Luminar cuts jobs, loses its CFO, and warns of cash shortages

Lidar maker Luminar warned shareholders it would run out of cash in early 2026, and announced a 25% cut in its workforce to help stem the bleeding — its second layoff of the year — according to a regulatory filing on Friday.

It is not immediately clear how many workers will be affected. Luminar started the year with about 580 employees, but the company did not specify the size of the layoffs earlier this year. The company did not immediately respond to a request for comment.

The company also announced that its chief financial officer, Thomas Fenimore, will step down on November 13 to “pursue other career opportunities.” Luminar said Fenimore’s departure “is not the result of any disagreement” over its finances or with the company’s auditors.

All of this comes as founder Austin Russell — who was replaced as CEO in May after an unspecified ethics investigation by the board’s audit committee — attempts to buy the company. The acquisition was encouraged by at least some board members, as TechCrunch previously reported.

Luminar has suffered in part because it has sold fewer lidar sensors to Volvo, which was supposed to be a major customer. In August, Fenimore said Luminar was selling the sensors at a lower cost than it takes to manufacture them.

Luminar said Friday it had $72 million of cash and marketable securities as of Oct. 24. Without any additional fundraising, the current burn rate means Luminar could run out of cash as early as the first quarter of next year, or violate the terms of some loan agreements.

Luminar revealed on Friday that it had already skipped the required quarterly interest payments on some loans that were due on October 15. These lenders have agreed to give Luminar until November 6 to make payments before taking any action.

Luminar is not scheduled to report its third-quarter financial results for another two weeks, but it revealed Friday that it expects to report about $18 million in revenue and $429 million in debt.