Luminar, Lidar founded by the recently replaced CEO Austin Russell, is going through another restructuring, According to recent regulatory deposit.
This new round of layoffs, which the company did not provide data, follows extensive cuts to the labor force in 2024. Luminar reduced about 30% of its workforce in 2024, a decrease that is expected to cost $ 4 to $ 6 million in additional cash charges. Some of these layoffs were poured in the first quarter of 2025. A total of 212 employees were fired.
In its latest regulatory deposit, the company said additional layoffs were launched on May 15. These new redundancies are expected to cost $ 4 million to $ 5 million in cash. These expenses are expected to take place in the second and third quarters of this year.
The redundancies are the last complication for Luminar. Earlier this month, the company’s board of directors replaced Russell as the Managing Director and Chairman of the Board of Directors. The Board of Directors issued a press release saying that it resigned as a result of an ethical investigation without providing additional information. The Luminar Board of Directors replaced Russell and appointed Paul Ricci in the role. Ricci is the former president and CEO of Nuance.
The day after the announcement of leadership change, Board member Jun Hong Heng also resigned, According to regulatory depositwhich said that his decision was not due to disagreements with the company over any issue with the company’s activities, policies or practices.
The company has not responded to requests for comments.
Russell became a billionaire after Liminar’s Lidar Liminar in 2021, after the company merged with special purpose acquisition company Gores Metropoulos Inc., with market assessment after the provision of $ 3.4 billion. Luminar raised $ 250 million before the SPAC announcement.
