Luminar Technologies, Inc. reported a total revenue of $15.6 million for the second quarter of 2025, a decrease of 5% from $16.5 million in the same period last year. The decline was primarily attributed to a drop in product sales, which fell to $12.0 million from $15.7 million, while service revenue increased to $3.7 million from $0.7 million. For the first half of 2025, total revenue was $34.5 million, down 8% from $37.4 million in the first half of 2024. The company continues to face challenges in achieving profitability, reporting a net loss of $22.9 million for the quarter, significantly improved from a loss of $130.6 million in the prior year.
In terms of operational changes, Luminar has been executing a restructuring plan initiated in 2024, which has included a cumulative workforce reduction of approximately 30% and the wind-down of its data and insurance businesses. The restructuring efforts are expected to yield annual savings of approximately $23 million starting in the fourth quarter of 2025. The company incurred restructuring costs of $1.2 million in the second quarter of 2025, down from $6.3 million in the same quarter of 2024. As of June 30, 2025, Luminar's total liabilities stood at $513.5 million, a decrease from $586.0 million at the end of 2024.
Luminar's customer base remains concentrated, with two customers accounting for 56% of its revenue in the second quarter. The company has also made strategic moves to enhance its product offerings, including the integration of its LiDAR technology into new models from Volvo and a collaboration with Caterpillar Inc. to develop autonomous solutions. The company reported a total of 257 employees terminated as part of its restructuring efforts, reflecting its commitment to streamline operations.
Looking ahead, Luminar anticipates continued operating losses as it invests in product development and market expansion. The company had cash and cash equivalents of $48.2 million and marketable securities of $59.5 million as of June 30, 2025, providing a total liquidity of $107.6 million. Management believes that existing liquidity will be sufficient to support operations for at least the next 12 months, although it remains reliant on access to equity financing and other capital resources to execute its strategic initiatives.
About Luminar Technologies, Inc./DE
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