Luminar releases first quarter financial report, performance exceeds expectations

Despite facing many challenges, Luminar showed a positive side in its latest first-quarter financial report. The financial report showed that the company's sales were US$18.9 million, down about 10% year-on-year, but exceeded analysts' expectations of US$16.2 million. In addition, the company's gross loss was US$8.1 million, narrowing by 22.5% year-on-year; the net loss was US$76.5 million, narrowing by 39% year-on-year. These achievements were mainly due to the increase in shipments and the implementation of cost control measures.