![]() Iris+ continues to go through optimization and validation testing cycles from its lead series production OEM, which includes DFM (design for manufacturability) updates. Luminar has now commenced the process of series production tooling for Iris+ in partnership with TPK. Status: The company is on track to achieve each of these goals. Year-end Goal: Enter Iris+ C phase complete software requirements for Volvo and Mercedes programs develop a next-gen LiDAR prototype. ![]() This quarter, Volvo Cars also completed its first installation of Iris onto a Volvo EX90 off of the production line at its US plant in Charleston. Status: The company brought the high volume facility online in 1H’23, and has now fulfilled Volvo Cars’ production requirements for SOP new year by passing the Run at Rate. Year-end Goal: Bring the high volume, automated facility in Mexico online and meet Volvo Cars start of production (SOP) requirements. Luminar provided a progress report below on its three key business milestone targets to achieve by year-end 2023. In conjunction, we are aggressively driving efficiency gains on free cash flow and gross margin, which we expect to continue through Q4 and beyond.” ![]() “We successfully passed the Run at Rate production capacity and quality audit leading up to our first global vehicle launch with Volvo Cars. “For the first time at Luminar, we are realizing an inflection point in economies of scale and path to profitability,” said Austin Russell, Founder & CEO. The company published a Letter to Shareholders on its Investor Relations website at. Today Luminar (NASDAQ: LAZR), a leading global automotive technology company, provided its quarterly business update and financial results for the third quarter of 2023. QoQ Free Cash Flow Improvement Demonstrates Inflection Towards Profitability Successfully Passed Volvo Cars ‘ Run at Rate’ Leading up to Start of Production Luminar Reports Third Quarter 2023 Business Update and Financials
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