Luminar Technologies (LAZR.Q) Stock Analysis & Winston Score

Luminar Technologies makes lidar sensors — devices that use laser pulses to help self-driving and semi-autonomous vehicles "see" the world around them. Its main product is a sensor called Iris, which is sold to automakers and automotive suppliers. The company is one of the few lidar makers that has secured production contracts with major car manufacturers like Volvo. Luminar earns money by selling hardware sensors and through software and licensing agreements tied to its perception technology. It operates primarily in the United States but has partnerships with automakers in Europe and Asia. The company has a technology moat built around its long-range sensing capability and proprietary chip design. However, Luminar has consistently posted large losses and burns through significant cash, so its biggest risk is whether it can scale production fast enough to reach profitability before needing to raise more money.