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Luminar

Polestar and Luminar Expand Partnership to Multiple Vehicles

Luminar Achieves New Wins; Expands Roadmap at CES

Volvo EX90 Defines a New Era of Safety

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Luminar signed new series production deals for multiple vehicle models with automakers in Dec., exceeding targets

Hosting the North American debut of Luminar-equipped consumer vehicles from Volvo Cars and SAIC’s Rising Auto

Acquired Silicon Valley-based Civil Maps; launching new HD 3D mapping software platform as part of Sentinel

Successfully achieved all 4 company-level 2022 milestones by year-end

Visit the press kit for images and videos

 Today Luminar (Nasdaq: LAZR), a leading global automotive technology company, announced more commercial momentum at the end of 2022 than anticipated with additional production wins for multiple consumer vehicle models with leading automakers. At CES this week, Luminar will host the North American debut of the Volvo EX90, as well as the SAIC Rising Auto R7, and unveil its new software-based mapping product developed last year following the acquisition of Civil Maps. Luminar will also unveil an updated brand and vision for consumer-facing audiences in preparation for its launch on additional consumer vehicles.


“2022 marked an inflection point for Luminar, as the first of its kind to move from R&D to production vehicles,” said Austin Russell, Founder and CEO of Luminar. “Our big bet on production consumer vehicles and enhancing, not replacing, the driver is starting to pay off big time. I expect Luminar to make a sweeping impact in 2023 as the automotive industry continues to converge with our roadmap.”


New Major Commercial Wins Amidst Strong Execution

Luminar secured new major commercial program wins for multiple consumer vehicle models with automotive OEMs in the fourth quarter to bring its technology to significantly more cars globally starting in 2025. The commercial success exceeded Luminar’s goal of 60 percent year-over-year growth in total program wins and exceeded its target of 60 percent year-over-year forward-looking orderbook growth, both major milestones for the company in 2022. This caps off the remaining two of Luminar’s 4 key company level 2022 milestones, with the other two already achieved by Luminar including start of production (SOP) and the beta milestone for its Sentinel software suite, which is being demonstrated to the public at CES. Further details on the milestones and wins will be provided at Luminar Day on February 28.


Volvo Cars’ latest vehicle, the Volvo EX90, is making its North American debut at CES and is featured in Luminar’s West Hall booth #5324. The Volvo EX90 features Luminar as standard on every vehicle with the Iris lidar seamlessly integrated into the roofline, marking a pivotal moment for the future of safety as well as assisted and autonomous driving in the automotive industry. The all-electric SUV opened for pre-order on November 9 and will begin production in South Carolina later this year.


SAIC, China’s largest automaker, will have its Rising Auto R7 with Luminar visible in North America for the first time at Luminar’s CES press conference, after starting production in China last October. This marks the first time consumers can purchase a vehicle from a major automaker with the necessary hardware to unlock advanced safety features and highway autonomy.

In the second quarter of 2022 Luminar acquired Civil Maps, a pioneer and leader in lidar mapping for automotive. Civil Maps provides the foundational technology to build automatically updating high definition 3D maps from production vehicles powered by Luminar. These 3D maps are imperative for the next generation of assisted and autonomous driving technologies, as well as improving vehicle safety by enabling a more accurate understanding of the surrounding environment. At CES, Luminar will demonstrate its new high definition (HD) 3D mapping technology platform it developed throughout the past year live to attendees from Luminar-equipped vehicles roaming throughout Las Vegas. Luminar has also successfully signed on its first mapping customer, which will leverage the data provided to further improve its AI engine and Luminar’s perception software.


Luminar also continues to advance its holistic Sentinel software stack for consumer vehicles, which is being demonstrated in live drives to attendees throughout CES. This includes Luminar’s lidar-based Proactive Safety™ hardware/software solution, which will showcase new and even more challenging scenarios including coming to a safe stop for small objects on the road ahead, beyond just pedestrians and vehicles that have previously been demonstrated. Luminar will also be showcasing its lidar-based Highway Automation software, in addition to other software solutions being deployed with automakers as part of its Sentinel software suite.

Today, Luminar also revealed a new company brand strategy and evolution of its logo at CES, in light of accelerating consumer visibility of Luminar and new consumer vehicle launches ahead with the technology.


“The paradigm shift taking place in automotive is defined by a change in focus from horsepower to brainpower; from luxury to technology. Luminar is at the forefront of this transformation, and consumers are seeking out the brands that offer the most advanced technologies with companies they can trust,” said Russell.


Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. For more information please visit 

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “aims,” “believe,” “may,” “will,” “estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,” “expect,” “should,” “would,” “forward,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the continued achievement and timing of series production for Iris lidar and development of critical software, the expected timing and impact of manufacturing facilities, the expected growth of Luminar’s commercial programs and forward-looking order book, and the automakers will successfully bring vehicles to market with Luminar lidars and software. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar's management and are not guarantees of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including the risks discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Luminar’s most recently filed periodic reports on Form 10-K and Form 10-Q, and other documents Luminar files with the SEC in the future. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

2 - 2:45 pm PT
Mandalay Bay; South Seas GH Ballroom

Luminar will host a press conference during CES 2023 Media Days where Luminar Founder and CEO Austin Russell and special guests will discuss plans to accelerate the development of advanced safety and autonomous capabilities for passenger cars.

Space is limited, to secure your spot, please email: press@luminartech.com.



The press conference will be streamed live on January 4 at 2 pm PT below:

Come see how lidar- enabled Proactive Safety™ compares to today’s advanced ADAS systems in on-track collision avoidance simulations. Tests will demonstrate how Luminar lidar provides higher-confidence detection, faster and farther than camera and radar, enabling proactive collision avoidance at higher speeds.

January 6, 2023
6 - 8:30 pm PT
Las Vegas Motor Speedway

Press and Luminar investors are invited to an exclusive night time experience at the Las Vegas Motor Speedway featuring the most advanced autonomous race cars on a blacked out raceway. 

The Indy Autonomous Challenge’s Dallara AV-21 is equipped with three Luminar lidar sensors.

Subscribe to 

Luminar Presents at the JP Morgan Tech/Auto Forum

Luminar will participate in a fireside chat at the JP Morgan Tech/Auto Forum at The Bellagio on January 5, 2023 at 11 am PT. The conference presentation will also be available via webcast.

Watch the CES Autonomous Race at the Las Vegas Motor Speedway, featuring the most advanced autonomous race car, the Dallara AV-21 equipped with three Luminar lidar sensors.

Please note that CES will only admit registered attendees to the race and will provide shuttles from the convention center.

Contact explore@luminartech.com to secure a meeting and demo at CES 2023.

Luminar at CES 2023

)--Luminar (Nasdaq: LAZR), a leading global automotive technology company, today announced it will host Luminar Day on February 28, 2023 at its headquarters for investors, consumers, customers and suppliers. At the event, Luminar will unveil its long-term product and technology roadmap for existing and new OEM customers. The company also expects to detail its near-term and long-term financial plan among other news and updates, including its full-year 2022 financials.

At Luminar Day, company executives and third-party industry leaders will also discuss Luminar’s vision, execution and accelerating the industry’s shift towards next-generation safety and autonomy with Luminar. The event will feature live product demonstrations, facility tours and technology deep-dives. You can pre-register for the livestream of Luminar Day or join the in-person waitlist at: 

Additionally, at Luminar’s upcoming CES Press Conference set for 2:00 pm PT on January 4, Luminar will announce the status of its 4 key 2022 company-level milestones. With Luminar now in series production, the company will also reveal a new consumer-facing brand strategy, as well as provide a deeper dive into new Luminar technology to be showcased at CES. Press attending in person can RSVP to press@luminartech.com. Luminar will also live stream the press conference on the 

Investors can receive updates on Luminar Day, CES, and other news by registering for email updates: 

https://investors.luminartech.com/ir-resources/email-alerts

Investor Relations:
Trey Campbell
trey.campbell@luminartech.com

Luminar Announces Luminar Day on February 28

Stockholm, Sweden – November 9, 2022 –

Volvo Cars to unveil the new, all-electric Volvo EX90

 which will come standard with Luminar’s technology on each vehicle produced to enable advanced safety and autonomous capabilities on highways in the future. Luminar CEO Austin Russell shared his thoughts on the significance of this moment and how Luminar will scale its production globally with Volvo Cars next year.

Today we see the fruits of a now 5-year collaboration with Volvo Cars. For the first time, a global production vehicle is equipped with high-performance lidar and software to enable next generation smart and safe cars that set a new bar for the industry. Luminar’s Iris lidar is seamlessly integrated into the roofline to optimize for safety and performance, with form following function. All of this represents the beginning of a paradigm shift in the automotive industry from horsepower to brainpower.

From the start, Luminar’s strategy has been to get life saving technology in the hands of as many people as possible – by first focusing on enabling advanced safety and unlocking autonomy for consumers with production vehicle programs. This stands in stark contrast to the vast majority of autonomous vehicle companies and programs that are building small fleets of self-driving robo-taxi prototypes with the goal of replacing ride-hailing drivers, rather than focusing on technology for safety, ADAS, and highway autonomy on production vehicles. Those ambitious efforts have proven extraordinarily challenging to solve from a technical standpoint, not to mention from a business, manufacturing, and capital needs perspective. As many of you have witnessed, headlines abound across 

 questioning why so many of these ambitious autonomous technology plans have not materialized, wondering when or even if it’s going to ultimately happen – but the reality is that they’re asking the wrong question. It isn’t about when, it’s about what and how… and today, we have our answer. It’s by enhancing the driver, not replacing the driver, which has always been our objective. As companies in this industry have over promised and under delivered, we aim to be the company that continues to under promise and over deliver – and deliver real product, real value, to what is a really large automotive market. 

While this conclusion may be obvious now, Volvo Cars was among the first to foresee this outcome and align with our big strategic bet by focusing on applying the technology to its consumer production vehicles – to help save lives through advanced safety features and can save time through focused application of autonomy for highway driving. In many ways, this adoption of lidar draws parallels to Volvo Cars’ historic past when they were the first to introduce the 3 point seat belt on their vehicles. We wholeheartedly share their view that just as the seat belt transformed safety for the 20th century, lidar can have that once in a generation impact over the next century.

A big part of what makes the Volvo EX90 so unique and bold is that it’s democratizing safety by including the lidar as standard on every vehicle. This completely bucks the historical automotive practice of gradually introducing new technologies and features as options on ultra-high end vehicles, and only becoming standard over the course of a decade or two for the mainstream. But there’s one fundamental difference here: this isn’t just any widget or incremental convenience feature on the vehicle. This is something that has the ability to save lives, prevent collisions and injuries, and make a fundamental difference to the driving experience. The customer value and business case is there, but rationalizing it and executing it is more about culture – prioritizing the customer above all, which is exactly what they’re doing. In the forthcoming world of autonomous cars, Volvo Cars is the company that’s putting people first.

 Luminar (NASDAQ: LAZR), a leading global automotive technology company, announced its achievement of the start of production milestone and reported its financial results for the third quarter of 2022, ended Sept. 30, 2022. SAIC is the largest Chinese automaker, and the R7 is the first flagship vehicle from its new smart electric brand 

. Its debut, featuring Luminar, marks an inflection point in the industry as Luminar’s technology makes its way into consumer production vehicles.

Luminar’s technology helps power the vehicle’s RISING PILOT Intelligent Driving Program to enable advanced safety features and automated driving capabilities over time. The launch follows RISING AUTO’s high-speed testing across China, encompassing more than 400,000km.

“With the start of series production, autonomous technology has for the first time evolved from R&D into consumer production vehicles,” said Austin Russell, Luminar Founder and CEO. “The team and I couldn’t be more proud to bridge that chasm with China’s largest automaker and power what is set to be their most advanced and safest vehicle on the road. As we continue to successfully prove ourselves, major automakers are becoming more convinced that the path to autonomy will be paved by Luminar lidar and will begin with next generation safety.”

On October 12, Polestar unveiled the Polestar 3 vehicle featuring lidar by Luminar, which Polestar referenced as “the best long-range lidar in the world.” Luminar Iris is expected to be available to order on Polestar 3 beginning in Q2 2023. Next week, Volvo Cars is set to unveil its new fully-electric flagship SUV, the Volvo EX90, which will come standard with Luminar on every vehicle.

Today, Luminar released the capstone to its Path to Series Production video series, which can be viewed at: 

. The video underscores the recent start of series production for SAIC’s RISING AUTO and spotlights Volvo Cars’ design approach to sleekly integrating Iris into the Volvo EX90 prior to its upcoming reveal on Nov. 9.


Luminar outlined its four major milestones to measure success at the beginning of the year. Last quarter, the company raised guidance for the growth of commercial programs (major commercial wins) and forward-looking order book. Luminar is on track to meet or beat each of these targets by year-end, and today has achieved its number one major 2022 milestone with the start of Iris production.

Iris Industrialization for Series Production:

 Luminar successfully launched its Iris lidar into series production, leveraging manufacturing partners in Mexico and Thailand, driven by Luminar’s advanced manufacturing team. The company continues its focus on industrialization with construction of a new dedicated higher volume production facility in Monterrey, Mexico that is on track to be production ready by the second half of 2023.

 The company continued to make strong progress improving and refining critical components of its software stack, including the on-road performance of Proactive Safety™ and highway autonomy features. The company remains on track for its beta version milestone by the end of 2022 and expects to demonstrate it live at CES in January 2023.

 Luminar remains on track to achieve its previously increased goal of 60% YoY growth for major commercial program wins.

 Luminar remains on track to achieve its previously increased goal of 60% YoY growth for its forward-looking order book.


Luminar exceeded its Q3 financial guidance and maintains a strong balance sheet for accelerating business growth and reaching positive cash flow.

 Q3 revenue of $12.8 million, ahead of expectations and up 60% YoY, and 29% compared to the prior quarter.

 Q3 GAAP net loss was $117.6 million, or $(0.33) per share; Q3 Non-GAAP net loss was $63.4 million, or $(0.18) per share.

Cash, Cash Equivalents and Marketable Securities

 were $553.1 million as of Sept. 30, 2022. Q3 cash spend (operating cash flow less capital expenditures) was $52.5 million. Luminar is maintaining prior cash spend guidance of 2022 cash spend moderately higher than 2021.

 Maintaining full-year revenue outlook of $40 million to $45 million, which the company raised in August.

Founder and CEO Austin Russell and CFO Tom Fennimore will host a video webcast, featuring a business update followed by a live Q&A session.

 video webcast featuring quarterly business and financial update and live Q&A

A live webcast of the event will be available on Luminar’s investor site at 

 A replay of the webcast will be available following the presentation. For additional information or to be added to our investor distribution list, please visit us at 


In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Luminar considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what we consider to be our core operating performance, as well as unusual events. The Company’s management uses these measures to (i) illustrate underlying trends in the Company’s business that could otherwise be masked by the effect of income or expenses that are excluded from non-GAAP measures, and (ii) establish budgets and operational goals for managing the Company’s business and evaluating its performance. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures are presented only as supplemental information for purposes of understanding the Company’s operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP.

This release includes non-GAAP financial measures, including non-GAAP net loss, Order Book, and Cash Spend. Non-GAAP net loss is defined as GAAP net loss plus stock-based compensation expense, plus amortization of intangible assets, plus legal reserve related to employee matters, plus transaction costs relating to acquisition activities, plus expenses related to registration statement on Form S-1 on behalf of selling stockholders, plus change in fair value of warrant liabilities, plus provision for (benefit from) income taxes.

Order Book is defined as the forward-looking cumulative sales estimates of Luminar’s hardware and software products over the lifetime of given programs which Luminar’s technology is integrated into or provided for, based primarily on projected/actual contractual pricing terms and good faith estimates of “take rates” of Luminar’s technology on vehicles. Such anticipated programs and volumes/take rates are based on commitments by our partners that are dependent on successful performance through development and validation and entering definitive purchase orders for series production, which may change for a variety of reasons as disclosed herein and other SEC filings, including, without limitation, the risks set forth in the “Forward-Looking Statements” section below. Customer production vehicle volume estimates (and take rates when applicable) are largely sourced from (i) the OEM/customer, (ii) IHS Markit or other third party estimates, and/or (iii) Luminar’s management good faith estimates.

Luminar defines a “major win” as a written agreement with a major industry player, including based on their past experience in high volume production, leadership in autonomy, or market leadership, that selects our technology for what is expected to be a significant commercial program, including OEM series production programs. We only include major commercial wins, disclosed or undisclosed, in our forward-looking order book calculation, which are subject to the risks set forth in the “Forward-Looking Statements” section below.


Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “aims,” “believe,” “may,” “will,” “estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,” “expect,” “should,” “would,” “forward,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected achievement and timing of series production readiness for Iris lidar and core software, the expected timing and impact of the new, high-volume manufacturing facility, the expected timing of a Sentinel beta, the expected growth in 2022 of Luminar’s forward-looking order book and major commercial wins, and expectations for 2022 revenue growth and cash expenditure. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar’s management and are not guarantees of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including the risks discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Luminar’s most recently filed periodic reports on Form 10-K and Form 10-Q, and other documents Luminar files with the SEC in the future. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.


Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. For more information please visit www.luminartech.com.

Luminar Achieves Start of Production with SAIC’s Rising Auto; Reports Q3 Financials

 Luminar (Nasdaq: LAZR), a leading global automotive technology company, today announced it will provide its quarterly business update and report financials for the third quarter of 2022 following the close of the market on Wednesday, Nov. 2, 2022. 

Founder and CEO Austin Russell and CFO Tom Fennimore will host a video webcast that day at 2:00 p.m. PDT (5:00 p.m. EDT) to discuss business and financial results followed by a live Q&A session.

Starting on Wednesday, Oct. 26 at 1:00 p.m. PDT / 4:00 p.m. EDT, verified shareholders can submit and upvote questions by visiting: 

https://app.saytechnologies.com/luminar-2022-q3

. This Q&A platform will remain open until 1:00 p.m. ET on Tuesday, Nov. 1. A selection of submitted questions will be answered during the earnings call.

 webcast featuring third-quarter 2022 financials, business update and live Q&A

 The webcast will be available live on Luminar’s Investor site at 

. A replay of the webcast will be available following the presentation.

For additional information or to be added to our investor distribution list, please visit us at 

Luminar to Provide Quarterly Business Update on November 2, 2022

 laying out a new era for safety for the brand ahead of the upcoming November 9th reveal of the new Volvo EX90 with Luminar lidar as standard. The debut will mark Luminar’s first global launch of its technology on a passenger vehicle – a major milestone for the company that is the culmination of a multi-year extensive collaboration for next-gen safety and autonomy in series production cars.

Head of Safe Vehicle Automation at Volvo Cars

For nearly 100 years Volvo Cars has been a leader in the industry in safety, and this legacy is reaching its next era. Volvo’s standard safety on the Volvo EX90 will be far beyond those of any Volvo before it. For the first time, a global production vehicle will seamlessly integrate a long-range, automotive grade lidar to enable one of the safest and smartest passenger cars on the road.

“The world will look back on this moment in the same way as Volvo’s introduction of the modern seat belt – catapulting the industry forward in vehicle safety.” – Austin Russell, Luminar Founder and CEO.

Pioneering new, advanced safety technology is one thing, but democratizing and standardizing it to make it available on as many passenger cars as possible is an additional challenge in its own right. Luminar began working with Volvo Cars in 2016. By 2020, a deal to integrate Luminar’s series production technology, Iris into next generation Volvos was inked. Last year, Volvo Cars moved to make Luminar’s technology standard on its upcoming Volvo EX90, to be revealed this November.

The brands are united in their mission: eliminate vehicle accidents. A key enabling technology is what Luminar delivers: the highest-performance sensing platform delivering unmatched perception performance and safety.

Read more from Volvo Cars CEO, Jim Rowan 

; and from Joachim de Verdier, Volvo’s head of safe vehicle automation 

Luminar and Volvo Cars Are Ushering in the Next Generation of Vehicle Safety

Luminar's Iris Integrated Vehicle

 Luminar (NASDAQ: LAZR), a leading global automotive technology company, announced its quarterly business update and financial results for the second quarter of 2022, ended June 30, 2022. The company reported $9.9 million of Q2 revenue, ahead of company expectations and up 57% YoY.

“The most advanced automakers’ demand for Luminar is further increasing as we continue to successfully execute on their programs and build further conviction,” said Austin Russell, Founder and CEO. “As we prepare for the upcoming series production launch of Iris at the existing production facilities with our partners, we are also now planning the build-out of a larger, fully dedicated and automated facility. This will support the accelerated business, which is driving our increased guidance.”

Today, Luminar released its quarterly Path to Series Production video update, which can be viewed at: 

. The video spotlights the company’s continued progress on industrialization for automotive series production. This update highlights increasing factory automation and capacity for a new facility to support higher expected volumes in the years ahead.

Luminar’s Major 2022 Milestones – Q2 Highlights:


Luminar is on track to meet or beat all four of its key 2022 business milestones.

 Luminar remains on track to meet its target of achieving series production readiness for Iris lidar and core software by the end of 2022. In the second quarter, Luminar began preparing for a new higher-volume, fully dedicated manufacturing facility with Celestica, which will feature increased levels of automation and drive scalable capacity to serve increasing demand.


 Luminar remains on track to a beta release of Sentinel by the end of 2022. In Q2, Luminar conducted live demo drives at TechCrunch Mobility, demonstrating the higher-confidence detection and collision-avoidance capability of lidar-based Proactive Safety™ compared to today’s camera and radar-based ADAS systems.


 Luminar is raising full-year guidance for growth of major commercial program wins from 40% to 60% YoY growth. In Q2, Luminar successfully completed the first phase of another major OEM program. Luminar also announced a collaboration with ECARX1, a global mobility tech company and key strategic partner to various Geely ecosystem brands, to advance the adoption of lidar-based vehicle safety and autonomy in China and beyond.


 Luminar is raising full-year guidance for growth of its forward-looking order book from 40% YoY to 60% YoY growth.



Luminar exceeded its financial expectations and maintains a strong balance sheet for accelerating business growth and reaching positive cash flow.

 Q2 revenue of $9.9 million, ahead of company expectations and up 57% YoY, and 45% compared to the prior quarter. 


 Q2 GAAP net loss was $95.2 million, or $(0.27) per share; Q2 Non-GAAP net loss was $65.0 million, or $(0.18) per share. 


 were $605.3 million as of June 30, 2022. Q2 cash spend (operating cash flow less capital expenditures) was $56.5 million. During the quarter, the company repurchased $37.0 million of its shares. Maintaining prior cash spend guidance of 2022 cash spend moderately higher than 2021 ($155 million).


 Raising full-year 2022 revenue outlook to $40 million to $45 million, up from $40 million. 


Founder and CEO Austin Russell and CFO Tom Fennimore will host a video webcast, featuring a business update followed by a live Q&A session.

. A replay of the webcast will be available following the presentation. For additional information or to be added to our investor distribution list, please visit us at 

This release includes non-GAAP financial measures, including non-GAAP net loss, Order Book, and Cash Spend. Non-GAAP net loss is defined as GAAP net loss plus stock-based compensation expense, plus amortization of intangible assets, plus legal reserve related to employee matters, plus transaction costs relating to acquisition activities, plus expenses related to registration statement on Form S-1 on behalf of selling stockholders, plus change in fair value of warrant liabilities, plus benefit from income taxes.

https://www.luminartech.com/updates/ecarx/

Luminar Provides Q2 Update; Raises Guidance

ORLANDO, Fla.–May 26, 2022– Luminar (NASDAQ: LAZR), a leading global automotive technology company, announced today it’s teaming up with ECARX, a global mobility tech company, to collaborate on automotive grade technologies with the intent to enable advanced safety and automated driving capabilities in the production of consumer vehicles and commercial trucks.

The partnership will further strengthen Luminar’s presence in China, the world’s largest automotive market. The collaboration will help Luminar to accelerate deployment of its industry-leading long-range lidar and software in the market and beyond through ECARX’s deep connection with Geely and the Geely ecosystem, comprising some of the world’s most reputable automotive brands. As part of the collaboration, Luminar is making a strategic stock-based investment in ECARX.

“ECARX has earned an esteemed reputation and strong track record of success in the world’s largest auto market, China. This collaboration will better position Luminar to expand deployment of our technology on a variety of production vehicle platforms in this fast-paced market where demand is rapidly growing for vehicles defined by their technical capabilities.” said Austin Russell, Founder and CEO of Luminar.

By integrating Luminar’s long-range lidar and software with ECARX’s suite of automotive intelligence products, automakers in China and beyond will have a clearer path to deploy advanced safety technologies and driving capabilities on series production vehicles.

“ECARX is developing a full-stack automotive computing platform to underpin intelligent electric vehicles capable of unsupervised highway driving, that seamlessly integrate with the user’s existing digital ecosystem,” said Ziyu Shen, CEO of ECARX. “This collaboration with Luminar will help rapidly advance the scale up of both our technologies.”

 to run the expansion of Luminar’s business in China.


Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. For more information please visit 

Investor Relations:
Trey Campbell
Investors@luminartech.com


ECARX is transforming vehicles into seamlessly integrated information, communications and transportation devices. It is shaping the interaction between people and cars by rapidly advancing the technology at the heart of smart mobility. ECARX’s current core products include infotainment head units (IHU), digital cockpits, vehicle chip-set solutions, a core operating system and integrated software stack. Beyond this, ECARX is developing a full-stack automotive computing platform. Over the last three years, ECARX’s technology has been integrated into more than 3.2 million cars worldwide. ECARX was founded in 2017 and has since grown to over 2,000 team members, with facilities in China and Europe. The co-founders are two automotive entrepreneurs, Chairman and CEO Ziyu Shen and Eric Li (Li Shufu), who is also the founder and chairman of Zhejiang Geely Holding Group (Geely), one of the largest automotive groups in the world that holds ownership interest and investment in international brands such as Lotus, Lynk & Co, Polestar, smart and Volvo Cars.


Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “aims”, “believe,” “may,” “will,” “estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,” “expect,” “should,” “would,” “forward,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding closing of Luminar’s investment in ECARX, the successful integration of Luminar and ECARX technology, that doing so will accelerate introduction of products to market, and will result in inclusion in production vehicles. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties, including but not limited to compatibility of our respective technologies, the interest in China automotive manufacturers and customers to adopt high-tech safety and autonomy, and the robustness of the China vehicle sales market; or other risks, that could cause actual results to differ materially from the forward-looking statements including the risks discussed under the heading “Risk Factors” in the Annual Report on Form 10-K filed by Luminar on March 1, 2022, and other documents Luminar files with the SEC in the future. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Luminar Partners with ECARX to Drive Next-gen Safety and Autonomy to China and Beyond

PALO ALTO, CALIF. – November 20, 2020 –

 Luminar Technologies, Inc. (“Luminar”), the global leader in automotive lidar hardware and software technology, which is currently in the process of becoming a public company through its expected merger with Gores Metropoulos, Inc. (Nasdaq: GMHI, GMHIU, GMHIW), a special purpose acquisition company, has struck a deal with Mobileye, an Intel company, to supply Luminar lidar for the company’s Autonomous Vehicle (AV) Series solution in its next phase of driverless car development and testing.

As part of the agreement, Mobileye will collaborate with Luminar to use its lidar for the first generation of its level 4 Mobility-as-a-Service (MaaS) pilot and driverless fleet in key markets around the world, including Tel Aviv, Israel; Dubai, UAE; Paris, France; and Daegu City, South Korea.

Luminar’s technology will be used to enable Mobileye’s 

™ solution which is uniquely comprised of multiple self-contained sensor systems to enable uncompromised safety and validation for level 4 driving. By processing completely independent streams of data from 360-surround view cameras, lidar, and radar, the solution ensures significantly greater perception accuracy and eliminates the impact of disruptions to an individual sensor.

“Mobileye disrupted the auto industry to become the undisputed king of ADAS, and with the right partner is uniquely positioned to enable autonomy at an unprecedented scale,” said Austin Russell, Founder and CEO of Luminar Technologies. “After collaborating with Mobileye for over a year, we’re excited to formalize this deal and work towards a shared vision of making autonomy safe and ubiquitous.”

Luminar has secured a total of 50 commercial partners across passenger vehicle, trucking, and robo-taxi verticals, representing approximately 75% of major players in the targeted customer ecosystem. Luminar’s accelerating commercial traction has resulted in opportunities to convert 12 of its OEM programs and engagements from development stage into production. Key 2020 achievements across its three key verticals include:

 – Luminar has secured the industry’s first series production deal for consumer vehicles starting in 2022. Luminar remains on schedule with first Iris sensors now running live on vehicles. Luminar is partnered with seven of the top 10 largest automakers at various development stages, with timelines to series production landing between 2022-2025.

 – Luminar is partnered with the largest global truck OEM to commercialize Level 4 autonomous trucks for long-haul highway use cases; Luminar is now also powering all other major autonomous trucking programs globally.

 – Luminar is now working with a number of major next-generation autonomous robo-taxi programs, with particular focus on those closer to series production, including Mobileye’s internal Mobility-as-a-Service program.


A Mobileye autonomous development vehicle with Luminar lidar sensors on display at Mobileye’s Investor Day in 2019 (Credit: Walden Kirsch/Intel Corporation)


Luminar is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering the only lidar and associated software that meets the industry’s stringent performance, safety, and economic requirements. Luminar has rapidly gained 50 industry partners, including 7 of the top 10 global automotive OEMs, and has received minority investments from the world’s largest commercial vehicle manufacturer, Daimler Truck AG and Volvo, a global leader in automotive safety, to bring autonomous trucks and cars to highways, respectively. Founded in 2012, Luminar is a 350-person team with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich. For more information please visit 

In August, Luminar announced it entered into a definitive agreement to merge with Gores Metropoulos, Inc. (Nasdaq: GMHI, GMHIU and GMHIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC. The transaction is expected to close in the fourth quarter of 2020, subject to regulatory and stockholder approvals, and other customary closing conditions. The combined company will retain the Luminar Technologies, Inc. name and will remain listed on Nasdaq under the new ticker symbol “LAZR.”

Additional Information about the Transactions and Where to Find It


Gores Metropoulos has filed with the SEC a registration statement on Form S-4 (the “Registration Statement”) and has mailed the definitive proxy statement/consent solicitation statement/prospectus contained therein and other relevant documents to its stockholders. The Registration Statement is now effective. The Registration Statement, including the proxy statement/consent solicitation statement/prospectus contained therein, contains important information about the proposed transactions contemplated by the Merger Agreement and the other matters to be voted upon at a meeting of Gores Metropoulos’ stockholders to be held to approve the proposed transactions contemplated by the Merger Agreement and other matters (the “Special Meeting”) and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. 

Gores Metropoulos stockholders and other interested persons are advised to read the Registration Statement and the proxy statement/consent solicitation statement/prospectus, as well as any amendments or supplements thereto, because they contain important information about the proposed transactions. The definitive proxy statement/consent solicitation statement/prospectus has been mailed to Gores Metropoulos stockholders as of October 14, 2020, the record date established for voting by Gores Metropoulos stockholders on the proposed transactions contemplated by the Merger Agreement and the other matters to be voted upon at the Special Meeting. Gores Metropoulos stockholders will also be able to obtain copies of the definitive proxy statement/consent solicitation statement/prospectus, without charge, at the SEC’s website at

or by directing a request to: Gores Metropoulos, Inc., 9800 Wilshire Boulevard, Beverly Hills, CA 90212, attention: Jennifer Kwon Chou (email: jchou@gores.com).


Gores Metropoulos, Luminar and their respective directors and officers may be deemed participants in the solicitation of proxies of Gores Metropoulos stockholders in connection with the proposed transactions. 

Gores Metropoulos stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Gores Metropoulos in Gores Metropoulos’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 13, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Gores Metropoulos stockholders in connection with the proposed transactions contemplated by the Merger Agreement and other matters to be voted upon at the Special Meeting is set forth in the definitive proxy statement/consent solicitation statement/prospectus for the proposed transactions.

 Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transactions is included in the Registration Statement.


This communication may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning Gores Metropoulos’ or Luminar’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities OEM conversions, potential timelines, and the effects of regulation, including whether this transaction will generate returns for stockholders. These forward-looking statements are based on Gores Metropoulos’ or Luminar’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Gores Metropoulos’ or Luminar’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement and the proposed transactions contemplated thereby; (b) the inability to complete the transactions contemplated by the Merger Agreement due to the failure to obtain approval of the stockholders of Gores Metropoulos or other conditions to closing in the Merger Agreement; (c) the ability to meet Nasdaq’s listing standards following the consummation of the transactions contemplated by the Merger Agreement; (d) the risk that the proposed transactions disrupt current plans and operations of Luminar or its subsidiaries as a result of the announcement and consummation of the transactions described herein; (e) the ability to recognize the anticipated benefits of the proposed transactions, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (f) costs related to the proposed transactions; (g) changes in applicable laws or regulations; (h) the possibility that Luminar may be adversely affected by other economic, business and/or competitive factors; and (i) other risks and uncertainties indicated from time to time in the final prospectus of Gores Metropoulos, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by Gores Metropoulos. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.

Forward-looking statements included in this communication speak only as of the date of this communication. Except as required by law, neither Gores Metropoulos nor Luminar undertakes any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this release. Additional risks and uncertainties are identified and discussed in Gores Metropoulos’ reports filed with the SEC and available at the SEC’s website at 


This communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transactions or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

John Christiansen/Cassandra Bujarski
Sard Verbinnen & Co
Luminar-SVC@sardverb.com


Michael Beer
michaelbeer@luminartech.com

For inquiries regarding The Gores Group and affiliates, please contact:


Jennifer Kwon Chou
The Gores Group
jchou@gores.com

Luminar Accelerates Commercial Momentum with Mobileye Design Win

April 21, 2021 – Palo Alto, California — Luminar Technologies, Inc. (“Luminar” or “the Company”) (Nasdaq: LAZR), the global leader in automotive lidar hardware and software technology, today announced that two industry leaders have joined as executives: Alan Prescott as Chief Legal Officer, and Trey Campbell as Vice President of Investor Relations.

Alan Prescott is an automotive and autonomous industry legal expert, engineer, and 20-year veteran from top OEM and technology companies. He will be responsible for directing all legal operations as Luminar’s Chief Legal Officer. Alan joins Luminar from Tesla, where he spent four years acting most recently as General Counsel. Prior to Tesla, he led Uber’s Advanced Technology Group’s legal team as senior counsel overseeing commercial, regulatory, litigation, privacy, and cybersecurity. Alan’s career began at Ford Motor Company as a safety engineer before receiving his law degree from Georgetown University, after which he spent over 10 years leading various legal operations within the automaker, concentrating on product development and manufacturing, as well as several years as Special Counsel to the General Counsel.

“Alan is an outstanding addition to our executive team with an impressive track-record and deep experience leading and directing legal functions at a range of companies in our industry,” said Austin Russell, Founder and CEO of Luminar. “He understands the challenges and nuances of operating in both the autonomous driving space and in the automotive industry more broadly, and we look forward to his insights and expertise as we continue to scale our business and accelerate the expansion of our product and commercial roadmaps.”

Trey Campbell will lead Luminar’s Investor Relations functions, acting as the primary liaison with Luminar shareholders and the financial community. Prior to joining Luminar, Trey was a 20-year veteran and financial executive of Intel Corporation. He began his career at Intel as a financial analyst in the Technology and Manufacturing group, later transitioning into Intel’s Business Groups, Corporate Strategy, Information Technology, Sales and Marketing, and has since served as Vice President of Investor Relations. During his tenure at Intel, Trey gained comprehensive expertise and fluency in managing corporate finance for existing and emerging technologies. Trey received his bachelor’s degree from the University of Texas and his MBA from the University of Illinois.

“Trey’s background in leading and growing an investor relations practice at a publicly traded global technology corporation will be invaluable to Luminar as we continue to execute on our near- and long-term initiatives to fulfill our vision,” said Tom Fennimore, Chief Financial Officer at Luminar. “Trey’s strong leadership and communication experience as well as long-standing relationships with the financial community will help tremendously as we spearhead the industry, creating shareholder value and taking Luminar to the next level.”


Luminar is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering the only lidar and associated software that meets the industry’s stringent performance, safety, and economic requirements. Luminar has rapidly gained over 50 industry partners, including 8 of the top 10 global automotive OEMs. In 2020, Luminar signed the industry’s first production deal for autonomous consumer vehicles with Volvo Cars, while also recently striking deals with Daimler Truck AG and Intel’s Mobileye. Luminar has also received minority investments from the world’s largest commercial vehicle manufacturer, Daimler Truck AG, and Volvo Cars, a global leader in automotive safety, to accelerate the introduction of autonomous trucks and cars at highway speed. Founded in 2012, Luminar is a nearly 400-person team with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich. For more information please visit www.luminartech.com.


Certain statements included in this press release that are not historical facts may be deemed to be forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements in the quotations above regarding scaling the business of Luminar, accelerating expansion of its product and commercial roadmaps, and shareholder value creation. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to Luminar’s limited operating history; Luminar’s inability to reduce and control the cost of the inputs on which Luminar relies; Luminar’s ability to transition to an outsourced manufacturing business model; the success of Luminar’s customers in developing and commercializing products using Luminar’s solutions; Luminar’s ability to protect its intellectual property rights; whether Luminar’s lidar products are selected for inclusion in autonomous driving or ADAS systems by automotive OEMs or their suppliers; changes in personnel and availability of qualified personnel; the amount and timing of future sales; whether the complexity of Luminar’s products results in undetected defects and reliability issues which could reduce market adoption of its new products, damage its reputation and expose Luminar to product liability and other claims; strict government regulation that is subject to amendment, repeal or new interpretation and Luminar’s ability to comply with modified or new laws and regulations applying to its business; general economic uncertainty and the effect of general economic conditions on Luminar’s industry in particular, including the level of demand and financial performance of the autonomous vehicle industry and market adoption of lidar; the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Luminar’s business; and the other risks discussed under “Item 1A. Risk Factors” in the annual report on Form 10-K filed by Luminar on April [15], 2021 and other documents Luminar files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Media
Nicole Phelan
press@luminartech.com

Investors
Trey Campbell
trey.campbell@luminartech.com

Tesla and Intel Industry Executives Join Luminar

 Luminar Technologies, Inc. (NASDAQ: LAZR), the global leader in automotive lidar hardware and software technology, today announced its quarterly business update and financials for the second quarter of 2021, ended June 30, 2021. The company is increasing full-year guidance for major commercial wins, revenue, and forward-looking order book growth as a result of strong execution year-to-date and accelerating OEM adoption of Luminar. 

“This has certainly been our most incredible quarter yet. We’ve been relentlessly executing and are on-track or beating each of our five key milestones. Since our last update, we made our first acquisition as a public company, and we achieved the industry’s most significant commercial win to-date for lidar and software,” said Austin Russell, Luminar Founder and CEO. “Our industry-first standardization win with Volvo has solidified Luminar as not only the standard in automotive lidar, but also the standard for next-generation vehicle safety.”

Major 2021 Milestones and Q2 Company Highlights:


Today, Luminar reported second-quarter progress on its five key 2021 milestones set forth at the beginning of the year and increased several targets driven by strong year-to-date performance.

 Luminar has now locked down over 85% of its series production supply chain and tooling for Iris, and expects to enter the C-phase in the fourth quarter. The company has also completed and passed some of the most challenging automotive-grade testing for Iris, including thermal, shock, vibration, and electrical. The company also 

1, its exclusive InGaAs chip design partner and manufacturer, which secures a key part of its supply chain and deepens Luminar’s competitive moat. In addition, the company was awarded its one hundredth patent in the second quarter, more than all other public lidar companies combined.



2 of its Proactive Safety™ software and capabilities in action. Luminar software is also a part of Volvo’s standard safety package program for their next-generation electric SUV. Luminar remains on track to deliver its alpha version of the full-stack Sentinel solution by year end. 



Volvo’s decision to make Luminar a standard

3 feature on its next-generation electric SUV represents an industry first and a catalyst for next-generation automotive safety. Luminar is now doubling its major commercial win target this year to six from three , based on accelerated adoption of Luminar for OEM programs. 



: Luminar is raising its 2021 forward-looking order book growth target to 60% over the prior year, up from the previous target of 40% growth.



 Luminar remains on track to achieve its target of ending the year with more cash on the balance sheet compared to year-end 2020, driven by continued disciplined use of cash and greater commercial success than expected.

 The company is raising its full-year 2021 revenue guidance to $30 to $33 million versus prior guidance of $25 to $30 million.

 was $6.3 million, an 84% year-over-year increase and a 19% increase compared to the prior quarter.



: Non-GAAP net loss was $27.7 million, or $(0.08) per share, compared to a non-GAAP net loss of $18 million, or $(0.14) per share, basic and diluted, for the second quarter of 2020. GAAP net loss was $36.8 million, or $(0.11) per share compared to a GAAP net loss of $25.4 million, or $(0.20) per share for the second quarter of 2020.



 were $580 million as of June 30, 2021, compared to $486 million as of December 31, 2020. Cash spend (operating cash flow less capital expenditures) was $32 million during the second quarter.



Founder and CEO Austin Russell and CFO Tom Fennimore will host a video webcast, featuring a business update followed by a live Q&A session.



 Video Webcast featuring Quarterly Business Update, Q2 Financials and Live Q&A



A live webcast of the event will be available on Luminar’s Investor site at 

This presentation includes non-GAAP financial measures, including non-GAAP net loss, Free Cash Flow (“FCF”) and Order Book. Non-GAAP net loss is defined as GAAP net loss plus stock-based compensation plus expenses related to registration statement on Form S-1 on behalf of selling stockholders plus change in fair value of warrant liabilities. Free Cash Flow is defined as EBITDA less capital expenditures (including patent acquisitions) less changes in net working capital less net interest expense less taxes (including the benefit of existing and future net operating losses).

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