Due to the 2020 Indy Lights season being cancelled in 2020, Malukas would compete in the Formula Regional Americas Championship for HMD Motorsports.

[3] In August of that year, Malukas' father Henry acquired BN Racing's Indy Lights operation and established HMD Motorsports.

18 entry full-time for Dale Coyne Racing in partnership with HMD Motorsports during the 2022 IndyCar Series season.

[11] At the next race in Toronto, Malukas made it into the Firestone Fast 6 for a second time that season and qualified a career-best fifth.

[12] Malukas took his first podium at Gateway, nearly passing his idol Josef Newgarden for the win on the last lap but ultimately settling for second place.

The Big Machine Music City Grand Prix at Nashville he qualified 6th, but suffered a mechanical failure, and was credited with a last-place finish.

During the season finale in Laguna Seca, he survived a shunt, which left him stranded in a gravel trap, then returned to finish 20th.

[15] On June 7, 2024, it was announced that Malukas would be returning to IndyCar with Meyer Shank Racing, replacing Tom Blomqvist.

[18] Malukas' parents emigrated from Telšiai in 1991,[19] shortly after Lithuania regained independence from the Soviet Union, which had illegally annexed the country in 1940.