Lucid Announces Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Lucid (NASDAQ: LCID) reported Q4 and full‑year 2025 results with deliveries of 5,345 vehicles in Q4 and 15,841 vehicles in 2025, revenue of $522.7M in Q4 and $1,353.8M for 2025, and GAAP diluted loss per share of $(3.62) in Q4 and $(12.09) for 2025.
The company ended Q4 with approximately $4.6B in liquidity, issued 2026 production guidance of 25,000–27,000 vehicles, and revised 2025 production to 17,840 vehicles due to internal validation timing.
Positive
- Deliveries +72% in Q4 2025 versus Q4 2024
- Revenue +123% in Q4 2025 and +68% full year 2025
- Ended quarter with approximately $4.6 billion liquidity
- 2026 production guidance set at 25,000–27,000 vehicles
Negative
- GAAP diluted net loss per share $(12.09) for full year 2025
- Production revised downward to 17,840 vehicles from 18,378 preliminary
- Q4 produced vehicles 7,874 after validation adjustment
Key Figures
Market Reality Check
Peers on Argus
LCID was down 1.15% while key EV peers like NIO and PSNY showed gains and momentum scans flagged RIVN moving up, indicating a stock-specific move rather than a sector-wide EV shift.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Q3 2025 earnings | Positive | +5.4% | Strong Q3 revenue and deliveries plus expanded delayed draw term loan liquidity. |
| Aug 05 | Q2 2025 earnings | Negative | -9.7% | Delivery growth but widened losses and reduced 2025 production guidance to 18k-20k. |
| May 06 | Q1 2025 earnings | Positive | -3.4% | Higher deliveries and revenue with strong liquidity but shares fell post-report. |
| Feb 25 | FY 2024 earnings | Neutral | -13.6% | Met 2024 guidance with growth and losses plus leadership change at CEO level. |
| Nov 07 | Q3 2024 earnings | Neutral | -0.5% | Revenue and delivery growth, capital raise, and ongoing heavy losses and cash burn. |
Earnings releases have often coincided with downside moves, with several quarters selling off despite growth in revenue and deliveries.
Over the last five earnings cycles, Lucid has reported strong revenue and delivery growth alongside continued losses and significant financing actions. Q4 2024 and early 2025 results highlighted rapid volume expansion and large liquidity buffers, but shares often traded lower afterward. Q2 2025 included a guidance cut that drew a sharper negative reaction. More recent Q3 2025 results, which combined growth with major funding support, saw a positive move. Today’s Q4/FY 2025 report fits this pattern of scaling volumes, large losses, and focus on liquidity.
Historical Comparison
In the past five earnings releases, LCID’s average next-day move was -4.36%, with several quarters selling off despite reporting strong revenue and delivery growth.
Earnings updates show a progression of rising vehicle volumes and revenue, offset by persistent GAAP losses and repeated liquidity actions, with guidance trimmed in mid-2025 and later reaffirmed or met.
Market Pulse Summary
This announcement highlights rapid scaling, with Q4 $522.7M revenue and 5,345 deliveries, plus 2025 revenue of $1.35B and 15,841 vehicles delivered. At the same time, Lucid reported sizeable GAAP losses of $(12.09) per share for 2025, even as it ended the year with about $4.6B in liquidity. The revision of 2025 production counts and new 2026 guidance of 25,000–27,000 vehicles underscore execution and validation milestones investors may watch closely.
Key Terms
gaap financial
robotaxi technical
regulation fd regulatory
AI-generated analysis. Not financial advice.
Financial Highlights
- Delivered 5,345 vehicles in Q4 and 15,841 vehicles in 2025; up
72% compared to Q4 2024 and up55% compared to full year 2024 - Nearly doubled production year over year and in-line with 2025 annual production guidance of approximately 18,000 vehicles despite supply chain and tariff headwinds
- Q4 2025 revenue of
$522.7 million 123% compared to Q4 2024, and annual revenue of$1,353.8 million 68% compared to full year 2024 - GAAP diluted net loss per share of
$(3.62) $(12.09) - Ended the quarter with approximately
$4.6 billion - 2026 production guidance of 25,000-27,000 vehicles
Operational Highlights
- Achieved an eighth consecutive quarter of record deliveries and grew full year deliveries more than
50% year over year, with continuedU.S. luxury EV share gains - Improved execution across manufacturing and operations by ramping Lucid Gravity and reducing unit costs
- Advanced long-term growth platforms in autonomy, robotaxi development, and software while expanding global manufacturing and the Company's sales and service footprint
- Received multiple top-tier awards for product excellence, including Car and Driver 10Best recognition for both
Lucid Gravity and Lucid Air
The Company delivered 15,841 vehicles in 2025. Lucid today also announced its 2026 annual production guidance of 25,000 – 27,000 vehicles and will continue to prudently manage and adjust production to meet sales and delivery needs.
Lucid reported fourth quarter revenue of
"2025 was all about execution and strategy adjustment to set Lucid up for long-term success. Against a challenging macro backdrop, we nearly doubled production, gained market share, reduced unit costs, and strengthened our financial position," said Marc Winterhoff, Interim CEO at Lucid. "We advanced and launched our autonomy strategy, leveraging our industry‑leading technology and strong partnerships to position Lucid as an early mover in the emerging robotaxi market and to deliver differentiated autonomy capabilities to our customers in a capital‑efficient way. In 2026, our focus remains on operational and financial discipline, sustainable growth, and continued progress toward profitability, while we look forward to the production of the first of our Midsize vehicles and the deployment of the first Lucid robotaxis into commercial service with our partners."
"Q4 marked a clear step‑change in production and unit economics. The progress we made is structural, creating a more repeatable and stable operating cadence heading into 2026," said Taoufiq Boussaid, CFO at Lucid. "Our liquidity position remains strong, providing us with the flexibility to execute near-term objectives while investing in future growth. As we prepare for the next stage of our product and volume expansion, we are making targeted adjustments to our
On January 5, 2026, Lucid announced preliminary production of 18,378 vehicles for full year 2025 and 8,412 vehicles for the fourth quarter of 2025. Following that announcement, management determined that 538 vehicles had not completed certain internal procedures required under its final validation process to be classified as produced. As a result, the Company is revising its reported production totals to 17,840 vehicles for full year 2025, in line with the 2025 annual production guidance of approximately 18,000 vehicles, and 7,874 vehicles for the fourth quarter of 2025. These vehicles are expected to complete the final validation process in 2026. This revision relates to the timing of when vehicles are classified as produced under the Company's internal criteria and does not affect previously reported financial results.
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on February 24, 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 (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The award-winning Lucid Air and Lucid Gravity deliver best-in-class performance, sophisticated design, expansive interior space and unrivaled energy efficiency. Lucid assembles both vehicles in its state-of-the-art, vertically integrated factories 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" 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 sales channels and strategies, 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 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 recent geopolitical tensions in
Non-GAAP Financial Measures and Key Business Metrics
Consolidated financial information has been presented in accordance with US GAAP ("GAAP") as well as on a non-GAAP basis to supplement Lucid's consolidated financial results. Lucid's non-GAAP financial measures include Adjusted EBITDA, adjusted net loss attributable to common stockholders (diluted), adjusted net loss per share attributable to common stockholders (diluted), and free cash flow, which are discussed below.
Adjusted EBITDA is defined as net loss attributable to common stockholders (basic) before (1) interest expense, (2) interest income, (3) provision for (benefit from) income taxes, (4) depreciation and amortization, (5) stock-based compensation, (6) restructuring 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), (10) accretion of redeemable convertible preferred stock (related party), and (11) gain on extinguishment of debt. 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 (diluted) is defined as net loss attributable to common stockholders (diluted) excluding (1) stock-based compensation, (2) restructuring 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 (diluted) as adjusted net loss attributable to common stockholders (diluted) divided by weighted-average shares outstanding attributable to common stockholders (diluted).
Lucid believes that adjusted net loss attributable to common stockholders (diluted) and adjusted net loss per share attributable to common stockholders (diluted) financial measures provide investors with useful information to evaluate 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 the Company'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. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) | ||||
December 31, | December 31, | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 997,827 | $ 1,606,865 | ||
Short-term investments (including | 631,093 | 2,424,103 | ||
Accounts receivable, net (including | 177,162 | 112,025 | ||
Inventory | 1,109,529 | 407,774 | ||
Prepaid expenses | 59,606 | 52,951 | ||
Other current assets (including nil and | 324,434 | 270,218 | ||
Total current assets | 3,299,651 | 4,873,936 | ||
Property, plant and equipment, net | 3,978,132 | 3,262,612 | ||
Right-of-use assets | 241,974 | 211,886 | ||
Long-term investments (including | 512,241 | 1,050,054 | ||
Other noncurrent assets | 354,983 | 249,443 | ||
TOTAL ASSETS | $ 8,386,981 | $ 9,647,931 | ||
LIABILITIES | ||||
Current liabilities: | ||||
Accounts payable | $ 487,521 | $ 133,832 | ||
Finance lease liabilities, current portion | 84,222 | 6,788 | ||
Current portion of debt (including | 671,746 | 126,417 | ||
Other current liabilities (including | 1,392,641 | 898,254 | ||
Total current liabilities | 2,636,130 | 1,165,291 | ||
Finance lease liabilities, net of current portion | 104,559 | 76,096 | ||
Debt, net of current portion | 2,046,576 | 2,002,151 | ||
Other long-term liabilities (including | 582,739 | 592,314 | ||
Derivative liabilities associated with redeemable convertible preferred stock (related party) | 16,200 | 639,425 | ||
Total liabilities | 5,386,204 | 4,475,277 | ||
REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||||
Preferred stock 10,000,000 shares authorized as of December 31, 2025 and 2024, Series A redeemable convertible preferred stock, par value | 1,339,641 | 730,025 | ||
Preferred stock 10,000,000 shares authorized as of December 31, 2025 and 2024, Series B redeemable convertible preferred stock, par value | 943,849 | 569,817 | ||
Total redeemable convertible preferred stock | 2,283,490 | 1,299,842 | ||
STOCKHOLDERS' EQUITY | ||||
Common stock, par value | 33 | 30 | ||
Additional paid-in capital | 16,337,023 | 16,808,291 | ||
Treasury stock, at cost, 85,782 shares at December 31, 2025 and 2024(1) | (20,716) | (20,716) | ||
Accumulated other comprehensive income (loss) | 11,692 | (2,099) | ||
Accumulated deficit | (15,610,745) | (12,912,694) | ||
Total stockholders' equity | 717,287 | 3,872,812 | ||
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY | $ 8,386,981 | $ 9,647,931 | ||
(1) The number of shares of common stock and treasury stock have been adjusted for the prior period presented to reflect the one-for-ten (1:10) reverse stock split effected on August 29, 2025. | ||||
LUCID GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (in thousands, except share and per share data) | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenue (including | $ 522,730 | $ 234,473 | $ 1,353,790 | $ 807,832 | |||
Costs and expenses | |||||||
Cost of revenue | 944,636 | 443,248 | 2,610,176 | 1,730,943 | |||
Research and development | 361,007 | 280,285 | 1,211,397 | 1,176,453 | |||
Selling, general and administrative | 281,841 | 243,890 | 1,033,970 | 900,952 | |||
Restructuring charges | — | — | — | 20,304 | |||
Total cost and expenses | 1,587,484 | 967,423 | 4,855,543 | 3,828,652 | |||
Loss from operations | (1,064,754) | (732,950) | (3,501,753) | (3,020,820) | |||
Other income (expense), net | |||||||
Change in fair value of common stock warrant liability | 887 | 13,305 | 19,514 | 34,150 | |||
Change in fair value of equity securities of a related party | (7,196) | (4,898) | (15,785) | (43,057) | |||
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | 266,425 | 292,600 | 623,225 | 155,350 | |||
Gain on extinguishment of debt | 5,405 | — | 121,765 | — | |||
Interest income | 25,273 | 57,825 | 156,443 | 213,026 | |||
Interest expense (including | (33,898) | (10,271) | (95,101) | (32,923) | |||
Other expense, net | (4,400) | (12,240) | (8,692) | (18,469) | |||
Total other income, net | 252,496 | 336,321 | 801,369 | 308,077 | |||
Loss before provision for (benefit from) income taxes | (812,258) | (396,629) | (2,700,384) | (2,712,743) | |||
Provision for (benefit from) income taxes | 1,762 | 589 | (2,333) | 1,199 | |||
Net loss | (814,020) | (397,218) | (2,698,051) | (2,713,942) | |||
Accretion of redeemable convertible preferred stock (related party) | (362,779) | (239,686) | (983,648) | (347,610) | |||
Net loss attributable to common stockholders, basic | (1,176,799) | (636,904) | (3,681,699) | (3,061,552) | |||
Interest expense on 2026 Notes | — | — | 14,309 | — | |||
Gain on extinguishment of debt | — | — | (121,765) | — | |||
Net loss attributable to common stockholders, diluted | $ (1,176,799) | $ (636,904) | $ (3,789,155) | $ (3,061,552) | |||
Weighted-average shares outstanding attributable to common stockholders(1) | |||||||
Basic | 325,040,126 | 284,083,802 | 311,680,046 | 244,517,654 | |||
Diluted | 325,040,126 | 284,083,802 | 313,400,136 | 244,517,654 | |||
Net loss per share attributable to common stockholders(1) | |||||||
Basic | $ (3.62) | $ (2.24) | $ (11.81) | $ (12.52) | |||
Diluted | $ (3.62) | $ (2.24) | $ (12.09) | $ (12.52) | |||
Other comprehensive income (loss) | |||||||
Net unrealized gains (losses) on investments, net of tax | $ (669) | $ (5,730) | $ 3,860 | $ 1,942 | |||
Foreign currency translation adjustments | (752) | (9,283) | 9,931 | (8,891) | |||
Total other comprehensive income (loss) | (1,421) | (15,013) | 13,791 | (6,949) | |||
Comprehensive loss | (815,441) | (412,231) | (2,684,260) | (2,720,891) | |||
Accretion of redeemable convertible preferred stock (related party) | (362,779) | (239,686) | (983,648) | (347,610) | |||
Comprehensive loss attributable to common stockholders | $ (1,178,220) | $ (651,917) | $ (3,667,908) | $ (3,068,501) | |||
(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. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Cash flows from operating activities: | |||||||
Net loss | $ (814,020) | $ (397,218) | $ (2,698,051) | $ (2,713,942) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 122,106 | 90,843 | 451,243 | 295,337 | |||
Amortization of insurance premium | 8,446 | 7,371 | 35,467 | 33,330 | |||
Non-cash operating lease cost | 14,841 | 7,768 | 47,527 | 30,765 | |||
Stock-based compensation | 72,386 | 77,069 | 271,275 | 285,872 | |||
Inventory and firm purchase commitments write-downs | 280,608 | 174,100 | 799,078 | 590,198 | |||
Change in fair value of common stock warrant liability | (887) | (13,305) | (19,514) | (34,150) | |||
Change in fair value of equity securities of a related party | 7,196 | 4,898 | 15,785 | 43,057 | |||
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (266,425) | (292,600) | (623,225) | (155,350) | |||
Net accretion of investment discounts/premiums | (1,953) | (17,159) | (23,631) | (76,739) | |||
Gain on extinguishment of debt | (5,405) | — | (121,765) | — | |||
Other non-cash items | 10,007 | 1,217 | 20,026 | 5,983 | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable (including | (39,167) | (14,678) | (65,690) | (61,279) | |||
Inventory | (416,471) | (112,850) | (1,449,071) | (334,242) | |||
Prepaid expenses | (9,929) | 1,812 | (41,972) | (16,675) | |||
Other assets | (22,480) | (161,493) | (155,266) | (203,869) | |||
Accounts payable | 74,128 | (7,808) | 318,456 | 34,756 | |||
Other liabilities (including nil and | 70,611 | 118,886 | 307,416 | 257,274 | |||
Net cash used in operating activities | (916,408) | (533,147) | (2,931,912) | (2,019,674) | |||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment (including | (325,436) | (291,635) | (868,158) | (883,841) | |||
Purchases of investments (including nil and | — | (2,248,670) | (309,557) | (4,622,890) | |||
Proceeds from maturities of investments (including nil from a related party for the three months ended December 31, 2025 and 2024, and | 240,637 | 860,684 | 2,654,090 | 4,112,084 | |||
Proceeds from sale of investments | — | 95,193 | — | 100,193 | |||
Other investing activities | 86 | — | 2,054 | — | |||
Net cash (used in) provided by investing activities | (84,713) | (1,584,428) | 1,478,429 | (1,294,454) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of Series A redeemable convertible preferred stock to a related party | — | — | — | 1,000,000 | |||
Payments of issuance costs for Series A redeemable convertible preferred stock | — | (8) | — | (2,351) | |||
Proceeds from issuance of Series B redeemable convertible preferred stock to a related party | — | — | — | 750,000 | |||
Payments of issuance costs for Series B redeemable convertible preferred stock | — | (391) | — | (641) | |||
Proceeds from issuance of common stock under 2025 Subscription Agreement | — | — | 300,000 | — | |||
Payments of issuance costs for the 2025 Subscription Agreement | — | — | (278) | — | |||
Proceeds from issuance of 2031 Notes | 975,000 | — | 975,000 | — | |||
Payments of transaction costs for the issuance of 2031 Notes | (11,675) | — | (11,675) | — | |||
Proceeds from issuance of 2030 Notes | — | — | 1,100,000 | — | |||
Payments of transaction costs for the issuance of 2030 Notes | — | — | (18,090) | — | |||
Purchase of capped call options | — | — | (118,250) | — | |||
Repurchases of 2026 Notes | (748,176) | — | (1,679,609) | — | |||
Proceeds from issuance of common stock under 2024 Underwriting Agreement, net of issuance costs | — | 718,357 | — | 718,357 | |||
Proceeds from issuance of common stock under 2024 Subscription Agreement to a related party, net of issuance costs | — | 1,025,660 | — | 1,025,660 | |||
Proceeds from borrowings from a related party | 154,619 | 79,844 | 341,240 | 79,844 | |||
Repayment of borrowings to a related party | — | — | — | (25,856) | |||
Proceeds from exercise of stock options | 442 | 1,637 | 2,342 | 4,883 | |||
Proceeds from employee stock purchase plan | 10,112 | 8,104 | 22,808 | 19,208 | |||
Tax withholding payments for net settlement of employee awards | (402) | (1,519) | (12,911) | (10,021) | |||
Payments for finance lease liabilities | (1,088) | (534) | (3,510) | (3,166) | |||
Payments for credit facility issuance costs (including | (9,216) | (186) | (9,723) | (6,244) | |||
Net cash provided by financing activities | 369,616 | 1,830,964 | 887,344 | 3,549,673 | |||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (631,505) | (286,611) | (566,139) | 235,545 | |||
Beginning cash, cash equivalents, and restricted cash | 1,672,418 | 1,893,663 | 1,607,052 | 1,371,507 | |||
Ending cash, cash equivalents, and restricted cash | $ 1,040,913 | $ 1,607,052 | $ 1,040,913 | $ 1,607,052 | |||
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 December 31, | Twelve Months Ended December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net loss attributable to common stockholders, basic (GAAP) | $ (1,176,799) | $ (636,904) | $ (3,681,699) | $ (3,061,552) | |||
Interest expense | 33,898 | 10,271 | 95,101 | 32,923 | |||
Interest income | (25,273) | (57,825) | (156,443) | (213,026) | |||
Provision for (benefit from) income taxes | 1,762 | 589 | (2,333) | 1,199 | |||
Depreciation and amortization | 122,106 | 90,843 | 451,243 | 295,337 | |||
Stock-based compensation | 72,386 | 77,069 | 271,275 | 287,352 | |||
Restructuring charges | — | — | — | 20,304 | |||
Change in fair value of common stock warrant liability | (887) | (13,305) | (19,514) | (34,150) | |||
Change in fair value of equity securities of a related party | 7,196 | 4,898 | 15,785 | 43,057 | |||
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (266,425) | (292,600) | (623,225) | (155,350) | |||
Accretion of redeemable convertible preferred stock (related party) | 362,779 | 239,686 | 983,648 | 347,610 | |||
Gain on extinguishment of debt | (5,405) | — | (121,765) | — | |||
Adjusted EBITDA (non-GAAP) | $ (874,662) | $ (577,278) | $ (2,787,927) | $ (2,436,296) | |||
Adjusted Net Loss Attributable to Common Stockholders | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net loss attributable to common stockholders, diluted (GAAP) | $ (1,176,799) | $ (636,904) | $ (3,789,155) | $ (3,061,552) | |||
Stock-based compensation | 72,386 | 77,069 | 271,275 | 287,352 | |||
Restructuring charges | — | — | — | 20,304 | |||
Change in fair value of common stock warrant liability | (887) | (13,305) | (19,514) | (34,150) | |||
Change in fair value of equity securities of a related party | 7,196 | 4,898 | 15,785 | 43,057 | |||
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (266,425) | (292,600) | (623,225) | (155,350) | |||
Accretion of redeemable convertible preferred stock (related party) | 362,779 | 239,686 | 983,648 | 347,610 | |||
Adjusted net loss attributable to common stockholders, diluted (non-GAAP) | $ (1,001,750) | $ (621,156) | $ (3,161,186) | $ (2,552,729) | |||
Adjusted Net Loss Per Share Attributable to Common Stockholders(1) | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net loss per share attributable to common stockholders, diluted (GAAP) | $ (3.62) | $ (2.24) | $ (12.09) | $ (12.52) | |||
Stock-based compensation | 0.22 | 0.27 | 0.86 | 1.18 | |||
Restructuring charges | — | — | — | 0.08 | |||
Change in fair value of common stock warrant liability | — | (0.05) | (0.06) | (0.14) | |||
Change in fair value of equity securities of a related party | 0.02 | 0.02 | 0.05 | 0.18 | |||
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (0.82) | (1.03) | (1.99) | (0.64) | |||
Accretion of redeemable convertible preferred stock (related party) | 1.12 | 0.84 | 3.14 | 1.42 | |||
Adjusted net loss per share attributable to common stockholders, diluted (non-GAAP) | $ (3.08) | $ (2.19) | $ (10.09) | $ (10.44) | |||
Weighted-average shares outstanding attributable to common stockholders, diluted | 325,040,126 | 284,083,802 | 313,400,136 | 244,517,654 | |||
(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 December 31, | Twelve Months Ended December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net cash used in operating activities (GAAP) | $ (916,408) | $ (533,147) | $ (2,931,912) | $ (2,019,674) | |||
Capital expenditures | (325,436) | (291,635) | (868,158) | (883,841) | |||
Free cash flow (non-GAAP) | $ (1,241,844) | $ (824,782) | $ (3,800,070) | $ (2,903,515) | |||
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SOURCE Lucid Group
FAQ
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