Business goals

Luminar Spikes amid ambitious 2021 business targets

Lamp (LAZR) – Obtain the Class A report from Luminar Technologies, Inc., the manufacturer of lidar sensors, has detailed its plans for 2021, including up to doubling its turnover from 2020.

The Portola Valley, Calif., Company estimates 2021 revenue will be $ 25 million to $ 30 million, compared to around $ 14 million for 2020.

Analysts polled by FactSet were looking for $ 27.7 million in revenue in 2021.

The latest estimate for this year is up from its previous view, released in August, of $ 26 million.

The company said it plans to increase its forward-looking backlog by at least 40% in 2021.

At last check, Luminar shares were trading 17% higher at $ 30.65. The stock hit a 52-week high of $ 47.80 in early December. Almost exactly a year ago, it hit a 52-week low at $ 9.51.

The company also detailed four other milestones it aims to achieve throughout the year.

Luminar plans to complete tests of its Iris lidar and start production of the component in Mexico.

Luminar says collaboration with Mobileye is “at full speed”

The company is also looking to “win at least three major business programs”, continue to develop its Sentinel software until its major release in late 2021, and be disciplined in its spending.

Luminar said it raised $ 154 million in warrants during the first quarter of 2021.

So far this year, the company has established six new strategic partnerships, including its first company in China.

It is with the biggest Chinese automaker, SAIC Motor. The brand announced Friday that it will bring Luminar’s Sentinel software to its R-brand automobiles.