Reported about 19 hours ago
Luminar, the lidar manufacturer, is facing significant financial challenges as it announces a 25% workforce reduction and the resignation of its CFO, Thomas Fennimore. The company warns shareholders it could run out of cash as early as early 2026, with current cash reserves of $72 million. This comes amid struggles to sell its lidar sensors, particularly to key customer Volvo, and missed loan payments that require urgent resolution.
Source: YAHOO