Luminar, the lidar firm based by just lately changed CEO Austin Russell, goes via one other restructuring, in response to a current regulatory submitting.
This new spherical of layoffs, which the corporate didn’t present figures for, follows intensive cuts to the workforce in 2024. Luminar lower about 30% of its workforce in 2024, a discount that was anticipated to value $4 million to $6 million in extra money fees. A few of these layoffs spilled into the primary quarter of 2025. A complete of 212 workers had been laid off.
In its newest regulatory submitting, the corporate mentioned it started extra layoffs Might 15. These new layoffs are anticipated to value $4 million to $5 million in money fees. These prices are anticipated to be incurred within the second and third quarters of this yr.
The layoffs are the newest complication for Luminar. Earlier this month, the corporate’s board changed Russell as CEO and board chair. The board issued a press launch saying he resigned as the results of an ethics inquiry with out offering any extra data. Luminar’s board changed Russell and appointed Paul Ricci to the function. Ricci is the previous chairman and CEO of Nuance.
A day after the management change was introduced, board member Jun Hong Heng additionally resigned, in response to a regulatory submitting, which acknowledged his determination was not because of any disagreements with the corporate on any matter regarding the corporate’s operations, insurance policies, or practices.
The corporate has not responded to requests for remark.
Russell turned a billionaire after his lidar startup Luminar went public in 2021 after the corporate merged with particular function acquisition firm Gores Metropoulos Inc., with a post-deal market valuation of $3.4 billion. Luminar raised $250 million previous to the SPAC announcement.
