Luminar Technologies (NASDAQ:LAZR), known for its advancements in automotive LiDAR sensors and AI software, recently shared key third-quarter updates, highlighting strengthened ties with Volvo Cars and significant strides in production. As a result, the company’s shares surged around 10% in pre-market today.

During the quarter, Luminar’s technology became standard on an additional Volvo model, building on the integration with the Volvo EX90 and demonstrating Volvo’s confidence in Luminar’s scalable safety technology.

In terms of financial performance, Luminar reported second-quarter earnings with a revenue of $16.5 million and projected moderate growth for the third quarter. In an effort to improve its financial structure, the company successfully reduced its debt from $422 million to $274 million, with maturity extended to 2030. Additionally, Luminar raised $100 million in non-dilutive capital and has plans to secure another $100 million to support its path to profitability.

On the corporate front, Luminar is facing the possibility of delisting from Nasdaq and is exploring a reverse stock split as a compliance measure. The company also announced a workforce reduction of around 30% this year, aimed at streamlining operations and reducing costs.