According to foreign media reports, lidar supplier Luminar Technologies Inc.
said in a statement that its second-quarter net loss narrowed by nearly 8% from the US$141.
7 million reported in the same period last year to US$130.
6 million.
Revenue increased 2% year-on-year to US$16.
5 million.
Photo source: Luminar,Luminar Chief Financial Officer Tom Fennimore said that in the second quarter of this year, Luminar worked with major customers to adjust the design and scope of its lidar product Iris Plus.
“As a result of this revision, Luminar made non-cash accounting adjustments to revenue and total loss for the second quarter.
Specifically, this revision resulted in a $4 million decline in company revenue month-on-month.
” Luminar also noted that a contract loss worth $10 million also affected second-quarter results.
, In addition, Luminar announced on August 6 that it had reached a major debt restructuring agreement with investors.
Luminar said in a statement that the company held private talks with some bondholders to exchange its existing convertible bonds.
Tom Fennimore said: “These bondholders will convert US$422 million in convertible bonds due 2026 into US$274 million in convertible senior secured bonds due January 2030 at a discount of 35%.
“, Investors also provided Luminar with $100 million in new funding in non-convertible, non-dilutive senior secured bonds.
Tom Fennimore said the deal is the “first and most important step” in improving Luminar’s balance sheet.
This is part of the company’s debt restructuring plan, which also includes laying off 20% of the company’s employees in May this year.
On August 7, Luminar’s share price plunged 37% to 88 cents.
In afternoon trading on August 8, its share price rose 4.
5% to 92 cents.
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