- Produced 1,728 vehicles in Q1; on track for annual production
of approximately 9,000 vehicles
- Delivered 1,967 vehicles in Q1, up 39.9% compared to Q1
2023
- Q1 revenue of $172.7 million
- Successfully raised $1.0 billion
via private placement to an affiliate of the Public Investment Fund
(PIF)
- Ended the quarter with approximately $5.03 billion of total liquidity
NEWARK,
Calif., May 6, 2024 /PRNewswire/ -- Lucid
Group, Inc. (NASDAQ: LCID), maker of the world's most advanced
electric vehicles, today announced financial results for its first
quarter ended March 31, 2024. The earnings presentation is
available on its investor relations website
(https://ir.lucidmotors.com).
Lucid reported Q1 revenue of $172.7
million on deliveries of 1,967 vehicles and expects to
manufacture approximately 9,000 vehicles in 2024. In Q1, Lucid
raised $1.0 billion in financing via
a private placement to an affiliate of the PIF, reflecting the
PIF's continued and steadfast support of the Company. Lucid ended
the first quarter with approximately $5.03
billion in total liquidity.
"I believe there are two factors that set Lucid apart – our
superior, in-house technology and the partnership with the PIF,"
said Peter Rawlinson, CEO and CTO at
Lucid. "Our sales momentum is building, our focus upon cost
remains relentless, and we believe Gravity is on track to become
the best SUV in the world."
"We continue to make significant progress on our cost
optimization programs," said Gagan
Dhingra, Interim Chief Financial Officer and Principal
Accounting Officer at Lucid. "We're focused on significant growth
as we enter the next transformational phase of Lucid's end markets
while simultaneously driving cost discipline."
Lucid will host a conference call for analysts and investors at
2:30 P.M. PT / 5:30 P.M. ET on May 6, 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'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.
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 and
Midsize programs, 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 program, 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, plans and expectations regarding Lucid's integration
with North American Charging Standard, 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,
plans and expectations regarding future manufacturing capabilities
and facilities, studio and service center openings, 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
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, 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 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 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 ability to 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, 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 II, Item 1A of Lucid's Quarterly
Report on Form 10-Q for the quarter ended March 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
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) change in fair value of equity
securities of a related party, (7) stock-based compensation, and
(8) 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)
|
|
|
|
March 31,
2024
|
|
December 31,
2023
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 2,169,489
|
|
$ 1,369,947
|
Short-term
investments
|
|
1,824,900
|
|
2,489,798
|
Accounts receivable,
net (including $84,884 and $35,526 from a related party as of
March 31, 2024
and December 31, 2023,
respectively)
|
|
126,930
|
|
51,822
|
Inventory
|
|
565,653
|
|
696,236
|
Prepaid
expenses
|
|
72,135
|
|
69,682
|
Other current
assets
|
|
74,890
|
|
79,670
|
Total current
assets
|
|
4,833,997
|
|
4,757,155
|
Property, plant and
equipment, net
|
|
2,971,601
|
|
2,810,867
|
Right-of-use
assets
|
|
217,699
|
|
221,508
|
Long-term
investments
|
|
627,591
|
|
461,029
|
Other noncurrent
assets
|
|
185,352
|
|
180,626
|
Investments in equity
securities of a related party
|
|
60,801
|
|
81,533
|
TOTAL
ASSETS
|
|
$
8,897,041
|
|
$
8,512,718
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
101,489
|
|
$
108,724
|
Accrued
compensation
|
|
100,641
|
|
92,494
|
Finance lease
liabilities, current portion
|
|
7,548
|
|
8,202
|
Other current
liabilities (including $99,201 and $92,258 associated with related
parties as of March 31,
2024 and December 31, 2023,
respectively)
|
|
827,041
|
|
798,990
|
Total current
liabilities
|
|
1,036,719
|
|
1,008,410
|
Finance lease
liabilities, net of current portion
|
|
75,807
|
|
77,653
|
Common stock warrant
liability
|
|
26,610
|
|
53,664
|
Long-term
debt
|
|
1,998,251
|
|
1,996,960
|
Other long-term
liabilities (including $163,424 and $178,311 associated with
related parties as of March 31,
2024 and December 31, 2023,
respectively)
|
|
525,914
|
|
524,339
|
Derivative liability
(related party)
|
|
497,100
|
|
—
|
Total
liabilities
|
|
4,160,401
|
|
3,661,026
|
|
|
|
|
|
REDEEMABLE
CONVERTIBLE PREFERRED STOCK
|
|
|
|
|
Redeemable convertible
preferred stock (related party), par value $0.0001; 10,000,000
shares authorized as
of March 31, 2024 and December 31,
2023; 100,000 and 0 shares issued and outstanding as of
March 31, 2024 and December 31, 2023,
respectively
|
|
504,450
|
|
—
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
Common stock, par value
$0.0001; 15,000,000,000 shares authorized as of March 31, 2024
and
December 31, 2023; 2,307,786,638 and
2,300,111,489 shares issued and 2,306,928,813 and
2,299,253,664 shares outstanding as of
March 31, 2024 and December 31, 2023,
respectively
|
|
231
|
|
230
|
Additional paid-in
capital
|
|
15,134,686
|
|
15,066,080
|
Treasury stock, at
cost, 857,825 shares at March 31, 2024 and December 31,
2023
|
|
(20,716)
|
|
(20,716)
|
Accumulated other
comprehensive income (loss)
|
|
(2,400)
|
|
4,850
|
Accumulated
deficit
|
|
(10,879,611)
|
|
(10,198,752)
|
Total stockholders'
equity
|
|
4,232,190
|
|
4,851,692
|
TOTAL LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND
STOCKHOLDERS' EQUITY
|
|
$
8,897,041
|
|
$
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 March
31,
|
|
2024
|
|
2023
|
Revenue (including
$51,366 and $0 revenue from a related party for three months
ended
March 31, 2024 and 2023,
respectively)
|
$
172,740
|
|
$
149,432
|
|
|
|
|
Costs and
expenses
|
|
|
|
Cost of
revenue
|
404,796
|
|
500,524
|
Research and
development
|
284,627
|
|
229,803
|
Selling, general and
administrative
|
213,232
|
|
168,770
|
Restructuring
charges
|
—
|
|
22,496
|
Total cost and
expenses
|
902,655
|
|
921,593
|
|
|
|
|
Loss from
operations
|
(729,915)
|
|
(772,161)
|
|
|
|
|
Other income
(expense), net
|
|
|
|
Change in fair value of
common stock warrant liability
|
27,054
|
|
(40,802)
|
Change in fair value of
equity securities of a related party
|
(19,933)
|
|
—
|
Interest
income
|
50,631
|
|
40,005
|
Interest
expense
|
(7,501)
|
|
(7,108)
|
Other income (expense),
net
|
(1,007)
|
|
667
|
Total other income
(expense), net
|
49,244
|
|
(7,238)
|
Loss before provision
for income taxes
|
(680,671)
|
|
(779,399)
|
Provision for income
taxes
|
188
|
|
129
|
Net
loss
|
(680,859)
|
|
(779,528)
|
Accretion of redeemable
convertible preferred stock (related party)
|
(3,901)
|
|
—
|
Net loss
attributable to common stockholders, basic and
diluted
|
$
(684,760)
|
|
$
(779,528)
|
|
|
|
|
Weighted average shares
outstanding attributable to common stockholders, basic and
diluted
|
2,301,870,644
|
|
1,831,725,009
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
(0.30)
|
|
$
(0.43)
|
|
|
|
|
Other comprehensive
income (loss)
|
|
|
|
Net unrealized gains
(losses) on investments, net of tax
|
$
(3,262)
|
|
$
4,035
|
Foreign currency
translation adjustments
|
(3,988)
|
|
—
|
Total other
comprehensive income (loss)
|
(7,250)
|
|
4,035
|
Comprehensive
loss
|
(688,109)
|
|
(775,493)
|
Accretion of redeemable
convertible preferred stock (related party)
|
(3,901)
|
|
—
|
Comprehensive loss
attributable to common stockholders
|
$
(692,010)
|
|
$
(775,493)
|
LUCID GROUP,
INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited) (in thousands)
|
|
|
Three Months
Ended March
31,
|
|
2024
|
|
2023
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
(680,859)
|
|
$ (779,528)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
68,838
|
|
49,838
|
Amortization of
insurance premium
|
8,589
|
|
10,263
|
Non-cash operating
lease cost
|
7,469
|
|
5,830
|
Stock-based
compensation
|
63,696
|
|
53,819
|
Inventory and firm
purchase commitments write-downs
|
132,298
|
|
227,048
|
Change in fair value
of common stock warrant liability
|
(27,054)
|
|
40,802
|
Net accretion of
investment discounts/premiums
|
(21,304)
|
|
(21,395)
|
Change in fair value
of equity securities of a related party
|
19,933
|
|
—
|
Other non-cash
items
|
(1,255)
|
|
2,345
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts receivable
(including $(49,358) and $0 from a related party for the three
months ended
March 31, 2024 and 2023, respectively)
|
(75,196)
|
|
17,009
|
Inventory
|
(21,002)
|
|
(354,154)
|
Prepaid
expenses
|
(11,042)
|
|
(9,082)
|
Other current
assets
|
3,914
|
|
22,193
|
Other noncurrent
assets
|
(4,369)
|
|
(27,337)
|
Accounts
payable
|
(3,533)
|
|
(66,174)
|
Accrued
compensation
|
8,147
|
|
21,545
|
Other current
liabilities
|
(3,040)
|
|
1,374
|
Other long-term
liabilities
|
19,025
|
|
4,340
|
Net cash used in
operating activities
|
(516,745)
|
|
(801,264)
|
Cash flows from
investing activities:
|
|
|
|
Purchases of property,
plant and equipment (including $(6,026) and $(20,421) from a
related party for the
three months ended March 31, 2024 and 2023,
respectively)
|
(198,197)
|
|
(241,770)
|
Purchases of
investments
|
(514,548)
|
|
(842,538)
|
Proceeds from
maturities of investments
|
1,030,291
|
|
1,041,151
|
Proceeds from sale of
investments
|
—
|
|
13,244
|
Other investing
activities
|
—
|
|
1,197
|
Net cash provided by
(used in) investing activities
|
317,546
|
|
(28,716)
|
Cash flows from
financing activities:
|
|
|
|
Payment for finance
lease liabilities
|
(1,081)
|
|
(1,427)
|
Proceeds from exercise
of stock options
|
1,525
|
|
2,181
|
Proceeds from issuance
of redeemable convertible preferred stock to a related
party
|
1,000,000
|
|
—
|
Tax withholding
payments for net settlement of employee awards
|
(3,242)
|
|
(6,499)
|
Net cash provided by
(used in) financing activities
|
997,202
|
|
(5,745)
|
Net increase (decrease)
in cash, cash equivalents, and restricted cash
|
798,003
|
|
(835,725)
|
Beginning cash, cash
equivalents, and restricted cash
|
1,371,507
|
|
1,737,320
|
Ending cash, cash
equivalents, and restricted cash
|
$ 2,169,510
|
|
$
901,595
|
LUCID GROUP,
INC. Reconciliation of GAAP to Non-GAAP Financial
Measures (Unaudited) (in
thousands)
|
|
Adjusted
EBITDA
|
|
|
Three Months
Ended March
31,
|
|
2024
|
|
2023
|
Net loss
(GAAP)
|
$
(680,859)
|
|
$
(779,528)
|
Interest
expense
|
7,501
|
|
7,108
|
Interest
income
|
(50,631)
|
|
(40,005)
|
Provision for income
taxes
|
188
|
|
129
|
Depreciation and
amortization
|
68,838
|
|
49,838
|
Change in fair value of
common stock warrant liability
|
(27,054)
|
|
40,802
|
Change in fair value of
equity securities of a related party
|
19,933
|
|
—
|
Stock-based
compensation
|
63,696
|
|
55,262
|
Restructuring
charges
|
—
|
|
22,496
|
Adjusted EBITDA
(non-GAAP)
|
$
(598,388)
|
|
$
(643,898)
|
|
Free Cash
Flow
|
|
|
Three Months
Ended March
31,
|
|
2024
|
|
2023
|
Net cash used in
operating activities (GAAP)
|
$
(516,745)
|
|
$
(801,264)
|
Capital
expenditures
|
(198,197)
|
|
(241,770)
|
Free cash flow
(non-GAAP)
|
$
(714,942)
|
|
$
(1,043,034)
|
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SOURCE Lucid Group