Enters Chapter 11 with Support from Noteholders to Fund Process with Existing Cash on Hand

Reaches Agreement to Sell LSI to Quantum Computing Inc. for $110 Million in Cash

Continues to Deliver High-Performance LiDAR and Related Services and Support to Customers

Luminar Technologies, Inc. (NASDAQ: LAZR) (the “Company” or “Luminar”), a leading global technology company, today announced that it has initiated voluntary chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”). The Company has entered chapter 11 with the support of approximately 91.3% of its first lien noteholders and approximately 85.9% of its second lien noteholders (the “Ad Hoc Group”) to facilitate value-maximizing sale processes for its LiDAR business (“LiDARCo”) and for the equity of its Luminar Semiconductors. Inc. (“LSI”) subsidiary. LSI is not a debtor in Luminar’s chapter 11 cases and its operations are expected to be unaffected by the chapter 11 filing.

Prior to initiating these chapter 11 cases, the Company entered into an agreement with Quantum Computing Inc. (“QCi”) pursuant to which QCi will purchase the equity of LSI for cash consideration of $110 million (subject to customary adjustments), subject to higher or better offers under the sale process the Company is seeking to conduct under section 363 of the Bankruptcy Code.

To facilitate these transactions, fund the chapter 11 cases and support operations throughout the marketing and sale process, the Ad Hoc Group has consented to Luminar’s use of approximately $25 million of cash on hand pursuant to an agreed cash collateral order.

“These transactions provide Luminar with the best opportunity to maximize value for all of its stakeholders,” said Paul Ricci, CEO of Luminar. “Over the past six months, we have taken meaningful steps to drive operational discipline, streamline our cost structure, and sharpen our strategic direction, but our legacy debt obligations and the pace of industry adoption have challenged our ability to operate the business in a sustainable way. After a comprehensive review of our alternatives, the board determined that a court-supervised sale process is the best path forward. As we navigate this process, our top priority is to continue delivering the same quality, reliability and service our customers have come to expect from us.”

During the chapter 11 cases, Luminar expects to continue operating its business and working closely with its suppliers and partners to minimize disruptions and maintain delivery of its LiDAR hardware and software. To that end, Luminar has filed a number of customary “First Day Motions.” Upon Court approval, these motions will enable the Company to, among other things, continue payment of employee wages and benefits, honor commitments to customers, and satisfy obligations to vendors and partners incurred after the filing date.

Additional Information about the Court-Supervised Sale Process

The Company has filed a motion seeking authorization to conduct sale processes for the LSI equity and the LiDAR business designed to achieve the highest or otherwise best offer for the assets pursuant to section 363 of U.S. Bankruptcy Code. The motion sets out proposed bidding procedures for both sales, along with a proposed timeline that, given the extensive marketing processes already conducted by the Company, anticipates completion of the transactions by the end of January 2026, subject to Bankruptcy Court approval and other customary closing conditions.

Additional information regarding Luminar’s chapter 11 process, including court filings, is available at https://omniagentsolutions.com/Luminar, by calling the Company’s claims agent, Omni Agent Solutions at (888) 901-3403 (U.S. & Canada toll free) or +1 (747) 293-0190 (International), or by emailing [email protected].

Advisors

As previously announced, Luminar has engaged Weil, Gotshal & Manges LLP, as legal advisor, Jefferies LLC, as investment banking advisor, and Portage Point Partners, LLC, as restructuring advisor, to assist Luminar in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity.

About Luminar:

Luminar is a global technology company advancing safety, security and autonomy across automotive, commercial, and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security, and more. With series production underway and commercial traction across industries, Luminar is uniquely positioned to deliver the next generation of advanced, mission-critical LiDAR and photonics solutions.

For more information, please visit www.luminartech.com.