As part of its bankruptcy proceedings, Luminar is looking to get the green light to sell its lidar and semiconductor businesses. The semiconductor division is already in the works to be sold to Quantum Computing for $110 million. The company plans to keep operating during the bankruptcy to minimize disruptions and ensure the continued delivery of its LiDAR hardware and software. However, once the process wraps up, Luminar will cease to exist.
“Our top priority while navigating this process is to keep delivering the same quality, reliability, and service that our customers expect from us,” said CEO Paul Ricci in a statement.
Luminar has faced a tough couple of years. Along with the ousting of its former CEO, the company has undergone multiple rounds of layoffs as it worked on restructuring. Earlier this year, the former CEO resurfaced, trying to reclaim the company by acquiring 100 percent of its Class A shares through his new venture, Russell AI Labs. This turmoil ultimately led Volvo to announce that it will drop Luminar lidar from its 2026 models due to hardware supply issues.
