Luminar is cutting jobs, losing its CFO, and warning of a cash shortage

Luminar, a lidar sensor manufacturer, has announced a 25% workforce reduction—the second layoff this year—and warned shareholders it will run out of cash by early 2026 without additional funding. The company, which began the year with approximately 580 employees, did not specify the number affected in this latest cut. Luminar also disclosed that its CFO, Thomas Fennimore, will step down on November 13 to pursue other opportunities, with the company emphasizing that his departure is unrelated to any financial disagreements. These developments occur amid founder Austin Russell’s ongoing attempt to buy the company, following his replacement as CEO earlier in the year after an ethics inquiry. Luminar’s financial struggles are linked to weaker-than-expected sales, particularly to major customer Volvo, leading the company to sell sensors at a loss. As of October 24, Luminar held $72 million in cash and marketable securities but faces a burn rate that could deplete funds by the first quarter of 2026. The