![]() Ultimately, the biggest impact to financials during 2023 is the Volvo delay of the EX90, though this start of production delay didn't directly impact the updated Q3 numbers versus guidance. Second, an incremental increase in Iris+ development man-hours and related costs slowed the timing of revenue recognition for associated development contracts. First, two new contracts that were expected to be signed during Q3 slipped into Q4. The Q3 shortfall is blamed on two primary factors. ![]() Luminar is now guiding to 2023 revenue of $75.0 million leading to a still big Q4 as follows: The Lidar company only reported Q3'23 revenues of $17.0 million, below prior guidance of $18.0 to $21.0 million. Volvo was supposed to launch the EX90 in China in 2023, but the auto manufacturer ran into software issues, now pushing back the global launch to an undetermined time in 1H'24 Luminar was famous for recently promoting 100% growth rates, but the company ran into problems with key partner AB Volvo (publ) ( OTCPK:VOLVF) pushing back production of their new SUV with an Iris sensor. My investment thesis remains ultra Bullish, with the stock selling off towards the lows despite a massive order book and great progress towards production ramps. ( NASDAQ: LAZR ) is the latest company to get snarled in production start delays of a major auto manufacturer. The Lidar sector faces a volatile ramp path due to the implementation of new technologies into auto production requiring years of testing and unpredictable new vehicle launches. ![]() The Bold Bureau/iStock Editorial via Getty Images
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