Benzinga | May 14, 2021 08:05AM EDT

Luminar Technologies Shares Gain On Q1 Revenue Beat, Strong FY21 Revenue Guidance

* Luminar Technologies Inc (NASDAQ: LAZR) reported first-quarter FY21 revenue growth of 37% year-on-year to $5.3 million, beating the analyst consensus of $4.83 million.

* It reported a gross margin loss of 43.8%, while the operating loss rose 97% Y/Y to $29.2 million.

* Non-GAAP net loss rose 91.5% Y/Y to $(27.0) million. Adjusted EPS loss of $(0.08), missed the analyst consensus loss of $(0.06).

* Luminar held $610.3 million in cash and equivalents and used $28 million in operating cash flow.

* Guidance: Luminar sees FY21 revenue guidance of $25 million - $30 million, compared to the analyst consensus of $27.95 million.

* It targets growth of 40% from its year-end 2020 forward-looking order book of $1.3 billion from major commercial wins and expects to increase the growth guidance at its next quarterly business update call.

* Price action: LAZR shares traded higher by 4.25% at $19.62 in the premarket session on the last check Friday.