Luminar Technologies Inc., a lidar technology company recently shaken by executive leadership changes, has initiated a new round of layoffs starting May 15, according to a recent regulatory filing. The company did not disclose the number of employees affected in this latest reduction.
This latest workforce cut follows extensive layoffs in 2024, when Luminar reduced its staff by roughly 30%, resulting in an estimated $4 million to $6 million in additional cash charges.
Some of those layoffs extended into the first quarter of 2025, with a total of 212 employees let go during that period. The new round of layoffs is expected to generate $4 million to $5 million in cash charges during the second and third quarters of 2025.
The company has been navigating significant turbulence after its board replaced founder and former CEO Austin Russell earlier this month. The board cited an ethics inquiry as the reason for Russell’s resignation but provided no further details. Paul Ricci, former chairman and CEO of Nuance Communications, was appointed as Luminar’s new CEO and board chair.
In addition to Russell’s departure, board member Jun Hong Heng resigned shortly after the leadership change was announced. A regulatory filing noted Heng’s resignation was unrelated to any disagreements over company operations, policies, or practices.
Russell, who became a billionaire following Luminar’s public debut in 2021 through a merger with special purpose acquisition company Gores Metropoulos Inc., had helped the company reach a post-deal valuation of approximately $3.4 billion. Luminar raised $250 million before the SPAC transaction.
