Lucid Announces Operational Reset and Second Quarter 2026 Results
Rhea-AI Summary
Lucid (NASDAQ: LCID) reported Q2 2026 revenue of $405 million, up 56% year over year, with production of 4,774 vehicles (+24%) and deliveries of 3,953 (+19%). Net loss was $1.03 billion, and the company ended the quarter with $3.0 billion in total liquidity, which, along with recently secured financing, is expected to provide runway well into 2027.
Lucid launched an operational reset centered on cash, customers and culture, including a $1.4 billion 2026 cash flow improvement plan across inventory, capex and opex, underpinned by June’s U.S. workforce reduction. Priority projects include the Uber/Nuro robotaxi program (nearly 100 test vehicles), industrialization of the Saudi AMP‑2 plant, and continued development of its midsize program.
Positive
- Q2 2026 revenue $405 million, up 56% year over year
- Vehicle deliveries 3,953 in Q2 2026, up 19% year over year
- Vehicle production 4,774 in Q2 2026, up 24% year over year
- Identified 2026 cash reductions $1.4 billion across inventory, capex and opex
- Total liquidity $3.0 billion at quarter-end; runway expected well into 2027
- Robotaxi testing fleet nearly 100 vehicles with Uber and Nuro in two U.S. regions
Negative
- Q2 2026 net loss $1.03 billion, versus $539 million in Q2 2025
- Loss from operations $1.08 billion in Q2 2026, versus $803 million prior year
- Cost of revenue $832 million in Q2 2026, exceeding $405 million revenue
- Net loss per share $3.30 basic in Q2 2026, versus $2.42 in Q2 2025
- Stockholders’ equity negative $1.06 billion at June 30, 2026, versus $717 million positive at year-end 2025
- Workforce reduction charges $33.7 million in Q2 2026; $71.6 million year-to-date
News Explained
At June 30, Lucid reported 394,070,176 common shares and a $1,057,963 thousand equity deficit.
The operational reset is underway; as of
The same balance sheet reported
Lucid also reported redeemable convertible preferred stock and stockholders' equity of
The release's
For historical cash context, cash and equivalents at
The next quarterly filing's common-stock, redeemable-convertible-preferred-stock, and cash-and-equivalents line items are the specific records needed to track these reported changes.
Sources and calculations
- Lucid operational reset and second-quarter 2026 results release (2026-08-04)
- Lucid first-quarter 2026 fundamentals (2026-03-31)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $700,356,000 / ($1,185,659,000 / 90) = [object Object]
Market Reaction – LCID
Following this news, LCID has declined 7.90%, reflecting a notable negative market reaction. Our momentum scanner has triggered 21 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $7.17.
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Transformation program launched, starting with a focus on Back-to-Basics
- Identified
$1.4 billion cash flow improvement opportunities in 2026 across operating expenses, capital expenditures, and working capital - Launched plan to refocus on three key areas: Cash & Cost, Customer & Quality, Culture & Team
- Four strategic projects earmarked as top priorities for resource allocation and capital deployment
- New simplified organizational structure aligned with priorities, halving CEO reports and enforcing accountability
Q2 Results
- Produced 4,774 vehicles, up
24% year over year, with production intentionally reduced to lower inventory and free up cash - Delivered 3,953 vehicles, up
19% year over year - Generated second quarter revenue of
$405 million 56% year over year - Ended the quarter with
$3.0 billion in total liquidity - Recently secured financing, combined with ongoing operational measures, provide sufficient liquidity runway well into 2027
Operational Highlights
- Robotaxi program began deliveries of Lucid Gravity Production-Validation vehicles, with testing underway by Uber and Nuro across the
San Francisco Bay Area and Houston - AMP-2 manufacturing facility in Saudi Arabia has transitioned from construction to industrialization, with installation and tuning of manufacturing ongoing
- Midsize program development continues, with prototype vehicles and Atlas drive units progressing through validation and production readiness activities
"Lucid has leading technology, compelling products and deeply committed people, but potential is not performance," said Silvio Napoli, CEO of Lucid. "We are going back to basics, with a clear focus on cash, customers, and culture. We are focused on delivering on our four must win priorities, including our
"Silvio and his leadership team are transforming the company, and the Board stands firmly behind their actions," said Turqi Alnowaiser, Chairman of Lucid. "The actions underway are intended to strengthen the company's execution, improve the customer experience, and translate Lucid's technology and product leadership into long-term value for customers and shareholders."
Three Priorities Guiding Lucid's Operational Reset
Lucid is refocusing the organization around three priorities designed to improve execution and strengthen the business.
Cash and Cost. Lucid is applying greater discipline to spending, investment decisions and capital allocation, while protecting the technologies and programs most important to its long-term competitiveness.
The company has deliberately reduced production to better align output with anticipated demand, convert inventory into deliveries and cash, and improve working capital.
Customer and Quality. Lucid is strengthening the ownership experience to match the performance of its vehicles, with a focus on product readiness, delivery experience, service responsiveness and parts availability as we invest in technicians and dedicated staff to reduce wait times by one third this year.
Culture and Team. Lucid is simplifying the organization, reducing layers and clarifying accountability to accelerate decisions and build a culture of ownership, performance and consistent execution.
The new structure halves the number of direct reports to the CEO and places experienced leaders in key roles across finance, technology, customer experience, transformation, digital and program execution. These changes are intended to accelerate decision-making, clarify ownership and build a performance-driven culture.
Four Strategic Projects
Lucid has identified four must-win projects.
Robotaxi. The company's robotaxi program with Uber and Nuro is a top priority and an important opportunity to extend Lucid's technology beyond privately owned vehicles. The program is in active testing and validation, supported by a fleet of nearly 100 vehicles across the
AMP-2. Lucid's factory in
Midsize. Continued progress on the Midsize program, with Atlas drive units and prototype vehicles advancing through validation, durability testing, crash certification, battery-pack manufacturing validation, and cold-weather testing in
Second Quarter 2026 Performance
Lucid produced 4,774 vehicles and delivered 3,953 vehicles during the second quarter. The company moderated production to better align output with anticipated deliveries, reduce inventory and preserve cash.
Lucid reported second quarter revenue of
Conference Call Information
Lucid will host a conference call to discuss its second quarter 2026 financial results on Tuesday, August 4, 2026, at 2:30 pm PT / 5:30 pm ET. 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
investor@lucidmotors.com
Media Contact
media@lucidmotors.com
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," "objective," "focus," "strategic" 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, its cash flow improvement plan, the expected savings from eliminating the second shift at AMP-1, 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 and cash flow improvement plans, 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, appointment wait times, 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, expectations regarding executive leadership transitions, the potential success of Lucid's distribution strategy and future vehicle programs, changes to future or existing vehicle programs, the company's plans regarding increasing the number of technicians and concierges, potential automotive and strategic partnerships and their anticipated benefits, plans and expectations regarding Lucid's ADAS/AV 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 in 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 (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) 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 and subscription agreements 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) 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 and subscription agreements 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 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)
| ||||
June 30, | December 31, | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 732,601 | $ 997,827 | ||
Short-term investments (including nil and | 28,712 | 631,093 | ||
Accounts receivable, net (including | 223,050 | 177,162 | ||
Inventory | 1,378,653 | 1,109,529 | ||
Prepaid expenses | 72,458 | 59,606 | ||
Other current assets | 341,067 | 324,434 | ||
Total current assets | 2,776,541 | 3,299,651 | ||
Property, plant and equipment, net | 4,222,841 | 3,978,132 | ||
Right-of-use assets | 249,019 | 241,974 | ||
Long-term investments (including | 14,191 | 512,241 | ||
Other noncurrent assets | 436,234 | 354,983 | ||
TOTAL ASSETS | $ 7,698,826 | $ 8,386,981 | ||
LIABILITIES | ||||
Current liabilities: | ||||
Accounts payable | $ 366,907 | $ 487,521 | ||
Finance lease liabilities, current portion | 5,045 | 84,222 | ||
Current portion of debt ( | 707,142 | 671,746 | ||
Other current liabilities (including | 1,359,101 | 1,392,641 | ||
Total current liabilities | 2,438,195 | 2,636,130 | ||
Finance lease liabilities, net of current portion | 102,685 | 104,559 | ||
Debt, net of current portion (including | 2,546,556 | 2,046,576 | ||
Other long-term liabilities (including | 599,441 | 582,739 | ||
Derivative liabilities associated with redeemable convertible preferred stock (related party) | 163,655 | 16,200 | ||
Total liabilities | 5,850,532 | 5,386,204 | ||
REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||||
Preferred stock 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025, Series A redeemable convertible preferred stock, par value | 1,469,464 | 1,339,641 | ||
Preferred stock 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025, Series B redeemable convertible preferred stock, par value | 1,032,514 | 943,849 | ||
Preferred stock 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025, Series C redeemable convertible preferred stock, par value | 404,279 | — | ||
Total redeemable convertible preferred stock | 2,906,257 | 2,283,490 | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||||
Common stock, par value | 39 | 33 | ||
Additional paid-in capital | 16,636,039 | 16,337,023 | ||
Treasury stock, at cost, 85,782 shares at June 30, 2026 and December 31, 2025 | (20,716) | (20,716) | ||
Accumulated other comprehensive income | 615 | 11,692 | ||
Accumulated deficit | (17,673,940) | (15,610,745) | ||
Total stockholders' equity (deficit) | (1,057,963) | 717,287 | ||
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 7,698,826 | $ 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 | Six Months Ended | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Revenue (including | $ 405,347 | $ 259,432 | $ 687,812 | $ 494,480 | |||
Costs and expenses | |||||||
Cost of revenue | 832,072 | 531,783 | 1,426,242 | 995,343 | |||
Research and development | 321,336 | 273,839 | 657,006 | 525,085 | |||
Selling, general and administrative | 300,432 | 256,857 | 604,608 | 469,032 | |||
Workforce reduction charges | 33,675 | — | 71,609 | — | |||
Total cost and expenses | 1,487,515 | 1,062,479 | 2,759,465 | 1,989,460 | |||
Loss from operations | (1,082,168) | (803,047) | (2,071,653) | (1,494,980) | |||
Other income (expense), net | |||||||
Change in fair value of common stock warrant liability | — | 5,322 | — | 18,183 | |||
Change in fair value of equity securities of a related party | 549 | 3,948 | (9,672) | (9,505) | |||
Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party) | 102,790 | 111,475 | 110,165 | 393,175 | |||
Gain on extinguishment of debt | — | 116,360 | — | 116,360 | |||
Interest income | 9,634 | 44,318 | 22,738 | 96,527 | |||
Interest expense (including | (47,817) | (23,749) | (88,890) | (35,632) | |||
Other income (expense), net | (16,789) | 3,572 | (24,656) | 6,537 | |||
Total other income, net | 48,367 | 261,246 | 9,685 | 585,645 | |||
Loss before provision for (benefit from) income taxes | (1,033,801) | (541,801) | (2,061,968) | (909,335) | |||
Provision for (benefit from) income taxes | 1,050 | (2,369) | 1,227 | (3,732) | |||
Net loss | (1,034,851) | (539,432) | (2,063,195) | (905,603) | |||
Accretion of redeemable convertible preferred stock (related party) | (224,425) | (199,823) | (330,387) | (564,748) | |||
Net loss attributable to common stockholders, basic | (1,259,276) | (739,255) | (2,393,582) | (1,470,351) | |||
Interest expense on 2026 Notes | — | 309 | — | 4,283 | |||
Gain on extinguishment of debt | — | (116,360) | — | (116,360) | |||
Net loss attributable to common stockholders, diluted | $ (1,259,276) | $ (855,306) | $ (2,393,582) | $ (1,582,428) | |||
Weighted-average shares outstanding attributable to common stockholders(1) | |||||||
Basic | 382,098,609 | 305,640,483 | $ 355,340,787 | $ 304,641,184 | |||
Diluted | 382,098,609 | 305,788,272 | $ 355,340,787 | $ 305,670,808 | |||
Net loss per share attributable to common stockholders(1) | |||||||
Basic | $ (3.30) | $ (2.42) | $ (6.74) | $ (4.83) | |||
Diluted | $ (3.30) | $ (2.80) | $ (6.74) | $ (5.18) | |||
Other comprehensive income (loss) | |||||||
Net unrealized gains (losses) on investments, net of tax | $ (152) | $ 293 | $ (1,537) | $ 3,845 | |||
Reclassification adjustment for realized gains on investments included in net loss | — | — | (5,702) | — | |||
Foreign currency translation adjustments | (2,746) | 8,973 | (3,838) | 12,870 | |||
Total other comprehensive income (loss) | (2,898) | 9,266 | (11,077) | 16,715 | |||
Comprehensive loss | (1,037,749) | (530,166) | (2,074,272) | (888,888) | |||
Accretion of redeemable convertible preferred stock (related party) | (224,425) | (199,823) | (330,387) | (564,748) | |||
Comprehensive loss attributable to common stockholders | $ (1,262,174) | $ (729,989) | $ (2,404,659) | $ (1,453,636) | |||
(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 | Six Months Ended | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Cash flows from operating activities: | |||||||
Net loss | $ (1,034,851) | $ (539,432) | $ (2,063,195) | $ (905,603) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 122,222 | 111,088 | 238,634 | 209,047 | |||
Amortization of insurance premium | 9,991 | 8,571 | 19,287 | 17,485 | |||
Non-cash operating lease cost | 18,035 | 11,207 | 33,197 | 19,758 | |||
Stock-based compensation | 46,609 | 56,319 | 107,639 | 83,834 | |||
Inventory and firm purchase commitments write-downs | 299,271 | 179,888 | 527,588 | 327,806 | |||
Change in fair value of common stock warrant liability | — | (5,322) | — | (18,183) | |||
Change in fair value of equity securities of a related party | (549) | (3,948) | 9,672 | 9,505 | |||
Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party) | (102,790) | (111,475) | (110,165) | (393,175) | |||
Net accretion of investment discounts/premiums | (149) | (5,582) | (1,090) | (19,062) | |||
Gain on extinguishment of debt | — | (116,360) | — | (116,360) | |||
Other non-cash items | 4,945 | 6,582 | 2,140 | 9,300 | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable (including | (93,104) | (35,041) | (48,269) | (13,260) | |||
Inventory | (269,157) | (379,573) | (845,554) | (586,043) | |||
Prepaid expenses | (18,573) | (20,254) | (30,672) | (27,677) | |||
Other assets | 45,155 | (55,212) | (82,290) | (55,824) | |||
Accounts payable | (127,253) | 58,890 | (138,365) | 58,513 | |||
Other liabilities | (122,033) | 9,413 | (26,447) | 141,085 | |||
Net cash used in operating activities | (1,222,231) | (830,241) | (2,407,890) | (1,258,854) | |||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment (including | (253,827) | (182,663) | (506,994) | (343,904) | |||
Proceeds from maturities of investments (including nil from a related party for the three months ended June 30, 2026 and 2025, and | — | 899,194 | 177,228 | 1,961,485 | |||
Proceeds from sale of investments | — | — | 951,125 | — | |||
Purchases of investments (including nil from a related party for the three months ended June 30, 2026 and 2025, and nil and | (28,512) | (22,528) | (28,512) | (309,557) | |||
Net cash provided by (used in) investing activities | (282,339) | 694,003 | 592,847 | 1,308,024 | |||
LUCID GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - continued (Unaudited) (in thousands) | |||||||
Three Months Ended | Six Months Ended | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Cash flows from financing activities: | |||||||
Proceeds from issuance of common stock under 2026 Underwriting Agreement | 292,500 | — | 292,500 | — | |||
Payments of issuance costs for the 2026 Underwriting Agreement | (579) | — | (579) | — | |||
Proceeds from issuance of common stock under 2026 Subscription Agreement to a related party | 200,000 | — | 200,000 | — | |||
Proceeds from issuance of Series C redeemable convertible preferred stock to a related party | 550,000 | — | 550,000 | — | |||
Payments of issuance costs for Series C redeemable convertible preferred stock | (750) | — | (750) | — | |||
Payments of transaction costs for the issuance of 2031 Notes | — | — | (1,165) | — | |||
Proceeds from issuance of 2030 Notes | — | 1,100,000 | — | 1,100,000 | |||
Payments of transaction costs for the issuance of 2030 Notes | — | (17,924) | — | (17,924) | |||
Purchase of capped calls | — | (118,250) | — | (118,250) | |||
Repurchase of 2026 Notes | — | (931,433) | — | (931,433) | |||
Proceeds from borrowings from related parties | 500,000 | 39,989 | 535,994 | 106,645 | |||
Proceeds from exercise of stock options | 17 | 861 | 2,785 | 1,274 | |||
Proceeds from employee stock purchase plan | 9,833 | 12,696 | 9,833 | 12,696 | |||
Tax withholding payments for net settlement of employee awards | (206) | (6,172) | (1,311) | (9,449) | |||
Payment for finance lease liabilities | (1,249) | (822) | (2,461) | (1,376) | |||
Payments for credit facility issuance costs to related parties | (3,750) | — | (3,750) | (507) | |||
Net cash provided by financing activities | 1,545,816 | 78,945 | 1,581,096 | 141,676 | |||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 41,246 | (57,293) | (233,947) | 190,846 | |||
Beginning cash, cash equivalents, and restricted cash | 765,720 | 1,855,191 | 1,040,913 | 1,607,052 | |||
Ending cash, cash equivalents, and restricted cash | $ 806,966 | $ 1,797,898 | $ 806,966 | $ 1,797,898 | |||
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 | Six Months Ended | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Net loss attributable to common stockholders, basic (GAAP) | $ (1,259,276) | $ (739,255) | $ (2,393,582) | $ (1,470,351) | |||
Interest expense | 47,817 | 23,749 | 88,890 | 35,632 | |||
Interest income | (9,634) | (44,318) | (22,738) | (96,527) | |||
Provision for (benefit from) income taxes | 1,050 | (2,369) | 1,227 | (3,732) | |||
Depreciation and amortization | 122,222 | 111,088 | 238,634 | 209,047 | |||
Stock-based compensation | 41,948 | 56,319 | 104,337 | 83,834 | |||
Workforce reduction charges | 33,675 | — | 71,609 | — | |||
Change in fair value of common stock warrant liability | — | (5,322) | — | (18,183) | |||
Change in fair value of equity securities of a related party | (549) | (3,948) | 9,672 | 9,505 | |||
Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party) | (102,790) | (111,475) | (110,165) | (393,175) | |||
Accretion of redeemable convertible preferred stock (related party) | 224,425 | 199,823 | 330,387 | 564,748 | |||
Gain on extinguishment of debt | — | (116,360) | — | (116,360) | |||
Adjusted EBITDA (non-GAAP) | $ (901,112) | $ (632,068) | $ (1,681,729) | $ (1,195,562) | |||
Adjusted Net Loss Attributable to Common Stockholders | |||||||
Three Months Ended | Six Months Ended | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Net loss attributable to common stockholders, diluted (GAAP) | $ (1,259,276) | $ (855,306) | $ (2,393,582) | $ (1,582,428) | |||
Stock-based compensation | 41,948 | 56,319 | 104,337 | 83,834 | |||
Workforce reduction charges | 33,675 | — | 71,609 | — | |||
Change in fair value of common stock warrant liability | — | (5,322) | — | (18,183) | |||
Change in fair value of equity securities of a related party | (549) | (3,948) | 9,672 | 9,505 | |||
Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party) | (102,790) | (111,475) | (110,165) | (393,175) | |||
Accretion of redeemable convertible preferred stock (related party) | 224,425 | 199,823 | 330,387 | 564,748 | |||
Adjusted net loss attributable to common stockholders, diluted (non-GAAP) | $ (1,062,567) | $ (719,909) | $ (1,987,742) | $ (1,335,699) | |||
Adjusted Net Loss Per Share Attributable to Common Stockholders(1) | |||||||
Three Months Ended | Six Months Ended | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Net loss per share attributable to common stockholders, diluted (GAAP) | $ (3.30) | $ (2.80) | $ (6.74) | $ (5.18) | |||
Stock-based compensation | 0.11 | 0.19 | 0.30 | 0.28 | |||
Workforce reduction charges | 0.09 | — | 0.20 | — | |||
Change in fair value of common stock warrant liability | — | (0.02) | — | (0.06) | |||
Change in fair value of equity securities of a related party | — | (0.01) | 0.03 | 0.03 | |||
Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party) | (0.27) | (0.36) | (0.31) | (1.29) | |||
Accretion of redeemable convertible preferred stock (related party) | 0.59 | 0.65 | 0.93 | 1.85 | |||
Adjusted net loss per share attributable to common stockholders, diluted (non-GAAP) | $ (2.78) | $ (2.35) | $ (5.59) | $ (4.37) | |||
Weighted-average shares outstanding attributable to common stockholders, diluted | 382,098,609 | 305,788,272 | 355,340,787 | 305,670,808 | |||
(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)
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Free Cash Flow | |||||||
Three Months Ended | Six Months Ended | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Net cash used in operating activities (GAAP) | $ (1,222,231) | $ (830,241) | $ (2,407,890) | $ (1,258,854) | |||
Capital expenditures | (253,827) | (182,663) | (506,994) | (343,904) | |||
Free cash flow (non-GAAP) | $ (1,476,058) | $ (1,012,904) | $ (2,914,884) | $ (1,602,758) | |||
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SOURCE Lucid Group