Luminar Technologies reported its fourth-quarter and full-year 2024 financial results on March 20, 2025, announcing Q4 revenue that was up 45% quarter-over-quarter and exceeded forecasts. The company's full-year 2024 revenue reached $75.4 million, an 8.0% increase from the prior fiscal year.
The company secured a new contract with an industrial OEM and a Luminar Halo development contract for a leading automotive OEM, signaling expanding market reach beyond passenger vehicles. Luminar also highlighted improvements in gross margin and operating expenses, reflecting ongoing cost-cutting efforts.
Looking ahead to 2025, Luminar outlined key business milestones, including the initial tape-out of its next-generation ASIC by the end of 2025 and the launch of a high-volume production line in Thailand by the end of 2025. The company expects LiDAR shipments to at least triple in 2025 as more Luminar-equipped cars are produced and additional models are launched, with Halo B-samples targeted for delivery in the first half of 2026.
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