Luminar Technologies, a manufacturer of LiDAR sensors, announced its Q4 2022 results today, with a loss per share of USD 0.40 in Q4 2022 (vs. USD 0.21 loss per share in Q4 2021). The company reported revenue of USD 11.1 million in Q4 2022, down 9.9% YoY compared to Q4 2021, due to lower services revenue, such as the provision of semiconductors and related components and consultancy services, which was only partially offset by an increase in the sale of LiDAR sensors to OEMs. With this, the company closed the year with revenue of USD 40.7 million in 2022, up 27.4% YoY.

Its operating loss for the quarter stood at USD 140.7 million (vs USD 71.0 million in Q4 2021). Its operating loss for the full year 2022 stood at USD 442.4 million, 2.1x the loss incurred 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 also unveiled a new LiDAR solution called “Iris+” today, with an improved detection range of up to 300 meters (~890 ft) (vs. 250 meters in the previous Iris model). The company is currently working with Mercedes-Benz on integrating the Iris Plus LiDAR into its vehicles, with series production to commence in 2025. The company also revealed its plans to open facilities in Asia to support the production of sensors. Its newest high-volume manufacturing facility in Mexico is also expected to go live in Q2 2023.

Luminar expects its full-year 2023 revenue to grow 100% YoY in 2023 and gross margins to reach positive levels by Q4 2023.