Still, the wholesome approach to the mission and how Luminar looks at its role make it part of a package. The expansion in that category is something which I find odd for a technology company. There is also net insurance profit added per sensor. The revenue beyond units comes from software, not just one managing the sensor, but the suite managing other aspects of the sensor's data collection. The slide below describes the revenue generation potential and the cost influence. Net Cash Used in Operating Activities 2022 (Financial Statements - Author) Then the order book would grow by $1B in 2023. On the revenue front, the 2023 estimate sees $80M or 100% growth from 2022, with positive margin expectations for the first time in Q4 2023-a massive improvement from the gross margin in 2022, which was a negative 235%. GAAP Opex 2022 (Financial Statements - Author) Luminar has estimated its cash to be $300M by the end of 2023. The cash line was reduced by $308M, and the net cash used in operating activities was $208M. The company exited 2022 with $489M in cash. The company anticipates generating $1.28B in revenue by 2027, up from $40M in 2022. Luminar plans to install sensors on 20 models, which is expected to increase revenue by 32 times over the next five years. The plant in Mexico will be ready to produce no fewer than 250,000 sensors by the end of the year, with the ability to scale up to as many as 500,000 per year. The company has partnered with Celestica ( CLS) and Fabrinet ( FN) for production facilities in Mexico and Thailand. The timeline for Iris Plus has been set for production in 2025, while the new concept sensor is expected to reach SOP in 2030. Given Luminar's interest in the Chinese market, the eight-year development timeline may leave Luminar lagging behind the competition, which includes InnovizTwo, already available in the B sample. In contrast, Chinese company RoboSense offers the RS-Lidar-M1, a MEMS hybrid sensor approximately 11cm wide. The rendered images suggest that the sensor will measure approximately one-third of the current sensor's width at 9cm. The utterly new prototype is set to be built in 2023, and the technology used will likely be a hybrid version of MEMS technology, which Luminar has used in Iris. Unfortunately, the company has not provided more detail on these improvements. The company has also announced changes in specifications, promising better resolution and a longer distance range than its predecessor. The Iris Plus sensor is expected to have a 20% reduction in form factor. Luminar appears to be committed to this format until 2030, which I think is too long and could leave the company behind competitors. While I understand why this approach is being embraced, the company should try to advance the change already. In my previous article, I discussed my lack of enthusiasm for Luminar's rooftop installation approach. The most suitable lidar sensor for consumer vehicles is not a visible one. On the technology front, however, I am not as impressed. For investors, these are crucial accountabilities that measure the company's execution and ability to deliver on its promises. Now, I can see how the business is expected to evolve, its spending plans, cash position, and projected profitability. Still, I hope other companies will follow the example and embrace this format, as it represents a step toward a better understanding of lidar progression. Nevertheless, it is essential to note that while I am impressed with the company's efforts, I remain somewhat skeptical about feasibility, as numerous risks are involved. As someone who has monitored all public Lidar companies, I must commend Luminar for setting the bar high regarding transparency and clarity. Luminar ( NASDAQ: LAZR) has demonstrated excellence in reporting its expectations for 2023 and beyond.
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