Luminar Technologies Inc., the laser sensor startup which went public in a $3.4 billion reverse merger in 2020, has hired the lidar team from Argo, the shuttered autonomous vehicle technology company that was backed by Ford Motor Co. and Volkswagen AG.
The Orlando, Florida-based company hired about ten people from Argo’s lidar group, Chief Financial Officer Thomas Fennimore said in an interview Tuesday. Zach Little, who was vice president of hardware and firmware at Argo, joined Luminar in December.
Luminar, which counts Volvo Car AB, Mercedes-Benz Group AG, and SAIC Motor Corp. as customers, has been vacuuming up employees from Tesla Inc. and rivals such as Ouster Inc. as the number of lidar startups shrinks amid consolidation. It aims to build a software business that includes mapping and insurance on top of its core sensor product.
Laser sensors, known as lidar, allow cars to “see” their surroundings, making them a critical component of some advanced self-driving features.
More: New Sensor Seen as Key to Self-Driving Cars
Luminar on Tuesday reported first-quarter revenue of $14.5 million, surpassing the average estimate compiled by Bloomberg. It also posted a bigger-than-expected adjusted loss of 24 cents per share as it ramps up production at its facility in Monterrey, Mexico.
The company expects its core hardware unit to break even next year, with the entire business becoming profitable in 2025, Fennimore said.
Luminar shares slipped 3.8% at 6:13 p.m. in aftermarket trading in New York. The stock has gained 28% this year through Tuesday’s close.
(Corrects the month that Zach Little began at Luminar in second paragraph.)
