![]() ![]() Luminar also told Benzinga the goal is to leverage its 3D lidar and Luminar-equipped vehicles over the next few years to create “something more comprehensive than has been created” in the automotive mapping sector. “These 3D maps are imperative for the next generation of assisted and autonomous driving technologies, as well as improving vehicle safety.” ![]() The company said it would demonstrate the 3D mapping technology at CES. Luminar highlighted its acquisition of Civil Maps, a leader in lidar mapping for automotive. “We expect our revenue to continue to grow exponentially both in 2023 and throughout the decade,” a Luminar spokesperson told Benzinga. Luminar will report its fiscal year 2022 revenue and provide guidance for fiscal 2023 at Luminar Day on Feb. Related Link: Why This Short Seller Is Doubling Down Against Cryptocurrency, Says 'US Government Should Be Embarrassed' About FTX Debacle ![]() The very next day, on July 2nd, he closed on an $83 million Los Angeles estate.” “He wants investors to be patient for the ‘back half of the decade’ yet according to the LA Times, Russell’s $220 million stock sale closed on July 1, 2021. Left also highlighted the wealth of Russell, one of the youngest billionaires in 2022 according to Forbes. Velodyne Lidar VLDR has a market capitalization of $181 million. Innoviz has a market capitalization of $539 million. Luminar’s market capitalization is $1.6 billion at the time of writing. You know what I am saying! I am long Innoviz and short Luminar.” “Look at Luminar’s market cap and compare it to Innoviz’s and Velodyne’s market caps. “No, Google has the best mapping system,” Left said, explaining Citron Research is short shares of Luminar and is long shares of Innoviz Technologies INVZ, a competing lidar company. Left also criticized comments about Luminar’s mapping technology at CES, which he interpreted as claiming the company’s maps are the best in the world. Russell used “jargon and double-speak” while Luminar presented and shared company updates at CES 2023, Left said, adding, “People want to hear about revenues now, not bulls***.” Austin will not see any meaningful revenue in the near future,” Left told Benzinga. “Austin Russell wants investors to be patient for the ‘back half of the decade.’ What? Are you kidding me. CEO Austin Russell uses every bit of jargon and double-speak at CES to avoid the fact that his company will not see any meaningful revenue in near future,” Citron tweeted.Ĭitron shared a quote from Russell at CES where the Luminar founder and CEO said, “I think the reality is the vast majority of the value of what we have, contracted value and everything is like in the second half of the decade.”Ĭitron asked if this quote brings confidence to investors.īenzinga reached out to Andrew Left for comment on the tweets. “$LAZR stock looks like it's heading under $1. See Also: Dow Jumps 700 Points, S&P Rises Over 2% What Happened: Hedge fund Citron Research, which is headed by Andrew Left, shared tweets Friday on why the company is short shares of Luminar Technologies LAZR, one of several lidar companies that went public via SPAC merger. One of the themes of the last two years has been a growing number of lidar technology companies going public - many chose the SPAC route.Ī hedge fund is now taking on one of those companies and shared with Benzinga exactly why. ![]()
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