Luminar CFO Brushes Off Geopolitical Jitters After Trump's Presidential Win: ‘We’re Going To Be Fine’

Luminar Technologies, Inc. ($LAZR) shares rallied in premarket trading on Tuesday after the lidar maker reported a double miss for the third quarter and guided to sequential revenue growth for the fourth quarter. 

Speaking on the earnings call, CFO Thomas Fennimore weighed in on any potential impact from the just concluded 2024 presidential election. 

Responding to an analyst’s question on whether the election result and the incoming administration’s electric-vehicle policies would have any implications for the company, Fennimore said the management continues to monitor the geopolitical events and how those can impact its business.

In the election held on Nov. 5, Republican Party’s Donald Trump emerged victorious, with the party gaining a majority in the Senate and inching toward taking control of the House too.

Trump’s proposed policy measures are seen as largely anti-EV and clean energy, with the former president pledging to remove tax subsidies for green-energy companies. 

Luminar’s CFO said, “With regards to the election, look, I think it's too early for us to tell.” 

“We continually monitor geopolitical events and how that can impact our business,” he said.

That said, the executive wasn’t losing sleep over the post-election dynamics. He said Luminar Tech is focused on executing its business plan, and developing and producing the best lidar in the industry.

“We do that, we're going to be fine, no matter what happens in the geopolitical realm,” the CFO said.

Orlando, Florida-based Luminar Tech reported a third-quarter non-GAAP loss per share of $0.16, narrower than the year-ago loss of $0.21 per share but wider than the consensus of $0.15 per share.

Revenue fell year-over-year from $16.96 million to $15.49 million and missed the consensus estimate of $17.7 million. 

The company said it expects fourth-quarter revenue to grow moderately from the third quarter and the gross loss to improve significantly.

Luminar Tech announced expanded partnerships with two global original-equipment manufacturers - an unnamed major Japanese automaker and Geely Automobile Holdings Ltd. ($GELYF)-owned Volvo Cars.

In premarket trading as of 7:25 am ET, Luminar Tech shares rose 3.92% to $1.06.

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