Luminar, Lidar, which was founded by the CEO who was recently replaced by Austin Russell, is going through another restructuring, According to a modern regulatory deposit.
This new round of workers’ layoffs, which the company did not provide numbers, follows wide discounts for the workforce in 2024. Luminar reduced about 30 % of its operating power in 2024, a reduction that is expected to cost $ 4 million to 6 million dollars of additional cash. Some of these hairstyles were poured into the first quarter of 2025. 212 employees were demobilized.
In its latest regulatory file, the company said it started additional layoffs on May 15. The new workers’ layoffs are expected to cost $ 4 million to $ 5 million in cash. These costs are expected to incur in the second and third quarters of this year.
Workers’ layoffs are the latest complications of Lominar. Earlier this month, the company’s board of directors replaced Russell as CEO and Chairman of the Board. The Board of Directors issued a press statement saying it has resigned as a result of the moral investigation without providing any additional information. Lominar Russell and Ain Paul Richie have replaced this role. Richie is the former president and CEO of Nuance.
A day after the announcement of the change of leadership, Board Member John Hong Hing also resigned, According to an organizational depositAnd he mentioned that his decision was not due to any differences with the company on any issue related to the company’s operations, policies or practices.
The company did not respond to the suspension requests.
Russell became a billionaire after Lidar Luminar was started in 2021 after the company merged with Gores Metropoulos Inc. Luminar collected $ 250 million before the Spac announcement.
