Luminar Technologies (LAZR) shares have jumped more than 12% premarket Wednesday after the company reported its latest quarterly earnings after the close on Tuesday.
Luminar reported a first-quarter loss per share of EPS of ($0.19), in-line with the analysts' estimate of ($0.19). Revenue for the quarter increased 45% year-on-year, coming in at $20.97 million versus the consensus estimate of $21.11 million.
However, Luminar shares jumped after the company said in its release that electric vehicle giant Tesla (NASDAQ:TSLA) was its largest LiDAR customer in Q1 and comprised more than 10% of its revenue in the quarter.
A report from Reuters notes that the electric vehicles that are sold by Tesla do not use lidars, and it is unclear where Tesla used the sensors.
Quarter-on-quarter, Luminar's revenue declined 5%, mainly driven by lower sensor sales to non-automotive customers.
Looking ahead, the company said it continues to expect to achieve a quarterly run rate of revenue in the mid- $30 million range, reflecting the production ramp with Volvo in the second half of the year. They also expect strong growth in sensor sales and revenue in the second half as production ramps up.
Second quarter revenue is seen being potentially lower compared to the first quarter as the current work phase for two non-series production customer contracts was successfully completed recently, and terms for the next phase are being finalized.