Despite having a smaller order book than its peers, JPMorgan expects Luminar will exit the decade as a revenue leader. He said Luminar is expected to be the "supplier of choice" in the long-run due to its engagement and design. The Orlando-based company has also invested in its software stack with Zenseact, which Chatterjee sees as a differentiator that will help Luminar outgrow peers solely focused on hardware. Chatterjee forecasts Luminar will earn $7.25 per share on $6 billion in revenue by 2030. Having ended 2021, with a cash balance of about $750 million, the company is not in immediate need of additional capital, he said.

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