Q1 cash spend (operating cash flow less capital expenditures) was $37.8 million, down sequentially and consistent with full-year guidance.
The company reports its forward-looking order book on an annual basis. Forward-Looking Order Book: Following continued major commercial successes, the company expects to achieve its forward-looking order book growth target of at least 40% YoY in 2022.The company expects to meet or beat this target. Commercial Programs: Luminar has achieved two additional major commercial wins year-to-date (Mercedes and Nissan), about halfway to the 40% growth target for the full-year.
In Q1, the company delivered software to an independent third party testing company for further validation of its Proactive Safety™ capability, and expects to report the positive results of this independent study this year.
Iris Industrialization for Series Production: Luminar remains on track to its goal of achieving series production readiness for Iris lidar and core software in 2022, and is currently focused on continuous process improvements in partnership with Fabrinet and Celestica in preparation for series production.The acquisition further enables Luminar’s ability to achieve its long-term $100 bill of materials target, and the company is now vertically integrated across all core lidar hardware components. Acquired Freedom Photonics to advance chip-level technology roadmap and lower costs with proprietary high-performance laser diode tech.Additionally, Luminar’s optical manufacturing partner for series production, Fabrinet is live and ramping. Increasing Series Production Capacity in light of increased volume indications from existing wins and additional major commercial wins.Separately, Luminar won a landmark series production deal with Mercedes-Benz, announced in January. Nissan aims to complete development by mid-2020’s, and equip virtually every new model by fiscal year 2030. Established Nissan Partnership for their next-generation ADAS and safety system.On Track to All Four Key 2022 Business Milestones and Financial Guidance (see major 2022 milestone updates in the section below).“We remain heads-down, relentlessly focused on execution as we work to accelerate our roadmap, from a new planned volume capacity expansion for Iris to advancing our foundational chip-level tech capabilities with the Freedom Photonics acquisition.”
Today, Luminar also released its quarterly Path to Series Production video, which can be viewed at: “Automakers are aligning with our vision that next-level safety should come standard with all vehicles, not just available to a select few, and our new partner Nissan is helping lead the pack to mainstream adoption,” said Austin Russell, Luminar Founder and CEO. Luminar remains on-track to meet or beat its prior $40 million full-year 2022 revenue guidance. The company delivered $6.9 million in first-quarter revenue, up 29% year-over-year (YoY) and ahead of internal expectations.
ORLANDO, Fla.-( BUSINESS WIRE)-Luminar (NASDAQ: LAZR), a leading global automotive technology company, today announced its quarterly business update and financial results for the first quarter of 2022, ended March 31, 2022.