Lidar maker Luminar declares bankruptcy

As part of its bankruptcy, Luminar is seeking permission to sell both its lidar and semiconductor businesses, which it has already agreed to sell to Quantum Computing for $110 million. The company plans to continue operating during the bankruptcy proceedings “to minimize disruptions and maintain delivery of its LiDAR hardware and software.” However, Luminar will cease to exist once the process is complete.

“As we navigate this process, our top priority is to continue delivering the same quality, reliability and service that our customers have come to expect from us,” CEO Paul Ritchie said in a statement.

It’s been a tough few years for Luminar. In addition to Russell’s ouster, the company has gone through several rounds of layoffs as it seeks to restructure its workforce. Russell resurfaced earlier this year in an attempt to regain the company he lost by acquiring 100 percent of its Class A shares under the auspices of his new company. Russell Laboratories for Artificial Intelligence. All of this led to Volvo announcing that it would drop Luminar Lidar from its 2026 models due to limited supplies of the devices.