Lucid Announces First Quarter 2026 Financial Results
Rhea-AI Summary
Lucid (NASDAQ: LCID) reported Q1 2026 results: produced 5,500 vehicles, delivered 3,093 vehicles, and reported revenue of $282.5 million. A supplier issue affected February deliveries. Lucid completed an approximately $1.05 billion capital raise and ended the quarter with approximately $3.2 billion liquidity ($4.7 billion pro forma).
Leadership changes and expanded robotaxi and Uber partnerships were announced, and Lucid named Silvio Napoli as next CEO.
Positive
- Production of 5,500 vehicles (+149% vs Q1 2025)
- Revenue of $282.5 million (up 20% vs Q1 2025)
- Capital raise of ~$1.05 billion (combined equity and convertible preferred)
- Pro forma liquidity of ~$4.7 billion after financing and DDTL increase
- North America order intake rose 144% in March 2026 vs February
Negative
- Delivered 3,093 vehicles, leaving elevated inventory relative to production
- Seat supplier issue materially disrupted February deliveries
- $300M registered common stock offering and $550M convertible preferred raise imply potential shareholder dilution
Market Reaction – LCID
Following this news, LCID has declined 4.80%, reflecting a moderate negative market reaction. Our momentum scanner has triggered 32 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $5.95. This price movement has removed approximately $104M from the company's valuation.
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Key Figures
Market Reality Check
Peers on Argus
LCID is up 2.29% while key EV peers show mixed moves (e.g., NIO up 2.02%, PSNY up 4.42%, VFS down 0.24%, PSNYW down 6.98%). Momentum scanners show no broad sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 24 | Q4/FY 2025 earnings | Positive | +3.6% | Reported Q4 2025 revenue of $522.7M and liquidity of $4.6B. |
| Nov 05 | Q3 2025 earnings | Positive | +4.2% | Q3 2025 revenue of $336.6M with strong YoY delivery and production growth. |
| Aug 05 | Q2 2025 earnings | Positive | -9.7% | Q2 2025 revenue of $259.4M and liquidity of $4.86B but lowered guidance. |
| May 06 | Q1 2025 earnings | Positive | -3.4% | Q1 2025 revenue of $235.0M and deliveries up 58.1% YoY. |
| Feb 25 | Q4/FY 2024 earnings | Positive | -13.6% | Q4 2024 revenue of $234.5M and liquidity of $6.13B with higher deliveries. |
Earnings reactions have been mixed, with 3 negative and 2 positive one-day moves, and an average move of -3.79% after earnings.
Over the last five earnings releases, Lucid reported steady growth in deliveries and revenue, alongside persistent losses and sizeable liquidity. Prior quarters showed vehicle deliveries rising to 5,345 in Q4 2025 and annual revenue reaching $1,353.8M in 2025, with liquidity often above $4.5B. The company repeatedly issued production guidance in the 18,000–27,000 range and leveraged support from the Public Investment Fund. Today’s Q1 2026 update continues this narrative of scaling volumes while managing capital and liquidity.
Historical Comparison
In the past 5 earnings releases, LCID’s average one-day move was -3.79%. Today’s 2.29% gain is modestly better than that typical post-earnings pressure.
Earnings updates show rising deliveries and revenue from 2024 to 2025 and into 2026, supported by multi‑billion‑dollar liquidity and recurring production guidance in the high‑teens to mid‑20k vehicle range.
Regulatory & Risk Context
LCID has an effective Form S-3 shelf (filed 2026-04-14) allowing common stock offerings via future prospectus supplements. The company is described as a controlled entity with PIF/Ayar holding over 50% voting power as of March 31, 2026, and has already used the shelf at least once, as indicated by a 424B5 filing on 2026-04-14.
Market Pulse Summary
This announcement highlights Q1 2026 revenue of $282.5M (up 20% year over year), production of 5,500 vehicles, and quarter-end liquidity of about $3.2B, rising to roughly $4.7B pro forma for the $1.05B capital raise and DDTL expansion. It ties directly to prior updates on production guidance and PIF support. Investors may watch delivery trends, inventory normalization, partnership execution, and any further use of the active S-3 shelf registration.
Key Terms
convertible preferred stock financial
robotaxi technical
regulation fd regulatory
AI-generated analysis. Not financial advice.
Financial Highlights
- Produced 5,500 vehicles, up
149% from the first quarter of 2025 - Delivered 3,093 vehicles in Q1 2026, with January and March deliveries each ahead of prior-year periods; February delivery timing was affected by a supplier issue resolved during the quarter. Total order intake in
North America rose144% in March 2026 from the prior month - Generated Q1 2026 revenue of
$282.5 million , up20% compared to Q1 2025 - On April 14, announced a total capital raise of approximately
$1.05 billion $550 million $300 million $200 million $500 million
- Increased the Delayed Draw Term Loan (DDTL) provided by PIF by
$500 million $500 million $2.0 billion - Ended the quarter with approximately
$3.2 billion $4.7 billion
Operational Highlights
- On April 14, announced global industrial leader Silvio Napoli as Lucid's next CEO, with Interim CEO Marc Winterhoff continuing with Lucid in his former position as COO upon
Napoli assuming the CEO role - On April 14, expanded Lucid's robotaxi partnership with Uber to a total of at least 35,000 vehicles, including Lucid Gravity and Lucid Midsize vehicles. Achieved other milestones in the partnership with Uber and Nuro:
- Completed delivery of all Lucid Gravity robotaxi alpha test vehicles during the quarter
- Employees at partner companies commenced taking test rides utilizing the Uber app
- Nuro secured its California DMV permit for driverless testing in April, paving the way for the opening of driverless robotaxi operations to the public later this year
- Continued on-road testing in preparation for commercial launch of robotaxi service later this year
- Announced Lucid's first-ever authorized retail and service partner in
Europe , diversifying the company's revenue base through a cost-efficient approach - In April, Lucid Gravity SUV was named 2026 World Luxury Car of the Year
The Company produced 5,500 vehicles and delivered 3,093 vehicles in the first quarter of 2026. During the quarter, a seat supplier issue was identified that significantly affected Lucid Gravity deliveries in February. We addressed these issues, and sales performance in March increased by
Lucid reported first quarter revenue of
"First quarter results demonstrated the strength of our technology and product portfolio. A supplier issue resolved during the quarter had an impact, but January and March deliveries were ahead of the same periods in the prior year," said Marc Winterhoff, Interim Chief Executive Officer at Lucid. "We expanded strategic partnerships, including with Uber, and continued to advance our autonomy roadmap. We are executing with focus across operations, aligning production and delivery with customer demand. With the announcement of Silvio Napoli as our next Chief Executive Officer, we are entering Lucid's next growth phase with a clear mandate: to accelerate toward financial self-sufficiency while delivering industry-leading innovation and customer experience."
"We strengthened our balance sheet with over
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on May 5, 2026. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Lucid Group
Lucid Group, Inc. (NASDAQ: LCID) is a technology company creating exceptional mobility experiences through innovation to drive the world forward. Built on Lucid's proprietary technology and software defined vehicle architectures, the company's lineup of award-winning vehicles brings Lucid's "Compromise Nothing™" approach to premium segments of the global automotive market. Lucid designs and engineers its products in-house and assembles at its vertically integrated facilities in
Investor Relations Contact
Media Contact
Trademarks
This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.
Forward-Looking Statements
This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict," "scheduled," "aiming," "targeting" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding results of operations, financial outlook and condition, guidance, liquidity, capital expenditures, prospects, growth, production volumes, strategies, management, and the markets in which Lucid operates, including expectations of financial and operational metrics, projections of market opportunity, market share and product sales, plans and expectations related to commercial product launches and future programs, initiatives and products, including the Midsize program, plans and expectations on vehicle production and delivery timing and volumes, expectations regarding market opportunities and demand for Lucid's products, the range, features, specifications, performance, production and delivery of Lucid's vehicles and potential impact on markets, plans and expectations regarding further monetization opportunities, plans and expectations regarding Lucid's software, technology features and capabilities, including with respect to battery and powertrain systems, plans and expectations regarding Lucid's systems approach to the design of the vehicles, estimate of Lucid's technology lead over competitors, estimate of the length of time Lucid's existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding Lucid's liquidity runway, future capital raises and funding strategy, plans and expectations regarding future manufacturing capabilities and facilities, logistics and supply chain, studio and service center openings, sales channels and strategies, test drive, ability to mitigate supply chain and logistics risks, plans and expectations regarding expansion and construction of Lucid's AMP-1 and AMP-2 manufacturing facilities and capabilities, including potential benefits, ability to vertically integrate production processes, future market launches and international expansion, Lucid's ability to grow its brand awareness, plans and expectations regarding management transitions, the potential success of Lucid's distribution strategy and future vehicle programs, potential automotive and strategic partnerships and their anticipated benefits, plans and expectations regarding Lucid's ADAS/AD roadmap and robotaxi program, expectations on the technology licensing landscape, expectations on the regulatory and political environment, and the promise of Lucid's technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, economic, market, financial, political, regulatory and legal conditions, including uncertainties and changes of policies, imposition or proposed imposition of tariffs, export controls, threat of a trade war, the risk of a global economic recession or other downturn, bank closures and liquidity concerns at financial institutions, and global or regional conflicts or other geopolitical events, including the military operations in the Gulf region and the
Non-GAAP Financial Measures and Key Business Metrics
Condensed consolidated financial information has been presented in accordance with US GAAP ("GAAP") as well as on a non-GAAP basis to supplement Lucid's condensed consolidated financial results. Lucid's non-GAAP financial measures include Adjusted EBITDA, adjusted net loss attributable to common stockholders, adjusted net loss per share attributable to common stockholders, and free cash flow, which are discussed below.
Adjusted EBITDA is defined as net loss attributable to common stockholders before (1) interest expense, (2) interest income, (3) provision for (benefit from) income taxes, (4) depreciation and amortization, (5) stock-based compensation, (6) workforce reduction charges, (7) change in fair value of common stock warrant liability, (8) change in fair value of equity securities of a related party, (9) change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party), and (10) accretion of redeemable convertible preferred stock (related party). Lucid believes that Adjusted EBITDA provides useful information to Lucid's management and investors about Lucid's financial performance.
Adjusted net loss attributable to common stockholders is defined as net loss attributable to common stockholders excluding (1) stock-based compensation, (2) workforce reduction charges, (3) change in fair value of common stock warrant liability, (4) change in fair value of equity securities of a related party, (5) change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party), and (6) accretion of redeemable convertible preferred stock (related party).
Lucid defines and calculates adjusted net loss per share attributable to common stockholders as adjusted net loss attributable to common stockholders divided by weighted-average shares outstanding attributable to common stockholders.
Lucid believes that adjusted net loss attributable to common stockholders and adjusted net loss per share attributable to common stockholders financial measures provide investors with useful information to evaluate the performance of its business excluding items not reflecting ongoing operating activities.
Free cash flow is defined as net cash used in operating activities less capital expenditures. Lucid believes that free cash flow provides useful information to Lucid's management and investors about the amount of cash generated by the business after necessary capital expenditures.
These non-GAAP financial measures facilitate management's internal comparisons to Lucid's historical performance. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting, and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to Lucid's investors regarding measures of its financial condition and results of operations that Lucid uses to run the business and therefore allows investors to better understand Lucid's performance. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of Lucid's results as reported under GAAP.
Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding Lucid's operating performance. In addition, other companies, including companies in Lucid's industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Lucid's non-GAAP financial measures and key performance measures as tools for comparison. A reconciliation between GAAP and non-GAAP financial information is presented below.
LUCID GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share data) | ||||
March 31, | December 31, | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 700,356 | $ 997,827 | ||
Short-term investments (including nil and | — | 631,093 | ||
Accounts receivable, net (including | 131,244 | 177,162 | ||
Inventory | 1,468,853 | 1,109,529 | ||
Prepaid expenses | 63,880 | 59,606 | ||
Other current assets | 392,336 | 324,434 | ||
Total current assets | 2,756,669 | 3,299,651 | ||
Property, plant and equipment, net | 4,028,772 | 3,978,132 | ||
Right-of-use assets | 258,414 | 241,974 | ||
Long-term investments (including | 13,615 | 512,241 | ||
Other noncurrent assets | 425,698 | 354,983 | ||
TOTAL ASSETS | $ 7,483,168 | $ 8,386,981 | ||
LIABILITIES | ||||
Current liabilities: | ||||
Accounts payable (including | $ 484,853 | $ 487,521 | ||
Finance lease liabilities, current portion | 5,029 | 84,222 | ||
Current portion of debt ( | 707,449 | 671,746 | ||
Other current liabilities (including | 1,496,972 | 1,392,641 | ||
Total current liabilities | 2,694,303 | 2,636,130 | ||
Finance lease liabilities, net of current portion | 103,833 | 104,559 | ||
Debt, net of current portion | 2,047,844 | 2,046,576 | ||
Other long-term liabilities (including | 590,277 | 582,739 | ||
Derivative liabilities associated with redeemable convertible preferred stock (related party) | 8,825 | 16,200 | ||
Total liabilities | 5,445,082 | 5,386,204 | ||
REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||||
Preferred stock 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025, Series A redeemable convertible | 1,402,103 | 1,339,641 | ||
Preferred stock 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025, Series B redeemable convertible | 987,349 | 943,849 | ||
Total redeemable convertible preferred stock | 2,389,452 | 2,283,490 | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||||
Common stock, par value | 33 | 33 | ||
Additional paid-in capital | 16,304,893 | 16,337,023 | ||
Treasury stock, at cost, 85,782 shares at March 31, 2026 and December 31, 2025 | (20,716) | (20,716) | ||
Accumulated other comprehensive income | 3,513 | 11,692 | ||
Accumulated deficit | (16,639,089) | (15,610,745) | ||
Total stockholders' equity (deficit) | (351,366) | 717,287 | ||
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 7,483,168 | $ 8,386,981 | ||
LUCID GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (in thousands, except share and per share data) | |||
Three Months Ended | |||
2026 | 2025 | ||
Revenue (including | $ 282,465 | $ 235,048 | |
Costs and expenses | |||
Cost of revenue | 594,170 | 463,560 | |
Research and development | 335,670 | 251,246 | |
Selling, general and administrative | 304,176 | 212,175 | |
Workforce reduction charges | 37,934 | — | |
Total cost and expenses | 1,271,950 | 926,981 | |
Loss from operations | (989,485) | (691,933) | |
Other income (expense), net | |||
Change in fair value of common stock warrant liability | — | 12,861 | |
Change in fair value of equity securities of a related party | (10,221) | (13,453) | |
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related | 7,375 | 281,700 | |
Interest income | 13,104 | 52,209 | |
Interest expense (including | (41,073) | (11,883) | |
Other income (expense), net | (7,867) | 2,965 | |
Total other income (expense), net | (38,682) | 324,399 | |
Loss before provision for (benefit from) income taxes | (1,028,167) | (367,534) | |
Provision for (benefit from) income taxes | 177 | (1,363) | |
Net loss | (1,028,344) | (366,171) | |
Accretion of redeemable convertible preferred stock (related party) | (105,962) | (364,925) | |
Net loss attributable to common stockholders, basic and diluted | $ (1,134,306) | $ (731,096) | |
Weighted-average shares outstanding attributable to common stockholders, basic and diluted(1) | 328,285,861 | 303,631,731 | |
Net loss per share attributable to common stockholders, basic and diluted(1) | $ (3.46) | $ (2.41) | |
Other comprehensive income (loss) | |||
Net unrealized gains (losses) on investments, net of tax | $ (1,385) | $ 3,552 | |
Reclassification adjustment for realized gains on investments included in net loss | (5,702) | — | |
Foreign currency translation adjustments | (1,092) | 3,897 | |
Total other comprehensive income (loss) | (8,179) | 7,449 | |
Comprehensive loss | (1,036,523) | (358,722) | |
Accretion of redeemable convertible preferred stock (related party) | (105,962) | (364,925) | |
Comprehensive loss attributable to common stockholders | $ (1,142,485) | $ (723,647) | |
(1) The weighted-average shares outstanding attributable to common stockholders and net loss per share attributable to common stockholders have been adjusted for the prior periods presented to reflect the one-for-ten (1:10) reverse stock split effected on August 29, 2025. |
LUCID GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) | |||
Three Months Ended | |||
2026 | 2025 | ||
Cash flows from operating activities: | |||
Net loss | $ (1,028,344) | $ (366,171) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 116,412 | 97,959 | |
Amortization of insurance premium | 9,296 | 8,914 | |
Non-cash operating lease cost | 15,162 | 8,551 | |
Stock-based compensation | 61,030 | 27,515 | |
Inventory and firm purchase commitments write-downs | 228,317 | 147,918 | |
Change in fair value of common stock warrant liability | — | (12,861) | |
Change in fair value of equity securities of a related party | 10,221 | 13,453 | |
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related | (7,375) | (281,700) | |
Net accretion of investment discounts/premiums | (941) | (13,480) | |
Other non-cash items | (2,805) | 2,718 | |
Changes in operating assets and liabilities: | |||
Accounts receivable (including | 44,835 | 21,781 | |
Inventory | (576,397) | (206,470) | |
Prepaid expenses | (12,099) | (7,423) | |
Other assets | (127,445) | (612) | |
Accounts payable | (11,112) | (377) | |
Other liabilities | 95,586 | 131,672 | |
Net cash used in operating activities | (1,185,659) | (428,613) | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment (including | (253,167) | (161,241) | |
Proceeds from maturities of investments (including | 177,228 | 1,062,291 | |
Proceeds from sale of investments | 951,125 | — | |
Purchases of investments (including nil and | — | (287,029) | |
Net cash provided by investing activities | 875,186 | 614,021 | |
Cash flows from financing activities: | |||
Proceeds from borrowings from a related party | 35,994 | 66,656 | |
Proceeds from exercise of stock options | 2,768 | 413 | |
Tax withholding payments for net settlement of employee awards | (1,105) | (3,277) | |
Payment for finance lease liabilities | (1,212) | (554) | |
Payment for credit facility issuance costs to a related party | — | (507) | |
Payments of transaction costs for the issuance of 2031 Notes | (1,165) | — | |
Net cash provided by financing activities | 35,280 | 62,731 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (275,193) | 248,139 | |
Beginning cash, cash equivalents, and restricted cash | 1,040,913 | 1,607,052 | |
Ending cash, cash equivalents, and restricted cash | $ 765,720 | $ 1,855,191 | |
LUCID GROUP, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except share and per share data) | |||
Adjusted EBITDA | |||
Three Months Ended | |||
2026 | 2025 | ||
Net loss attributable to common stockholders, basic and diluted (GAAP) | $ (1,134,306) | $ (731,096) | |
Interest expense | 41,073 | 11,883 | |
Interest income | (13,104) | (52,209) | |
Provision for (benefit from) income taxes | 177 | (1,363) | |
Depreciation and amortization | 116,412 | 97,959 | |
Stock-based compensation | 62,389 | 27,515 | |
Workforce reduction charges | 37,934 | — | |
Change in fair value of common stock warrant liability | — | (12,861) | |
Change in fair value of equity securities of a related party | 10,221 | 13,453 | |
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (7,375) | (281,700) | |
Accretion of redeemable convertible preferred stock (related party) | 105,962 | 364,925 | |
Adjusted EBITDA (non-GAAP) | $ (780,617) | $ (563,494) | |
Adjusted Net Loss Attributable to Common Stockholders | |||
Three Months Ended | |||
2026 | 2025 | ||
Net loss attributable to common stockholders, basic and diluted (GAAP) | $ (1,134,306) | $ (731,096) | |
Stock-based compensation | 62,389 | 27,515 | |
Workforce reduction charges | 37,934 | — | |
Change in fair value of common stock warrant liability | — | (12,861) | |
Change in fair value of equity securities of a related party | 10,221 | 13,453 | |
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (7,375) | (281,700) | |
Accretion of redeemable convertible preferred stock (related party) | 105,962 | 364,925 | |
Adjusted net loss attributable to common stockholders, basic and diluted (non-GAAP) | $ (925,175) | $ (619,764) | |
Adjusted Net Loss Per Share Attributable to Common Stockholders(1) | |||
Three Months Ended | |||
2026 | 2025 | ||
Net loss per share attributable to common stockholders, basic and diluted (GAAP) | $ (3.46) | $ (2.41) | |
Stock-based compensation | 0.19 | 0.10 | |
Workforce reduction charges | 0.12 | — | |
Change in fair value of common stock warrant liability | — | (0.04) | |
Change in fair value of equity securities of a related party | 0.03 | 0.04 | |
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (0.02) | (0.93) | |
Accretion of redeemable convertible preferred stock (related party) | 0.32 | 1.20 | |
Adjusted net loss per share attributable to common stockholders, basic and diluted (non-GAAP) | $ (2.82) | $ (2.04) | |
Weighted-average shares outstanding attributable to common stockholders, basic and diluted | 328,285,861 | 303,631,731 | |
(1) The weighted-average shares outstanding attributable to common stockholders, net loss per share attributable to common stockholders and adjusted net loss per share attributable to common stockholders have been adjusted for the prior periods presented to reflect the one-for-ten (1:10) reverse stock split effected on August 29, 2025. |
LUCID GROUP, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - continued (Unaudited) (in thousands) | |||
Free Cash Flow | |||
Three Months Ended | |||
2026 | 2025 | ||
Net cash used in operating activities (GAAP) | $ (1,185,659) | $ (428,613) | |
Capital expenditures | (253,167) | (161,241) | |
Free cash flow (non-GAAP) | $ (1,438,826) | $ (589,854) | |
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SOURCE Lucid Group