Lucid Announces Third Quarter 2024 Financial Results
Lucid Group (NASDAQ: LCID) announced its Q3 2024 financial results, reporting revenue of $200.0 million from the delivery of 2,781 vehicles, a 90.9% increase over Q3 2023. The company produced 1,805 vehicles in Q3 and is on track to manufacture approximately 9,000 vehicles in 2024. Lucid ended the quarter with $5.16 billion in total liquidity and completed a capital raise of approximately $1.75 billion in October 2024. GAAP net loss per share was $(0.41), while non-GAAP net loss per share was $(0.28). CEO Peter Rawlinson highlighted their third consecutive quarter of record deliveries and the opening of the order book for the Lucid Gravity SUV, which is set to begin production this year. Interim CFO Gagan Dhingra noted improved gross margin performance and cost reduction efforts.
Lucid Group (NASDAQ: LCID) ha annunciato i risultati finanziari per il terzo trimestre del 2024, riportando entrate di 200,0 milioni di dollari dalla consegna di 2.781 veicoli, con un aumento del 90,9% rispetto al terzo trimestre del 2023. L'azienda ha prodotto 1.805 veicoli nel terzo trimestre ed è sulla buona strada per fabbricare circa 9.000 veicoli nel 2024. Lucid ha chiuso il trimestre con 5,16 miliardi di dollari in liquidità totale e ha completato una raccolta di capitale di circa 1,75 miliardi di dollari a ottobre 2024. La perdita netta per azione secondo i principi contabili GAAP è stata di $(0,41), mentre la perdita netta per azione non GAAP è stata di $(0,28). Il CEO Peter Rawlinson ha evidenziato il loro terzo trimestre consecutivo di consegne record e l'apertura del libro degli ordini per il SUV Lucid Gravity, che dovrebbe iniziare la produzione quest'anno. L'Interim CFO Gagan Dhingra ha notato il miglioramento della performance del margine lordo e gli sforzi di riduzione dei costi.
Lucid Group (NASDAQ: LCID) anunció sus resultados financieros del tercer trimestre de 2024, reportando ingresos de 200,0 millones de dólares por la entrega de 2.781 vehículos, un aumento del 90,9% en comparación con el tercer trimestre de 2023. La empresa produjo 1.805 vehículos en el tercer trimestre y está en camino de fabricar aproximadamente 9.000 vehículos en 2024. Lucid cerró el trimestre con 5,16 mil millones de dólares en liquidez total y completó una recaudación de capital de aproximadamente 1,75 mil millones de dólares en octubre de 2024. La pérdida neta por acción según los principios contables GAAP fue de $(0,41), mientras que la pérdida neta por acción no GAAP fue de $(0,28). El CEO Peter Rawlinson destacó su tercer trimestre consecutivo de entregas récord y la apertura del libro de pedidos para el SUV Lucid Gravity, que comenzará a producirse este año. El CFO interino Gagan Dhingra señaló la mejora en el rendimiento del margen bruto y los esfuerzos de reducción de costos.
루시드 그룹 (NASDAQ: LCID)은 2024년 3분기 재무 결과를 발표하며 2,781대의 차량을 배송하여 2억 달러의 수익을 기록했다고 밝혔으며, 이는 2023년 3분기 대비 90.9% 증가한 수치입니다. 회사는 3분기에 1,805대를 생산했으며, 2024년에 약 9,000대를 제조할 계획입니다. 루시드는 분기를 총 51억 6천만 달러의 유동성으로 마감했으며, 2024년 10월에 약 17억 5천만 달러의 자본 조달을 완료했습니다. GAAP 기준 주당 순손실은 $(0.41)였고, 비GAAP 기준 주당 순손실은 $(0.28)였습니다. CEO 피터 롤린슨은 기록적인 배송이 3분기 연속 이루어진 것을 강조하며, 올해 생산이 시작될 루시드 그래비티 SUV의 주문 접수가 시작되었다고 언급했습니다. 임시 CFO 가간 딩그라는 개선된 총마진 성과와 비용 절감 노력을 언급했습니다.
Lucid Group (NASDAQ: LCID) a annoncé ses résultats financiers pour le troisième trimestre 2024, rapportant des revenus de 200,0 millions de dollars issus de la livraison de 2.781 véhicules, soit une augmentation de 90,9 % par rapport au troisième trimestre 2023. L'entreprise a produit 1.805 véhicules au troisième trimestre et est en bonne voie pour en fabriquer environ 9.000 en 2024. Lucid a clôturé le trimestre avec 5,16 milliards de dollars de liquidités totales et a réalisé une levée de fonds d'environ 1,75 milliard de dollars en octobre 2024. La perte nette par action selon les principes comptables GAAP s'élevait à $(0,41), tandis que la perte nette non GAAP par action était de $(0,28). Le PDG Peter Rawlinson a souligné leur troisième trimestre consécutif de livraisons record et l'ouverture du carnet de commandes pour le SUV Lucid Gravity, qui doit commencer sa production cette année. Le CFO intérimaire Gagan Dhingra a noté l'amélioration des marges brutes et les efforts de réduction des coûts.
Lucid Group (NASDAQ: LCID) hat die finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben und berichtet von Einnahmen in Höhe von 200,0 Millionen Dollar aus der Lieferung von 2.781 Fahrzeugen, was einem Anstieg von 90,9 % im Vergleich zum dritten Quartal 2023 entspricht. Das Unternehmen produzierte im dritten Quartal 1.805 Fahrzeuge und liegt auf Kurs, etwa 9.000 Fahrzeuge im Jahr 2024 herzustellen. Lucid schloss das Quartal mit 5,16 Milliarden Dollar an Gesamtl Liquidität und schloss im Oktober 2024 eine Kapitalerhöhung von etwa 1,75 Milliarden Dollar ab. Der Nettoverlust pro Aktie nach GAAP betrug $(0,41), während der Nettoverlust pro Aktie nach Non-GAAP $(0,28) betrug. CEO Peter Rawlinson hob das dritte aufeinanderfolgende Quartal mit Rekordlieferungen und die Eröffnung des Bestellbuchs für den Lucid Gravity SUV hervor, dessen Produktion in diesem Jahr beginnen soll. Interims-CFO Gagan Dhingra wies auf die verbesserte Bruttomargenleistung und die Bemühungen zur Kostenreduzierung hin.
- Revenue of $200.0 million in Q3 2024.
- Delivered 2,781 vehicles, up 90.9% compared to Q3 2023.
- Ended Q3 with $5.16 billion in total liquidity.
- Completed a $1.75 billion capital raise in October 2024.
- Third consecutive quarter of record deliveries.
- Lucid Gravity SUV order book opened, with production starting this year.
- GAAP net loss per share of $(0.41).
- Non-GAAP net loss per share of $(0.28).
- Produced 1,805 vehicles in Q3; on track for annual production of approximately 9,000 vehicles
- Delivered 2,781 vehicles in Q3; up
90.9% compared to Q3 2023 - Q3 revenue of
$200.0 million - GAAP net loss per share of
$(0.41) $(0.28) - Ended the quarter with approximately
$5.16 billion - Subsequent to the third quarter, completed a capital raise of approximately
$1.75 billion
Lucid reported Q3 revenue of
"Our momentum continues with our third consecutive quarter of record deliveries," said Peter Rawlinson, CEO and CTO at Lucid. "Additionally, today we are delighted to open the order book for the much-anticipated Lucid Gravity SUV, a landmark product, which remains on track for start of production this year. Furthermore, our recent capital raise of approximately
"We continue to see improvements to gross margin performance as our cost reduction efforts are gaining momentum," said Gagan Dhingra, Interim CFO and Principal Accounting Officer at Lucid. "With our recent capital raise, we are pleased to have the continued support once again from both the Public Investment Fund and other institutional investors."
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on November 7, 2024. 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 flagship vehicle, Lucid Air, delivers best-in-class performance and efficiency starting at
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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 financial and operating outlook and guidance, future gross margin, capital expenditures and other operating expenses, ability to control costs, expectations on cost optimization results, plans and expectations related to commercial product launches, including the Lucid Gravity SUV and 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 and performance of Lucid's vehicles, plans and expectations regarding the Lucid Gravity SUV, including performance, driving range, features, specifications and potential impact on markets, plans and expectations regarding Lucid's software, 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, test drive vehicle numbers, ability to mitigate supply chain and logistics risks, plans and expectations regarding Lucid's AMP-1 and AMP-2 manufacturing facilities, including potential benefits, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, plans and expectations regarding the purchase agreement with the government of
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 our 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 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. | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(Unaudited) | ||||
(in thousands, except share and per share data) | ||||
September 30, | December 31, | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 1,893,638 | $ 1,369,947 | ||
Short-term investments (including | 1,578,283 | 2,489,798 | ||
Accounts receivable, net (including | 98,243 | 51,822 | ||
Inventory | 506,842 | 696,236 | ||
Prepaid expenses | 62,210 | 69,682 | ||
Other current assets | 107,795 | 79,670 | ||
Total current assets | 4,247,011 | 4,757,155 | ||
Property, plant and equipment, net | 3,222,098 | 2,810,867 | ||
Right-of-use assets | 220,616 | 221,508 | ||
Long-term investments | 555,521 | 461,029 | ||
Other noncurrent assets | 198,277 | 180,626 | ||
Investments in equity securities of a related party | 45,660 | 81,533 | ||
TOTAL ASSETS | $ 8,489,183 | $ 8,512,718 | ||
LIABILITIES | ||||
Current liabilities: | ||||
Accounts payable | $ 139,187 | $ 108,724 | ||
Accrued compensation | 138,882 | 92,494 | ||
Finance lease liabilities, current portion | 6,921 | 8,202 | ||
Other current liabilities (including | 861,074 | 798,990 | ||
Total current liabilities | 1,146,064 | 1,008,410 | ||
Finance lease liabilities, net of current portion | 75,027 | 77,653 | ||
Common stock warrant liability | 32,819 | 53,664 | ||
Long-term debt | 2,000,847 | 1,996,960 | ||
Other long-term liabilities (including | 558,525 | 524,339 | ||
Derivative liabilities associated with redeemable convertible preferred stock (related party) | 932,025 | — | ||
Total liabilities | 4,745,307 | 3,661,026 | ||
REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||||
Preferred stock 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023, Series A | 591,897 | — | ||
Preferred stock 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023, Series B | 468,259 | — | ||
Total redeemable convertible preferred stock | 1,060,156 | — | ||
STOCKHOLDERS' EQUITY | ||||
Common stock, par value | 234 | 230 | ||
Additional paid-in capital | 15,206,764 | 15,066,080 | ||
Treasury stock, at cost, 857,825 shares at September 30, 2024 and December 31, 2023 | (20,716) | (20,716) | ||
Accumulated other comprehensive income | 12,914 | 4,850 | ||
Accumulated deficit | (12,515,476) | (10,198,752) | ||
Total stockholders' equity | 2,683,720 | 4,851,692 | ||
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND | $ 8,489,183 | $ 8,512,718 | ||
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 | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenue (including | $ 200,038 | $ 137,814 | $ 573,359 | $ 438,120 | |||
Costs and expenses | |||||||
Cost of revenue | 412,544 | 469,722 | 1,287,695 | 1,526,051 | |||
Research and development | 324,371 | 230,758 | 896,168 | 694,035 | |||
Selling, general and administrative | 233,585 | 189,691 | 657,062 | 556,209 | |||
Restructuring charges | 76 | 518 | 20,304 | 24,546 | |||
Total cost and expenses | 970,576 | 890,689 | 2,861,229 | 2,800,841 | |||
Loss from operations | (770,538) | (752,875) | (2,287,870) | (2,362,721) | |||
Other income (expense), net | |||||||
Change in fair value of common stock warrant liability | (13,748) | 60,316 | 20,845 | 61,647 | |||
Change in fair value of equity securities of a related party | (8,836) | — | (38,159) | — | |||
Change in fair value of derivative liabilities associated with redeemable | (240,250) | — | (137,250) | — | |||
Interest income | 50,017 | 66,064 | 155,201 | 145,594 | |||
Interest expense | (8,478) | (3,340) | (22,652) | (17,138) | |||
Other expense, net | (155) | (763) | (6,229) | (1,024) | |||
Total other income (expense), net | (221,450) | 122,277 | (28,244) | 189,079 | |||
Loss before provision for income taxes | (991,988) | (630,598) | (2,316,114) | (2,173,642) | |||
Provision for income taxes | 487 | 296 | 610 | 1,012 | |||
Net loss | (992,475) | (630,894) | (2,316,724) | (2,174,654) | |||
Accretion of redeemable convertible preferred stock (related party) | 42,838 | — | (107,924) | — | |||
Net loss attributable to common stockholders, basic and diluted | $ (949,637) | $ (630,894) | $ (2,424,648) | $ (2,174,654) | |||
Weighted-average shares outstanding attributable to common stockholders, | 2,323,971,541 | 2,284,446,783 | 2,312,249,333 | 2,010,916,100 | |||
Net loss per share attributable to common stockholders, basic and diluted | $ (0.41) | $ (0.28) | $ (1.05) | $ (1.08) | |||
Other comprehensive income (loss) | |||||||
Net unrealized gains on investments, net of tax | $ 11,891 | $ 1,554 | $ 7,672 | $ 2,590 | |||
Foreign currency translation adjustments | 5,182 | (1,967) | 392 | (1,381) | |||
Total other comprehensive income (loss) | 17,073 | (413) | 8,064 | 1,209 | |||
Comprehensive loss | (975,402) | (631,307) | (2,308,660) | (2,173,445) | |||
Accretion of redeemable convertible preferred stock (related party) | 42,838 | — | (107,924) | — | |||
Comprehensive loss attributable to common stockholders | $ (932,564) | $ (631,307) | $ (2,416,584) | $ (2,173,445) | |||
LUCID GROUP, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited) | |||||||
(in thousands) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cash flows from operating activities: | |||||||
Net loss | $ (992,475) | $ (630,894) | $ (2,316,724) | $ (2,174,654) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 69,473 | 60,832 | 204,494 | 166,033 | |||
Amortization of insurance premium | 8,645 | 9,114 | 25,959 | 30,242 | |||
Non-cash operating lease cost | 7,861 | 6,593 | 22,997 | 18,871 | |||
Stock-based compensation | 88,094 | 68,237 | 208,803 | 193,432 | |||
Inventory and firm purchase commitments write-downs | 138,557 | 230,816 | 416,098 | 734,495 | |||
Change in fair value of common stock warrant liability | 13,748 | (60,316) | (20,845) | (61,647) | |||
Change in fair value of equity securities of a related party | 8,836 | — | 38,159 | — | |||
Change in fair value of derivative liabilities associated with redeemable | 240,250 | — | 137,250 | — | |||
Net accretion of investment discounts/premiums | (15,272) | (35,766) | (59,580) | (74,928) | |||
Other non-cash items | (178) | 16,480 | 4,766 | 27,938 | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable (including | 3,011 | (2,800) | (46,601) | (3,778) | |||
Inventory | (137,982) | (127,971) | (221,392) | (575,933) | |||
Prepaid expenses | 782 | (12,027) | (18,487) | (43,062) | |||
Other current assets | (5,171) | (4,808) | (27,481) | 13,680 | |||
Other noncurrent assets | 8,497 | (4,032) | (14,895) | (113,790) | |||
Accounts payable | 39,383 | (18,811) | 42,564 | (114,810) | |||
Accrued compensation | 1,508 | (7,460) | 46,388 | (1,781) | |||
Other current liabilities | 30,063 | (6,413) | (9,297) | (61,505) | |||
Other long-term liabilities | 29,575 | 5,644 | 101,297 | 25,993 | |||
Net cash used in operating activities | (462,795) | (513,582) | (1,486,527) | (2,015,204) | |||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment (including | (159,694) | (192,517) | (592,206) | (638,002) | |||
Purchases of investments (including | (520,093) | (1,438,001) | (2,374,220) | (3,585,254) | |||
Proceeds from maturities of investments | 963,506 | 498,081 | 3,251,400 | 2,480,570 | |||
Proceeds from sale of investments | — | — | 5,000 | 148,388 | |||
Other investing activities | — | — | — | (4,827) | |||
Net cash provided by (used in) investing activities | $ 283,719 | $ (1,132,437) | $ 289,974 | $ (1,599,125) | |||
LUCID GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED (Unaudited) (in thousands) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cash flows from financing activities: | |||||||
Proceeds from issuance of common stock under Underwriting Agreement, | $ — | $ — | $ — | $ 1,184,224 | |||
Proceeds from issuance of common stock under 2023 Subscription | — | — | — | 1,812,641 | |||
Proceeds from issuance of Series A redeemable convertible preferred stock | — | — | 1,000,000 | — | |||
Proceeds from issuance of Series B redeemable convertible preferred stock | 750,000 | — | 750,000 | — | |||
Payments of issuance costs for Series A redeemable convertible preferred | — | — | (2,343) | — | |||
Payments of issuance costs for Series B redeemable convertible preferred | (250) | — | (250) | — | |||
Payment for credit facility issuance costs (including | (6,058) | — | (6,058) | — | |||
Payment for finance lease liabilities | (703) | (1,455) | (2,632) | (4,534) | |||
Proceeds from borrowings from a related party | — | 38,654 | — | 42,920 | |||
Repayment of borrowings from a related party | (21,590) | — | (25,856) | — | |||
Proceeds from exercise of stock options | 935 | 2,214 | 3,246 | 7,321 | |||
Proceeds from employee stock purchase plan | — | — | 11,104 | 15,089 | |||
Tax withholding payments for net settlement of employee awards | (3,190) | (4,327) | (8,502) | (14,705) | |||
Net cash provided by financing activities | 719,144 | 35,086 | 1,718,709 | 3,042,956 | |||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 540,068 | (1,610,933) | 522,156 | (571,373) | |||
Beginning cash, cash equivalents, and restricted cash | 1,353,595 | 2,776,880 | 1,371,507 | 1,737,320 | |||
Ending cash, cash equivalents, and restricted cash | $ 1,893,663 | $ 1,165,947 | $ 1,893,663 | $ 1,165,947 | |||
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, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss attributable to common stockholders, basic and diluted (GAAP) | $ (949,637) | $ (630,894) | $ (2,424,648) | $ (2,174,654) | |||
Interest expense | 8,478 | 3,340 | 22,652 | 17,138 | |||
Interest income | (50,017) | (66,064) | (155,201) | (145,594) | |||
Provision for income taxes | 487 | 296 | 610 | 1,012 | |||
Depreciation and amortization | 69,473 | 60,832 | 204,494 | 166,033 | |||
Stock-based compensation | 88,094 | 68,237 | 210,283 | 194,875 | |||
Restructuring charges | 76 | 518 | 20,304 | 24,546 | |||
Change in fair value of common stock warrant liability | 13,748 | (60,316) | (20,845) | (61,647) | |||
Change in fair value of equity securities of a related party | 8,836 | — | 38,159 | — | |||
Change in fair value of derivative liabilities associated with redeemable | 240,250 | — | 137,250 | — | |||
Accretion of redeemable convertible preferred stock (related party) | (42,838) | — | 107,924 | — | |||
Adjusted EBITDA (non-GAAP) | $ (613,050) | $ (624,051) | $ (1,859,018) | $ (1,978,291) | |||
Adjusted Net Loss Attributable to Common Stockholders | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss attributable to common stockholders, basic and diluted (GAAP) | $ (949,637) | $ (630,894) | $ (2,424,648) | $ (2,174,654) | |||
Stock-based compensation | 88,094 | 68,237 | 210,283 | 194,875 | |||
Restructuring charges | 76 | 518 | 20,304 | 24,546 | |||
Change in fair value of common stock warrant liability | 13,748 | (60,316) | (20,845) | (61,647) | |||
Change in fair value of equity securities of a related party | 8,836 | — | 38,159 | — | |||
Change in fair value of derivative liabilities associated with redeemable | 240,250 | — | 137,250 | — | |||
Accretion of redeemable convertible preferred stock (related party) | (42,838) | — | 107,924 | — | |||
Adjusted net loss attributable to common stockholders, basic and diluted | $ (641,471) | $ (622,455) | $ (1,931,573) | $ (2,016,880) | |||
Adjusted Net Loss Per Share Attributable to Common Stockholders | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss per share attributable to common stockholders, basic and | $ (0.41) | $ (0.28) | $ (1.05) | $ (1.08) | |||
Stock-based compensation | 0.04 | 0.03 | 0.09 | 0.10 | |||
Restructuring charges | — | 0.01 | 0.01 | 0.01 | |||
Change in fair value of common stock warrant liability | 0.01 | (0.03) | (0.01) | (0.03) | |||
Change in fair value of equity securities of a related party | — | — | 0.01 | — | |||
Change in fair value of derivative liabilities associated with redeemable | 0.10 | — | 0.06 | — | |||
Accretion of redeemable convertible preferred stock (related party) | (0.02) | — | 0.05 | — | |||
Adjusted net loss per share attributable to common stockholders, basic | $ (0.28) | $ (0.27) | $ (0.84) | $ (1.00) | |||
Weighted-average shares outstanding attributable to common | 2,323,971,541 | 2,284,446,783 | 2,312,249,333 | 2,010,916,100 | |||
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, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net cash used in operating activities (GAAP) | $ (462,795) | $ (513,582) | $ (1,486,527) | $ (2,015,204) | |||
Capital expenditures | (159,694) | (192,517) | (592,206) | (638,002) | |||
Free cash flow (non-GAAP) | $ (622,489) | $ (706,099) | $ (2,078,733) | $ (2,653,206) | |||
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SOURCE Lucid Group
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