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Luminar rose 12% in morning trading

Tiger Newspress2021-06-24

(June 24) Luminar rose 12% in morning trading.

Luminar Technologies CFO Tom Fennimore says the company targets becoming profitable in 2024.

In an interview withThe Wall Street Journal, Fennimore reiterates some of the company's full-year goals, weeks after sample versions of its lidar sensors went into production at a contract manufacturing facility in Mexico.

Fennimore says the company aims to end the year with more cash than at the beginning. The company had $485.7M in liquidity as of December 31, 2020. As of March 31, liquidity stood at $610.3M.

The CFO says the extra cash will cushion the company against any potential "bump on the road."

Luminar's existing automaker relationships include Volvo, Daimler, and SAIC.

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