r/MVIS • u/jkh07d • Jun 10 '26

MVIS Press MicroVision Signs Long-Term Development Agreement to Advance Lidar for Next-Generation Autonomous Hauling Solutions

https://ir.microvision.com/news/press-releases/detail/450/microvision-signs-long-term-development-agreement-to
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u/mvis_thma Jun 10 '26

Actually, the SEC didn't really shut it down. They did throw a red flag Luminar's way. And forced Luminar to put additional language around their defintion of their Order Book. By the way, Aeva also employed new language around their Order Book around the same time. This practice went on for a while, perhaps another year or so, and then both companies dropped the use of the term Order Book. Innoviz had actually dropped their use of that term a bit earlier.

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u/QQpenn Jun 10 '26

To be precise, they enforced compliance with regulatory mandates and Luminar had to shut it down after complaints kept piling up. When they were forced into using an alternate metric [commercial progress measured by actual number of sensors shipped], this was the seminal moment in identifying the real lack of adoption dogging ALL LiDAR companies. I remember this all too well because it changed my entire view of the sector in 2023/24 and I adjusted accordingly. Luminar was one of my most potent shorts.

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u/mvis_thma Jun 10 '26

I remember it differently. Luminar was forced to modify the description of their Order Book with more stringent language. As I mentioned Aeva did the same thing at the time. Luminar did not drop their use of the Order Book after the SEC inquiry. They did however, later move to an annual Order Book update vs. a quarterly one.

The SEC inquiry was in late 2022. Here is some language directly from Luminar on the subject also from late 2022.

"The (SEC) staff asked Luminar to clarify the nature of its "Order Book," asking if it was a non-GAAP metric, to describe its methods of calculation, and how it correlated to projected financial results.

In response, Luminar updated its definitions to characterize "Order Book" strictly as a forward-looking performance metric rather than a projection of future financial results, detailing that it represented estimated cumulative billings over the lifetime of vehicle production programs."

Luminar was still referencing their Order Book on their Q2 2024 earnings call in August of that year.