The new turmoil comes as founder Austin Russell is trying to buy the company just a few months after being replaced as CEO.

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Luminar, a lidar sensor manufacturer, announced a 25% workforce reduction and warned it may run out of cash by early 2026. The company's CFO is departing, and it has missed loan payments due October 15. This crisis unfolds as founder Austin Russell attempts to buy back the company months after being removed as CEO following an ethics inquiry. Luminar has struggled with lower-than-expected sales to major customer Volvo and is currently selling sensors below production cost.

Luminar is cutting jobs, losing its CFO, and warning of a cash shortage