Lidar maker Luminar warned shareholders that it would run out of cash in early 2026 and announced a 25% reduction in its workforce – its second layoff this year – to stem the bleeding, according to a regulatory filing on Friday.
It was not immediately clear how many workers would be affected. Luminar started this year with about 580 employees, but the company did not disclose the size of the layoffs earlier this year. The company did not respond to requests for comment.
The company also announced that Chief Financial Officer Thomas Fenimore will step down on Nov. 13 “to pursue other career opportunities.” Mr. Luminar said Mr. Fenimore’s departure was “not the result of any disagreement” with the finance or auditors.
This all comes amid an effort to buy the company by founder Austin Russell, who was replaced as CEO in May following an unspecified ethics investigation by the board’s audit committee. As TechCrunch previously reported, the acquisition was encouraged by at least some board members.
Luminar is struggling in part because sales of lidar sensors to Volvo, which was supposed to be its main customer, have declined. Fenimore said in August that Luminar is therefore selling its sensors for less than it costs to manufacture them.
Luminar announced Friday that it had $72 million in cash and marketable securities as of Oct. 24. Without additional funding, given the current burn rate, Luminar could run out of cash or breach the terms of certain financing agreements as early as the first quarter of next year.
On Friday, Luminar revealed it had already skipped mandatory quarterly interest payments on certain loans that were due Oct. 15. Those lenders agreed to give Luminar until Nov. 6 to make payments before taking any action.
Luminar, which will report its third-quarter financial results in two more weeks, said on Friday that it plans to report about $18 million in revenue and $429 million in debt.
