What happened

Shares of Luminar Technologies (LAZR 4.91%) shot higher by as much as 10% today after the company reported first-quarter earnings. Luminar also said that it has started production at two manufacturing-partner facilities.

So what

Revenue in the first quarter was $5.3 million, which was in line with analyst expectations. That resulted in an adjusted net loss of $27 million, or $0.08 per share, slightly worse than the $0.06 per share in adjusted losses that Wall Street was forecasting. The automotive lidar company has partnered with Celestica and Fabrinet to manufacture its Iris sensors.

Stock chart going up

Image source: Getty Images.

"We've remained relentlessly focused on execution, hitting our key product, commercial, production and financial targets so far," CEO Austin Russell said in a statement. "This puts Luminar on track to meet or beat our 2021 company-level milestones from the beginning of the year, as we continue to extend our technology, product, and market leadership positions."

Now what

Luminar said that it expects to increase its guidance for a major commercial win when it provides its next quarterly update, which should also result in a boosted growth outlook. The current growth target for the forward-looking order book is 40%. At the end of 2020, the order book stood at $1.3 billion.

The company reaffirmed that it is on track to meet its full-year 2021 revenue guidance of $25 million to $30 million, with net cash spend of approximately $140 million this year.