#1LUMINAR LUMINAC WESTGATE smar RT Q2 2023 Quarterly Business Update AUG 8, 2023 LAS VEGAS © 2023 Luminar Technologies, Inc. All Rights Reserved | 1#2Disclaimer and cautionary note Forward-looking statements This presentation of Luminar technologies, inc. ("Luminar" or the "company") includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private securities litigation reform act of 1995. Forward-looking statements may be identified by the use of words such as "future," "growth," "opportunity," "well-positioned," "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected achievement and timing of manufacturing scale up, OEM production readiness, next-gen LiDAR prototype development, continued software and Al development, program milestones, Order Book growth, and expected financial milestones. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of Luminar's management and are not guarantees of actual performance. You are cautioned not to place undue reliance upon any forward-looking statements, including the projections, which speak only as of the date made. Luminar does not undertake any commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. The forward-looking statements contained in this presentation are based on the company's current expectations and beliefs concerning future developments and their potential effects on Luminar. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including the risks discussed in the "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Luminar's most recently filed periodic reports on Form 10-K and Form 10-Q, and other documents Luminar files with the SEC in the future. Should one or more of these risks or uncertainties materialize, or should any of management's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Luminar does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you should not put undue reliance on these statements. Trademarks and trade names Luminar owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this presentation is not intended in, and does not imply, a relationship with Luminar, or an endorsement or sponsorship by or of Luminar. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Luminar will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor in these trademarks, service marks and trade names. Industry and market data In this presentation, Luminar relies on and refers to information and statistics regarding the sectors in which Luminar competes and other industry data. Luminar obtained this information and statistics from third-party sources, including reports by market research firms. Although Luminar believes these sources are reliable, the company has not independently verified the information and does not guarantee its accuracy and completeness. Luminar has supplemented this information where necessary with information from discussions with Luminar customers and Luminar's own internal estimates, taking into account publicly available information about other industry participants and Luminar's management's best view as to information that is not publicly available. © 2023 Luminar Technologies, Inc. All Rights Reserved | 2#3Disclaimer and cautionary note Use of non-GAAP financial measures The financial information and data contained in this presentation is unaudited and does not conform to regulation S-X promulgated under the securities act of 1933, as amended. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any filing Luminar makes with the SEC. In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this presentation contains certain non-GAAP financial measures and certain other metrics. Non-GAAP financial measures and these other metrics do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures and metrics presented by other companies. Luminar considers these non-GAAP financial measures and metrics to be important because they provide useful measures of the operating performance of the Company, exclusive of factors that do not directly affect what we consider to be our core operating performance, as well as unusual events. The Company's management uses these measures and metrics to (i) illustrate underlying trends in the Company's business that could otherwise be masked by the effect of income or expenses that are excluded from non-GAAP measures, and (ii) establish budgets and operational goals for managing the Company's business and evaluating its performance. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures and metrics are presented only as supplemental information for purposes of understanding the Company's operating results. The non-GAAP financial measures and metrics should not be considered a substitute for financial information presented in accordance with GAAP. This presentation includes non-GAAP financial measures, including non-GAAP cost of sales, gross loss/gross profit, operating expenses, net loss, EPS and Free Cash Flow. Non-GAAP cost of sales is defined as GAAP cost of sales adjusted for stock-based compensation expense and amortization of intangible assets. Non-GAAP gross loss/gross profit is defined as GAAP gross loss/gross profit adjusted for stock-based compensation expense and amortization of intangible assets. Non-GAAP operating expenses is defined as GAAP operating expenses adjusted for stock-based compensation expense, amortization of intangible assets and transaction costs relating to acquisition activities. Non-GAAP net loss is defined as GAAP net loss adjusted for stock-based compensation expense, amortization of intangible assets, transaction costs relating to acquisition activities, change in fair value of warrant liabilities, and provision for income taxes. Non-GAAP EPS is defined as Non-GAAP net loss divided by weighted average shares outstanding for the period. Free Cash Flow is defined as operating cash flow less capital expenditures. We use "Order Book" as a metric to measure performance against anticipated achievement of planned key milestones of our business. Order Book is defined as the forward-looking cumulative billings estimate of Luminar's hardware and software products over the lifetime of given vehicle production programs which Luminar's technology is expected to be integrated into or provided for, based primarily on projected / actual contractual pricing terms and our good faith estimates of "take rate" of Luminar's technology on vehicles. "Take rates" are the anticipated percentage of new vehicles to be equipped with Luminar's technology based on a combination of original equipment manufacturer ("OEM") product offering decisions and predicted end consumer purchasing decisions. We include programs in our Order Book when (a) we have obtained a written agreement (e.g. non-binding expression of interest arrangement or an agreement for non-recurring engineering project) or public announcement with a major industry player, and (b) we expect to ultimately be awarded a significant commercial program. We believe Order Book provides useful information to investors as a supplemental performance metric as our products are currently in a pre-production stage and therefore there are currently no billings or revenues from commercial grade product sales. OEMs customarily place non-cancelable purchase orders with their automotive component suppliers only shortly before or during production. Consequently, we use Order Book to inform investors about the progress of expected adoption of our technologies by OEMs because there is, in our view, no other better metric available at our stage. The Order Book estimate may be impacted by various factors, as described in "Risk Factors" in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and subsequent filings with the Securities and Exchange Commission, including, but not limited the following: (i) None of our customers make contractual commitments to use our LiDAR sensors and software until all test and validation activities have been completed, they have finalized plans for integrating our systems, have a positive expectation of the market demand for our features, and unrelated to us, have determined that their vehicle is ready for market and there is appropriate consumer demand. Consequently, there is no assurance or guarantee that any of our customers, including any programs which we included in our Order Book estimates will ever complete such testing and validation or enter into a definitive volume production agreement with us or that we will receive any billings or revenues forecasted in connection with such programs; (ii) The development cycles of our products with new customers vary widely depending on the application, market, customer and the complexity of the product. In the automotive market, for example, this development cycle can be as long as seven or more years. Variability in development cycles make it difficult to reliably estimate the pricing, volume or timing of purchases of our products by our customers; (iii) Customers cancel or postpone implementation of our technology; (iv) We may not be able to integrate our technology successfully into a larger system with other sensing modalities; and (v) The product or vehicle model that is expected to include our LIDAR products may be unsuccessful, including for reasons unrelated to our technology. These risks and uncertainties may cause our future actual sales to be materially different than that implied by the Order Book metric. © 2023 Luminar Technologies, Inc. All Rights Reserved | 3#4What's inside Business update / Recent highlights 2023: Key milestones and guidance Q2'23: Summary financial results Appendix C J#5Q2'23 Business update / Recent highlights 1 On track to meet or beat all business and financial milestones for 2023 Optimization and validation of high volume, automated production facility underway; On track for SOP readiness by YE'23 • Iris+ undergoing validation and testing from lead OEM and on track to enter C phase by YE'23; On track to complete software deliverables for OEM SOPs and develop next-gen LiDAR prototype by YE'23 • On track to add at least $1B to Order Book¹ by YE'23 ● 2) Strong execution with existing and new OEM partners • Polestar 3 with Luminar LiDAR now available to order on polestar.com • Nissan showcasing intersection collision avoidance technology enabled by Luminar LiDAR Mobileye powering autonomous vehicle program for a major OEM; Luminar is LIDAR partner for Mobileye Drive™ • Luminar team consistently executing on Volvo, Mercedes, and other OEM production programs Signed agreements with multiple new customers to upgrade legacy LiDAR to Luminar for next-gen systems ● ● 3) Accelerating software²/Al and semiconductors with new deals and deliverables Partnership with Scale Al delivering on Luminar's machine learning-based Al Engine Plus selects Luminar as its exclusive long-range LIDAR for PlusDrive and to collaborate with Luminar on providing Al-based assisted driving software to commercial trucking OEMs Luminar awarded first development contract for mapping software with major OEM • Luminar Semiconductor awarded multiple new external contracts 4) Q2 Revenue and EPS exceed guidance; Affirming FY'23 financial guidance ● ● Please refer to slide 16 in Appendix for Footnotes 1 and 2. © 2023 Luminar Technologies, Inc. All Rights Reserved | 5#6Execution supporting customers & partners NISSAN Polestar 3 available to order with Luminar LiDAR Nissan showcases intersection collision avoidance B Plus CLAVICLE Mobileye new OEM AV program; Luminar on Mobileye Drive™ Plus THE FUTURE OF TRUCKING announces partnership for LIDAR & software © 2023 Luminar Technologies, Inc. All Rights Reserved | 6#7Nissan unveiling additional driver assistance features Intersection collision avoidance is latest addition to Nissan's in-development driver assistance technology, in partnership with Luminar Nissan's stated target is to introduce its next-gen driver assistance technology on select new models by mid-2020s and on virtually every new model by 2030: "We are on course to develop collision-avoidance technology utilizing next-generation LIDAR technology by the mid-2020s." Takao Asami Senior VP, Head of Research & Advanced Engineering, Nissan Motors#8MobileyeDriveTM with new OEM AV program Mobileye selected Luminar as its long-range LiDAR partner for the MobileyeDrive™ system $22-37-001 LORER Astiosevg.b Development vehicle with Luminar 2020- Luminar Hydra in Mobileye's first generation autonomous vehicle development Mobileye development vehicle with Luminar LIDAR sensors on display at Mobileye Investor Day in 2019 (Photo Credit: Walden Kirsch/Intel Corporation) ini mobileye moovitav MobileyeDriveTM platform with Luminar 2021- Public display of MobileyeDrive™ fully integrated self-driving system with Luminar Iris SELF-DRIVING VEHICLE JU MobileyeDriveTM and OEM with Luminar Now Major OEM partnered with Mobileye for autonomous vehicles; Integrated with Luminar Iris Photo Credit: Mobileye © 2023 Luminar Technologies, Inc. All Rights Reserved | 8#9Luminar and Plus partner for LiDAR and Al-based assisted driving software Luminar is now the exclusive provider of long-range LiDAR for PlusDrive, Plus's factory-installed assisted driving system for commercial trucks Plus will collaborate with Luminar to provide Al-based assisted driving software to commercial trucking OEMs Plus and Luminar will also aim to collaborate on Luminar's commercial vehicle insurance program, HD mapping, & Blade sensor integration YP36532 & Plus 100554 Hus K THE FUTURE OF TRUCKING Plus is a global provider of highly automated driving and fully autonomous driving solutions. Plus Drive, a driver-in L2++ solution enabling supervised autonomy, is already commercially available. © 2023 Luminar Technologies, Inc. All Rights Reserved | 9#10NHTSA poised to mandate advanced AEB Regulatory tailwinds for Luminar = Automotive NEWSROOM Braking Bad: Automatic Emergency Braking Absent When You Need It Most AAA research reveals AEB is better at spotting stationary vehicles, but speed poses challenges ← NEWS NHTSA Proposes Automatic Emergency Braking Requirements for New Vehicles Technology would significantly reduce fatalities and injuries FMCSA Federal Motor Carrier Safety Administration Search Home Regulations Notices and Rulemaking Documents Regulations Search Regulations Rulemaking Documents Notices Heavy Vehicle Automatic Emergency Braking; AEB Test Devices Action Notice of proposed rulemaking (NPRM). ● NHTSA poised to mandate AEB at higher speed & Pedestrian AEB at night, while also discouraging false positives, pushing OEMs to adopt LiDAR ● • Specifically, NHTSA published draft regulation requiring AEB to work at higher speeds up to 100 kph (62 mph) and PAEB to work at night up to 60 kph (37 mph) ● Relatedly, NHTSA continues to investigate poor performance, especially false braking, in existing camera/radar-based AEB in light vehicles and heavy trucks © 2023 Luminar Technologies, Inc. All Rights Reserved | 10#11Executing on Luminar Al Engine Partnership with Scale meeting deliverables Input Luminar Data 1st & 3rd Party Point Cloud Data of Luminar LiDAR Ground Truth Labeled Training Data scale Foundational Model Luminar Al Engine Neural Networks Data Engine Training Infra AI Perception & Prediction Tasks Please refer slide 16 in Appendix for Footnote 2. Distributed Training Al Acceleration and Inference Output 2D Driveable Space 44 3D Road Points 3D Lane Points 3D Barrier Points 3D Object Points 3D Bounding Boxes Proactive Safety™ & Highway Autonomy Mapping & Localization Perception & Detection © 2023 Luminar Technologies, Inc. All Rights Reserved | 11#12Luminar Semiconductor Inc: New ASICS & external wins in Q2/Q3 Internal semiconductor powerhouse delivers next-gen lasers, detectors, & ASICS for enhanced performance & lower cost Laser Chip New 3rd gen laser chip (InP) New 3rd gen laser driver chip (Si) First time integrated into laser module & being validated with Iris FREEDOM PHOTONICS a Luminar company Receiver Chip X07 Y16 D New 5th gen receiver chip (InGaAs) Validated & integrated into Iris Optogration a Luminar company PULLLLOS Processor Chip 10 O 5th 'gen signal processing chip (Si) now developed ● 4th gen validated & integrated into Iris www. Black Forest Engineering a Luminar company Selected Recent External Business Wins NASA 00:00 00000 Received NASA Tipping Point Award for development of breakthrough laser technology Awarded Contract Multi-year supply agreement for Luminar photodetectors from a leader in fiber optic solutions First Volume Order For new Luminar laser technology on AI/GPU system for optical communication © 2023 Luminar Technologies, Inc. All Rights Reserved | 12#13On track to achieve key 2023 milestones and financial guidance F 日日日 ofe Business Milestones Industrialization / Scale Target: Bring high-volume, automated manufacturing MX facility online; Meet automaker SOP requirements. Status: On track. Facility online ahead of guidance. Optimization & validation underway. Rapid progress to meet automaker SOP requirements by year-end. Execute Product & Technology Roadmap Target: Enter Iris+ C phase; Build next-gen LiDAR prototype; Complete software² requirements for Volvo, Mercedes SOPS. Status: On track. Iris+ validation underway in Q2. Successfully delivering software to Volvo and Mercedes. Grow the Business Target: Grow Order Book' by at least $1 Billion. Status: On track. Signing deals across hardware, software/AI, and semiconductors with new and existing customers. Please refer to slide 16 in Appendix for Footnotes 1 and 2. Financial Guidance (unchanged) 2023 Revenue ≥100% growth vs FY'22 Gross Margin (Non-GAAP) Positive by Q4'23 Cash / Liquidity >$300M at year-end 2023 © 2023 Luminar Technologies, Inc. All Rights Reserved | 13#14Q2'23 financial results & 2H'23 commentary Q2'23 revenue: $16.2M • Q2 revenue up 63% YoY; slightly above mid-point of guidance range Q2'23 GAAP gross loss: $(18.3)M; Non-GAAP: $(16.2)M Q2'23 free cash flow (FCF)³: $(78.5)M • Includes $24M of high-volume launch related? costs; expected to significantly decrease by Q4 as we near SOP readiness at the MX facility ▪ Q2 FCF further negatively impacted by ~$13M due to working capital investment relative to Q1 Cash4 & liquidity position: $365.8M • Excludes additional $10M TPK investment from option exercise Please refer to slide 16 in Appendix for Footnotes 3, 4, 5 and 7. Q3'23 guidance • Revenue: $18M to $21M; Non-GAAP EPS5: $(0.18) to $(0.22) Q4'23 Non-GAAP gross margin target • On track to non-GAAP gross margin positive in Q4 • Driven primarily by reduction in high-volume launch related' COGS Q4'23 free cash flow spend target • On track to ~50% improvement of Q4 free cash flow spend compared to Q1/Q2 (non-GAAP) ● Driven primarily by reduction in cash spend from launch-related expenses, capex & working capital Strong cash position & runway to profitability Q4'23 target exit rate FCF & YE'23 cash/liquidity target of ~$300M implies sufficient runway to reach profitability ● © 2023 Luminar Technologies, Inc. All Rights Reserved | 14#15SETTIR TITELEHTED Appendix LUMINAR 21212 LUMINAC © 2023 Luminar Technologies, Inc. All Rights Reserved | 15#16Footnotes 1 Please refer to Order Book definition outlined in Disclaimer & cautionary note on slide 3 2 Various Luminar software capabilities are still in development and have not achieved 'technological feasibility' or 'production ready' status 3 Defined as operating cash flow less capex 4 Includes cash, cash equivalents and marketable securities 5 Please refer to Reconciliation of GAAP to Non-GAAP forecasts slide for a reconciliation of Non-GAAP to GAAP EPS guidance 6 Excludes Vendor stock-in-lieu of cash program - purchases and advances for capital projects and equipment of $2.9M and $10.3M in Q2'23 and Q2'22, respectively 7 Luminar is incurring items such as charges for contractors to support testing / validation of manufacturing processes and product quality, rental of certain equipment to support manufacturing operations pending stabilization of utilities, under-absorption of fixed costs due to low volumes being produced, write-offs and claims from sub-contractors related to inventory obsoleted due to product design changes etc. These charges are collectively being referred to as "launch costs". These charges are expected to decline as we successfully industrialize our products © 2023 Luminar Technologies, Inc. All Rights Reserved | 16#17Q2'23 selected financials (In millions) Cash and cash equivalents Marketable securities Cash, cash equivalents & marketable securities Total Assets Revenue Cost of sales Gross loss Operating expenses Free cash flow³ Please refer to slide 16 in Appendix for Footnote 3. June 30, 2023 $89.1 $276.7 $365.8 $599.8 Dec 31, 2022 $69.6 $419.3 $488.9 $687.3 GAAP Three months ended June 30, 2022 $9.9 $28.1 2023 $16.2 $34.5 $(18.3) $125.6 $(18.2) $86.3 Three months ended June 30, 2023 $(78.5) 2022 $(56.5) © 2023 Luminar Technologies, Inc. All Rights Reserved | 17#18Reconciliation of GAAP to non-GAAP actuals (In millions, except per share amounts) GAAP Cost of sales Stock-based compensation Amortization of intangibles Non-GAAP Cost of sales Non-GAAP Gross loss Operating cash flow Capex (Incl. advances) Free cash flow Three months ended June 30, 2023 2022 $28.1 $(7.0) $(0.3) $20.8 $(10.9) $34.5 $(1.9) $(0.2) $32.4 $(16.2) Three months ended June 30, 2023 2022 Please refer to slide 16 in Appendix for Footnote 6. $(73.3) $(5.2) $(78.5) $(52.4) $(4.2) $(56.5) GAAP EPS GAAP Net Loss Stock based compensation Amortization of intangibles Legal, regulatory filing and M&A transaction expenses Warrant fair value change Non-GAAP Net Loss Weighted avg. shares outstanding Non-GAAP EPS Three months ended June 30, 2023 2022 $(0.37) $(0.27) $(141.8) $59.2 $1.1 $0.0 $(0.0) $(81.5) 382.4 $(0.21) $(95.2) $38.6 $0.8 $2.5 $(11.7) $(65.0) 352.1 $(0.18) © 2023 Luminar Technologies, Inc. All Rights Reserved | 18#19Reconciliation of GAAP to non-GAAP forecasts (In per share amounts) GAAP EPS Stock based compensation Amortization of intangibles & other items Non-GAAP EPS Q3'2023F $(0.32) - $(0.40) ~$0.13-$0.17 ~$0.01 $(0.18) - $(0.22) © 2023 Luminar Technologies, Inc. All Rights Reserved | 19