Lucid (NASDAQ: LCID) posts Q1 2026 growth, $1.13B net loss
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Lucid Group reported first quarter 2026 results showing higher sales but continued heavy losses and cash burn. The company produced 5,500 vehicles and delivered 3,093, while revenue reached $282.5 million, up 20% from the first quarter of 2025.
Net loss attributable to common stockholders was $1.13 billion, or $3.46 per share, and adjusted EBITDA was a loss of $780.6 million. Free cash flow was negative $1.44 billion as inventory increased and operating losses remained large.
Lucid ended the quarter with about $3.2 billion in liquidity. After an April capital raise of roughly $1.05 billion and a $500 million increase and draw on a Delayed Draw Term Loan from a major shareholder, pro forma liquidity would have been about $4.7 billion. The company also expanded its robotaxi partnership with Uber to at least 35,000 vehicles and named Silvio Napoli as its next CEO.
Positive
- None.
Negative
- None.
Insights
Revenue grew and liquidity was bolstered, but losses and cash burn remain very large.
Lucid delivered 3,093 vehicles in Q1 2026 on revenue of $282.5 million, up 20% year over year. Production of 5,500 units and 149% growth versus the prior-year quarter highlight ramp-up, but costs are still far above revenue.
Net loss attributable to common stockholders reached $1.13 billion and adjusted EBITDA was a loss of $780.6 million. Free cash flow was negative $1.44 billion, driven by operating losses and inventory build, underscoring the capital-intensive nature of the current growth phase.
To support this, Lucid raised about $1.05 billion in April through convertible preferred stock and common equity and increased a related-party Delayed Draw Term Loan by $500 million, taking pro forma liquidity to roughly $4.7 billion at quarter end. Management also highlighted an expanded robotaxi partnership with Uber and an upcoming CEO transition to Silvio Napoli, framing these as part of a push toward “financial self-sufficiency.”
8-K Event Classification
2 items: 2.02, 9.01
2 items
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, and exhibit attachments filed with this report.
Key Figures
Q1 2026 revenue: $282.5 million
Vehicles produced: 5,500 vehicles
Vehicles delivered: 3,093 vehicles
+5 more
8 metrics
Q1 2026 revenue
$282.5 million
Revenue for the three months ended March 31, 2026, up 20% YoY
Vehicles produced
5,500 vehicles
Production in Q1 2026, 149% higher than Q1 2025
Vehicles delivered
3,093 vehicles
Deliveries in Q1 2026, with January and March above prior-year periods
Net loss to common
$1.13 billion
Net loss attributable to common stockholders in Q1 2026
Adjusted EBITDA
-$780.6 million
Adjusted EBITDA loss for Q1 2026
Free cash flow
-$1.44 billion
Free cash flow for Q1 2026 combining operating cash flow and capex
Quarter-end liquidity
$3.2 billion
Total liquidity at March 31, 2026
Pro forma liquidity
$4.7 billion
Pro forma liquidity after April capital raise and increased DDTL
Key Terms
Adjusted EBITDA, free cash flow, Delayed Draw Term Loan, redeemable convertible preferred stock, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA is defined as net loss attributable to common stockholders before (1) interest expense..."
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.
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.
Delayed Draw Term Loan financial
"Increased the Delayed Draw Term Loan (DDTL) provided by PIF by $500 million..."
A delayed draw term loan is a financing agreement that lets a borrower take one or more lump-sum loans from a lender at agreed future dates within a set time window instead of receiving all funds up front. It matters to investors because it changes when and how much debt a company will carry, affecting cash flexibility, interest costs and risk exposure—think of it like an approved credit line you only tap when you need cash for a project.
redeemable convertible preferred stock financial
"Series A redeemable convertible preferred stock, par value $0.0001; 100,000 shares issued and outstanding..."
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.
robotaxi technical
"expanded Lucid’s robotaxi partnership with Uber to a total of at least 35,000 vehicles..."
A robotaxi is a self-driving vehicle designed to transport passengers without a human driver. It operates autonomously, using sensors and computers to navigate roads and pick up riders, similar to a taxi service but without a driver. For investors, robotaxis represent a potential shift in transportation, promising lower costs and new opportunities in mobility services.
Regulation FD regulatory
"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."
Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.
Earnings Snapshot
Revenue: $282.5 million
Q1 2026
Revenue
$282.5 million
+20% YoY
Net loss attributable to common stockholders
$1.13 billion
Adjusted EBITDA
-$780.6 million
Free cash flow
-$1.44 billion
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): May 5, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(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):
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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 May 5, 2026, Lucid Group, Inc. (the “Company”) issued a press release announcing its results for the first quarter ended March 31, 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 May 5, 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: May 5, 2026 | ||||||||
LUCID GROUP, INC. | ||||||||
By: | /s/ Taoufiq Boussaid | |||||||
Name: Taoufiq Boussaid | ||||||||
Title: Chief Financial Officer | ||||||||
 | Exhibit 99.1 | ||||
Lucid Announces First Quarter 2026 Financial Results
Financial Highlights
•Produced 5,500 vehicles, up 149% from the first quarter of 2025
•Delivered 3,093 vehicles in Q1 2026, with January and March deliveries each ahead of prior-year periods; February delivery timing was affected by a supplier issue resolved during the quarter. Total order intake in North America rose 144% in March 2026 from the prior month
•Generated Q1 2026 revenue of $282.5 million, up 20% compared to Q1 2025
•On April 14, announced a total capital raise of approximately $1.05 billion, including:
◦$550 million in convertible preferred stock issued to Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF),
◦$300 million in gross proceeds from a registered offering of common stock, and
◦$200 million in equity investment of common stock from Uber, increasing Uber’s total investment in Lucid to $500 million.
•Increased the Delayed Draw Term Loan (DDTL) provided by PIF by $500 million, drawing $500 million in cash in April while retaining approximately $2.0 billion in remaining undrawn capacity
•Ended the quarter with approximately $3.2 billion in liquidity. On a pro forma basis, after the capital raise and the increased DDTL, Lucid’s total liquidity at quarter-end amounts to approximately $4.7 billion
Operational Highlights
•On April 14, announced global industrial leader Silvio Napoli as Lucid’s next CEO, with Interim CEO Marc Winterhoff continuing with Lucid in his former position as COO upon Napoli assuming the CEO role
•On April 14, expanded Lucid’s robotaxi partnership with Uber to a total of at least 35,000 vehicles, including Lucid Gravity and Lucid Midsize vehicles. Achieved other milestones in the partnership with Uber and Nuro:
◦Completed delivery of all Lucid Gravity robotaxi alpha test vehicles during the quarter
◦Employees at partner companies commenced taking test rides utilizing the Uber app
◦Nuro secured its California DMV permit for driverless testing in April, paving the way for the opening of driverless robotaxi operations to the public later this year
◦Continued on-road testing in preparation for commercial launch of robotaxi service later this year
•Announced Lucid’s first-ever authorized retail and service partner in Europe, diversifying the company’s revenue base through a cost-efficient approach
•In April, Lucid Gravity SUV was named 2026 World Luxury Car of the Year
NEWARK, Calif. — May 5, 2026 — Lucid Group, Inc. (NASDAQ: LCID), maker of the world’s most advanced software-defined vehicles and technologies, today announced financial results for its first quarter ended March 31, 2026. The earnings presentation is available on its investor relations website (https://ir.lucidmotors.com).
The Company produced 5,500 vehicles and delivered 3,093 vehicles in the first quarter of 2026. During the quarter, a seat supplier issue was identified that significantly affected Lucid Gravity deliveries in February. We addressed these issues and sales performance in March increased by 14% compared to March 2025. Lucid is taking further steps to align production with anticipated deliveries and customer demand.
Lucid reported first quarter revenue of $282.5 million and ended the quarter with approximately $3.2 billion in total liquidity. On a pro forma basis for the April capital raise and expanded DDTL, total liquidity at quarter-end would have been approximately $4.7 billion.
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“First quarter results demonstrated the strength of our technology and product portfolio. A supplier issue resolved during the quarter had an impact, but January and March deliveries were ahead of the same periods in the prior year,” said Marc Winterhoff, Interim Chief Executive Officer at Lucid. “We expanded strategic partnerships, including with Uber, and continued to advance our autonomy roadmap. We are executing with focus across operations, aligning production and delivery with customer demand. With the announcement of Silvio Napoli as our next Chief Executive Officer, we are entering Lucid's next growth phase with a clear mandate: to accelerate toward financial self-sufficiency while delivering industry-leading innovation and customer experience.”
“We strengthened our balance sheet with over $1 billion in new capital and expanded strategic partnerships that enhance long-term revenue visibility” said Taoufiq Boussaid, Chief Financial Officer at Lucid. “We ended the quarter with elevated inventory that we expect to convert to revenue and cash as deliveries normalize, while maintaining alignment between production and sales cadence. Our focus is on disciplined execution — driving structural cost improvements, managing capital efficiently, and improving operating leverage as we scale. These actions build the foundation for profitable growth as we scale production, expand our customer base, and capture the commercial opportunity ahead.”
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on May 5, 2026. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Lucid Group
Lucid Group, Inc. (NASDAQ: LCID) is a technology company creating exceptional mobility experiences through innovation to drive the world forward. Built on Lucid’s proprietary technology and software defined vehicle architectures, the company’s lineup of award-winning vehicles brings Lucid’s “Compromise Nothing™” approach to premium segments of the global automotive market. Lucid designs and engineers its products in-house and assembles at its vertically integrated facilities in 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.
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Forward-Looking Statements
This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “scheduled,” “aiming,” “targeting” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding results of operations, financial outlook and condition, guidance, liquidity, capital expenditures, prospects, growth, production volumes, strategies, management, and the markets in which Lucid operates, including expectations of financial and operational metrics, projections of market opportunity, market share and product sales, plans and expectations related to commercial product launches and future programs, initiatives and products, including the Midsize program, plans and expectations on vehicle production and delivery timing and volumes, expectations regarding market opportunities and demand for Lucid’s products, the range, features, specifications, performance, production and delivery of Lucid’s vehicles and potential impact on markets, plans and expectations regarding further monetization opportunities, plans and expectations regarding Lucid’s software, technology features and capabilities, including with respect to battery and powertrain systems, plans and expectations regarding Lucid’s systems approach to the design of the vehicles, estimate of Lucid’s technology lead over competitors, estimate of the length of time Lucid’s existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding Lucid’s liquidity runway, future capital raises and funding strategy, plans and expectations regarding future manufacturing capabilities and facilities, logistics and supply chain, studio and service center openings, sales channels and strategies, test drive, ability to mitigate supply chain and logistics risks, plans and expectations regarding expansion and construction of Lucid’s AMP-1 and AMP-2 manufacturing facilities and capabilities, including potential benefits, ability to vertically integrate production processes, future market launches and international expansion, Lucid’s ability to grow its brand awareness, plans and expectations regarding management transitions, the potential success of Lucid’s distribution strategy and future vehicle programs, potential automotive and strategic partnerships and their anticipated benefits, plans and expectations regarding Lucid’s ADAS/AD roadmap and robotaxi program, expectations on the technology licensing landscape, expectations on the regulatory and political environment, and the promise of Lucid’s technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid’s management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, economic, market, financial, political, regulatory and legal conditions, including uncertainties and changes of policies, imposition or proposed imposition of tariffs, export controls, threat of a trade war, the risk of a global economic recession or other downturn, bank closures and liquidity concerns at financial institutions, and global or regional conflicts or other geopolitical events, including the military operations in the Gulf region and the Middle East, and the potential escalation and the broadening of the conflict in Iran; 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 materials, including rare earth materials and 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 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 with Aston Martin, Uber, Nuro and NVIDIA; 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 effectively manage its growth and recruit and retain key employees, including its executive team; Lucid’s ongoing need to attract, retain, and motivate key employees, including engineering and management employees, as Lucid has undertaken multiple significant management changes in the past; risks related to Lucid’s outstanding redeemable convertible preferred stock and convertible senior notes; availability, reduction or
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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; 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; 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.
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Non-GAAP Financial Measures and Key Business Metrics
Condensed consolidated financial information has been presented in accordance with US GAAP (“GAAP”) as well as on a non-GAAP basis to supplement Lucid’s condensed consolidated financial results. Lucid’s non-GAAP financial measures include Adjusted EBITDA, adjusted net loss attributable to common stockholders, adjusted net loss per share attributable to common stockholders, and free cash flow, which are discussed below.
Adjusted EBITDA is defined as net loss attributable to common stockholders before (1) interest expense, (2) interest income, (3) provision for (benefit from) income taxes, (4) depreciation and amortization, (5) stock-based compensation, (6) workforce reduction charges, (7) change in fair value of common stock warrant liability, (8) change in fair value of equity securities of a related party, (9) change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party), and (10) accretion of redeemable convertible preferred stock (related party). Lucid believes that Adjusted EBITDA provides useful information to Lucid’s management and investors about Lucid’s financial performance.
Adjusted net loss attributable to common stockholders is defined as net loss attributable to common stockholders excluding (1) stock-based compensation, (2) workforce reduction charges, (3) change in fair value of common stock warrant liability, (4) change in fair value of equity securities of a related party, (5) change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party), and (6) accretion of redeemable convertible preferred stock (related party).
Lucid defines and calculates adjusted net loss per share attributable to common stockholders as adjusted net loss attributable to common stockholders divided by weighted-average shares outstanding attributable to common stockholders.
Lucid believes that adjusted net loss attributable to common stockholders and adjusted net loss per share attributable to common stockholders financial measures provide investors with useful information to evaluate the performance of its business excluding items not reflecting ongoing operating activities.
Free cash flow is defined as net cash used in operating activities less capital expenditures. Lucid believes that free cash flow provides useful information to Lucid’s management and investors about the amount of cash generated by the business after necessary capital expenditures.
These non-GAAP financial measures facilitate management’s internal comparisons to Lucid’s historical performance. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting, and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to Lucid’s investors regarding measures of its financial condition and results of operations that Lucid uses to run the business and therefore allows investors to better understand Lucid’s performance. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of Lucid’s results as reported under GAAP.
Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding Lucid’s operating performance. In addition, other companies, including companies in Lucid’s industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Lucid’s non-GAAP financial measures and key performance measures as tools for comparison. A reconciliation between GAAP and non-GAAP financial information is presented below.
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LUCID GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share data)
March 31, 2026 | December 31, 2025 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 700,356 | $ | 997,827 | ||||||||||
Short-term investments (including nil and $50,000 associated with a related party as of March 31, 2026 and December 31, 2025, respectively) | — | 631,093 | ||||||||||||
Accounts receivable, net (including $95,278 and $120,540 from a related party as of March 31, 2026 and December 31, 2025, respectively) | 131,244 | 177,162 | ||||||||||||
Inventory | 1,468,853 | 1,109,529 | ||||||||||||
Prepaid expenses | 63,880 | 59,606 | ||||||||||||
Other current assets | 392,336 | 324,434 | ||||||||||||
Total current assets | 2,756,669 | 3,299,651 | ||||||||||||
Property, plant and equipment, net | 4,028,772 | 3,978,132 | ||||||||||||
Right-of-use assets | 258,414 | 241,974 | ||||||||||||
Long-term investments (including $13,615 and $24,259 associated with a related party as of March 31, 2026 and December 31, 2025, respectively) | 13,615 | 512,241 | ||||||||||||
Other noncurrent assets | 425,698 | 354,983 | ||||||||||||
TOTAL ASSETS | $ | 7,483,168 | $ | 8,386,981 | ||||||||||
LIABILITIES | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable (including $20,127 and nil associated with a related party as of March 31, 2026 and December 31, 2025, respectively) | $ | 484,853 | $ | 487,521 | ||||||||||
Finance lease liabilities, current portion | 5,029 | 84,222 | ||||||||||||
Current portion of debt ($503,530 and $467,963 associated with related party as of March 31, 2026 and December 31, 2025, respectively) | 707,449 | 671,746 | ||||||||||||
Other current liabilities (including $69,859 and $81,580 associated with related parties as of March 31, 2026 and December 31, 2025, respectively) | 1,496,972 | 1,392,641 | ||||||||||||
Total current liabilities | 2,694,303 | 2,636,130 | ||||||||||||
Finance lease liabilities, net of current portion | 103,833 | 104,559 | ||||||||||||
Debt, net of current portion | 2,047,844 | 2,046,576 | ||||||||||||
Other long-term liabilities (including $123,350 and $123,198 associated with related parties as of March 31, 2026 and December 31, 2025, respectively) | 590,277 | 582,739 | ||||||||||||
Derivative liabilities associated with redeemable convertible preferred stock (related party) | 8,825 | 16,200 | ||||||||||||
Total liabilities | 5,445,082 | 5,386,204 | ||||||||||||
REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||||||||||||||
Preferred stock 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025, Series A redeemable convertible preferred stock, par value $0.0001; 100,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025; liquidation preference of $1,408,003 and $1,350,441 as of March 31, 2026 and December 31, 2025, respectively (related party) | 1,402,103 | 1,339,641 | ||||||||||||
Preferred stock 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025, Series B redeemable convertible preferred stock, par value $0.0001; 75,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025; liquidation preference of $990,274 and $949,249 as of March 31, 2026 and December 31, 2025, respectively (related party) | 987,349 | 943,849 | ||||||||||||
Total redeemable convertible preferred stock | 2,389,452 | 2,283,490 | ||||||||||||
STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||
Common stock, par value $0.0001; 1,500,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 330,230,365 and 327,451,844 shares issued and 330,144,583 and 327,366,062 shares outstanding as of March 31, 2026 and December 31, 2025, respectively | 33 | 33 | ||||||||||||
Additional paid-in capital | 16,304,893 | 16,337,023 | ||||||||||||
Treasury stock, at cost, 85,782 shares at March 31, 2026 and December 31, 2025 | (20,716) | (20,716) | ||||||||||||
Accumulated other comprehensive income | 3,513 | 11,692 | ||||||||||||
Accumulated deficit | (16,639,089) | (15,610,745) | ||||||||||||
Total stockholders’ equity (deficit) | (351,366) | 717,287 | ||||||||||||
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 7,483,168 | $ | 8,386,981 | ||||||||||
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LUCID GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended March 31, | |||||||||||
2026 | 2025 | ||||||||||
Revenue (including $38,370 and $5,096 from a related party for the three months ended March 31, 2026 and 2025, respectively) | $ | 282,465 | $ | 235,048 | |||||||
Costs and expenses | |||||||||||
Cost of revenue | 594,170 | 463,560 | |||||||||
Research and development | 335,670 | 251,246 | |||||||||
Selling, general and administrative | 304,176 | 212,175 | |||||||||
Workforce reduction charges | 37,934 | — | |||||||||
Total cost and expenses | 1,271,950 | 926,981 | |||||||||
Loss from operations | (989,485) | (691,933) | |||||||||
Other income (expense), net | |||||||||||
Change in fair value of common stock warrant liability | — | 12,861 | |||||||||
Change in fair value of equity securities of a related party | (10,221) | (13,453) | |||||||||
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | 7,375 | 281,700 | |||||||||
Interest income | 13,104 | 52,209 | |||||||||
Interest expense (including $11,309 and $3,700 to a related party for the three months ended March 31, 2026 and 2025, respectively) | (41,073) | (11,883) | |||||||||
Other income (expense), net | (7,867) | 2,965 | |||||||||
Total other income (expense), net | (38,682) | 324,399 | |||||||||
Loss before provision for (benefit from) income taxes | (1,028,167) | (367,534) | |||||||||
Provision for (benefit from) income taxes | 177 | (1,363) | |||||||||
Net loss | (1,028,344) | (366,171) | |||||||||
Accretion of redeemable convertible preferred stock (related party) | (105,962) | (364,925) | |||||||||
Net loss attributable to common stockholders, basic and diluted | $ | (1,134,306) | $ | (731,096) | |||||||
Weighted-average shares outstanding attributable to common stockholders, basic and diluted(1) | 328,285,861 | 303,631,731 | |||||||||
Net loss per share attributable to common stockholders, basic and diluted(1) | $ | (3.46) | $ | (2.41) | |||||||
Other comprehensive income (loss) | |||||||||||
Net unrealized gains (losses) on investments, net of tax | $ | (1,385) | $ | 3,552 | |||||||
Reclassification adjustment for realized gains on investments included in net loss | (5,702) | — | |||||||||
Foreign currency translation adjustments | (1,092) | 3,897 | |||||||||
Total other comprehensive income (loss) | (8,179) | 7,449 | |||||||||
Comprehensive loss | (1,036,523) | (358,722) | |||||||||
Accretion of redeemable convertible preferred stock (related party) | (105,962) | (364,925) | |||||||||
Comprehensive loss attributable to common stockholders | $ | (1,142,485) | $ | (723,647) | |||||||
(1) The weighted-average shares outstanding attributable to common stockholders and net loss per share attributable to common stockholders have been adjusted for the prior periods presented to reflect the one-for-ten (1:10) reverse stock split effected on August 29, 2025.
7
LUCID GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended March 31, | |||||||||||
2026 | 2025 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (1,028,344) | $ | (366,171) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 116,412 | 97,959 | |||||||||
Amortization of insurance premium | 9,296 | 8,914 | |||||||||
Non-cash operating lease cost | 15,162 | 8,551 | |||||||||
Stock-based compensation | 61,030 | 27,515 | |||||||||
Inventory and firm purchase commitments write-downs | 228,317 | 147,918 | |||||||||
Change in fair value of common stock warrant liability | — | (12,861) | |||||||||
Change in fair value of equity securities of a related party | 10,221 | 13,453 | |||||||||
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (7,375) | (281,700) | |||||||||
Net accretion of investment discounts/premiums | (941) | (13,480) | |||||||||
Other non-cash items | (2,805) | 2,718 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable (including $25,262 and $4,116 from a related party for the three months ended March 31, 2026 and 2025, respectively) | 44,835 | 21,781 | |||||||||
Inventory | (576,397) | (206,470) | |||||||||
Prepaid expenses | (12,099) | (7,423) | |||||||||
Other assets | (127,445) | (612) | |||||||||
Accounts payable | (11,112) | (377) | |||||||||
Other liabilities | 95,586 | 131,672 | |||||||||
Net cash used in operating activities | (1,185,659) | (428,613) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property, plant and equipment (including $(47,134) and $(41,993) from a related party for the three months ended March 31, 2026 and 2025, respectively) | (253,167) | (161,241) | |||||||||
Proceeds from maturities of investments (including $50,000 and nil from a related party for the three months ended March 31, 2026 and 2025, respectively) | 177,228 | 1,062,291 | |||||||||
Proceeds from sale of investments | 951,125 | — | |||||||||
Purchases of investments (including nil and $(30,000) from a related party for the three months ended March 31, 2026 and 2025, respectively) | — | (287,029) | |||||||||
Net cash provided by investing activities | 875,186 | 614,021 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings from a related party | 35,994 | 66,656 | |||||||||
Proceeds from exercise of stock options | 2,768 | 413 | |||||||||
Tax withholding payments for net settlement of employee awards | (1,105) | (3,277) | |||||||||
Payment for finance lease liabilities | (1,212) | (554) | |||||||||
Payment for credit facility issuance costs to a related party | — | (507) | |||||||||
Payments of transaction costs for the issuance of 2031 Notes | (1,165) | — | |||||||||
Net cash provided by financing activities | 35,280 | 62,731 | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (275,193) | 248,139 | |||||||||
Beginning cash, cash equivalents, and restricted cash | 1,040,913 | 1,607,052 | |||||||||
Ending cash, cash equivalents, and restricted cash | $ | 765,720 | $ | 1,855,191 | |||||||
8
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 March 31, | |||||||||||
2026 | 2025 | ||||||||||
Net loss attributable to common stockholders, basic and diluted (GAAP) | $ | (1,134,306) | $ | (731,096) | |||||||
Interest expense | 41,073 | 11,883 | |||||||||
Interest income | (13,104) | (52,209) | |||||||||
Provision for (benefit from) income taxes | 177 | (1,363) | |||||||||
Depreciation and amortization | 116,412 | 97,959 | |||||||||
Stock-based compensation | 62,389 | 27,515 | |||||||||
Workforce reduction charges | 37,934 | — | |||||||||
Change in fair value of common stock warrant liability | — | (12,861) | |||||||||
Change in fair value of equity securities of a related party | 10,221 | 13,453 | |||||||||
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (7,375) | (281,700) | |||||||||
Accretion of redeemable convertible preferred stock (related party) | 105,962 | 364,925 | |||||||||
Adjusted EBITDA (non-GAAP) | $ | (780,617) | $ | (563,494) | |||||||
Adjusted Net Loss Attributable to Common Stockholders
Three Months Ended March 31, | |||||||||||
2026 | 2025 | ||||||||||
Net loss attributable to common stockholders, basic and diluted (GAAP) | $ | (1,134,306) | $ | (731,096) | |||||||
Stock-based compensation | 62,389 | 27,515 | |||||||||
Workforce reduction charges | 37,934 | — | |||||||||
Change in fair value of common stock warrant liability | — | (12,861) | |||||||||
Change in fair value of equity securities of a related party | 10,221 | 13,453 | |||||||||
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (7,375) | (281,700) | |||||||||
Accretion of redeemable convertible preferred stock (related party) | 105,962 | 364,925 | |||||||||
Adjusted net loss attributable to common stockholders, basic and diluted (non-GAAP) | $ | (925,175) | $ | (619,764) | |||||||
Adjusted Net Loss Per Share Attributable to Common Stockholders(1)
Three Months Ended March 31, | |||||||||||
2026 | 2025 | ||||||||||
Net loss per share attributable to common stockholders, basic and diluted (GAAP) | $ | (3.46) | $ | (2.41) | |||||||
Stock-based compensation | 0.19 | 0.10 | |||||||||
Workforce reduction charges | 0.12 | — | |||||||||
Change in fair value of common stock warrant liability | — | (0.04) | |||||||||
Change in fair value of equity securities of a related party | 0.03 | 0.04 | |||||||||
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (0.02) | (0.93) | |||||||||
Accretion of redeemable convertible preferred stock (related party) | 0.32 | 1.20 | |||||||||
Adjusted net loss per share attributable to common stockholders, basic and diluted (non-GAAP) | $ | (2.82) | $ | (2.04) | |||||||
Weighted-average shares outstanding attributable to common stockholders, basic and diluted | 328,285,861 | 303,631,731 | |||||||||
(1) The weighted-average shares outstanding attributable to common stockholders, net loss per share attributable to common stockholders and adjusted net loss per share attributable to common stockholders have been adjusted for the prior periods presented to reflect the one-for-ten (1:10) reverse stock split effected on August 29, 2025.
9
LUCID GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - continued
(Unaudited)
(in thousands)
Free Cash Flow
Three Months Ended March 31, | |||||||||||
2026 | 2025 | ||||||||||
Net cash used in operating activities (GAAP) | $ | (1,185,659) | $ | (428,613) | |||||||
Capital expenditures | (253,167) | (161,241) | |||||||||
Free cash flow (non-GAAP) | $ | (1,438,826) | $ | (589,854) | |||||||
10
FAQ
How did Lucid Group (LCID) perform financially in Q1 2026?
Lucid generated $282.5 million in Q1 2026 revenue, up 20% year over year, but reported a $1.13 billion net loss attributable to common stockholders. Adjusted EBITDA was a loss of $780.6 million, reflecting high production, R&D, and overhead costs relative to revenue.
What were Lucid Group (LCID) vehicle production and deliveries in Q1 2026?
Lucid produced 5,500 vehicles and delivered 3,093 in the first quarter of 2026. A seat supplier issue temporarily affected February Lucid Gravity deliveries, but January and March deliveries were ahead of prior-year periods, with March sales up 14% versus March 2025.
How much cash and liquidity does Lucid Group (LCID) have after Q1 2026?
Lucid ended Q1 2026 with about $3.2 billion in total liquidity. Including an April capital raise and an increased Delayed Draw Term Loan, pro forma quarter-end liquidity would have been approximately $4.7 billion, providing additional funding for operations and expansion plans.
What capital raise did Lucid Group (LCID) announce in April 2026?
On April 14, Lucid announced roughly $1.05 billion in new capital, including $550 million of convertible preferred stock from an affiliate of the Public Investment Fund, $300 million from a registered common stock offering, and a $200 million equity investment from Uber.
How significant is Lucid Group (LCID) cash burn and free cash flow in Q1 2026?
Lucid reported negative $1.44 billion free cash flow in Q1 2026. Net cash used in operating activities was about $1.19 billion, and capital expenditures were $253.2 million, highlighting substantial cash usage to fund operations, inventory, and manufacturing investments.
What strategic partnerships and leadership changes did Lucid Group (LCID) highlight?
Lucid expanded its robotaxi partnership with Uber to at least 35,000 vehicles and advanced testing with Uber and Nuro. It also announced Silvio Napoli as its next CEO, with Interim CEO Marc Winterhoff returning to the COO role when the transition occurs.