The company reaffirmed its 2025 revenue growth outlook amid a CEO change and a shift to focus on core LiDAR technology.

Shares of Luminar Technologies (LAZR) saw increased retail buzz on Wednesday after it issued its first-quarter 2025 earnings report, which resulted in a stock decline during after-hours trading. 

Luminar posted first-quarter revenue of $18.9 million that surpassed estimates of $16.27 million but suffered a loss per share of $1.82, worse than a feared $1.63 loss per share.

Shares of the company closed up 5.1% at $4.76 on Wednesday before slipping 1.7% to $4.68 in after-hours trading.

Despite mixed results, Luminar maintained its financial goal for 2025, which predicts a revenue increase between 10% and 20% above the $75.39 million made in 2024. 

However, consensus forecasts are higher, expecting 2025 revenue around $86.44 million. Through 2025, the company expects its non-GAAP quarterly gross losses to persist within the $5 million to $10 million range.

Luminar presented a fresh operating strategy that utilizes its Unified Product Architecture to create a global light detection and ranging (LiDAR) standard through partnerships with top original equipment manufacturers (OEMs)

The company intends to concentrate solely on core LiDAR technology, which will reduce operational costs by half by 2025 compared to early 2024 while speeding up its financial success.

LiDAR shipments climbed by 50% quarter-over-quarter during Q1 to reach around 6,000 units, achieving cumulative shipments of approximately 14,000 units. 

By year-end, the company expects to triple its series production volumes while working to include Luminar Halo, its advanced LiDAR product, in OEM development contracts.

The company also said Paul Ricci will be appointed CEO around May 21, succeeding founder Austin Russell, who resigned following an internal ethics inquiry but will remain on the board to assist with transition and technology. 

On Stocktwits, retail sentiment was ‘extremely bullish’ amid a 1,167% surge in 24-hour message volume.

One user said Luminar faces heavy debt, the founder was sidelined over ethics issues, and Ricci’s role is to manage damage control before possible bankruptcy. 

They added the "Halo" product is virtually nonexistent and Iris sensor sales to Volvo are slow, signaling a likely collapse.

Another user was more optimistic, suggesting the CEO change could boost the stock price above $10 this week, viewing the founder’s exit as a positive development.

The stock has declined 22.5% so far in 2025.

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