- Lucid reported Q3 revenue of $137.8
million driven by customer deliveries of 1,457 vehicles in
the quarter
- Production of the Lucid Air Pure RWD began in September and is
in the process of ramping up; production of the Lucid Air Sapphire
also began in September, thus completing the Lucid Air lineup
- General assembly production shifted to Phase 2 of Lucid's
factory in Arizona; Lucid opened
its first manufacturing plant in Saudi
Arabia
- Lucid closed the Aston Martin transaction and commenced the
strategic technology arrangement
- Lucid appoints Marc Winterhoff
as its first-ever Chief Operating Officer, overseeing daily
operations and execution across global manufacturing, supply chain,
sales and service, marketing, and international markets
- Lucid Gravity, the company's all new luxury electric SUV, will
be unveiled on November 16 at the LA
Auto Show; start of production remains on track for late 2024
- Production outlook for 2023 is revised to 8,000 – 8,500
vehicles from prior guidance of more than 10,000 to prudently align
with deliveries
NEWARK,
Calif., Nov. 7, 2023 /PRNewswire/ -- Lucid Group,
Inc. (NASDAQ: LCID), setting new standards for luxury electric
experience with the Lucid Air, winner of the 2023 World Luxury Car
Award, today announced financial results for its third quarter
ended September 30, 2023. The
earnings presentation is available on its investor relations
website (https://ir.lucidmotors.com).
Lucid reported Q3 revenue of $137.8
million on deliveries of 1,457 vehicles and produced 1,550
vehicles. The company is also adjusting its production outlook for
2023 to 8,000 – 8,500 vehicles to prudently align with
deliveries.
"We delivered on our commitments to complete the Lucid Air
lineup on time with Pure RWD and Sapphire, transition general
assembly to our Phase 2 factory in Arizona, and open our first plant in
Saudi Arabia. We recognize we
still have work to do on our customer journey and deliveries," said
Peter Rawlinson, Lucid's CEO &
CTO. "Next week, we look forward to the world premiere of the Lucid
Gravity, our amazing vehicle that will redefine the electric SUV.
Gravity remains on track to begin production in late 2024."
"We are seeing results from our targeted marketing approach, as
the majority of new demand came from customers who had their first
contact with Lucid in the quarter," said Sherry House, Lucid's CFO. "We've also made
progress with the cost control program we implemented in the first
half of the year and have identified further opportunities for
2024. We ended the third quarter with approximately $5.45 billion in liquidity, which we expect to
lead us to our next major milestone, Gravity production, and
beyond, into 2025."
Lucid will host a conference call for analysts and investors at
2:30 P.M. PT / 5:30 P.M. ET on November 7, 2023. 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's mission is to inspire the adoption of sustainable energy
by creating advanced technologies and the most captivating luxury
electric vehicles centered around the human experience. The
company's first car, the Air, is a state-of-the-art luxury sedan
with a California-inspired design.
Lucid Air Grand Touring features an official EPA estimated 516
miles of range. Assembled at Lucid's factories in Casa Grande, Arizona, and King Abdullah
Economic City (KAEC), Saudi
Arabia, deliveries of Lucid Air are currently underway to
customers in the U.S., Canada,
Europe, and the Middle East.
Investor Relations Contact
investor@lucidmotors.com
Media Contact
media@lucidmotors.com
Trademarks
This communication contains trademarks, service marks, trade
names and copyrights of Lucid Group, Inc. and its subsidiaries and
other companies, which are the property of their respective
owners.
Forward Looking Statements
This communication includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"shall," "expect," "anticipate," "believe," "seek," "target,"
"continue," "could," "may," "might," "possible," "potential,"
"predict" 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 capital expenditures and other operating
expenses, ability to control costs, expectations and timing related
to commercial product launches, including the Gravity SUV,
production and delivery volumes, expectations regarding market
opportunities and demand for Lucid's products, the range and
performance of Lucid's vehicles, plans and expectations regarding
the Gravity SUV, including performance, driving range, features,
specifications, and Gravity's potential impact on markets, plans
and expectations regarding Lucid's software, plans and expectations
regarding Lucid's systems approach to the design of the vehicle,
plans and expectations regarding Lucid's integration with NACS,
including timing and benefits, 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 its future capital raises and funding strategy, the
timing of vehicle deliveries, future manufacturing capabilities and
facilities, studio and service center openings, ability to mitigate
supply chain and logistics risks, plans regarding the Phase 2
expansion of Lucid's AMP-1 factory, including timing, installed
capacity and potential benefits, ability to vertically integrate
production processes, future sales channels and strategies, future
market launches and international expansion, including plans and
expectations for the AMP-2 manufacturing facility in Saudi Arabia, and plans and expectations
regarding the purchase agreement with the government of
Saudi Arabia, including the total
number of vehicles that may be purchased under the agreement,
expected order quantities, and the quantity and timing of vehicle
deliveries, Lucid's ability to grow its brand awareness, the
potential success of Lucid's direct-to-consumer sales strategy and
future vehicle programs, plans and expectations of the Lucid
Referral Program in the United
States, potential automotive partnerships, including plans
and expectations regarding Lucid's strategic technology arrangement
with Aston Martin, 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, market, financial, political and legal
conditions, including government closures of banks and liquidity
concerns at other financial institutions, 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 reservations and
orders for Lucid's vehicles; risks related to prices and
availability of commodities, 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 the Lucid Air and other 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, governmental incentives and 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; Lucid's ability to
effectively manage its growth and recruit and retain key employees,
including its chief executive officer and executive team; 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 utilize zero emission vehicle credits and
obtain and utilize certain tax and other incentives; Lucid's
ability to issue equity or equity-linked securities in the future;
Lucid's ability to pay interest and principal on its indebtedness;
future changes to vehicle specifications which may impact
performance, pricing and other expectations; the outcome of any
potential litigation, government and regulatory proceedings,
investigations and inquiries; risks associated with the
restructuring plan, including the risk that the charges and
expenditures may be greater than anticipated, the risk that the
restructuring plan may adversely affect Lucid's internal programs
and initiatives and its ability to recruit and retain skilled and
motivated personnel, the risk that the restructuring plan may be
distracting to employees and management, the risk that the
restructuring plan may negatively impact Lucid's business
operations, reputation, or ability to serve customers, and the risk
that the restructuring plan may not generate their intended
benefits to the extent or as quickly as anticipated; and the impact
of the global COVID-19 pandemic on Lucid's supply chain, projected
results of operations, financial performance or other financial
metrics, or on any of the foregoing risks; and those factors
discussed under the heading "Risk Factors" in Part II, Item 1A of
Lucid's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023, as well as 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
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 and Free Cash Flow which are discussed below.
Adjusted EBITDA is defined as net loss before (1) interest
expense, (2) interest income, (3) provision for income taxes, (4)
depreciation and amortization, (5) change in fair value of common
stock warrant liability, (6) stock-based compensation and (7)
restructuring charges. Lucid believes that Adjusted EBITDA provides
useful information to Lucid's management and investors about
Lucid's financial performance. 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,
2023
|
|
December 31,
2022
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,164,391
|
|
$ 1,735,765
|
Short-term
investments
|
|
3,258,206
|
|
2,177,231
|
Accounts receivable,
net
|
|
23,370
|
|
19,542
|
Inventory
|
|
798,974
|
|
834,401
|
Prepaid
expenses
|
|
76,368
|
|
63,548
|
Other current
assets
|
|
70,185
|
|
81,541
|
Total current
assets
|
|
5,391,494
|
|
4,912,028
|
Property, plant and
equipment, net
|
|
2,673,057
|
|
2,166,776
|
Right-of-use
assets
|
|
221,657
|
|
215,160
|
Long-term
investments
|
|
479,727
|
|
529,974
|
Other noncurrent
assets
|
|
175,299
|
|
55,300
|
TOTAL
ASSETS
|
|
$
8,941,234
|
|
$
7,879,238
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
104,602
|
|
$
229,084
|
Accrued
compensation
|
|
61,542
|
|
63,322
|
Finance lease
liabilities, current portion
|
|
8,964
|
|
10,586
|
Other current
liabilities
|
|
862,752
|
|
634,567
|
Total current
liabilities
|
|
1,037,860
|
|
937,559
|
Finance lease
liabilities, net of current portion
|
|
77,019
|
|
81,336
|
Common stock warrant
liability
|
|
78,943
|
|
140,590
|
Long-term
debt
|
|
1,995,673
|
|
1,991,840
|
Other long-term
liabilities
|
|
345,724
|
|
378,212
|
Total
liabilities
|
|
3,535,219
|
|
3,529,537
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
Common stock, par value
$0.0001; 15,000,000,000 shares authorized as of September 30,
2023 and
December 31,
2022; 2,290,134,335 and 1,830,172,561 shares issued and
2,289,276,510 and
1,829,314,736
shares outstanding as of September 30, 2023 and December 31, 2022,
respectively
|
|
229
|
|
183
|
Additional paid-in
capital
|
|
14,981,851
|
|
11,752,138
|
Treasury stock, at
cost, 857,825 shares at September 30, 2023 and
December 31, 2022
|
|
(20,716)
|
|
(20,716)
|
Accumulated other
comprehensive loss
|
|
(10,363)
|
|
(11,572)
|
Accumulated
deficit
|
|
(9,544,986)
|
|
(7,370,332)
|
Total stockholders'
equity
|
|
5,406,015
|
|
4,349,701
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
8,941,234
|
|
$
7,879,238
|
LUCID GROUP,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(Unaudited)
(in thousands,
except share and per share data)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue
|
$
137,814
|
|
$
195,457
|
|
$
438,120
|
|
$
350,468
|
|
|
|
|
|
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
Cost of
revenue
|
469,722
|
|
492,483
|
|
1,526,051
|
|
1,030,795
|
Research and
development
|
230,758
|
|
213,761
|
|
694,035
|
|
600,218
|
Selling, general and
administrative
|
189,691
|
|
176,736
|
|
556,209
|
|
563,707
|
Restructuring
charges
|
518
|
|
—
|
|
24,546
|
|
—
|
Total cost and
expenses
|
890,689
|
|
882,980
|
|
2,800,841
|
|
2,194,720
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(752,875)
|
|
(687,523)
|
|
(2,362,721)
|
|
(1,844,252)
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
|
|
|
|
|
|
Change in fair value of
common stock warrant liability
|
60,316
|
|
140,146
|
|
61,647
|
|
998,319
|
Interest
income
|
66,064
|
|
24,373
|
|
145,594
|
|
27,284
|
Interest
expense
|
(3,340)
|
|
(7,613)
|
|
(17,138)
|
|
(22,521)
|
Other income (expense),
net
|
(763)
|
|
665
|
|
(1,024)
|
|
9,898
|
Total other income,
net
|
122,277
|
|
157,571
|
|
189,079
|
|
1,012,980
|
Loss before provision
for income taxes
|
(630,598)
|
|
(529,952)
|
|
(2,173,642)
|
|
(831,272)
|
Provision for income
taxes
|
296
|
|
149
|
|
1,012
|
|
540
|
Net
loss
|
(630,894)
|
|
(530,101)
|
|
(2,174,654)
|
|
(831,812)
|
Net loss
attributable to common stockholders, basic
|
(630,894)
|
|
(530,101)
|
|
(2,174,654)
|
|
(831,812)
|
Change in fair value of
dilutive warrants
|
—
|
|
(140,146)
|
|
—
|
|
(998,319)
|
Net loss
attributable to common stockholders, diluted
|
$
(630,894)
|
|
$
(670,247)
|
|
$
(2,174,654)
|
|
$
(1,830,131)
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding attributable to common stockholders
|
|
|
|
|
|
|
|
Basic
|
2,284,446,783
|
|
1,676,048,504
|
|
2,010,916,100
|
|
1,666,693,217
|
Diluted
|
2,284,446,783
|
|
1,690,963,548
|
|
2,010,916,100
|
|
1,686,576,589
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders
|
|
|
|
|
|
|
|
Basic
|
$
(0.28)
|
|
$
(0.32)
|
|
$
(1.08)
|
|
$
(0.50)
|
Diluted
|
$
(0.28)
|
|
$
(0.40)
|
|
$
(1.08)
|
|
$
(1.09)
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
Net unrealized gains
(losses) on investments, net of tax
|
$
1,554
|
|
$
(12,575)
|
|
$
2,590
|
|
$
(13,266)
|
Foreign currency
translation adjustments
|
(1,967)
|
|
—
|
|
(1,381)
|
|
—
|
Total other
comprehensive income (loss)
|
(413)
|
|
(12,575)
|
|
1,209
|
|
(13,266)
|
Comprehensive loss
attributable to common stockholders
|
$
(631,307)
|
|
$
(542,676)
|
|
$
(2,173,445)
|
|
$
(845,078)
|
LUCID GROUP,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in
thousands)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net loss
|
$
(630,894)
|
|
$
(530,101)
|
|
$
(2,174,654)
|
|
$
(831,812)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
60,832
|
|
50,653
|
|
166,033
|
|
131,343
|
Amortization of
insurance premium
|
9,114
|
|
10,264
|
|
30,242
|
|
25,188
|
Non-cash operating
lease cost
|
6,593
|
|
5,302
|
|
18,871
|
|
14,254
|
Stock-based
compensation
|
68,237
|
|
83,302
|
|
193,432
|
|
352,245
|
Inventory and firm
purchase commitments write-downs
|
230,816
|
|
186,496
|
|
734,495
|
|
364,553
|
Change in fair value
of common stock warrant liability
|
(60,316)
|
|
(140,146)
|
|
(61,647)
|
|
(998,319)
|
Other non-cash
items
|
(19,286)
|
|
(7,424)
|
|
(46,990)
|
|
(5,020)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(2,800)
|
|
(1,119)
|
|
(3,778)
|
|
489
|
Inventory
|
(127,971)
|
|
(302,202)
|
|
(575,933)
|
|
(906,054)
|
Prepaid
expenses
|
(12,027)
|
|
(18,560)
|
|
(43,062)
|
|
(12,101)
|
Other current
assets
|
(4,808)
|
|
(1,063)
|
|
13,680
|
|
(33,262)
|
Other noncurrent
assets
|
(4,032)
|
|
(11,526)
|
|
(113,790)
|
|
(39,082)
|
Accounts
payable
|
(18,811)
|
|
2,620
|
|
(114,810)
|
|
52,216
|
Accrued
compensation
|
(7,460)
|
|
(6,542)
|
|
(1,781)
|
|
16,644
|
Operating lease
liabilities
|
(5,788)
|
|
(3,817)
|
|
(17,500)
|
|
(10,761)
|
Other current
liabilities
|
(625)
|
|
102,001
|
|
(44,005)
|
|
281,545
|
Other long-term
liabilities
|
5,644
|
|
12,396
|
|
25,993
|
|
20,191
|
Net cash used in
operating activities
|
(513,582)
|
|
(569,466)
|
|
(2,015,204)
|
|
(1,577,743)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
(192,517)
|
|
(290,064)
|
|
(638,002)
|
|
(784,964)
|
Purchases of
investments
|
(1,438,001)
|
|
(1,307,454)
|
|
(3,585,254)
|
|
(2,726,677)
|
Proceeds from
maturities of investments
|
498,081
|
|
125,353
|
|
2,480,570
|
|
125,353
|
Proceeds from sale of
investments
|
—
|
|
—
|
|
148,388
|
|
—
|
Proceeds from
government grant
|
—
|
|
97,267
|
|
—
|
|
97,267
|
Other investing
activities
|
—
|
|
—
|
|
(4,827)
|
|
—
|
Net cash used in
investing activities
|
(1,132,437)
|
|
(1,374,898)
|
|
(1,599,125)
|
|
(3,289,021)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from issuance
of common stock under Underwriting Agreement, net of issuance
costs
|
—
|
|
—
|
|
1,184,224
|
|
—
|
Proceeds from issuance
of common stock under 2023 Subscription Agreement, net of issuance
costs
|
—
|
|
—
|
|
1,812,641
|
|
—
|
Payment for short-term
insurance financing note
|
—
|
|
—
|
|
—
|
|
(15,330)
|
Payment for finance
lease liabilities
|
(1,455)
|
|
(1,204)
|
|
(4,534)
|
|
(3,605)
|
Proceeds from
borrowings
|
38,654
|
|
13,565
|
|
42,920
|
|
20,228
|
Repayments for
borrowings
|
—
|
|
(6,653)
|
|
—
|
|
(6,653)
|
Proceeds from failed
sale-leaseback transaction
|
—
|
|
31,700
|
|
—
|
|
31,700
|
Proceeds from exercise
of stock options
|
2,214
|
|
1,889
|
|
7,321
|
|
14,738
|
Proceeds from employee
stock purchase plan
|
—
|
|
—
|
|
15,089
|
|
12,882
|
Tax withholding
payments for net settlement of employee awards
|
(4,327)
|
|
(21,654)
|
|
(14,705)
|
|
(212,895)
|
Payment for credit
facility issuance costs
|
—
|
|
—
|
|
—
|
|
(6,631)
|
Net cash provided by
(used in) financing activities
|
35,086
|
|
17,643
|
|
3,042,956
|
|
(165,566)
|
Net decrease in cash,
cash equivalents, and restricted cash
|
(1,610,933)
|
|
(1,926,721)
|
|
(571,373)
|
|
(5,032,330)
|
Beginning cash, cash
equivalents, and restricted cash
|
2,776,880
|
|
3,192,411
|
|
1,737,320
|
|
6,298,020
|
Ending cash, cash
equivalents, and restricted cash
|
$
1,165,947
|
|
$
1,265,690
|
|
$
1,165,947
|
|
$
1,265,690
|
LUCID GROUP,
INC.
Reconciliation of
GAAP to Non-GAAP Financial Measures
(Unaudited)
(in
thousands)
|
|
Adjusted
EBITDA
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net loss
(GAAP)
|
$
(630,894)
|
|
$
(530,101)
|
|
$
(2,174,654)
|
|
$
(831,812)
|
Interest
expense
|
3,340
|
|
7,613
|
|
17,138
|
|
22,521
|
Interest
income
|
(66,064)
|
|
(24,373)
|
|
(145,594)
|
|
(27,284)
|
Provision for income
taxes
|
296
|
|
149
|
|
1,012
|
|
540
|
Depreciation and
amortization
|
60,832
|
|
50,653
|
|
166,033
|
|
131,343
|
Change in fair value of
common stock warrant liability
|
(60,316)
|
|
(140,146)
|
|
(61,647)
|
|
(998,319)
|
Stock-based
compensation
|
68,237
|
|
83,302
|
|
194,875
|
|
352,245
|
Restructuring
charges
|
518
|
|
—
|
|
24,546
|
|
—
|
Adjusted EBITDA
(non-GAAP)
|
$
(624,051)
|
|
$
(552,903)
|
|
$
(1,978,291)
|
|
$
(1,350,766)
|
|
Free Cash
Flow
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net cash used in
operating activities (GAAP)
|
$
(513,582)
|
|
$
(569,466)
|
|
$
(2,015,204)
|
|
$
(1,577,743)
|
Capital
expenditures
|
(192,517)
|
|
(290,064)
|
|
(638,002)
|
|
(784,964)
|
Free cash flow
(non-GAAP)
|
$
(706,099)
|
|
$
(859,530)
|
|
$
(2,653,206)
|
|
$
(2,362,707)
|
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SOURCE Lucid Group