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Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Debt Securities
The Company’s investments in debt securities consisted of the following as of December 31, 2024 and 2023 (in thousands):
December 31, 2024
 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. treasury securities$10,933 $22 $— $10,955 
Commercial paper19,067 7 — 19,074 
Corporate bonds81,207 166 (16)81,357 
Certificate of deposits
1,561 — — 1,561 
Total debt securities$112,768 $195 $(16)$112,947 
Included in cash and cash equivalents$16,280 $5 $— $16,285 
Included in marketable securities$96,488 $190 $(16)$96,662 
December 31, 2023
 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. treasury securities$86,764 $20 $— $86,784 
U.S. agency and government sponsored securities2,732 — — 2,732 
Commercial paper10,144 — — 10,144 
Corporate bonds44,924 9 (27)44,906 
Total debt securities$144,564 $29 $(27)$144,566 
Included in cash and cash equivalents$1,595 $— $(1)$1,594 
Included in marketable securities$142,969 $29 $(26)$142,972 
The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of December 31, 2024 and 2023 (in thousands):
December 31, 2024December 31, 2023
Gross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair Value
U.S. agency and government sponsored securities$— $— $— $741 
Corporate bonds(16)31,546 (27)30,621 
Total$(16)$31,546 $(27)$31,362 
Equity Investments
The Company’s equity investments consisted of the following as of December 31, 2024 and 2023 (in thousands):
December 31,
Consolidated Balance Sheets Location20242023
Money market funds(1)
Cash and cash equivalents$17,730 $101,842 
Marketable equity investments(1)
Marketable securities3,165 7,755 
Investment in non-marketable securities(2)
Other non-current assets10,000 10,000 
Non-marketable equity investment measured using the measurement alternative(2)
Other non-current assets— 4,000 
Total
$30,895 $123,597 
(1)    Investments with readily determinable fair values.
(2)    Investment in privately held company without readily determinable fair value.
In December 2021, the Company made an investment in 1,495 Class A Preferred Units of Robotic Research OpCo, LLC (“Forterra”) for consideration of $10.0 million, which was settled by issuing 41,261 shares of Class A common stock of the Company. The Company’s investment in Forterra represented less than 5% of Forterra’s capitalization. The Company neither had a significant influence over Forterra nor did its investment amounted to a controlling financial interest in Forterra. As such, the Company measured the initial investment in Forterra at cost as provided under the guidance for measurement of equity investment using the measurement alternative. In the fourth quarter of 2022, the Company recorded an impairment charge of $6.0 million related to the investment in Forterra. As a result of anticipated losses of preferred rights and decline in enterprise value of Forterra, the Company has recorded an additional impairment charge of $4.0 million related to the said investment in the second quarter of 2024.
In December 2022, the Company made an investment in 1,500,000 Class A ordinary shares of ECARX Holdings Inc., (“ECARX”) for consideration of $15.0 million, which was settled by issuing 135,358 shares of Class A common stock of the Company. The Company’s investment in ECARX represents less than 5% of ECARX’s capitalization. The Company neither has a significant influence over ECARX nor does its investment amount to a controlling financial interest in ECARX. The Company measured the investment in ECARX using the quoted prices in active markets with changes recorded in other income (expense), net on the consolidated statement of operations. Jun Hong Heng, a director of Luminar, is a director of ECARX.
In August 2023, the Company made an investment in a Simple Agreement for Future Equity (“SAFE”) of Plus Automation, Inc. (“Plus”) for consideration of $10.0 million, towards which the Company initially issued 99,354 shares of Class A common stock of the Company. In September 2023, the Company settled the consideration owed by issuing an additional 29,077 shares of Class A common stock. The Company’s investment in Plus represents less than 5% of Plus’s capitalization. The Company neither has a significant influence over Plus nor does its investment amount to a controlling financial interest in Plus.