Positive. Luminar Technologies stock surged 32% after positive financial results and partnership with Volvo

From Yahoo Finance: 2025-03-21 16:44:00

Luminar Technologies (NASDAQ: LAZR) saw its stock price soar by 32% after releasing its fourth-quarter and full-year 2024 financial results. Despite missing analyst estimates for adjusted net loss, the company reported $22.5 million in revenue for the quarter, up 2% from the previous year’s quarter. Gross profit also turned positive at nearly $12.5 million.

The company announced a partnership with Volvo to implement its LiDAR technology in the ES90 model, with production expected to start later this year. Luminar provided guidance for 2025, forecasting revenue growth of 10% to 20% over 2024’s figure of $75.4 million, but a gross loss of $5 million to $10 million per quarter.

Investors reacted positively to Luminar’s financial results and the Volvo partnership, showing confidence in the company’s path to profitability. Luminar’s success with LiDAR technology in the automotive industry signals a promising future.

Read more: Why Luminar Technologies Stock Zoomed 32% Higher Today