Luminar Technologies is a developer of vision-based systems for autonomous vehicles. Its flagship product is a lidar system, which allows self-driving cars to see and sense their environment. Luminar Technologies, Inc. is a developer of vehicle sensor and software solutions for the commercial vehicle and passenger car markets. It operates in two divisions known as Autonomy Solutions and the Other Component Sales. The Other Component Sales division provides engineering and testing services for non-standard integrated circuits.
Luminar is developing new Lidar systems that will allow autonomous vehicles to see clearly in their environment. In 2020, the tech firm entered the public markets following its SPAC merger with Gores Metropoulos. After the deal, its stock price initially spiked before declining significantly. Despite the stock’s decline, the company has been reporting higher revenues in its most recent quarter. For the three months ended September 2018, it had $8 million in sales, which is an increase of 89% YoY. This week, Austin Russell, the company’s president, and CEO purchased over 65,000 shares at a price of $892 000.