Luminar Technologies, a manufacturer of LiDAR sensors, announced its Q3 2022 results today. The company reported revenue of USD 12.8 million in Q3 2022, up 60% YoY compared to Q3 2021, driven by the signing of new contracts. Its non-GAAP net loss for the quarter stood at USD 63.4 million (USD 0.18 loss per share) vs. USD 36.0 million (USD 0.10 loss per share) a year ago. The widening loss was mainly due to increased operating expenses, including R&D, sales and marketing, and general and administrative expenses.

The company commenced series production of its “Iris” LiDAR system during the quarter, leveraging manufacturing partners in Mexico and Thailand. The company is also on track to release the beta version of its safety and driving assist tools system by the end of the year. Luminar also continued work with electronic company Celestica to launch its high-volume manufacturing facility in Mexico by H2 2023.

Luminar expects its full-year 2022 revenue to range between USD 40 million and USD 45 million (unchanged from the previous guidance), indicating an implied increase of 25%–41% YoY. The company is also on track to improve its commercial program deals and its orderbook by 60% YoY in 2022.