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  4. [8-K] Lucid Group, Inc. Reports Material Event

Lucid Group Q3 free cash flow use falls to $1.04B

The expanded PIF facility lifts pro forma liquidity to $3.75 billion, which Lucid expects to fund operations and key investments into Q4 2027.

Available on EDGAR Accepted by SEC EDGAR
Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

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Form Type
8-K

Rhea-AI Filing Summary

Lucid Group, Inc. (LCID) reported third-quarter revenue of $350.3 million, up 4% year over year, and a GAAP net loss of $830.9 million, compared with $978.4 million a year earlier. Free cash flow consumption was $1.04 billion, down 30% sequentially; the company also reported significantly improved gross profit margin.

Lucid said it had achieved $0.8 billion in year-to-date savings under its $1.4 billion Cash Flow Improvement Plan and remained on track for its full-year target. It ended the quarter with $2.0 billion in liquidity; including a $1.75 billion increase to the DDTL facility with PIF, pro forma liquidity was $3.75 billion. Lucid expects that liquidity level to fund operations and key investments into Q4 2027.

Lucid said its autonomy and robotaxi work with Uber and Nuro met all milestones scheduled through Q3, and the program expanded to more than 100 vehicles on the road in August. Its Saudi Arabia manufacturing facility entered final-stage industrialization and commissioning, with inauguration expected in early 2027. Midsize pilot production entered its final phase, with production planned for the second half of 2027.

3 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 0 points

How the balance works

Positive

  • Major pointExpanded PIF support increased pro forma liquidity by $1.75 billion. 1.3× market cap
  • Moderate pointGAAP net loss was $830.9 million, versus $978.4 million a year earlier.
  • Moderate pointQuarterly free cash flow consumption fell 30% sequentially to $1.04 billion.

Negative

  • None.

Filing Explained

At September 30, the balance sheet lists debt net of current portion, while the quarter included related-party borrowings.

This Form 8-K reports Lucid’s third-quarter 2026 results and says the PIF delayed-draw facility was increased by $1.75 billion on November 9, 2026.

Common shares outstanding were 396,158,086 at September 30, 2026, versus 327,366,062 at December 31, 2025; a higher share count reduces existing holders’ percentage ownership absent offsetting changes.

The balance sheet also lists 100,000 Series A, 75,000 Series B and 55,000 Series C shares as issued and outstanding redeemable convertible preferred stock, all identified as related party; Series C had no shares outstanding at December 31, 2025.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Revenue $350.3 million Third quarter 2026; up 4% year over year
GAAP net loss $830.9 million Third quarter 2026; $978.4 million in third quarter 2025
Free cash flow consumption $1.04 billion Third quarter 2026; 30% lower sequentially
Year-to-date savings $0.8 billion Cash Flow Improvement Plan
Cash Flow Improvement Plan $1.4 billion Plan amount
Quarter-end liquidity $2.0 billion Third quarter 2026
Pro forma liquidity $3.75 billion Includes the $1.75 billion increase to the DDTL facility with PIF
Bolt deployment goal At least 25,000 vehicles Initial goal for the partnership
Free cash flow financial
"Free cash flow is defined as net cash used in operating activities less capital expenditures."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
DDTL facility financial
"the $1.75 billion increase to the DDTL facility with PIF announced today"
Adjusted EBITDA financial
"Adjusted EBITDA (non-GAAP)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Redeemable convertible preferred stock financial
"derivative liabilities and subscription agreements associated with redeemable convertible preferred stock"
A redeemable convertible preferred stock is a special class of company shares that combines three features: it pays priority dividends like a safer, higher-ranking share; it can be converted into regular common shares so holders can join in upside; and it can be redeemed, meaning the company can buy it back for cash. For investors this matters because it offers a mix of downside protection and potential upside, but can change ownership stakes (dilution) and cash obligations depending on whether it’s converted or redeemed.
Revenue $350.3 million Up 4% year over year
GAAP net loss $830.9 million Compared with $978.4 million in the third quarter of 2025
Free cash flow consumption $1.04 billion Down 30% sequentially
Pro forma liquidity $3.75 billion Includes the $1.75 billion increase to the DDTL facility with PIF
Guidance

Lucid expects its liquidity level to fund operations and key investments into Q4 2027 and expects to communicate its mid-term plan and targets early next year.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was LCID's revenue in the third quarter of 2026?
Lucid reported third-quarter revenue of $350.3 million, up 4% year over year from $336.6 million in the third quarter of 2025.

How much cash did LCID consume in the third quarter of 2026?
Lucid's third-quarter free cash flow consumption was $1.04 billion, 30% lower sequentially. The company said its $1.4 billion Cash Flow Improvement Plan had produced $0.8 billion in savings year to date, and it remained on track for its full-year target.

How much liquidity does LCID report, including its expanded PIF facility?
Lucid reported $2.0 billion in quarter-end liquidity and $3.75 billion pro forma, including a $1.75 billion increase to the DDTL facility with PIF. It expects that liquidity level to fund operations and key investments into Q4 2027.

What is LCID's vehicle deployment goal with Bolt?
Lucid announced a partnership with Bolt with an initial goal of deploying at least 25,000 vehicles. The announcement described Bolt as one of Europe's leading mobility platforms.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FALSE000181121000018112102026-11-092026-11-09

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): November 9, 2026
Lucid Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-39408
85-0891392
(State or other jurisdiction of
incorporation or organization)
(Commission File
Number)
(I.R.S. Employer Identification No.)
7373 Gateway Boulevard
Newark, CA

94560
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: (510) 648-3553
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, $0.0001 par value per share
LCID
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐


Item 2.02 Results of Operations and Financial Condition.
On November 9, 2026, Lucid Group, Inc. (the “Company”) issued a press release announcing its results for the third quarter ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The Company 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.
The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Description
99.1
Lucid Press Release Dated November 9, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 9, 2026
LUCID GROUP, INC.
By:
/s/ Alexander De Bock
Name: Alexander De Bock
Title: Chief Financial Officer

img991a.jpg
Exhibit 99.1
Lucid Announces Third Quarter 2026 Results, Reduces Cash Consumption by 30%, Transformation on Track, Liquidity increased by $1.75 billion
•Reduced quarterly cash consumption by 30% sequentially; further improvements remain a strategic imperative.
•Material progress on each of the company’s four Must-Win priorities.
•Transformation advancing with investment in leadership, customer experience, strategic programs, brand revamp and foundations for profitable growth.
•Liquidity increased by $1.75 billion through expanded support from the PIF.
NEWARK, Calif. — November 9, 2026 — Lucid Group, Inc. (NASDAQ: LCID), today announced results for the third quarter ended September 30, 2026, including a 30 percent sequential reduction in cash consumption, and provided an update on its transformation and on the four Must-Win priorities.
“Our transformation is beginning to show progress. We are acting with urgency, strengthening the fundamentals and driving greater discipline, while continuing to invest in the priorities to deliver profitable long-term growth,” said Silvio Napoli, Chief Executive Officer. “We are grateful for the continued financial support from our anchor shareholder, which further energizes us to remain focused on execution and on our commitments as we build a stronger, sustainable Lucid.”
“The operating reset announced with our Q2 results includes decisive actions to align our manufacturing capacity with demand, reduce inventory and lower operating expenses. These actions are already showing through in Q3, with free cash flow consumption 30% lower sequentially,” said Alexander De Bock, Chief Financial Officer. “Our team has embraced this transformation, and we look forward to building on this momentum.”
As shared at Q2, Lucid expects to communicate its mid-term plan and targets early next year.
Delivering on Key Priorities
During Q3, the company advanced each of its four Must-Win priorities. These represent Lucid’s framework for transforming its business and measuring progress:
•$1.4 Billion Cash Flow Improvement Plan: year to date, Lucid has achieved savings of $0.8 billion and implemented additional actions to drive continued improvement. The company remains on track to achieve its full-year target.
•Autonomy & Robotaxi: Lucid achieved all of the project milestones scheduled by the end of Q3 in the partnership with Uber and Nuro. In August, the program expanded to more than 100 vehicles on the road. Lucid also announced a partnership with Bolt, one of Europe’s leading mobility platforms, with an initial goal of deploying at least 25,000 vehicles.
•Advanced Manufacturing Plant 2: construction of Lucid’s AMP-2 manufacturing facility in Saudi Arabia is progressing to plan and has entered the final stages of industrialization and commissioning. Inauguration is expected in early 2027.
•Midsize: testing, final-stage prototyping and validation continued during Q3, with pilot production entering the final phase. Production remains planned for the second half of 2027. Lucid expects to announce reveal and production dates in the first quarter of 2027.
Third Quarter 2026 Performance
Lucid reported third quarter revenue of $350 million, up 4% year over-year in a US BEV market down 41% over the same period1, and significantly improved gross profit margin. Free cash flow consumption declined by 30% sequentially to $1.04 billion as the company progressed its cash flow improvement plan. Lucid ended the quarter with $2.0 billion in total liquidity, or $3.75 billion on a pro forma basis including the $1.75 billion increase to the DDTL facility with PIF announced today. The expanded facility provides additional financial flexibility as Lucid delivers on its turnaround program. The company expects this liquidity level to fund operations and key investments into Q4 2027, bridging the period through Midsize start of production.

1 S&P Mobility: Light Vehicle Sales Forecast, November 3, 2026
1

Conference Call Information
Lucid will host a conference call to discuss its third quarter 2026 financial results on Monday, November 9, 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 proprietary technology and software-defined vehicle architectures, Lucid’s award-winning vehicles bring together advanced engineering, elegant design, and intuitive technology to create a more rewarding driving experience. Lucid designs and engineers its products in-house and assembles at its facilities in Arizona and Saudi Arabia, enabling continuous innovation across vehicles, software, and advanced driver assistance and autonomy-ready capabilities.
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.
2

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, strategic priorities, cash flow improvement plan and cash consumption, 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, expectations and timing 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, software, strategic partnership, technology features and capabilities, including with respect to battery and powertrain systems, 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, future market launches and international expansion, Lucid’s ability to grow its brand awareness, 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/AV roadmap and robotaxi program, expectations on the technology licensing landscape, expectations on the regulatory and political environment, and expectation regarding the potential 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 ongoing military operations in the Gulf region and the broader Middle East, the escalating hostilities affecting Saudi Arabia, and the potential further escalation or broadening of such conflicts; the outcome of Lucid’s broader business review, which remains underway; risks related to changes in overall demand for Lucid’s products and services and cancellation of orders for Lucid’s vehicles; risks related to prices and availability of commodities and components, including rare earth materials, semiconductors and their related products, Lucid’s supply chain, logistics, inventory management and quality control, and Lucid’s ability to complete the tooling of its manufacturing facilities over time and scale production of Lucid’s vehicles; risks related to the uncertainty of Lucid’s projected financial and operational information; risks related to the timing of expected business milestones and commercial product launches; risks related to the construction and expansion of Lucid’s manufacturing facilities and the increase of Lucid’s production capacity; Lucid’s ability to manage expenses and control costs; risks related to future market adoption of Lucid’s offerings; the quality, reliability, and performance of Lucid’s vehicles and services; the effects of competition and the pace and depth of electric vehicle adoption generally on Lucid’s business; changes in regulatory requirements, policies, and governmental incentives; changes in fuel and energy prices; Lucid’s ability to rapidly innovate; Lucid’s ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers, including its ability to realize the anticipated benefits of its partnerships; Lucid’s ability to effectively recruit, integrate, motivate, and retain key employees; risks related to potential vehicle recalls; Lucid’s ability to establish and expand its brand, and capture additional market share, and the risks associated with negative press or reputational harm; Lucid’s ability to offer attractive leasing and financing options for its vehicles; the risk that Lucid’s cash flow improvement plan does not achieve the anticipated effect; risks related to Lucid’s outstanding redeemable convertible preferred stock and convertible senior notes; availability, reduction or elimination of, and Lucid’s ability to obtain and effectively utilize, zero emission vehicle credits, tax incentives, and other governmental and regulatory programs and incentives;

3

Lucid’s ability to conduct equity, equity-linked or debt financings in the future; Lucid’s ability to pay interest and principal on its indebtedness; future changes to vehicle specifications which may impact performance, features, pricing and other expectations; changes to future or existing vehicle programs; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors discussed under the cautionary language and the Risk Factors in Lucid’s Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks or uncertainties materialize or Lucid’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid’s expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid’s assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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.
4

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.
5

LUCID GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share data)
September 30,
2026
December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents
$
930,742 
$
997,827 
Short-term investments (including nil and $50,000 associated with a related party as of September 30, 2026 and December 31, 2025, respectively)
4,787 
631,093 
Accounts receivable, net (including $163,942 and $120,540 from a related party as of September 30, 2026 and December 31, 2025, respectively)
199,346 
177,162 
Inventory
1,222,492 
1,109,529 
Prepaid expenses
60,131 
59,606 
Other current assets
342,300 
324,434 
Total current assets
2,759,798 
3,299,651 
Property, plant and equipment, net
4,374,861 
3,978,132 
Right-of-use assets
243,925 
241,974 
Long-term investments (including $12,973 and $24,259 associated with a related party as of September 30, 2026 and December 31, 2025, respectively)
12,973 
512,241 
Other noncurrent assets
419,234 
354,983 
TOTAL ASSETS
$
7,810,791 
$
8,386,981 
LIABILITIES

Current liabilities:
Accounts payable
$
241,099 
$
487,521 
Finance lease liabilities, current portion
5,054 
84,222 
Current portion of debt ($503,356 and $467,963 associated with a related party as of September 30, 2026 and December 31, 2025, respectively)
707,545 
671,746 
Other current liabilities (including $90,432 and $81,580 associated with a related party as of September 30, 2026 and December 31, 2025, respectively)
1,232,717 
1,392,641 
Total current liabilities
2,186,415 
2,636,130 
Finance lease liabilities, net of current portion
101,518 
104,559 
Debt, net of current portion (including $1,690,917 and nil associated with a related party as of September 30, 2026 and December 31, 2025, respectively)
3,741,353 
2,046,576 
Other long-term liabilities (including $156,918 and $123,198 associated with related parties as of September 30, 2026 and December 31, 2025, respectively)
671,858 
582,739 
Derivative liabilities associated with redeemable convertible preferred stock (related party)
48,479 
16,200 
Total liabilities
6,749,623 
5,386,204 
REDEEMABLE CONVERTIBLE PREFERRED STOCK
Preferred stock 10,000,000 shares authorized as of September 30, 2026 and December 31, 2025, Series A redeemable convertible preferred stock, par value $0.0001; 100,000 shares issued and outstanding as of September 30, 2026 and December 31, 2025; liquidation preference of $1,534,753 and $1,350,441 as of September 30, 2026 and December 31, 2025, respectively (related party)
1,534,739 
1,339,641 
Preferred stock 10,000,000 shares authorized as of September 30, 2026 and December 31, 2025, Series B redeemable convertible preferred stock, par value $0.0001; 75,000 shares issued and outstanding as of September 30, 2026 and December 31, 2025; liquidation preference of $1,078,042 and $949,249 as of September 30, 2026 and December 31, 2025, respectively (related party)
1,078,032 
943,849 
Preferred stock 10,000,000 shares authorized as of September 30, 2026 and December 31, 2025, Series C redeemable convertible preferred stock, par value $0.0001; 55,000 and 0 shares issued and outstanding as of September 30, 2026 and December 31, 2025; liquidation preference of $591,852 and nil as of September 30, 2026 and December 31, 2025, respectively (related party)
543,397 
— 
Total redeemable convertible preferred stock
3,156,168 
2,283,490 
STOCKHOLDERS’ EQUITY (DEFICIT)
Common stock, par value $0.0001; 1,500,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 396,243,868 and 327,451,844 shares issued and 396,158,086 and 327,366,062 shares outstanding as of September 30, 2026 and December 31, 2025, respectively
40 
33 
Additional paid-in capital
16,428,919 
16,337,023 
Treasury stock, at cost, 85,782 shares at September 30, 2026 and December 31, 2025
(20,716)
(20,716)
Accumulated other comprehensive income
1,556 
11,692 
Accumulated deficit
(18,504,799)
(15,610,745)
Total stockholders’ equity (deficit)
(2,095,000)
717,287 
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
$
7,810,791 
$
8,386,981 
6

LUCID GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Revenue (including $79,433 and $34,251 from a related party for the three months ended September 30, 2026 and 2025, and $213,991 and $69,594 for the nine months ended September 30, 2026 and 2025, respectively)
$
350,319 
$
336,580 
$
1,038,131 
$
831,060 
Costs and expenses
Cost of revenue
608,624 
670,197 
2,034,866 
1,665,540 
Research and development
311,821 
325,305 
968,827 
850,390 
Selling, general and administrative
286,191 
283,097 
890,799 
752,129 
Workforce reduction charges
1,270 
— 
72,879 
— 
Total cost and expenses
1,207,906 
1,278,599 
3,967,371 
3,268,059 
Loss from operations
(857,587)
(942,019)
(2,929,240)
(2,436,999)
Other income (expense), net
Change in fair value of common stock warrant liability
— 
444 
— 
18,627 
Change in fair value of equity securities of a related party
(1,226)
916 
(10,898)
(8,589)
Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party)
115,176 
(36,375)
225,341 
356,800 
Gain on extinguishment of debt
— 
— 
— 
116,360 
Interest income
11,420 
34,643 
34,158 
131,170 
Interest expense (including $44,995 and $6,260 to a related party for the three months ended September 30, 2026 and 2025, and $79,667 and $14,872 for the nine months ended September 30, 2026 and 2025, respectively)
(69,871)
(25,571)
(158,761)
(61,203)
Other expense, net
(29,063)
(10,829)
(53,719)
(4,292)
Total other income (expense), net
26,436 
(36,772)
36,121 
548,873 
Loss before provision for (benefit from) income taxes
(831,151)
(978,791)
(2,893,119)
(1,888,126)
Provision for (benefit from) income taxes
(292)
(363)
935 
(4,095)
Net loss
(830,859)
(978,428)
(2,894,054)
(1,884,031)
Accretion of redeemable convertible preferred stock (related party)
(249,911)
(56,121)
(580,298)
(620,869)
Net loss attributable to common stockholders, basic
(1,080,770)
(1,034,549)
(3,474,352)
(2,504,900)
Interest expense on 2026 Notes
— 
— 
— 
4,283 
Gain on extinguishment of debt
— 
— 
— 
(116,360)
Net loss attributable to common stockholders, diluted
$
(1,080,770)
$
(1,034,549)
$
(3,474,352)
$
(2,616,977)
Weighted-average shares outstanding attributable to common stockholders
Basic
394,598,004 
312,166,297 
368,570,326 
307,177,163 
Diluted
394,598,004 
312,166,297 
368,570,326 
307,859,815 
Net loss per share attributable to common stockholders
Basic
$
(2.74)
$
(3.31)
$
(9.43)
$
(8.15)
Diluted
$
(2.74)
$
(3.31)
$
(9.43)
$
(8.50)
Other comprehensive income (loss)
Net unrealized gains (losses) on investments, net of tax
$
121 
$
684 
$
(1,416)
$
4,529 
Reclassification adjustment for realized gains on investments included in net loss
— 
— 
(5,702)
— 
Foreign currency translation adjustments
820 
(2,187)
(3,018)
10,683 
Total other comprehensive income (loss)
941 
(1,503)
(10,136)
15,212 
Comprehensive loss
(829,918)
(979,931)
(2,904,190)
(1,868,819)
Accretion of redeemable convertible preferred stock (related party)
(249,911)
(56,121)
(580,298)
(620,869)
Comprehensive loss attributable to common stockholders
$
(1,079,829)
$
(1,036,052)
$
(3,484,488)
$
(2,489,688)
7

LUCID GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Cash flows from operating activities:
Net loss
$
(830,859)
$
(978,428)
$
(2,894,054)
$
(1,884,031)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
122,529 
120,090 
361,163 
329,137 
Amortization of insurance premium
10,078 
9,536 
29,365 
27,021 
Non-cash operating lease cost
18,285 
12,928 
51,482 
32,686 
Stock-based compensation
36,578 
115,055 
144,217 
198,889 
Inventory and firm purchase commitments write-downs
93,734 
190,664 
621,322 
518,470 
Change in fair value of common stock warrant liability
— 
(444)
— 
(18,627)
Change in fair value of equity securities of a related party
1,226 
(916)
10,898 
8,589 
Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party)
(115,176)
36,375 
(225,341)
(356,800)
Net accretion of investment discounts/premiums
(84)
(2,616)
(1,174)
(21,678)
Gain on extinguishment of debt
— 
— 
— 
(116,360)
Other non-cash items
21,121 
719 
23,261 
10,019 
Changes in operating assets and liabilities:
Accounts receivable (including $22,639 and $(20,108) from a related party for the three months ended September 30, 2026 and 2025, and $(43,402) and $(25,707) for the nine months ended September 30, 2026 and 2025, respectively)
25,739 
(13,263)
(22,530)
(26,523)
Inventory
77,167 
(446,557)
(768,387)
(1,032,600)
Prepaid expenses
2,241 
(4,366)
(28,431)
(32,043)
Other assets
(21,128)
(76,962)
(103,418)
(132,786)
Accounts payable
(147,067)
185,815 
(285,432)
244,328 
Other liabilities (including $34,371 and nil from a related party for the three months ended September 30, 2026 and 2025, and $34,371 and nil for the nine months ended September 30, 2026 and 2025, respectively)
(47,027)
95,720 
(73,474)
236,805 
Net cash used in operating activities
(752,643)
(756,650)
(3,160,533)
(2,015,504)
Cash flows from investing activities:
Purchases of property, plant and equipment (including $(43,120) and $(57,543) from a related party for the three months ended September 30, 2026 and 2025, and $(160,475) and $(125,211) for the nine months ended September 30, 2026 and 2025, respectively)
(287,071)
(198,818)
(794,065)
(542,722)
Proceeds from maturities of investments (including nil and $15,000 from a related party for the three months ended September 30, 2026 and 2025, and $50,000 and $15,000 for the nine months ended September 30, 2026 and 2025, respectively)
24,000 
451,968 
201,228 
2,413,453 
Proceeds from sale of investments
— 
— 
951,125 
— 
Purchases of investments (including nil from a related party for the three months ended September 30, 2026 and 2025, and nil and $(30,000) for the nine months ended September 30, 2026 and 2025, respectively)
(59)
— 
(28,571)
(309,557)
Other investing activities
— 
1,968 
— 
1,968 
Net cash provided by (used in) investing activities
(263,130)
255,118 
329,717 
1,563,142 
8

LUCID GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - continued
(Unaudited)
(in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Cash flows from financing activities:
Proceeds from issuance of common stock under the 2026 Underwriting Agreement
— 
— 
292,500 
— 
Payments of issuance costs for the 2026 Underwriting Agreement
(387)
— 
(966)
— 
Proceeds from issuance of common stock under the 2026 Subscription Agreement to a related party
— 
— 
200,000 
— 
Payments of issuance costs for the 2026 Subscription Agreement
(156)
— 
(156)
— 
Proceeds from issuance of common stock under the 2025 Subscription Agreement
— 
300,000 
— 
300,000 
Payment of issuance costs for the 2025 Subscription Agreement
— 
(278)
— 
(278)
Proceeds from issuance of Series C redeemable convertible preferred stock to a related party
— 
— 
550,000 
— 
Payments of issuance costs for Series C redeemable convertible preferred stock
(400)
— 
(1,150)
— 
Payments of transaction costs for the issuance of 2031 Notes
— 
— 
(1,165)
— 
Proceeds from issuance of 2030 Notes
— 
— 
— 
1,100,000 
Payments of transaction costs for the issuance of 2030 Notes
— 
(166)
— 
(18,090)
Purchase of capped call options
— 
— 
— 
(118,250)
Repurchase of 2026 Notes
— 
— 
— 
(931,433)
Proceeds from borrowings from related parties
1,200,000 
79,976 
1,735,994 
186,621 
Proceeds from exercise of stock options
— 
626 
2,785 
1,900 
Proceeds from employee stock purchase plan
— 
— 
9,833 
12,696 
Tax withholding payments for net settlement of employee awards
(27)
(3,060)
(1,338)
(12,509)
Payment for finance lease liabilities
(1,255)
(1,046)
(3,716)
(2,422)
Payments for credit facility issuance costs to related parties
— 
— 
(3,750)
(507)
Net cash provided by financing activities
1,197,775 
376,052 
2,778,871 
517,728 
Net increase (decrease) in cash, cash equivalents, and restricted cash
182,002 
(125,480)
(51,945)
65,366 
Beginning cash, cash equivalents, and restricted cash
806,966 
1,797,898 
1,040,913 
1,607,052 
Ending cash, cash equivalents, and restricted cash
$
988,968 
$
1,672,418 
$
988,968 
$
1,672,418 
9

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
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net loss attributable to common stockholders, basic (GAAP)
$
(1,080,770)
$
(1,034,549)
$
(3,474,352)
$
(2,504,900)
Interest expense
69,871 
25,571 
158,761 
61,203 
Interest income
(11,420)
(34,643)
(34,158)
(131,170)
Provision for (benefit from) income taxes
(292)
(363)
935 
(4,095)
Depreciation and amortization
122,529 
120,090 
361,163 
329,137 
Stock-based compensation
36,578 
115,055 
140,915 
198,889 
Workforce reduction charges
1,270 
— 
72,879 
— 
Change in fair value of common stock warrant liability
— 
(444)
— 
(18,627)
Change in fair value of equity securities of a related party
1,226 
(916)
10,898 
8,589 
Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party)
(115,176)
36,375 
(225,341)
(356,800)
Accretion of redeemable convertible preferred stock (related party)
249,911 
56,121 
580,298 
620,869 
Gain on extinguishment of debt
— 
— 
— 
(116,360)
Adjusted EBITDA (non-GAAP)
$
(726,273)
$
(717,703)
$
(2,408,002)
$
(1,913,265)
Adjusted Net Loss Attributable to Common Stockholders
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net loss attributable to common stockholders, diluted (GAAP)
$
(1,080,770)
$
(1,034,549)
$
(3,474,352)
$
(2,616,977)
Stock-based compensation
36,578 
115,055 
140,915 
198,889 
Workforce reduction charges
1,270 
— 
72,879 
— 
Change in fair value of common stock warrant liability
— 
(444)
— 
(18,627)
Change in fair value of equity securities of a related party
1,226 
(916)
10,898 
8,589 
Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party)
(115,176)
36,375 
(225,341)
(356,800)
Accretion of redeemable convertible preferred stock (related party)
249,911 
56,121 
580,298 
620,869 
Adjusted net loss attributable to common stockholders, diluted (non-GAAP)
$
(906,961)
$
(828,358)
$
(2,894,703)
$
(2,164,057)
Adjusted Net Loss Per Share Attributable to Common Stockholders
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net loss per share attributable to common stockholders, diluted (GAAP)
$
(2.74)
$
(3.31)
$
(9.43)
$
(8.50)
Stock-based compensation
0.09 
0.37 
0.38 
0.65 
Workforce reduction charges
— 
— 
0.20 
— 
Change in fair value of common stock warrant liability
— 
— 
— 
(0.06)
Change in fair value of equity securities of a related party
— 
— 
0.03 
0.03 
Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party)
(0.29)
0.11 
(0.61)
(1.17)
Accretion of redeemable convertible preferred stock (related party)
0.64 
0.18 
1.58 
2.02 
Adjusted net loss per share attributable to common stockholders, diluted (non-GAAP)
$
(2.30)
$
(2.65)
$
(7.85)
$
(7.03)
Weighted-average shares outstanding attributable to common stockholders, diluted
394,598,004
312,166,297
368,570,326
307,859,815
10

LUCID GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - continued
(Unaudited)
(in thousands)

Free Cash Flow
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net cash used in operating activities (GAAP)
$
(752,643)
$
(756,650)
$
(3,160,533)
$
(2,015,504)
Capital expenditures
(287,071)
(198,818)
(794,065)
(542,722)
Free cash flow (non-GAAP)
$
(1,039,714)
$
(955,468)
$
(3,954,598)
$
(2,558,226)
11

Source: View Original Filing on SEC EDGAR

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