Lucid Announces Fourth Quarter and Full Year 2024 Financial Results
Lucid Motors (LCID) reported its Q4 and full year 2024 financial results, achieving production of 3,386 vehicles in Q4 and 9,029 vehicles for the full year, meeting their 2024 guidance. Vehicle deliveries reached 3,099 in Q4 and 10,241 for 2024, marking increases of 79% and 71% compared to 2023 respectively.
Q4 revenue was $234.5 million, with annual revenue reaching $807.8 million. The company reported a GAAP net loss per share of $(0.22) in Q4 and $(1.25) for 2024. Lucid ended Q4 with $6.13 billion in total liquidity and announced 2025 production guidance of approximately 20,000 vehicles.
The company also announced a leadership change, with COO Marc Winterhoff appointed as Interim CEO, while Peter Rawlinson transitions to Strategic Technical Advisor to the Chairman of the Board.
Lucid Motors (LCID) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024, raggiungendo una produzione di 3.386 veicoli nel Q4 e 9.029 veicoli per l'intero anno, rispettando le previsioni per il 2024. Le consegne di veicoli hanno raggiunto 3.099 nel Q4 e 10.241 per il 2024, segnando aumenti del 79% e del 71% rispetto al 2023 rispettivamente.
Il fatturato del Q4 è stato di 234,5 milioni di dollari, con un fatturato annuale che ha raggiunto 807,8 milioni di dollari. L'azienda ha riportato una perdita netta per azione secondo i principi contabili GAAP di $(0,22) nel Q4 e di $(1,25) per il 2024. Lucid ha concluso il Q4 con 6,13 miliardi di dollari in liquidità totale e ha annunciato una previsione di produzione per il 2025 di circa 20.000 veicoli.
L'azienda ha anche annunciato un cambiamento nella leadership, con il COO Marc Winterhoff nominato CEO ad interim, mentre Peter Rawlinson passerà a Consigliere Tecnico Strategico del Presidente del Consiglio di Amministrazione.
Lucid Motors (LCID) informó sus resultados financieros del cuarto trimestre y del año completo 2024, logrando una producción de 3,386 vehículos en el cuarto trimestre y 9,029 vehículos para el año completo, cumpliendo con su guía para 2024. Las entregas de vehículos alcanzaron 3,099 en el cuarto trimestre y 10,241 para 2024, marcando aumentos del 79% y del 71% en comparación con 2023, respectivamente.
Los ingresos del cuarto trimestre fueron de $234.5 millones, con ingresos anuales que alcanzaron $807.8 millones. La compañía reportó una pérdida neta por acción según GAAP de $(0.22) en el cuarto trimestre y $(1.25) para 2024. Lucid terminó el cuarto trimestre con $6.13 mil millones en liquidez total y anunció una guía de producción para 2025 de aproximadamente 20,000 vehículos.
La compañía también anunció un cambio de liderazgo, con el COO Marc Winterhoff nombrado CEO interino, mientras que Peter Rawlinson pasará a ser Asesor Técnico Estratégico del Presidente de la Junta.
루시드 모터스 (LCID)는 2024년 4분기 및 연간 재무 결과를 발표하며, 4분기에 3,386대, 연간 9,029대의 차량을 생산하여 2024년 가이드를 충족했습니다. 차량 인도는 4분기에 3,099대, 2024년에 10,241대에 달해 각각 2023년 대비 79% 및 71% 증가했습니다.
4분기 매출은 $234.5 백만이었고, 연간 매출은 $807.8 백만에 도달했습니다. 회사는 4분기 GAAP 기준 주당 순손실이 $(0.22)이고, 2024년에는 $(1.25)이라고 보고했습니다. 루시드는 4분기를 $6.13 billion의 총 유동성으로 마감했으며, 2025년 생산 가이드를 약 20,000대로 발표했습니다.
회사는 또한 COO 마르크 빈터호프가 임시 CEO로 임명되며 리더십 변경을 발표했으며, 피터 롤윈슨은 이사회 의장의 전략 기술 고문으로 전환됩니다.
Lucid Motors (LCID) a annoncé ses résultats financiers du quatrième trimestre et de l'année complète 2024, atteignant une production de 3 386 véhicules au quatrième trimestre et de 9 029 véhicules pour l'année complète, respectant ainsi ses prévisions pour 2024. Les livraisons de véhicules ont atteint 3 099 au quatrième trimestre et 10 241 pour 2024, marquant des augmentations respectives de 79 % et 71 % par rapport à 2023.
Le chiffre d'affaires du quatrième trimestre s'élevait à 234,5 millions de dollars, avec un chiffre d'affaires annuel atteignant 807,8 millions de dollars. L'entreprise a déclaré une perte nette par action selon les normes GAAP de $(0,22) au quatrième trimestre et de $(1,25) pour 2024. Lucid a terminé le quatrième trimestre avec 6,13 milliards de dollars de liquidités totales et a annoncé une prévision de production pour 2025 d'environ 20 000 véhicules.
L'entreprise a également annoncé un changement de direction, avec le COO Marc Winterhoff nommé PDG par intérim, tandis que Peter Rawlinson devient Conseiller Technique Stratégique du Président du Conseil d'Administration.
Lucid Motors (LCID) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und eine Produktion von 3.386 Fahrzeugen im vierten Quartal sowie 9.029 Fahrzeugen für das gesamte Jahr erreicht, wodurch die Prognose für 2024 erfüllt wurde. Die Fahrzeuglieferungen erreichten im vierten Quartal 3.099 und für 2024 10.241, was jeweils einem Anstieg von 79% und 71% im Vergleich zu 2023 entspricht.
Der Umsatz im vierten Quartal betrug 234,5 Millionen US-Dollar, während der Jahresumsatz 807,8 Millionen US-Dollar erreichte. Das Unternehmen berichtete von einem GAAP-Nettoverlust pro Aktie von $(0,22) im vierten Quartal und $(1,25) für 2024. Lucid beendete das vierte Quartal mit 6,13 Milliarden US-Dollar an Gesamtliquidität und gab eine Produktionsprognose von etwa 20.000 Fahrzeugen für 2025 bekannt.
Das Unternehmen gab auch einen Führungswechsel bekannt, wobei COO Marc Winterhoff als Interims-CEO ernannt wurde, während Peter Rawlinson zum Strategischen Technischen Berater des Vorsitzenden des Vorstands wechselt.
- Vehicle deliveries up 71% YoY to 10,241 units
- Met 2024 production guidance of 9,000 vehicles
- Strong liquidity position of $6.13B
- 2025 production guidance set at 20,000 vehicles
- Improved gross margins reported
- Q4 GAAP net loss of $0.22 per share
- Full year GAAP net loss of $1.25 per share
- CEO transition could create temporary uncertainty
Insights
Lucid's Q4 and full-year 2024 results reveal a company attempting to navigate the challenging EV landscape with mixed financial signals. The 71% year-over-year delivery growth to 10,241 vehicles demonstrates improving market traction, but this remains a fraction of what established competitors deliver. More concerning is that deliveries (10,241) outpaced production (9,029), indicating Lucid is clearing inventory rather than struggling to meet demand.
The $807.8 million annual revenue represents modest growth, but the company continues to operate with substantial losses – $(1.25) GAAP loss per share translates to approximately $2.8 billion in annual losses based on their outstanding shares. This suggests a concerning cash burn rate of roughly $700 million per quarter, giving them about 8-9 quarters of runway with their $6.13 billion liquidity, assuming no improvement in cash flow or additional financing.
The leadership transition from visionary founder Peter Rawlinson to operations-focused Marc Winterhoff signals a pivotal strategic shift. This appears to be a deliberate move from technology development to commercialization and operational efficiency – essentially transitioning from an engineering-led company to one focused on production scaling and financial sustainability.
Lucid's ambitious 2025 production guidance of 20,000 vehicles – a 121% increase from 2024 – warrants significant skepticism given their historical execution challenges. While their Arizona facility has theoretical capacity for this volume, achieving it would require flawless execution in supply chain management and manufacturing efficiency that Lucid hasn't yet demonstrated.
The mention of technology licensing represents a potentially significant strategic pivot. This could leverage Lucid's advanced powertrain technology without the capital-intensive burden of vehicle manufacturing, potentially creating a higher-margin revenue stream similar to what ARM does in semiconductors.
The continued backing from Saudi Arabia's Public Investment Fund provides important financial stability, but Lucid must accelerate its path to profitability. The vague mention of "substantial progress in improving gross margins" without specific metrics suggests these improvements remain modest. For context, Lucid needs to improve from deeply negative gross margins to at least 15-20% to approach sustainability.
The focus on the midsize platform vehicles represents Lucid's attempt to reach more mainstream price points, essential for volume growth but likely to further pressure margins in the near term. The coming year will be decisive in determining whether Lucid can execute this transition from premium niche player to sustainable volume manufacturer.
- Produced 3,386 vehicles in Q4 and 9,029 vehicles in 2024, in line with the 2024 annual production guidance of 9,000 vehicles
- Delivered 3,099 vehicles in Q4 and 10,241 vehicles in 2024; up
79% compared to Q4 2023 and up71% compared to full year 2023 - Q4 revenue of
$234.5 million $807.8 million - GAAP net loss per share of
$(0.22) $(1.25) $(0.22) $(1.04) - Ended the quarter with approximately
$6.13 billion - 2025 production guidance of approximately 20,000 vehicles
- Announced CEO transition; Marc Winterhoff, COO, appointed Interim CEO, Peter Rawlinson to serve as Strategic Technical Advisor to the Chairman of the Board, stepping aside from his prior roles
The Company produced 3,386 vehicles during Q4 and delivered 3,099 vehicles during the same period. On a full-year basis, the Company produced 9,029 vehicles, in line with the 2024 annual production guidance of approximately 9,000 vehicles, and delivered 10,241 vehicles in 2024. Lucid today also announced its 2025 annual production guidance of approximately 20,000 vehicles, and will continue to prudently manage and adjust production to meet sales and delivery needs.
Lucid reported fourth quarter revenue of
"I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past twelve years," said Peter Rawlinson. "We grew from a tiny company with a big ambition, to a widely recognized technological world leader in sustainable mobility. It has been my honor to have led and grown this remarkable, truly world class team, because Lucid has always been first and foremost about a team effort. I look forward to continuing to serve as Strategic Technical Advisor to the Chairman of the Board and hence I am delighted to remain a part of the Lucid family to support the continued success and growth of the company."
"2024 was a transformational year for Lucid and I am honored to step into this role as Lucid enters the next phase of its journey," said Marc Winterhoff, Interim CEO. "We have an extremely talented team that is laser-focused on ramping production of Lucid Gravity, our technology licensing business, our Midsize platform vehicles, and further monetization opportunities."
"We saw significant momentum in 2024 with four consecutive quarters of record deliveries," said Gagan Dhingra, Interim CFO. "Additionally, we made substantial progress in improving our gross margins, managing our operating expenses while balancing strategic growth investments, and strengthening our balance sheet with the support of the Public Investment Fund (PIF)."
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on February 25, 2025. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Lucid Group
Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The award-winning Lucid Air and new Lucid Gravity deliver best-in-class performance, sophisticated design, expansive interior space and unrivaled energy efficiency. Lucid assembles both vehicles in its state-of-the-art, vertically integrated factory in
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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" 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, strategies, management, and the markets in which we operate, 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 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 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, studio and service center openings, sales channels and strategies, test drive, ability to mitigate supply chain and logistics risks, plans and expectations regarding expansion and construction of Lucid's AMP-1 and AMP-2 manufacturing facilities and capabilities, including potential benefits, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, Lucid's ability to grow its brand awareness, plans and expectations regarding management transitions, the potential success of Lucid's direct-to-consumer sales strategy and future vehicle programs, potential automotive and strategic partnerships, 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, economic and legal conditions, including changes of policies, government closures of banks and liquidity concerns at other financial institutions, imposition of tariffs and threat of a trade war, a potential global economic recession or other downturn and global conflicts or other geopolitical events; 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, 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 information; risks related to the timing of expected business milestones and commercial product launches; risks related to the expansion of Lucid's manufacturing facility, the construction of new 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 future 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 our ability to realize the anticipated benefits of our transaction with Aston Martin; Lucid's ability to effectively manage its growth and recruit and retain key employees, including its executive team; risks related to potential vehicle recalls and buybacks; 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 ongoing need to attract, retain, and motivate key employees, including engineering and management employees, as we have undertaken multiple significant management changes in the last few years, including our CEO; risks related to Lucid's outstanding Convertible Preferred Stock; availability of, and Lucid's ability to obtain and effectively utilize or obtain certain credits and other 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 heading "Risk Factors" in Part I, Item 1A of Lucid's Annual Report on Form 10-K for the year ended December 31, 2024, as well as in other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks 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
Consolidated financial information has been presented in accordance with US GAAP ("GAAP") as well as on a non-GAAP basis to supplement our 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 income taxes, (4) depreciation and amortization, (5) stock-based compensation, (6) restructuring charges, (7) change in fair value of common stock warrant liability, (8) change in fair value of equity securities of a related party, (9) change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party), 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) restructuring charges, (3) change in fair value of common stock warrant liability, (4) change in fair value of equity securities of a related party, (5) change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party), and (6) accretion of redeemable convertible preferred stock (related party).
Lucid defines and calculates Adjusted Net Loss Per Share Attributable to Common Stockholders 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 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 our 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 our 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. | ||||
December 31, | December 31, | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 1,606,865 | $ 1,369,947 | ||
Short-term investments (including | 2,424,103 | 2,489,798 | ||
Accounts receivable, net (including | 112,025 | 51,822 | ||
Inventory | 407,774 | 696,236 | ||
Prepaid expenses | 52,951 | 69,682 | ||
Other current assets (including | 270,218 | 79,670 | ||
Total current assets | 4,873,936 | 4,757,155 | ||
Property, plant and equipment, net | 3,262,612 | 2,810,867 | ||
Right-of-use assets | 211,886 | 221,508 | ||
Long-term investments (including | 1,012,223 | 461,029 | ||
Other noncurrent assets | 249,443 | 180,626 | ||
Investments in equity securities of a related party | 37,831 | 81,533 | ||
TOTAL ASSETS | $ 9,647,931 | $ 8,512,718 | ||
LIABILITIES | ||||
Current liabilities: | ||||
Accounts payable | $ 133,832 | $ 108,724 | ||
Finance lease liabilities, current portion | 6,788 | 8,202 | ||
Other current liabilities (including | 1,024,671 | 891,484 | ||
Total current liabilities | 1,165,291 | 1,008,410 | ||
Finance lease liabilities, net of current portion | 76,096 | 77,653 | ||
Common stock warrant liability | 19,514 | 53,664 | ||
Long-term debt | 2,002,151 | 1,996,960 | ||
Other long-term liabilities (including | 572,800 | 524,339 | ||
Derivative liabilities associated with redeemable convertible preferred stock (related party) | 639,425 | — | ||
Total liabilities | 4,475,277 | 3,661,026 | ||
REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||||
Preferred stock 10,000,000 shares authorized as of December 31, 2024 and 2023, Series A redeemable convertible | 730,025 | — | ||
Preferred stock 10,000,000 shares authorized as of December 31, 2024 and 2023, Series B redeemable convertible | 569,817 | — | ||
Total redeemable convertible preferred stock | 1,299,842 | — | ||
STOCKHOLDERS' EQUITY | ||||
Common stock, par value | 303 | 230 | ||
Additional paid-in capital | 16,808,018 | 15,066,080 | ||
Treasury stock, at cost, 857,825 shares at December 31, 2024 and 2023 | (20,716) | (20,716) | ||
Accumulated other comprehensive income (loss) | (2,099) | 4,850 | ||
Accumulated deficit | (12,912,694) | (10,198,752) | ||
Total stockholders' equity | 3,872,812 | 4,851,692 | ||
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY | $ 9,647,931 | $ 8,512,718 | ||
LUCID GROUP, INC. | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenue (including | $ 234,473 | $ 157,151 | $ 807,832 | $ 595,271 | |||
Costs and expenses | |||||||
Cost of revenue | 443,248 | 410,015 | 1,730,943 | 1,936,066 | |||
Research and development | 280,285 | 242,977 | 1,176,453 | 937,012 | |||
Selling, general and administrative | 243,890 | 241,026 | 900,952 | 797,235 | |||
Restructuring charges | — | — | 20,304 | 24,546 | |||
Total cost and expenses | 967,423 | 894,018 | 3,828,652 | 3,694,859 | |||
Loss from operations | (732,950) | (736,867) | (3,020,820) | (3,099,588) | |||
Other income (expense), net | |||||||
Change in fair value of common stock warrant liability | 13,305 | 25,279 | 34,150 | 86,926 | |||
Change in fair value of equity securities of a related party | (4,898) | 5,999 | (43,057) | 5,999 | |||
Change in fair value of derivative liabilities associated with redeemable | 292,600 | — | 155,350 | — | |||
Interest income | 57,825 | 58,680 | 213,026 | 204,274 | |||
Interest expense (including | (10,271) | (7,777) | (32,923) | (24,915) | |||
Other income (expense), net | (12,240) | 934 | (18,469) | (90) | |||
Total other income, net | 336,321 | 83,115 | 308,077 | 272,194 | |||
Loss before provision for income taxes | (396,629) | (653,752) | (2,712,743) | (2,827,394) | |||
Provision for income taxes | 589 | 14 | 1,199 | 1,026 | |||
Net loss | (397,218) | (653,766) | (2,713,942) | (2,828,420) | |||
Accretion of redeemable convertible preferred stock (related party) | (239,686) | — | (347,610) | — | |||
Net loss attributable to common stockholders, basic and diluted | $ (636,904) | $ (653,766) | $ (3,061,552) | $ (2,828,420) | |||
Weighted-average shares outstanding attributable to common stockholders, basic and diluted | 2,840,838,019 | 2,292,032,497 | 2,445,176,539 | 2,081,772,622 | |||
Net loss per share attributable to common stockholders, basic and diluted | $ (0.22) | $ (0.29) | $ (1.25) | $ (1.36) | |||
Other comprehensive income (loss) | |||||||
Net unrealized gains (losses) on investments, net of tax | $ (5,730) | $ 10,079 | $ 1,942 | $ 12,669 | |||
Foreign currency translation adjustments | (9,283) | 5,134 | (8,891) | 3,753 | |||
Total other comprehensive income (loss) | (15,013) | 15,213 | (6,949) | 16,422 | |||
Comprehensive loss | $ (412,231) | $ (638,553) | $ (2,720,891) | $ (2,811,998) | |||
Accretion of redeemable convertible preferred stock (related party) | (239,686) | — | (347,610) | — | |||
Comprehensive loss attributable to common stockholders | $ (651,917) | $ (638,553) | $ (3,068,501) | $ (2,811,998) | |||
LUCID GROUP, INC. | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cash flows from operating activities: | |||||||
Net loss | $ (397,218) | $ (653,766) | $ (2,713,942) | $ (2,828,420) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 90,843 | 67,498 | 295,337 | 233,531 | |||
Amortization of insurance premium | 7,371 | 9,265 | 33,330 | 39,507 | |||
Non-cash operating lease cost | 7,768 | 7,330 | 30,765 | 26,201 | |||
Stock-based compensation | 77,069 | 63,851 | 285,872 | 257,283 | |||
Inventory and firm purchase commitments write-downs | 174,100 | 171,574 | 590,198 | 906,069 | |||
Change in fair value of common stock warrant liability | (13,305) | (25,279) | (34,150) | (86,926) | |||
Change in fair value of equity securities of a related party | 4,898 | (5,999) | 43,057 | (5,999) | |||
Change in fair value of derivative liabilities associated with redeemable convertible preferred | (292,600) | — | (155,350) | — | |||
Net accretion of investment discounts/premiums | (17,159) | (30,504) | (76,739) | (105,432) | |||
Other non-cash items | 1,217 | 6,267 | 5,983 | 34,205 | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable (including | (14,678) | (28,731) | (61,279) | (32,509) | |||
Inventory | (112,850) | (82,077) | (334,242) | (658,010) | |||
Prepaid expenses | 1,812 | (2,579) | (16,675) | (45,641) | |||
Other current assets | (113,629) | (8,922) | (141,110) | 4,758 | |||
Other noncurrent assets | (47,864) | (8,000) | (62,759) | (121,790) | |||
Accounts payable | (7,808) | (24,709) | 34,756 | (139,519) | |||
Other current liabilities | 94,536 | 20,778 | 131,627 | (42,508) | |||
Other long-term liabilities (including | 24,350 | 49,454 | 125,647 | 75,447 | |||
Net cash used in operating activities | (533,147) | (474,549) | (2,019,674) | (2,489,753) | |||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment (including | (291,635) | (272,642) | (883,841) | (910,644) | |||
Purchases of investments (including | (2,248,670) | (413,028) | (4,622,890) | (3,998,282) | |||
Proceeds from maturities of investments | 860,684 | 1,240,320 | 4,112,084 | 3,720,890 | |||
Proceeds from sale of investments | 95,193 | — | 100,193 | 148,388 | |||
Proceeds from government grant | — | 97,500 | — | 97,500 | |||
Other investing activities | — | — | — | (4,827) | |||
Net cash provided by (used in) investing activities | (1,584,428) | 652,150 | (1,294,454) | (946,975) | |||
Cash flows from financing activities: | |||||||
Proceeds from issuance of common stock under 2024 Underwriting Agreement, net of issuance costs | 718,357 | — | 718,357 | — | |||
Proceeds from issuance of common stock under 2024 Subscription Agreement to a related party, net of issuance costs | 1,025,660 | — | 1,025,660 | — | |||
Proceeds from issuance of common stock under 2023 Underwriting Agreement, net of issuance costs | — | — | — | 1,184,224 | |||
Proceeds from issuance of common stock under 2023 Subscription Agreement to a related party, net of issuance costs | — | — | — | 1,812,641 | |||
Proceeds from issuance of Series A redeemable convertible preferred stock to a related party | — | — | 1,000,000 | — | |||
Proceeds from issuance of Series B redeemable convertible preferred stock to a related party | — | — | 750,000 | — | |||
Payments of issuance costs for Series A redeemable convertible preferred stock | (8) | — | (2,351) | — | |||
Payments of issuance costs for Series B redeemable convertible preferred stock | (391) | — | (641) | — | |||
Payment for credit facility issuance costs (including nil to a related party for the three months | (186) | — | (6,244) | — | |||
Payment for finance lease liabilities | (534) | (891) | (3,166) | (5,425) | |||
Proceeds from borrowings from a related party | 79,844 | 19,991 | 79,844 | 62,911 | |||
Repayment of borrowings to a related party | — | — | (25,856) | — | |||
Proceeds from exercise of stock options | 1,637 | 3,022 | 4,883 | 10,343 | |||
Proceeds from employee stock purchase plan | 8,104 | 8,747 | 19,208 | 23,836 | |||
Tax withholding payments for net settlement of employee awards | (1,519) | (2,910) | (10,021) | (17,615) | |||
Net cash provided by financing activities | 1,830,964 | 27,959 | 3,549,673 | 3,070,915 | |||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (286,611) | 205,560 | 235,545 | (365,813) | |||
Beginning cash, cash equivalents, and restricted cash | 1,893,663 | 1,165,947 | 1,371,507 | 1,737,320 | |||
Ending cash, cash equivalents, and restricted cash | $ 1,607,052 | $ 1,371,507 | $ 1,607,052 | $ 1,371,507 | |||
LUCID GROUP, INC. | |||||||
Adjusted EBITDA | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss attributable to common stockholders, basic and diluted (GAAP) | $ (636,904) | $ (653,766) | $ (3,061,552) | $ (2,828,420) | |||
Interest expense | 10,271 | 7,777 | 32,923 | 24,915 | |||
Interest income | (57,825) | (58,680) | (213,026) | (204,274) | |||
Provision for income taxes | 589 | 14 | 1,199 | 1,026 | |||
Depreciation and amortization | 90,843 | 67,498 | 295,337 | 233,531 | |||
Stock-based compensation | 77,069 | 63,851 | 287,352 | 258,726 | |||
Restructuring charges | — | — | 20,304 | 24,546 | |||
Change in fair value of common stock warrant liability | (13,305) | (25,279) | (34,150) | (86,926) | |||
Change in fair value of equity securities of a related party | 4,898 | (5,999) | 43,057 | (5,999) | |||
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) | (292,600) | — | (155,350) | — | |||
Accretion of redeemable convertible preferred stock (related party) | 239,686 | — | 347,610 | — | |||
Adjusted EBITDA (non-GAAP) | $ (577,278) | $ (604,584) | $ (2,436,296) | $ (2,582,875) | |||
Adjusted Net Loss Attributable to Common Stockholders | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss attributable to common stockholders, basic and diluted (GAAP) | $ (636,904) | $ (653,766) | $ (3,061,552) | $ (2,828,420) | |||
Stock-based compensation | 77,069 | 63,851 | 287,352 | 258,726 | |||
Restructuring charges | — | — | 20,304 | 24,546 | |||
Change in fair value of common stock warrant liability | (13,305) | (25,279) | (34,150) | (86,926) | |||
Change in fair value of equity securities of a related party | 4,898 | (5,999) | 43,057 | (5,999) | |||
Change in fair value of derivative liabilities associated with redeemable | (292,600) | — | (155,350) | — | |||
Accretion of redeemable convertible preferred stock (related party) | 239,686 | — | 347,610 | — | |||
Adjusted net loss attributable to common stockholders, basic and | $ (621,156) | $ (621,193) | $ (2,552,729) | $ (2,638,073) | |||
Adjusted Net Loss Per Share Attributable to Common Stockholders | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss per share attributable to common stockholders, basic and | $ (0.22) | $ (0.29) | $ (1.25) | $ (1.36) | |||
Stock-based compensation | 0.02 | 0.03 | 0.12 | 0.12 | |||
Restructuring charges | — | — | 0.01 | 0.01 | |||
Change in fair value of common stock warrant liability | — | (0.01) | (0.02) | (0.04) | |||
Change in fair value of equity securities of a related party | — | — | 0.02 | — | |||
Change in fair value of derivative liabilities associated with redeemable | (0.10) | — | (0.06) | — | |||
Accretion of redeemable convertible preferred stock (related party) | 0.08 | — | 0.14 | — | |||
Adjusted net loss per share attributable to common stockholders, basic | $ (0.22) | $ (0.27) | $ (1.04) | $ (1.27) | |||
Weighted-average shares outstanding attributable to common | 2,840,838,019 | 2,292,032,497 | 2,445,176,539 | 2,081,772,622 | |||
LUCID GROUP, INC. | |||||||
Free Cash Flow | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net cash used in operating activities (GAAP) | $ (533,147) | $ (474,549) | $ (2,019,674) | $ (2,489,753) | |||
Capital expenditures | (291,635) | (272,642) | (883,841) | (910,644) | |||
Free cash flow (non-GAAP) | $ (824,782) | $ (747,191) | $ (2,903,515) | $ (3,400,397) | |||
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SOURCE Lucid Group
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