Lidar technology company Luminar has warned shareholders that it may run out of cash by early 2026 and is cutting 25% of its workforce to reduce costs, according to a Friday regulatory filing. This marks Luminar’s second round of layoffs in 2025.
The company did not disclose how many employees would be affected, but it began the year with about 580 workers. Alongside the layoffs, Luminar announced that Chief Financial Officer Thomas Fennimore will step down on November 13 “to pursue other career opportunities,” clarifying that his departure is not related to any financial or auditing disputes.
These developments come amid founder Austin Russell’s ongoing bid to buy back the company after being replaced as CEO in May following an ethics investigation. Some board members reportedly support his buyout attempt.
Luminar’s financial strain stems partly from lower-than-expected lidar sales to Volvo, once projected to be a major customer. In August, Fennimore revealed that the company had been selling sensors below production cost to stay competitive.
As of October 24, Luminar had $72 million in cash and marketable securities. The company also disclosed that it missed required interest payments on certain loans due October 15, though lenders have granted an extension until November 6.
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Luminar expects to report about $18 million in third-quarter revenue and total debt of $429 million when it releases full results in two weeks.
