Latest news with #TomFennimore
Business Wire
23-05-2025
- Automotive
- Business Wire
Luminar Improves Capital Structure with Repurchase of $50 Million in 2026 Convertible Senior Notes
ORLANDO, Fla.--(BUSINESS WIRE)--Luminar Technologies (NASDAQ: LAZR), a leading global automotive technology company, today announced it has entered into separate, individually negotiated private agreements with certain holders of its outstanding 1.25% Convertible Senior Notes due 2026 to acquire $50 million in aggregate principal amount of notes through repurchases for approximately $30 million in cash and exchanges for 1.1 million in newly issued shares of common stock. The repurchase transactions are being funded by the proceeds from the initial issuance of Series A Convertible Preferred Stock announced by Luminar on May 21, 2025. 'Earlier this week, we announced a significant capital commitment from two institutional investors and indicated that would be used to continue to improve our capital structure and liquidity profile. Today, we are doing just that, retiring a substantial amount of debt that would have otherwise matured next year,' said Tom Fennimore, Luminar's Chief Financial Officer. 'We will remain opportunistic in using all of our available tools to further reduce our debt and extend our liquidity runway in order to realize our long-term value.' Following the consummation of the exchange transactions, approximately $135 million in aggregate principal amount of the 2026 convertible notes will remain outstanding, marking meaningful progress by Luminar over the past year to reduce the outstanding amount of its 2026 debt. The combination of the transactions this week demonstrate Luminar's commitment to improving its capital structure and ensuring sufficient financial runway to execute its business plan. About Luminar Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software/AI platform to enable its various partners, ranging from Volvo Cars and Mercedes-Benz to NVIDIA and Mobileye, to develop and deploy the world's most advanced passenger vehicles. Following the launch of the Volvo EX90 as the first global production vehicle to standardize its technology, Luminar is poised to lead the industry in enabling next-generation safety and autonomous capabilities for global production vehicles. For more information, please visit 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,' 'plan,' 'runway,' 'commitment,' 'remain,' 'opportunistic' and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements include statements relating to prospective future debt reduction and liquidity and capital structure improvements. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, including but not limited to, the large amount of Luminar's outstanding indebtedness limiting the cash flow available for Luminar's operations. whether Luminar will be able to timely reduce its outstanding debt and capital structure overhang, whether Luminar will be able to repurchase debt at trading discounts or on favorable terms, or have sufficient resources and financial runway to reduce its outstanding debt and execute its business plan and other factors that could cause actual results to differ materially from those stated, which could differ or change based upon market conditions or for other reasons. More information on these risks and other potential factors that could affect Luminar's business is included in Luminar'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 Luminar's reports on Form 10-K and Form 10-Q, including Luminar's Annual Report on Form 10-K for the year ended December 31, 2024 filed by Luminar on March 28, 2025, and Luminar's Quarterly Report on Form 10-Q filed by Luminar on May 20, 2025 and subsequent reports filed with the SEC. You are cautioned not to place undue reliance upon any forward-looking statements and Luminar assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
TechCrunch
22-05-2025
- Business
- TechCrunch
Luminar secures up to $200M following CEO departure and layoffs
Lidar company Luminar reached a deal with Yorkville Advisors Global and another unnamed investor that could bring another $200 million into its coffers through the sale of convertible preferred stock over an 18-month period. The agreement, which was announced in a regulatory filing Wednesday, follows an abrupt change in leadership and layoffs. Earlier this month, Luminar's board replaced founder Austin Russell as CEO and board chair. Luminar's board appointed Paul Ricci to the role. Ricci is the former chairman and CEO of Nuance. The company also launched another round of layoffs — its third since spring 2024. Under the terms, Luminar will issue $35 million in convertible preferred stock to the investors. Luminar may issue additional tranches in amounts of up $35 million no more than every 60 days at a purchase price equal to 96% of the stated value of the convertible preferred stock. However, Luminar isn't under any obligation to issue additional stock. 'Today's transaction provides us with additional financial flexibility and further strengthens our balance sheet,' Luminar CFO Tom Fennimore said in a statement 'We've made substantial progress in extending our liquidity runway with our restructuring efforts, and the additional capital available to us under this facility provides us with another tool to realize our long-term value.' The company said proceeds from the initial $35 million issuance are expected to be used for general corporate purposes and debt retirement. Yorkville has offered these lifelines to other struggling publicly traded companies, a list that includes failed Lordstown Motors, Faraday Future, and the now bankrupt Canoo. Luminar was founded by Russell in 2012 when he was just a teenager. Luminar, and Russell, became Silicon Valley darlings when the lidar startup broke cover in April 2017 after operating for years in secrecy and at the height of the autonomous vehicle technology hype cycle. Techcrunch event Join us at TechCrunch Sessions: AI Secure your spot for our leading AI industry event with speakers from OpenAI, Anthropic, and Cohere. For a limited time, tickets are just $292 for an entire day of expert talks, workshops, and potent networking. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW In 2021, Luminar merged with special purpose acquisition company Gores Metropoulos Inc., with a post-deal market valuation of $3.4 billion. Today, Luminar has a market cap of $179 million. Luminar raised $250 million prior to the SPAC announcement. Luminar has had some wins, but also restructured several times. Luminar cut about 30% of its workforce in 2024 via two rounds of layoffs. Some of those layoffs spilled into the first quarter of 2025. A total of 212 employees were laid off. In a regulatory filing earlier this month, the company said it began additional layoffs May 15. These new layoffs are expected to cost $4 million to $5 million in cash charges. These costs are expected to be incurred in the second and third quarters of this year.
Yahoo
21-05-2025
- Business
- Yahoo
Luminar Obtains $200 Million Capital Commitment to Bolster Balance Sheet & Liquidity
ORLANDO, Fla., May 21, 2025--(BUSINESS WIRE)--Luminar Technologies (NASDAQ: LAZR), a leading global automotive technology company, today announced it has entered into a definitive agreement with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, and another accredited investor to issue up to $200 million of convertible preferred stock to the investors in registered direct offerings over an 18-month period. "Today's transaction provides us with additional financial flexibility and further strengthens our balance sheet," said Tom Fennimore, Chief Financial Officer of Luminar. "We've made substantial progress in extending our liquidity runway with our restructuring efforts, and the additional capital available to us under this facility provides us with another tool to realize our long-term value." Under the terms of the agreement, Luminar will issue $35 million in stated value of convertible preferred stock to the investors at an initial closing, and may subsequently issue additional tranches of convertible preferred stock to the investors in amounts of up to $35 million not more than every 60 days (or 90 days if the prior tranche was more than $25 million), at a purchase price equal to 96% of the stated value of the convertible preferred stock. Issuances are subject to specified closing conditions, including certain conditions based on the trading price and volume of the company's shares of common stock and the company's continued compliance with the terms of the preferred stock. Luminar has no obligation to issue additional convertible preferred stock to the investors at any time after the initial closing. The proceeds from the initial $35 million issuance are expected to be used for general corporate purposes and debt retirement. The terms, rights, obligations, and preferences of the convertible preferred stock, including voluntary conversion and redemption provisions, as well as beneficial ownership and voting restrictions and share cap limitations, will be set forth in a certificate of designations to be filed with the Delaware Secretary of State prior to the initial closing. The convertible preferred stock will be convertible, at the holder's option at any time, subject to certain exceptions as will be set forth in the certificate of designations, into shares of the company's Class A common stock. The convertible preferred stock will rank junior to the company's existing first and second lien senior secured and any unsecured debt. Under the terms of the certificate of designations for the convertible preferred stock, the company will be subject to covenants substantially consistent with those in the company's senior secured debt, among other provisions. D. Boral Capital LLC is acting as the exclusive placement agent for the placement of the convertible preferred stock. Additional details regarding the transaction will be made available in a Form 8-K to be filed with the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction. About Luminar Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software/AI platform to enable its various partners, ranging from Volvo Cars and Mercedes-Benz to NVIDIA and Mobileye, to develop and deploy the world's most advanced passenger vehicles. Following the launch of the Volvo EX90 as the first global production vehicle to standardize its technology, Luminar is poised to lead the industry in enabling next-generation safety and autonomous capabilities for global production vehicles. For more information, please visit 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 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 completion and timing of the initial closing of the offering of the convertible preferred stock. 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 but not limited to whether we will consummate the financing on the expected terms or at all, , which could differ or change based upon market conditions or for other reasons. 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 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. View source version on Contacts Investor Relations:Aileen (Smith) McAdamsInvestors@ Media Relations:Milin MehtaPress@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
21-05-2025
- Business
- Business Wire
Luminar Obtains $200 Million Capital Commitment to Bolster Balance Sheet & Liquidity
ORLANDO, Fla.--(BUSINESS WIRE)--Luminar Technologies (NASDAQ: LAZR), a leading global automotive technology company, today announced it has entered into a definitive agreement with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, and another accredited investor to issue up to $200 million of convertible preferred stock to the investors in registered direct offerings over an 18-month period. 'Today's transaction provides us with additional financial flexibility and further strengthens our balance sheet,' said Tom Fennimore, Chief Financial Officer of Luminar. 'We've made substantial progress in extending our liquidity runway with our restructuring efforts, and the additional capital available to us under this facility provides us with another tool to realize our long-term value.' Under the terms of the agreement, Luminar will issue $35 million in stated value of convertible preferred stock to the investors at an initial closing, and may subsequently issue additional tranches of convertible preferred stock to the investors in amounts of up to $35 million not more than every 60 days (or 90 days if the prior tranche was more than $25 million), at a purchase price equal to 96% of the stated value of the convertible preferred stock. Issuances are subject to specified closing conditions, including certain conditions based on the trading price and volume of the company's shares of common stock and the company's continued compliance with the terms of the preferred stock. Luminar has no obligation to issue additional convertible preferred stock to the investors at any time after the initial closing. The proceeds from the initial $35 million issuance are expected to be used for general corporate purposes and debt retirement. The terms, rights, obligations, and preferences of the convertible preferred stock, including voluntary conversion and redemption provisions, as well as beneficial ownership and voting restrictions and share cap limitations, will be set forth in a certificate of designations to be filed with the Delaware Secretary of State prior to the initial closing. The convertible preferred stock will be convertible, at the holder's option at any time, subject to certain exceptions as will be set forth in the certificate of designations, into shares of the company's Class A common stock. The convertible preferred stock will rank junior to the company's existing first and second lien senior secured and any unsecured debt. Under the terms of the certificate of designations for the convertible preferred stock, the company will be subject to covenants substantially consistent with those in the company's senior secured debt, among other provisions. D. Boral Capital LLC is acting as the exclusive placement agent for the placement of the convertible preferred stock. Additional details regarding the transaction will be made available in a Form 8-K to be filed with the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction. About Luminar Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software/AI platform to enable its various partners, ranging from Volvo Cars and Mercedes-Benz to NVIDIA and Mobileye, to develop and deploy the world's most advanced passenger vehicles. Following the launch of the Volvo EX90 as the first global production vehicle to standardize its technology, Luminar is poised to lead the industry in enabling next-generation safety and autonomous capabilities for global production vehicles. For more information, please visit 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 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 completion and timing of the initial closing of the offering of the convertible preferred stock. 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 but not limited to whether we will consummate the financing on the expected terms or at all, , which could differ or change based upon market conditions or for other reasons. 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 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.
Yahoo
15-05-2025
- Automotive
- Yahoo
Luminar Technologies Inc (LAZR) Q1 2025 Earnings Call Highlights: Strategic Advances Amid ...
Release Date: May 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Luminar Technologies Inc (NASDAQ:LAZR) has successfully transitioned to a unified product architecture, the Luminar Halo platform, which has been well received by OEM partners. The company has achieved significant cost savings through restructuring actions, saving $120 million in cash and $40 million in stock-based compensation. Luminar Technologies Inc (NASDAQ:LAZR) has reduced its 2026 debt from $625 million to $185 million, showing progress in improving its capital structure. The company has a strong liquidity position with nearly $400 million in total access to liquidity, providing a sufficient runway through at least the end of next year. Luminar Technologies Inc (NASDAQ:LAZR) is making progress in its Halo development, with multiple development contracts and advanced prototypes expected to convert into series production contracts. The resignation of Founder and CEO Austin Russell following a code of business conduct inquiry may cause uncertainty in leadership transition. Revenue for Q1 2025 was $18.9 million, down 10% year over year and 16% sequentially, indicating a decline in sales performance. The company reported a gross loss of $8 million on a GAAP basis, driven by unfavorable unit economics in series production sensor sales. Luminar Technologies Inc (NASDAQ:LAZR) continues to face challenges with tariff charges, incurring approximately $1 million in tariff charges in Q1. The company expects to generate a non-GAAP gross loss of $5 to $10 million per quarter on average through the remainder of the year, indicating ongoing financial challenges. Warning! GuruFocus has detected 8 Warning Signs with LAZR. Q: Does collaborating on a unified product architecture with select OEMs limit Luminar's ability to secure business with other automakers? Would other automakers be willing to adopt this unified standard? A: We don't believe it limits our ability. We've been working with major automakers and understand their specifications. The Halo platform is designed to meet most automotive specs. If modifications are needed, we'll assess the ROI. For the business we want, Halo should meet almost all specs. If exceptions arise, we'll evaluate them at that time. - Tom Fennimore, CFO Q: Can you provide insights into the operational leadership team's bench strength, particularly from a technology standpoint? Who will lead the technology roadmap? A: Austin Russell built a strong team at Luminar, and that team remains unchanged. Paul Ritchie will take over as CEO, and we are confident in our team's ability to execute a smooth transition. - Tom Fennimore, CFO Q: What is changing with the Halo roadmap, and is there incremental standardization planned? A: Nothing has changed in Halo's design. We've moved all customers to Halo and are modifying our organization around this unified product architecture. This allows us to focus on one product, improving efficiency and cost-effectiveness. We're applying lessons learned from previous products to Halo. - Tom Fennimore, CFO Q: What is the status of potential new business wins with OEMs regarding the Halo platform? A: We have multiple development contracts with customers for Halo. We're delivering advanced prototypes, and once they perform as expected, we anticipate converting them into series production contracts soon. - Tom Fennimore, CFO Q: What is driving the improvement in operating expenses, and are there additional cost reduction actions planned? A: The improvement is due to actions taken last year, now fully reflected in the P&L. We have identified additional cost actions and have started implementing them to achieve our target of reducing OpEx to the low $30 million range by year-end. - Tom Fennimore, CFO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
