In This Article:
Shares of Luminar Technologies (NASDAQ:LAZR) slid about 7% in pre-market trading Thursday after the LiDAR firm posted mixed first-quarter results and said its founder will step down amid an internal ethics probe.
Revenue for the quarter ended March 31 rose to $18.9 million, topping the $16.3 million average analyst estimate. However, the loss per share widened to $1.82, worse than the expected $1.63 loss.
The company said Paul Ricci, former CEO of Nuance, will become chief executive around May 21, following the resignation of Austin Russell as CEO and board chair. Russell will remain on the board, and Luminar noted the inquiry does not affect its financials, according to a Thursday press release.
The company reiterated its 2025 revenue target of 10% to 20% growth over the $75.4 million posted in 2024. Analysts are expecting closer to $86.4 million. Gross losses are projected to remain between $5 million and $10 million quarterly through the year.
LiDAR shipments jumped 50% sequentially to about 6,000 units in Q1. Luminar expects to triple production volumes by year-end and continue scaling its "Halo" product with OEM partners.
This article first appeared on GuruFocus.