Start here if you're new
what it is
It makes lidar sensors and software that help cars and trucks see the road.
how it gets paid
Last year Luminar Tech made $75M in revenue. Lidar sensors was the main engine at $40M, or 53% of sales.
what just happened
Luminar $53M in quarterly revenue, but the math still looked ugly.
At a glance
C balance sheet — red flag territory — real financial stress
45/100 earnings predictability — expect surprises
-$12.44 fy2024 eps est
$2B fy2025 rev est
n/a operating margin
xvary composite: 14/100 — weak
What they do
It makes lidar sensors and software that help cars and trucks see the road.
Luminar sells lidar sensors and autonomy software together. That is a stack, the full bundle of hardware and code, not a single box. For you, that means one vehicle program can move the whole business, and 580 employees keep the operation small enough that every win matters.
How they make money
$75M
annual revenue
Lidar sensors
$40M
Perception and autonomy software
$18M
ASICs and pixel sensors
$10M
Advanced lasers
$7M
The products that matter
autonomous sensing hardware
LiDAR hardware
$75M company revenue
this is the operating business that produced $75M in revenue last year, but it did so at a -53.7% gross margin. selling more units did not fix the economics.
core asset base
perception software and IP
software and related technology
$22M asset sale
the number that matters here is $22M — that's the disclosed sale value for the core business assets. put next to $442M in debt, it tells you who this process is really for.
creditor recovery
Key numbers
$75M
ttm revenue
You are looking at a tiny revenue base next to a $4M market cap and a $442M debt load.
53.7%
gross margin
A negative margin means the company loses money before it pays for payroll, rent, or anything else.
$442M
long-term debt
Debt is 99% of capital, so the balance sheet is doing more work than the business.
99%
debt share
Almost every dollar of capital is debt. Equity is the thin slice left over.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $442M (99% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for LAZRQ right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Luminar $53M in quarterly revenue, but the math still looked ugly.
Revenue came in at $53M. EPS was -$1.29 versus -$1.50 expected, a 14.09% beat. Gross margin stayed at -53.7%, so the beat did not fix the economics.
$53.0M
revenue
-$1.29
eps
53.7%
gross margin
the number that mattered
The -53.7% gross margin mattered most. It says the company can beat EPS guesses and still lose money on the product itself.
source: company earnings report, 2026
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What could go wrong
the #1 risk is equity cancellation in the Chapter 11 liquidation. with $442M in debt and a disclosed $22M asset sale, the recovery math is pointed in one direction.
med
equity sits last in line
Chapter 11 liquidation is not a normal restructuring story. Common stock only gets value after creditors are made whole.
with $442M in debt already disclosed, that hurdle is enormous relative to a ~$4M market cap.
med
asset value looks far below debt value
The proposed $22M sale of the core business is the cleanest public datapoint for what someone will pay today.
$22M is roughly 5% of $442M. That gap is the whole bear case, and right now it is not really a bear case. It is arithmetic.
med
negative gross margin leaves no operating cushion
A -53.7% gross margin means each additional dollar of revenue was not creating relief. It was adding more pressure.
that limits the chance that a short operating rebound materially improves the recovery stack for equity holders.
med
delisting cuts visibility and liquidity
Nasdaq has moved to delist and deregister the stock, which now trades on OTC Pink under LAZRQ.
you lose exchange liquidity, institutional attention, and often the last thin layer of price discovery that small shareholders rely on.
a $4M market cap behind $442M in debt and a $22M asset sale leaves very little room for common equity to matter.
source: institutional data · regulatory filings · risk analysis
Pay attention to
court process
asset sale closing
The proposed $22M sale is the clearest real-world price on the operating assets. If it closes on those terms, recovery expectations for common stock get even harder to defend.
credit
2028 note tender response
The active offer to purchase $89M of 2028 notes is a live read on creditor behavior. If bondholders tender aggressively, they may prefer cash now to a drawn-out recovery process.
listing
OTC trading conditions
The move from Nasdaq to OTC Pink matters because liquidity usually gets worse. Wider spreads and thinner volume can make an already fragile stock even harder to exit.
recovery math
discounted debt buybacks
Repurchasing $50M of 2026 notes for $30M shows creditors are already taking haircuts. That is useful information for you because debt prices often tell the truth before equity does.
Analyst rankings
earnings predictability
45 / 100
earnings are hard to model here because the company is in liquidation. in human-speak, normal analyst frameworks are not the main event anymore.
xvary composite
14 / 100
this is a weak overall rating because value, momentum, and financial quality are all being overwhelmed by bankruptcy risk.
source: institutional data
Institutional activity
institutional ownership data for LAZRQ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$0
current price
n/a
target midpoint · n/a from current
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