Lidar manufacturer Luminar Technologies, Inc. warned shareholders in a regulatory filing on Friday that its cash reserves could be depleted by early 2026. The company announced a 25% workforce reduction—its second round of layoffs this year—to mitigate losses.

The exact number of affected employees remains unclear. Luminar had approximately 580 employees at the beginning of the year but did not disclose the scale of its earlier layoffs. The company has yet to respond to requests for comment.

The filing also revealed that Chief Financial Officer Thomas Fennimore will step down on November 13 to "pursue other career opportunities." Luminar stated that his departure was "not due to any disagreement regarding the company’s financials or auditing practices."

Meanwhile, founder Austin Russell is planning to acquire Luminar. In May, Russell was removed as CEO after the board’s audit committee launched an investigation into an undisclosed ethics issue. As previously reported, the acquisition plan has received support from at least some board members.

Luminar’s struggles stem partly from lower-than-expected sales of its lidar sensors to Volvo, a key expected customer. In August, Fennimore noted that the sensors were being sold below production costs due to weak demand.

As of October 24, Luminar held $72 million in cash and marketable securities. Without additional financing, the company risks exhausting its funds by Q1 next year, potentially breaching certain loan agreements.

Additionally, Luminar disclosed it had missed a quarterly interest payment due October 15 on part of its debt. Lenders granted a grace period until November 6 before taking further action.

While its Q3 earnings report is due in two weeks, Luminar previewed an estimated $18 million in revenue for the quarter, with total debt reaching $429 million.