In recent times, there has been a lot of focus on companies that are involved in Lidar technology due to its applications in the autonomous vehicle industry and one of these is Luminar Technologies Inc (NASDAQ:LAZR).
In April, the Luminar stock recorded considerable losses, but at the same time, it is perhaps important for investors to remember that the larger picture with regards to the company remains intact. Luminar is still one of the biggest operators in the Lidar software and hardware technology space.
In the first fiscal quarter of 2021, the company clocked revenues to the tune of $5.3 million and that represents sequential growth of 118%. The company has stated that it is on course to hit the projected yearly revenue target of $25 million to $30 million in 2021. Additionally, Luminar also boasts of a healthy cash balance of $610 million. Moreover, the company is now looking to get into the autonomous aircraft space as well and that represents another key opportunity.
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