Lidar-maker Luminar files for bankruptcy
As part of its bankruptcy, Luminar is seeking approval to sell its lidar and semiconductor businesses, the latter of which has already agreed to sell to Quantum Computing for $110 million. The company plans to continue operating during the bankruptcy proceedings “to minimize disruption and maintain delivery of its LiDAR hardware and software.” That said, Luminar will cease to exist once the process is complete.
“As we move forward through this process, our top priority is to continue to provide the same quality, reliability and service that our customers have come to expect from us,” CEO Paul Ricci said in a statement.
It’s been a rough few years for Luminar. In addition to Russell’s ouster, the company experienced several rounds of layoffs as it sought to restructure its workforce. Russell resurfaced earlier this year in an attempt to reclaim the business he lost by acquiring 100% of its Class A shares under the auspices of his new company, Russell AI Labs. All of this led Volvo to announce that it would remove Luminar lidar from its 2026 models due to a limited supply of the hardware.
