Summary by Moomoo AI
Luminar Technologies reported full year 2024 revenue of $75.4 million, an 8% increase from 2023, driven by higher sensor shipments to Volvo following start of production for the EX90. Net loss narrowed significantly to $273.1 million from $571.3 million in 2023, aided by a $148.7 million gain from debt restructuring. Gross loss improved to $25.7 million from $72.7 million last year.The company executed major strategic initiatives in 2024, including restructuring its workforce with a 30% headcount reduction expected to generate $80 million in annual cash savings. Luminar also completed a debt refinancing in August, exchanging $421.9 million of 2026 convertible notes for new 2030 convertible notes and raising $100 million through senior secured notes to strengthen its liquidity position.Looking ahead, Luminar achieved a key milestone with start of production for Volvo Cars in April 2024, delivering LiDAR sensors for the EX90 - the first global production vehicle to feature its technology. The company ended 2024 with $182.7 million in total liquidity, comprising $82.8 million in cash and $99.8 million in marketable securities.
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