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Luminar Spikes on Estimate of Revenue Jump for 2021

Luminar, the lidar sensor maker, issued an outlook for the year that includes revenue as much as doubling the 2020 figure.

Luminar  (LAZR) - Get Luminar Technologies Inc. Report, the lidar-sensor maker, detailed its plans for 2021, including as much as a doubling of revenue from 2020.

The Portola Valley, Calif., company estimates 2021 revenue will come in at $25 million to $30 million, compared with around $14 million for 2020.

Analysts surveyed by FactSet had been looking for 2021 revenue of $27.7 million.

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

The company said it expected to increase its forward-looking order book by at least 40% in 2021.

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

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

Luminar plans to complete testing of its Iris lidar and begin production of the component in Mexico.

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

Luminar noted it raised $154 million from warrants during the first quarter of 2021.

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

That's with China’s largest auto maker, SAIC Motor. The brand said on Friday that it would bring Luminar’s Sentinel software to its R Brand automobiles.