Summary by Moomoo AI
Luminar Technologies, a global automotive technology company, has reported significant developments in its 2023 annual financial report. The company, which specializes in LiDAR sensor technology for vehicle safety and autonomy, has seen a 71% increase in revenue year-over-year, reaching $69.8 million in 2023 compared to $40.7 million in 2022. Despite this growth, Luminar experienced a gross loss of $72.7 million, a 21% increase from the previous year's $60.3 million. Operating expenses also rose by 28%, with research and development costs marking a 42% increase to $262.2 million, reflecting the company's continued investment in product enhancement and new technology. Sales and marketing expenses grew by 37% to $53.1 million, and general and administrative expenses saw a slight increase of 1% to $159.8 million. The company also recorded a goodwill and intangible asset impairment...Show More