Luminar Technologies: Guidance Doesn't Warrant A Big Buyback
- Luminar Technologies continues making progress towards launching series production of Lidar sensors.
- Unfortunately, the company only guided to 2022 revenues of $40+ million despite an order backlog heading towards $3 billion this year.
- The company unwisely spent $300 million in share buybacks despite being in a major investment cycle.
- The stock will likely trade flat until more analyst coverage and actual confidence in the order book turning into future revenues.
- Looking for more investing ideas like this one? Get them exclusively at Out Fox The Street. Learn More »
Luminar Technologies () continues to rapidly expand their Lidar sensor order backlog, but the market wants to see more actual revenues. Last year, the company launched a large stock buyback unwarranted based on 2022 guidance. My investment thesis
Disclosure: No position mentioned. Please review the disclaimer page for more details.
Update - May 5
The buyback isn't looking so great here... yikes.
-Q1 Non-GAAP EPS of -$0.16 misses by $0.03.
-Revenue of $6.86M (+29.2% Y/Y) misses by $1.5M.
Luminar remains on-track to meet or beat its prior $40 million full-year 2022 revenue guidance.
Consensus Revenue Estimate for 2022 is $42.19M