Summary by Moomoo AI
Luminar Technologies, Inc. (Luminar), a global automotive technology company, announced the completion of its acquisition of Seagate Technology LLC's LiDAR business on January 18, 2023. The purchase, valued at $12.6 million, was paid in cash and is expected to advance Luminar's mapping software development capabilities. This transaction has been accounted for as a business combination. Luminar's financial results for the year ended December 31, 2023, include a net loss of $571.3 million, with a revenue increase of 71% to $69.8 million compared to the previous year. The company's cost of sales also rose by 41% to $142.5 million. Luminar's operating expenses totaled $490.6 million, a 28% increase from 2022, primarily due to higher research and development costs. The company also reported an impairment charge of $15.5 million related to the Freedom Photonics acquisition. Luminar's total liquidity, including cash, cash equivalents, and marketable securities, was $289.8 million as of December 31, 2023.