"Without any additional fundraising, the current burn rate means Luminar could run out of money as early as the first quarter of next year, or breach the terms of certain loan agreements. On Friday, Luminar revealed it had already skipped required quarterly interest payments on certain loans that were due October 15. Those lenders have agreed to give Luminar until November 6 to make the payments before taking any action."
"The company also announced its chief financial officer, Thomas Fennimore, is stepping down on November 13 "to pursue other career opportunities." Luminar said Fennimore's departure is "not the result of any disagreement" about its finances or with the company's auditors. This all comes as founder Austin Russell - who was replaced as CEO in May following an unspecified ethics inquiry by the board of directors' audit committee - is in the middle of an effort to buy the company."
Luminar had $72 million of cash and marketable securities as of October 24 and warned that, without additional fundraising, its burn rate could exhaust funds by early 2026 or breach loan covenants. The company has already skipped required quarterly interest payments due October 15, and lenders have given it until November 6 to make the payments. Luminar announced a 25% workforce reduction, its second layoff this year, after starting the year with about 580 employees. CFO Thomas Fennimore will step down on November 13. Founder Austin Russell, removed as CEO in May after an ethics inquiry, is pursuing a buyout.
Read at TechCrunch
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