Luminar Technologies, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing a mixed performance in revenue and profitability compared to the previous fiscal period. Total revenue for Q3 2024 was $15.5 million, a decrease of 9% from $17.0 million in Q3 2023. However, for the nine months ended September 30, 2024, total revenue increased by 11% to $52.9 million, up from $47.7 million in the same period last year. The Autonomy Solutions segment generated $9.8 million in Q3 2024, down 13% from $11.2 million in Q3 2023, but saw a 14% increase for the nine-month period, totaling $36.1 million.
The company reported a net income of $27.4 million for Q3 2024, a significant turnaround from a net loss of $134.3 million in Q3 2023. For the nine months, Luminar recorded a net loss of $228.9 million, an improvement from a loss of $422.9 million in the prior year. The gross loss for Q3 2024 was $14.0 million, reduced from $18.2 million in Q3 2023, indicating improved cost management.
Strategically, Luminar has been active in restructuring its operations, implementing a plan that resulted in a workforce reduction of approximately 30% since early 2024, equating to 198 employees. This restructuring is expected to yield annual operating cost savings of between $50 million and $65 million. The company incurred $3.3 million in separation costs during Q3 2024 related to this initiative.
In terms of liquidity, Luminar reported total current assets of $263.9 million as of September 30, 2024, down from $350.6 million at the end of 2023. Cash and cash equivalents decreased to $114.2 million from $139.1 million, while marketable securities fell to $84.4 million from $150.7 million. The accumulated deficit increased to $2.1 billion, reflecting ongoing operational challenges.
Luminar also completed the acquisition of EM4 on March 18, 2024, for approximately $4.5 million, aimed at enhancing its capabilities in packaged photonic components. The company has been actively managing its debt, exchanging $421.9 million of 2026 Convertible Senior Notes for new convertible notes due in 2030, which has extended its debt maturities and bolstered liquidity.
Overall, while Luminar Technologies has shown improvements in certain financial metrics, it continues to face challenges in revenue generation and operational efficiency amid a significant restructuring effort.