Luminar sees Q2 revenue potentially lower versus Q1

The company said, “We expect Q2’24 Revenue to potentially be lower versus Q1’24 as the current work-phase for two non-series production customer contracts was successfully completed recently and terms for the next phase are being finalized. Series production revenue for Volvo in Q2 is expected to be modest as they begin their ramp, and we will begin recording contra revenue for Volvo related to warrants issued in 2020. We expect Q2’24 Change in Cash to improve versus Q1’24, due to reduced working capital investment and early returns on our cost saving actions.” The Q2 consensus estimate is $24.43M. The company reported Q1 revenue of $21.0M.