Luminar lays off 25% of staff amid financial struggles
Luminar, the lidar tech company, is letting go of a quarter of its employees as it faces a serious cash crunch—its second big layoff this year.
On top of that, CFO Thomas Fennimore is leaving on November 13 for new opportunities (the company says there's no drama behind his exit).
Company is in dire financial situation
With only $72 million left in the bank and a whopping $429 million in debt, Luminar could run out of money by early next year if it can't raise more funds.
The company recently missed an interest payment but got a short grace period to sort things out.
Founder Austin Russell is even trying to buy back the company after being replaced as CEO earlier this year.
Sales have also taken a hit, especially after selling fewer sensors to Volvo, which was supposed to be a major customer, forcing Luminar to sell at a loss—a tough spot highlighted by Fennimore just a few months ago.