Luminar Technologies, Inc. (NASDAQ:LAZR) shares rose more than 7% on Tuesday following the company’s reported Q2 results, with revenue of $9.9 million coming in better than the Street estimate of $8.45 million. Q2 EPS was ($0.18), missing the Street estimate of ($0.16).
The company provided its full 2022-year outlook, raising its revenue estimate to $40-45 million (vs. $40 million prior), compared to the Street estimate of $41.35 million.
Management is now expecting to reach over 60% growth in major commercial wins (up from 40% prior and equating to a total of 5+ program wins, suggesting 3+ more to be announced in H2) and grow its forward-looking order book by 60%, (up from 40% prior).
While no particular OEM win was announced in the quarter, analysts at Deutsche Bank believe management must have solid visibility into securing the rest of the wins as those discussions are currently taking place. Furthermore, the 60% order book growth (vs. $2.1 billion at the beginning of the year) will not only come from new OEMs but also from existing OEMs as they expand the adoption of Luminar lidars to other platforms/vehicle models.
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