operating Expenses: Non-GAAP quarterly operating expenses to reach low ~$30 million range by YE'25 (unchanged) Cash & Marketable Securities: YE'25 Cash & Marketable Securities of $80 million to $100 million . This excludes the $50 million line of credit that remains undrawn as well as the availability on the equity finance program ($180 million as of Q2'25) and convertible preferred facility ($165 million). This compares to > $100 million from prior outlook, excluding the $50 million line of credit. Q3'25: We expect Q3 revenue in the range of $17 million to $19 million Webcast Details: What: Webcast featuring second quarter 2025 financials, business update, and live Q&A Date: Today, August 12, 2025 Time: 5:00 p.m. EDT (2:00 p.m. PDT) Location: The webcast will be available live on Luminar's Investor site at A recording will be available following the conclusion of the webcast. Non-GAAP Financial Measures This release includes non-GAAP gross loss, non-GAAP net loss, non-GAAP operating expenses, non-GAAP cost of sales and free cash flow, which are non-GAAP financial measures, for the periods presented. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles ('GAAP') and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Management believes that these non-GAAP financial measures, when considered together with our financial information prepared in accordance with GAAP, can enhance investors' and analysts' ability to meaningfully compare our results from period to period and to our forward-looking guidance, and to identify operating trends in our business. However, non-GAAP information is not superior to financial measures calculated in accordance with GAAP, is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. A reconciliation of the most comparable GAAP financial measure to each non-GAAP financial measure appearing in this release is included at the end of this press release. A reconciliation of non-GAAP gross loss and non-GAAP operating expenses for fiscal 2025 to a corresponding GAAP financial guidance measure is not available on a forward-looking basis because the Company is not able to present the various reconciling cash and non-cash items between each forward-looking non-GAAP measure without unreasonable effort. In particular, stock-based compensation expense is impacted by the Company's future hiring and retention needs, as well as the future fair market value of its common stock, all of which is difficult to predict and is subject to change. The actual amount of these expenses during the second half of fiscal 2025 will have a significant impact on the Company's future GAAP financial results. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as 'aims,' 'believe,' 'may,' 'will,' 'estimate,' 'set,' 'continue,' 'towards,' 'anticipate,' 'intend,' 'expect,' 'should,' 'would,' 'forward,' and similar expressions, express or implied, that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements include statements relating to the outlook for 2025, including revenue outlook for the third quarter and FY 2025, the availability of liquidity resources, sensor shipments, gross loss and operating expense outlook for FY 2025, and expectations regarding the development and commercialization of Luminar Halo. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including that next-generation sensors and software will be developed successfully or will accelerate automaker adoption, that new automaker agreements will develop successfully into product launches, that per unit sensor economics will be improved, and that cost reduction efforts, including efforts to reduce the cost of industrialization, will continue to result in improved operational and financial efficiency. More information on these risks and other potential factors that could affect the Company's business is included in the Company's periodic filings with the SEC, including in the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of the Company's reports on Form 10-K and Form 10-Q, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC and subsequent reports filed with the SEC. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. About Luminar: Luminar is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions. For more information, please visit LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except share and per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, Revenue: Products $ 11,967 $ 15,739 $ 24,939 $ 31,041 Services 3,667 712 9,581 6,378 Total revenue 15,634 16,451 34,520 37,419 Cost of sales: Products 24,124 19,969 46,954 44,476 Services 3,937 10,162 8,093 17,078 Total cost of sales 28,061 30,131 55,047 61,554 Gross loss (12,427 ) (13,680 ) (20,527 ) (24,135 ) Operating expenses: Research and development 39,328 65,850 77,616 133,600 Sales and marketing 5,297 12,140 10,201 26,655 General and administrative (18,753 ) 29,790 2,163 62,839 Restructuring costs 1,180 6,262 1,244 6,262 Total operating expenses 27,052 114,042 91,224 229,356 Loss from operations (39,479 ) (127,722 ) (111,751 ) (253,491 ) Other income (expense), net: Change in fair value of private warrants — 163 — 985 Interest expense (12,255 ) (2,757 ) (24,576 ) (5,514 ) Interest income 1,269 2,519 3,036 5,949 Gain on extinguishment of debt 15,281 — 22,056 — Gain (loss) from acquisition of EM4, LLC ('EM4') — — (48 ) 1,752 Gain from Sale of Investments 2,908 — 2,908 — Change in fair value of derivative liability 8,991 — 5,320 — Losses and impairments related to investments and certain other assets, and other income (expense) 536 (3,376 ) (238 ) (5,981 ) Total other income (expense), net 16,730 (3,451 ) 8,458 (2,809 ) Loss before provision for (benefit from) income taxes (22,749 ) (131,173 ) (103,293 ) (256,300 ) Provision for (benefit from) income taxes 150 (566 ) 297 21 Net loss (22,899 ) (130,607 ) (103,590 ) (256,321 ) Less: Deemed dividend on Series A preferred stock 7,602 — 7,602 — Net loss attributable to common stockholders $ (30,501 ) $ (130,607 ) $ (111,192 ) $ (256,321 ) Net loss per share attributable to common stockholders: Basic and diluted $ (0.62 ) $ (4.32 ) $ (2.44 ) $ (8.76 ) Weighted average shares used in computing net loss per share attributable to common stockholders: Basic and diluted 49,087,995 30,242,540 45,608,362 29,274,792 Expand LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net loss $ (103,590 ) $ (256,321 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 8,772 14,458 Amortization of operating lease right-of-use assets 3,446 4,230 Amortization of discount on marketable securities (983 ) (1,278 ) Loss on marketable securities 90 1,976 Change in fair value of private warrants — (985 ) Vendor stock in lieu of cash program 5,694 8,448 Amortization of debt discount and issuance costs 3,848 1,618 Inventory write-offs and write-downs 3,426 17,806 Change in the fair value of derivatives (5,320 ) — Gain or write-off on sale or disposal of property and equipment 238 — Share-based compensation, including restructuring costs (1,277 ) 83,019 Gain on extinguishment of debt (22,056 ) — Impairment of investments — 4,000 Gain (loss) from acquisition of EM4 48 (1,752 ) Change in product warranty and other 4,657 (2,758 ) Changes in operating assets and liabilities: Accounts receivable (4,185 ) (4,563 ) Inventories (6,863 ) (16,098 ) Prepaid expenses and other current assets 11,609 (1,793 ) Other non-current assets 17,778 (2,915 ) Accounts payable 9,354 (1,877 ) Accrued and other current liabilities (7,069 ) 916 Other non-current liabilities (15,571 ) (5,067 ) Net cash used in operating activities (97,954 ) (158,936 ) Cash flows from investing activities: Purchases of marketable securities (54,154 ) (75,051 ) Proceeds from maturities of marketable securities 80,760 112,242 Proceeds from sales/redemptions of marketable securities 14,490 3,737 Purchases of property and equipment (226 ) (1,586 ) Acquisition of EM4 (net of cash acquired) 242 (3,831 ) Proceeds from disposal of property and equipment 305 — Net cash provided by investing activities 41,417 35,511 Cash flows from financing activities: Net proceeds from issuance of Class A common stock under the Equity Financing Program 21,461 35,903 Proceeds from sale of Class A common stock under ESPP 338 800 Proceeds from exercise of stock options — 407 Payments of employee taxes related to stock-based awards (196 ) (216 ) Repurchase of 2026 Convertible Notes (30,297 ) — Proceeds from issuance of Series A preferred stock, net of issuance costs, discount and commitment fees 31,415 — Net cash provided by financing activities 22,721 36,894 Net decrease in cash, cash equivalents and restricted cash (33,816 ) (86,531 ) Beginning cash, cash equivalents and restricted cash 84,722 140,624 Ending cash, cash equivalents and restricted cash $ 50,906 $ 54,093 Expand LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES Reconciliation of GAAP Cost of Sales to Non-GAAP Cost of Sales (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP cost of sales $ 28,061 $ 30,131 $ 55,047 $ 61,554 Non-GAAP adjustments: Stock-based compensation (1,361 ) (298 ) (2,652 ) (3,693 ) Amortization of intangible assets (165 ) (166 ) (394 ) (332 ) Accelerated depreciation related to certain property, plant and equipment items (143 ) (1,295 ) (286 ) (3,430 ) Non-GAAP cost of sales $ 26,392 $ 28,372 $ 51,715 $ 54,099 Expand LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, GAAP operating expenses $ 27,052 $ 114,042 $ 91,224 $ 229,356 Non-GAAP adjustments: Stock-based compensation 22,007 (36,781 ) 3,870 (77,851 ) Impairment of investments — (4,000 ) — (4,000 ) Restructuring costs (1,180 ) (6,262 ) (1,244 ) (6,262 ) Amortization of intangible assets (866 ) (834 ) (1,669 ) (1,668 ) Transaction costs relating to acquisition activities — (1 ) — (232 ) Non-GAAP operating expenses $ 47,013 $ 66,164 $ 92,181 $ 139,343 Expand LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES Reconciliation of GAAP Net Loss to Non-GAAP Net Loss (In thousands, except share and per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP net loss attributable to common stockholders $ (30,501 ) $ (130,607 ) $ (111,192 ) $ (256,321 ) Non-GAAP adjustments: Stock-based compensation, excluding restructuring (20,646 ) 37,079 (1,218 ) 81,544 Amortization of intangible assets 1,031 1,000 2,063 2,000 Accelerated depreciation related to certain property, plant and equipment 143 1,295 286 3,430 Gain on extinguishment of debt (15,281 ) — (22,056 ) — Impairment of investments — 4,000 — 4,000 Restructuring costs, including stock-based compensation 1,180 6,262 1,244 6,262 Gain from acquisition of EM4 — — 48 (1,752 ) Transaction costs relating to acquisition activities — 1 — 232 Change in the fair value of derivative liabilities (8,991 ) — (5,320 ) — Change in fair value of private warrants — (163 ) — (985 ) Non-GAAP net loss attributable to common stockholders $ (73,065 ) $ (81,133 ) $ (136,145 ) $ (161,590 ) GAAP net loss per share attributable to common stockholders: Basic and diluted $ (0.62 ) $ (4.32 ) $ (2.44 ) $ (8.76 ) Non-GAAP net loss per share attributable to common stockholders: Basic and diluted $ (1.49 ) $ (2.68 ) $ (2.99 ) $ (5.52 ) Shares used in computing GAAP net loss per share attributable to common stockholders: Basic and diluted 49,087,995 30,242,540 45,608,362 29,274,792 Shares used in computing Non-GAAP net loss per share attributable to common stockholders: Basic and diluted 49,087,995 30,242,540 45,608,362 29,274,792 Expand LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES Summary of Stock-Based Compensation and Intangibles Amortization (In thousands) (Unaudited) Three Months Ended June 30, 2025 2024 Stock-Based Compensation Intangibles Amortization Stock-Based Compensation Intangibles Amortization Cost of Sales $ 1,361 $ 165 $ 298 $ 166 Research and development 4,792 600 16,378 599 Sales and marketing 2,109 266 3,557 235 General and administrative (28,908 ) — 16,846 — Restructuring costs (11 ) — 1,412 — Total $ (20,657 ) $ 1,031 $ 38,491 $ 1,000 Expand Six Months Ended June 30, 2025 2024 Stock-Based Compensation Intangibles Amortization Stock-Based Compensation Intangibles Amortization Cost of Sales $ 2,652 $ 394 $ 3,693 $ 332 Research and development 11,129 1,199 30,862 1,198 Sales and marketing 3,275 470 8,780 470 General and administrative (18,274 ) — 38,209 — Restructuring costs (59 ) — 1,412 — Total $ (1,277 ) $ 2,063 $ 82,956 $ 2,000 Expand
