Luminar Is Cutting Jobs, Losing Its Cfo, And Warning Of A Cash Shortage

Lidar-maker Luminar is informing shareholders that it will tally retired of rate successful early 2026 and has announced a 25% trim to its workforce to thief staunch nan bleeding — its second layoff of nan twelvemonth — according to a Friday regulatory filing.

It’s not instantly clear really galore workers will beryllium affected. Luminar started nan twelvemonth pinch astir 580 employees, but nan institution did not specify nan size of nan layoff earlier this year. The institution did not instantly respond to a petition for comment.

The institution besides announced its main financial officer, Thomas Fennimore, is stepping down connected November 13 “to prosecute different profession opportunities.” Luminar said Fennimore’s departure is “not nan consequence of immoderate disagreement” astir its finances aliases pinch nan company’s auditors.

This each comes arsenic laminitis Austin Russell — who was replaced arsenic CEO successful May pursuing an unspecified morals enquiry by nan committee of directors’ audit committee — is successful nan mediate of an effort to bargain nan company. That buyout was encouraged by astatine slightest immoderate of nan committee members, arsenic TechCrunch previously reported.

Luminar has struggled successful portion because it has sold less lidar sensors to Volvo, which was expected to beryllium a awesome customer. In August, Fennimore said Luminar was truthful selling nan sensors astatine a little cost than it takes to build them.

Luminar said Friday that it has $72 cardinal of rate and marketable securities arsenic of October 24. Without immoderate further fundraising, nan existent pain complaint intends Luminar could tally retired of money arsenic early arsenic nan first 4th of adjacent year, aliases breach nan position of definite indebtedness agreements.

On Friday, Luminar revealed it had already skipped required quarterly liking payments connected definite loans that were owed October 15. Those lenders person agreed to springiness Luminar until November 6 to make nan payments earlier taking immoderate action.

Luminar is not owed to study its third-quarter financial results for different 2 weeks, but connected Friday, it revealed it expects to study astir $18 cardinal of gross and indebtedness of $429 million.