Revenue growth has shifted to a 43.3% year-over-year decline in 2025Q4, reflecting the ongoing difficulty in achieving consistent manufacturing scale.
| Sales/Revenue | 66.01M | 75.39M | 69.78M | 40.7M | 31.94M | 13.95M | 12.6M | 11.69M |
| Revenue Growth % | -12.44% | 8.05% | 71.46% | 27.4% | 128.97% | 10.7% | 7.78% | - |
| Cost of Goods Sold | 0 | 101.08M | 142.47M | 100.98M | 46.09M | 24.95M | 16.66M | 10.94M |
| COGS % of Revenue | - | 134.07% | 204.17% | 248.13% | 144.29% | 178.85% | 132.16% | 93.56% |
| Gross Profit | 0 | -25.69M | -72.69M | -60.28M | -14.15M | -11M | -4.05M | 753K |
| Gross Margin % | - | -34.07% | -104.17% | -148.13% | -44.29% | -78.85% | -32.16% | 6.44% |
| Gross Profit Growth % | 100% | 64.66% | -20.58% | -326.1% | -28.61% | -171.43% | -638.25% | - |
| Operating Expenses | 218.58M | 409.35M | 490.62M | 382.12M | 200.4M | 75.87M | 58.56M | 21.98K |
| OpEx % of Revenue | 331.12% | 542.94% | 703.1% | 938.91% | 627.36% | 543.86% | 464.7% | 0.19% |
| Selling, General & Admin | 42.59M | 161.26M | 212.91M | 196.83M | 111.54M | 37.22M | 21.59M | 20.55K |
| SG&A % of Revenue | 64.51% | 213.89% | 305.12% | 483.65% | 349.18% | 266.81% | 171.33% | 0.18% |
| Research & Development | 137.59M | 231.67M | 262.22M | 185.28M | 88.86M | 38.65M | 36.97M | 40.09M |
| R&D % of Revenue | 208.43% | 307.27% | 375.78% | 455.26% | 278.18% | 277.05% | 293.37% | 342.84% |
| Other Operating Expenses | 38.4M | 16.42M | 15.49M | 0 | 0 | 0 | 0 | -1.43K |
| Operating Income | -296.8M | -435.04M | -563.31M | -442.4M | -214.55M | -86.88M | -62.62M | -21.98K |
| Operating Margin % | -449.6% | -577.01% | -807.27% | -1087.04% | -671.65% | -622.72% | -496.87% | -0.19% |
| Operating Income Growth % | 31.78% | 22.77% | -27.33% | -106.2% | -146.97% | -38.74% | -284772.61% | - |
| EBITDA | -296.8M | -401.29M | -529.7M | -430.6M | -206.69M | -84.36M | -60.3M | 1.47M |
| EBITDA Margin % | -449.6% | -532.24% | -759.11% | -1058.03% | -647.02% | -604.67% | -478.49% | 12.59% |
| EBITDA Growth % | 26.04% | 24.24% | -23.01% | -108.34% | -145.01% | -39.9% | -4196.34% | - |
| D&A (Non-Cash Add-back) | 0 | 33.75M | 33.61M | 11.8M | 7.87M | 2.52M | 2.32M | 1.49M |
| EBIT | 0 | -414.22M | -558.52M | -434.17M | -237.22M | -359.14M | -97.18M | -64.23M |
| Net Interest Income | 0 | -16.61M | 2.06M | -5.4M | 518K | -2.88M | -1.51M | 0 |
| Interest Income | 4.49M | 10.42M | 13.11M | 5.7M | 2.55M | 0 | 731K | 2.64M |
| Interest Expense | -48.19M | 27.03M | 11.05M | 11.1M | 2.03M | 2.88M | 2.24M | 0 |
| Other Income/Expense | -22.81M | 161.15M | -6.26M | -2.87M | -24.7M | -275.42M | -32.1M | 0 |
| Pretax Income | -319.62M | -273.88M | -569.57M | -445.27M | -239.25M | -362.3M | -94.72M | -21.98K |
| Pretax Margin % | -484.16% | -363.26% | -816.25% | -1094.08% | -748.96% | -2596.93% | -751.61% | -0.19% |
| Income Tax | 338K | -743K | 1.7M | 672K | -1.26M | 0 | 0 | 0 |
| Effective Tax Rate % | -0.11% | 0.27% | -0.3% | -0.15% | 0.53% | 0% | 0% | 0% |
| Net Income | -378.12M | -273.14M | -571.27M | -445.94M | -237.99M | -362.3M | -94.72M | -21.98K |
| Net Margin % | -572.79% | -362.28% | -818.68% | -1095.73% | -745.01% | -2596.93% | -751.61% | -0.19% |
| Net Income Growth % | -38.44% | 52.19% | -28.1% | -87.38% | 34.31% | -282.5% | -430730.11% | - |
| Net Income (Continuing) | -378.12M | -273.14M | -571.27M | -445.94M | -237.99M | -362.3M | -94.72M | -21.98K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.33 | -8.70 | -22.01 | -18.78 | -10.31 | -17.09 | -4.49 | -0.00 |
| EPS Growth % | 27.24% | 60.47% | -17.2% | -82.15% | 39.67% | -280.62% | - | - |
| EPS (Basic) | -6.33 | -8.70 | -22.01 | -18.78 | -10.31 | -17.09 | -4.49 | -0.00 |
| Diluted Shares Outstanding | 596.99M | 31.41M | 25.96M | 23.75M | 23.09M | 21.6M | 21.6M | 21.6M |
| Basic Shares Outstanding | 596.99M | 31.41M | 25.96M | 23.75M | 23.09M | 21.6M | 21.6M | 21.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Critical liquidity and solvency risk
As reported in recent financial statements, Luminar's revenue trajectory has shifted toward contraction, with the company posting a 43.3% year-over-year decline in 2025Q4, signaling that the transition from development-stage engineering milestones to consistent, high-volume production revenue remains elusive and highly volatile for the firm.
The inconsistent revenue performance suggests that the company is struggling to convert its order book into realized sales as automotive OEM programs face delays. Investors should monitor whether this deceleration reflects a structural slowdown in adoption or merely the lumpy nature of non-recurring engineering fee recognition.
Based on reported figures, Luminar's gross margin profile remains erratic, swinging from a positive 2.2% in 2025Q4 to deep negative territory in prior quarters, which underscores the extreme difficulty of achieving manufacturing efficiency while the company is still in the early stages of its production ramp.
The inability to maintain consistent positive gross margins suggests that the cost of goods sold is currently dominated by high-cost components and inefficient assembly processes. Until the company achieves significant scale, these margin swings will likely continue to obscure the underlying unit economics of its 1550nm LiDAR technology.
According to recent SEC filings, Luminar continues to sustain massive operating losses, with R&D and SG&A expenses consistently dwarfing quarterly revenue, a trend that highlights the company's reliance on external capital to fund its ongoing technological development and market expansion efforts in a competitive landscape.
The high level of R&D spending is necessary for maintaining a competitive moat, yet the lack of operating leverage suggests that the current cost structure is unsustainable without a massive increase in production volume. Management's expense discipline appears secondary to the urgent need for product readiness, leaving the firm exposed to further capital dilution.
As indicated by the company's reported cash and equivalents of $20,259,000 against substantial quarterly operating losses, Luminar faces a precarious financial position that may necessitate immediate, dilutive financing to maintain operations, a reality that short-sellers likely view as a primary catalyst for potential equity value erosion.
The mismatch between current cash reserves and the burn rate suggests that the company is operating with a very thin margin for error. Investors should be wary of the possibility that future capital raises will be used to bridge operational deficits rather than to fund growth, potentially impairing long-term shareholder value.
Quick answers to the most common questions about buying LAZR stock.
For fiscal year 2025, Luminar Technologies, Inc. (LAZR) reported total revenue of $66.0M. This represents a 464.6% increase compared to $11.7M in 2018.
Luminar Technologies, Inc. (LAZR) reported a net loss of $378.1M for the fiscal year ending 2025.
Luminar Technologies, Inc. (LAZR) reported an operating income of $-296.8M, resulting in an operating profit margin of -449.6%. This margin reflects the operational efficiency of the business before interest and taxes.