| Exhibit 99.1 |
Lucid Announces Operational Reset and Second Quarter 2026 Results
Transformation program launched, starting with a focus on Back-to-Basics
- Identified $1.4 billion cash flow improvement opportunities in 2026 across operating expenses, capital expenditures, and working capital
- Launched plan to refocus on three key areas: Cash & Cost, Customer & Quality, Culture & Team
- Four strategic projects earmarked as top priorities for resource allocation and capital deployment
- New simplified organizational structure aligned with priorities, halving CEO reports and enforcing accountability
Q2 Results
- Produced 4,774 vehicles, up 24% year over year, with production intentionally reduced to lower inventory and free up cash
- Delivered 3,953 vehicles, up 19% year over year
- Generated second quarter revenue of $405 million, up 56% year over year
- Ended the quarter with $3.0 billion in total liquidity.
- Recently secured financing, combined with ongoing operational measures, provide sufficient liquidity runway well into 2027
Operational Highlights
- Robotaxi program began deliveries of Lucid Gravity Production-Validation vehicles, with testing underway by Uber and Nuro across the San Francisco Bay Area and Houston
- AMP-2 manufacturing facility in Saudi Arabia has transitioned from construction to industrialization, with installation and tuning of manufacturing ongoing
- Midsize program development continues, with prototype vehicles and Atlas drive units progressing through validation and production readiness activities
NEWARK, Calif. — August 4, 2026 — Lucid Group, Inc. (NASDAQ: LCID), maker of the world’s most advanced software-defined vehicles and technologies, today announced financial results for its second quarter ended June 30, 2026, and outlined a comprehensive operational reset focused on strengthening execution, reducing cash burn and improving the customer experience.
“Lucid has leading technology, compelling products and deeply committed people, but potential is not performance,” said Silvio Napoli, CEO of Lucid. “We are going back to basics, with a clear focus on cash, customers, and culture. We are focused on delivering on our four must win priorities, including our $1.4 billion cash flow improvement plan and the advancement of our Robotaxi, AMP-2, and Midsize programs, which will establish a strong foundation for Lucid’s next chapter.”
“Silvio and his leadership team are transforming the company, and the Board stands firmly behind their actions,” said Turqi Alnowaiser, Chairman of Lucid. “The actions underway are intended to strengthen the company’s execution, improve the customer experience, and translate Lucid’s technology and product leadership into long-term value for customers and shareholders.”
Three Priorities Guiding Lucid’s Operational Reset
Lucid is refocusing the organization around three priorities designed to improve execution and strengthen the business.
Cash and Cost. Lucid is applying greater discipline to spending, investment decisions and capital allocation, while protecting the technologies and programs most important to its long-term competitiveness.
The company has deliberately reduced production to better align output with anticipated demand, convert inventory into deliveries and cash, and improve working capital.
Customer and Quality. Lucid is strengthening the ownership experience to match the performance of its vehicles, with a focus on product readiness, delivery experience, service responsiveness and parts availability as we invest in technicians and dedicated staff to reduce wait times by one third this year.
Culture and Team. Lucid is simplifying the organization, reducing layers and clarifying accountability to accelerate decisions and build a culture of ownership, performance and consistent execution.
The new structure halves the number of direct reports to the CEO and places experienced leaders in key roles across finance, technology, customer experience, transformation, digital and program execution. These changes are intended to accelerate decision-making, clarify ownership and build a performance-driven culture.
Four Strategic Projects
Lucid has identified four must-win projects.
$1.4 billion cash savings plan. Lucid has identified $1.4 billion in cash reductions in 2026, including projected savings of approximately $600 million to $800 million in inventory, approximately $500 million in capital expenditures, and approximately $200 million in operating expenses. The operating expense actions include projected savings from the U.S. workforce reduction announced in June, expected to provide approximately $158 million in annualized savings. This represents the initial output of the company’s broader business review underway.
Robotaxi. The company’s robotaxi program with Uber and Nuro is a top priority and an important opportunity to extend Lucid’s technology beyond privately owned vehicles. The program is in active testing and validation, supported by a fleet of nearly 100 vehicles across the San Francisco Bay Area and Houston. The company has begun delivering production-validation Lucid Gravity vehicles to Nuro. Moving forward, this project will be part of Lucid Technologies, a dedicated business unit bringing together AI, advanced driver-assistance, and digital capabilities.
AMP-2. Lucid’s factory in Saudi Arabia is transitioning from construction to industrialization. Manufacturing systems across stamping, body, paint and final assembly are being installed and commissioned in preparation for production trials.
Midsize. Continued progress on the Midsize program, with Atlas drive units and prototype vehicles advancing through validation, durability testing, crash certification, battery-pack manufacturing validation, and cold-weather testing in New Zealand.
Second Quarter 2026 Performance
Lucid produced 4,774 vehicles and delivered 3,953 vehicles during the second quarter. The company moderated production to better align output with anticipated deliveries, reduce inventory and preserve cash.
Lucid reported second quarter revenue of $405 million and ended the quarter with $3.0 billion in total liquidity. Recently secured financing, in conjunction with operational actions the company is taking, is expected to provide sufficient liquidity runway well into 2027.
Conference Call Information
Lucid will host a conference call to discuss its second quarter 2026 financial results on Tuesday, August 4, 2026, at 2:30 pm PT / 5:30 pm ET. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Lucid Group
Lucid Group, Inc. (NASDAQ: LCID) is a technology company creating exceptional mobility experiences through innovation to drive the world forward. Built on Lucid’s proprietary technology and software defined vehicle architectures, the company’s lineup of award-winning vehicles brings Lucid’s “Compromise Nothing™” approach to premium segments of the global automotive market. Lucid designs and engineers its products in-house and assembles at its vertically integrated facilities in Arizona and Saudi Arabia, enabling continuous innovation across vehicles, software, and advanced driver assistance and autonomy-ready capabilities.
Investor Relations Contact
investor@lucidmotors.com
Media Contact
media@lucidmotors.com
Trademarks
This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.
Non-GAAP Financial Measures and Key Business Metrics
Condensed consolidated financial information has been presented in accordance with US GAAP (“GAAP”) as well as on a non-GAAP basis to supplement Lucid’s condensed consolidated financial results. Lucid’s non-GAAP financial measures include Adjusted EBITDA, adjusted net loss attributable to common stockholders (diluted), adjusted net loss per share attributable to common stockholders (diluted), and free cash flow, which are discussed below.
Adjusted EBITDA is defined as net loss attributable to common stockholders (basic) before (1) interest expense, (2) interest income, (3) provision for (benefit from) income taxes, (4) depreciation and amortization, (5) stock-based compensation, (6) workforce reduction charges, (7) change in fair value of common stock warrant liability, (8) change in fair value of equity securities of a related party, (9) change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party), (10) accretion of redeemable convertible preferred stock (related party), and (11) gain on extinguishment of debt. 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 (diluted) is defined as net loss attributable to common stockholders (diluted) excluding (1) stock-based compensation, (2) workforce reduction charges, (3) change in fair value of common stock warrant liability, (4) change in fair value of equity securities of a related party, (5) change in fair value of derivative liabilities and subscription agreements 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 (diluted) as adjusted net loss attributable to common stockholders (diluted) divided by weighted-average shares outstanding attributable to common stockholders (diluted).
Lucid believes that adjusted net loss attributable to common stockholders (diluted) and adjusted net loss per share attributable to common stockholders (diluted) financial measures provide investors with useful information to evaluate the performance of its business excluding items not reflecting ongoing operating activities.
Free cash flow is defined as net cash used in operating activities less capital expenditures. Lucid believes that free cash flow provides useful information to Lucid’s management and investors about the amount of cash generated by the business after necessary capital expenditures.
These non-GAAP financial measures facilitate management’s internal comparisons to Lucid’s historical performance. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting, and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to Lucid’s investors regarding measures of its financial condition and results of operations that Lucid uses to run the business and therefore allows investors to better understand Lucid’s performance. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of Lucid’s results as reported under GAAP.
Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding Lucid’s operating performance. In addition, other companies, including companies in Lucid’s industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Lucid’s non-GAAP financial measures and key performance measures as tools for comparison. A reconciliation between GAAP and non-GAAP financial information is presented below.
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited · in thousands, except share and per share data
| Line item | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $732,601 | $997,827 |
| Short-term investments (including nil and $50,000 associated with a related party as of June 30, 2026 and December 31, 2025, respectively) | 28,712 | 631,093 |
| Accounts receivable, net (including $186,581 and $120,540 from a related party as of June 30, 2026 and December 31, 2025, respectively) | 223,050 | 177,162 |
| Inventory | 1,378,653 | 1,109,529 |
| Prepaid expenses | 72,458 | 59,606 |
| Other current assets | 341,067 | 324,434 |
| Total current assets | 2,776,541 | 3,299,651 |
| Property, plant and equipment, net | 4,222,841 | 3,978,132 |
| Right-of-use assets | 249,019 | 241,974 |
| Long-term investments (including $14,191 and $24,259 associated with a related party as of June 30, 2026 and December 31, 2025, respectively) | 14,191 | 512,241 |
| Other noncurrent assets | 436,234 | 354,983 |
| TOTAL ASSETS | $7,698,826 | $8,386,981 |
| LIABILITIES | ||
| Current liabilities: | ||
| Accounts payable | $366,907 | $487,521 |
| Finance lease liabilities, current portion | 5,045 | 84,222 |
| Current portion of debt ($503,088 and $467,963 associated with a related party as of June 30, 2026 and December 31, 2025, respectively) | 707,142 | 671,746 |
| Other current liabilities (including $73,134 and $81,580 associated with a related party as of June 30, 2026 and December 31, 2025, respectively) | 1,359,101 | 1,392,641 |
| Total current liabilities | 2,438,195 | 2,636,130 |
| Finance lease liabilities, net of current portion | 102,685 | 104,559 |
| Debt, net of current portion (including $497,426 and nil associated with a related party as of June 30, 2026 and December 31, 2025, respectively) | 2,546,556 | 2,046,576 |
| Other long-term liabilities (including $123,504 and $123,198 associated with related parties as of June 30, 2026 and December 31, 2025, respectively) | 599,441 | 582,739 |
| Derivative liabilities associated with redeemable convertible preferred stock (related party) | 163,655 | 16,200 |
| Total liabilities | 5,850,532 | 5,386,204 |
| REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||
| Preferred stock 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025, Series A redeemable convertible preferred stock, par value $0.0001; 100,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025; liquidation preference of $1,470,165 and $1,350,441 as of June 30, 2026 and December 31, 2025, respectively (related party) | 1,469,464 | 1,339,641 |
| Preferred stock 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025, Series B redeemable convertible preferred stock, par value $0.0001; 75,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025; liquidation preference of $1,032,889 and $949,249 as of June 30, 2026 and December 31, 2025, respectively (related party) | 1,032,514 | 943,849 |
| Preferred stock 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025, Series C redeemable convertible preferred stock, par value $0.0001; 55,000 and 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025; liquidation preference of $566,859 and nil as of June 30, 2026 and December 31, 2025, respectively (related party) | 404,279 | — |
| Total redeemable convertible preferred stock | 2,906,257 | 2,283,490 |
| STOCKHOLDERS’ EQUITY (DEFICIT) | ||
| Common stock, par value $0.0001; 1,500,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 394,155,958 and 327,451,844 shares issued and 394,070,176 and 327,366,062 shares outstanding as of June 30, 2026 and December 31, 2025, respectively | 39 | 33 |
| Additional paid-in capital | 16,636,039 | 16,337,023 |
| Treasury stock, at cost, 85,782 shares at June 30, 2026 and December 31, 2025 | (20,716) | (20,716) |
| Accumulated other comprehensive income | 615 | 11,692 |
| Accumulated deficit | (17,673,940) | (15,610,745) |
| Total stockholders’ equity (deficit) | (1,057,963) | 717,287 |
| TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | $7,698,826 | $8,386,981 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Unaudited · in thousands, except share and per share data
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Revenue (including $96,188 and $30,247 from a related party for the three months ended June 30, 2026 and 2025, and $134,558 and $35,343 for the six months ended June 30, 2026 and 2025, respectively) | $405,347 | $259,432 | $687,812 | $494,480 |
| Costs and expenses | ||||
| Cost of revenue | 832,072 | 531,783 | 1,426,242 | 995,343 |
| Research and development | 321,336 | 273,839 | 657,006 | 525,085 |
| Selling, general and administrative | 300,432 | 256,857 | 604,608 | 469,032 |
| Workforce reduction charges | 33,675 | — | 71,609 | — |
| Total cost and expenses | 1,487,515 | 1,062,479 | 2,759,465 | 1,989,460 |
| Loss from operations | (1,082,168) | (803,047) | (2,071,653) | (1,494,980) |
| Other income (expense), net | ||||
| Change in fair value of common stock warrant liability | — | 5,322 | — | 18,183 |
| Change in fair value of equity securities of a related party | 549 | 3,948 | (9,672) | (9,505) |
| Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party) | 102,790 | 111,475 | 110,165 | 393,175 |
| Gain on extinguishment of debt | — | 116,360 | — | 116,360 |
| Interest income | 9,634 | 44,318 | 22,738 | 96,527 |
| Interest expense (including $23,363 and $4,912 to a related party for the three months ended June 30, 2026 and 2025, and $34,672 and $8,612 for the six months ended June 30, 2026 and 2025, respectively) | (47,817) | (23,749) | (88,890) | (35,632) |
| Other income (expense), net | (16,789) | 3,572 | (24,656) | 6,537 |
| Total other income, net | 48,367 | 261,246 | 9,685 | 585,645 |
| Loss before provision for (benefit from) income taxes | (1,033,801) | (541,801) | (2,061,968) | (909,335) |
| Provision for (benefit from) income taxes | 1,050 | (2,369) | 1,227 | (3,732) |
| Net loss | (1,034,851) | (539,432) | (2,063,195) | (905,603) |
| Accretion of redeemable convertible preferred stock (related party) | (224,425) | (199,823) | (330,387) | (564,748) |
| Net loss attributable to common stockholders, basic | (1,259,276) | (739,255) | (2,393,582) | (1,470,351) |
| Interest expense on 2026 Notes | — | 309 | — | 4,283 |
| Gain on extinguishment of debt | — | (116,360) | — | (116,360) |
| Net loss attributable to common stockholders, diluted | $(1,259,276) | $(855,306) | $(2,393,582) | $(1,582,428) |
| Weighted-average shares outstanding attributable to common stockholders(1) | ||||
| Basic | 382,098,609 | 305,640,483 | $355,340,787 | $304,641,184 |
| Diluted | 382,098,609 | 305,788,272 | $355,340,787 | $305,670,808 |
| Net loss per share attributable to common stockholders(1) | ||||
| Basic | $(3.30) | $(2.42) | $(6.74) | $(4.83) |
| Diluted | $(3.30) | $(2.80) | $(6.74) | $(5.18) |
| Other comprehensive income (loss) | ||||
| Net unrealized gains (losses) on investments, net of tax | $(152) | $293 | $(1,537) | $3,845 |
| Reclassification adjustment for realized gains on investments included in net loss | — | — | (5,702) | — |
| Foreign currency translation adjustments | (2,746) | 8,973 | (3,838) | 12,870 |
| Total other comprehensive income (loss) | (2,898) | 9,266 | (11,077) | 16,715 |
| Comprehensive loss | (1,037,749) | (530,166) | (2,074,272) | (888,888) |
| Accretion of redeemable convertible preferred stock (related party) | (224,425) | (199,823) | (330,387) | (564,748) |
| Comprehensive loss attributable to common stockholders | $(1,262,174) | $(729,989) | $(2,404,659) | $(1,453,636) |
(1) The weighted-average shares outstanding attributable to common stockholders and net loss per share attributable to common stockholders have been adjusted for the prior periods presented to reflect the one-for-ten (1:10) reverse stock split effected on August 29, 2025.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited · in thousands
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net loss | $(1,034,851) | $(539,432) | $(2,063,195) | $(905,603) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Depreciation and amortization | 122,222 | 111,088 | 238,634 | 209,047 |
| Amortization of insurance premium | 9,991 | 8,571 | 19,287 | 17,485 |
| Non-cash operating lease cost | 18,035 | 11,207 | 33,197 | 19,758 |
| Stock-based compensation | 46,609 | 56,319 | 107,639 | 83,834 |
| Inventory and firm purchase commitments write-downs | 299,271 | 179,888 | 527,588 | 327,806 |
| Change in fair value of common stock warrant liability | — | (5,322) | — | (18,183) |
| Change in fair value of equity securities of a related party | (549) | (3,948) | 9,672 | 9,505 |
| Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party) | (102,790) | (111,475) | (110,165) | (393,175) |
| Net accretion of investment discounts/premiums | (149) | (5,582) | (1,090) | (19,062) |
| Gain on extinguishment of debt | — | (116,360) | — | (116,360) |
| Other non-cash items | 4,945 | 6,582 | 2,140 | 9,300 |
| Changes in operating assets and liabilities: | ||||
| Accounts receivable (including $(91,303) and $(9,715) from a related party for the three months ended June 30, 2026 and 2025, and $(66,041) and $(5,599) for the six months ended June 30, 2026 and 2025, respectively) | (93,104) | (35,041) | (48,269) | (13,260) |
| Inventory | (269,157) | (379,573) | (845,554) | (586,043) |
| Prepaid expenses | (18,573) | (20,254) | (30,672) | (27,677) |
| Other assets | 45,155 | (55,212) | (82,290) | (55,824) |
| Accounts payable | (127,253) | 58,890 | (138,365) | 58,513 |
| Other liabilities | (122,033) | 9,413 | (26,447) | 141,085 |
| Net cash used in operating activities | (1,222,231) | (830,241) | (2,407,890) | (1,258,854) |
| Cash flows from investing activities: | ||||
| Purchases of property, plant and equipment (including $(70,221) and $(25,675) from a related party for the three months ended June 30, 2026 and 2025, and $(117,355) and $(67,668) for the six months ended June 30, 2026 and 2025, respectively) | (253,827) | (182,663) | (506,994) | (343,904) |
| Proceeds from maturities of investments (including nil from a related party for the three months ended June 30, 2026 and 2025, and $50,000 and nil for the six months ended June 30, 2026 and 2025, respectively) | — | 899,194 | 177,228 | 1,961,485 |
| Proceeds from sale of investments | — | — | 951,125 | — |
| Purchases of investments (including nil from a related party for the three months ended June 30, 2026 and 2025, and nil and $(30,000) for the six months ended June 30, 2026 and 2025, respectively) | (28,512) | (22,528) | (28,512) | (309,557) |
| Net cash provided by (used in) investing activities | (282,339) | 694,003 | 592,847 | 1,308,024 |
LUCID GROUP, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - continued(Unaudited) (in thousands)
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Cash flows from financing activities: | ||||
| Proceeds from issuance of common stock under 2026 Underwriting Agreement | 292,500 | — | 292,500 | — |
| Payments of issuance costs for the 2026 Underwriting Agreement | (579) | — | (579) | — |
| Proceeds from issuance of common stock under 2026 Subscription Agreement to a related party | 200,000 | — | 200,000 | — |
| Proceeds from issuance of Series C redeemable convertible preferred stock to a related party | 550,000 | — | 550,000 | — |
| Payments of issuance costs for Series C redeemable convertible preferred stock | (750) | — | (750) | — |
| Payments of transaction costs for the issuance of 2031 Notes | — | — | (1,165) | — |
| Proceeds from issuance of 2030 Notes | — | 1,100,000 | — | 1,100,000 |
| Payments of transaction costs for the issuance of 2030 Notes | — | (17,924) | — | (17,924) |
| Purchase of capped calls | — | (118,250) | — | (118,250) |
| Repurchase of 2026 Notes | — | (931,433) | — | (931,433) |
| Proceeds from borrowings from related parties | 500,000 | 39,989 | 535,994 | 106,645 |
| Proceeds from exercise of stock options | 17 | 861 | 2,785 | 1,274 |
| Proceeds from employee stock purchase plan | 9,833 | 12,696 | 9,833 | 12,696 |
| Tax withholding payments for net settlement of employee awards | (206) | (6,172) | (1,311) | (9,449) |
| Payment for finance lease liabilities | (1,249) | (822) | (2,461) | (1,376) |
| Payments for credit facility issuance costs to related parties | (3,750) | — | (3,750) | (507) |
| Net cash provided by financing activities | 1,545,816 | 78,945 | 1,581,096 | 141,676 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 41,246 | (57,293) | (233,947) | 190,846 |
| Beginning cash, cash equivalents, and restricted cash | 765,720 | 1,855,191 | 1,040,913 | 1,607,052 |
| Ending cash, cash equivalents, and restricted cash | $806,966 | $1,797,898 | $806,966 | $1,797,898 |
LUCID GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
(in thousands, except share and per share data)
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Net loss attributable to common stockholders, basic (GAAP) | $(1,259,276) | $(739,255) | $(2,393,582) | $(1,470,351) |
| Interest expense | 47,817 | 23,749 | 88,890 | 35,632 |
| Interest income | (9,634) | (44,318) | (22,738) | (96,527) |
| Provision for (benefit from) income taxes | 1,050 | (2,369) | 1,227 | (3,732) |
| Depreciation and amortization | 122,222 | 111,088 | 238,634 | 209,047 |
| Stock-based compensation | 41,948 | 56,319 | 104,337 | 83,834 |
| Workforce reduction charges | 33,675 | — | 71,609 | — |
| Change in fair value of common stock warrant liability | — | (5,322) | — | (18,183) |
| Change in fair value of equity securities of a related party | (549) | (3,948) | 9,672 | 9,505 |
| Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party) | (102,790) | (111,475) | (110,165) | (393,175) |
| Accretion of redeemable convertible preferred stock (related party) | 224,425 | 199,823 | 330,387 | 564,748 |
| Gain on extinguishment of debt | — | (116,360) | — | (116,360) |
| Adjusted EBITDA (non-GAAP) | $(901,112) | $(632,068) | $(1,681,729) | $(1,195,562) |
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Net loss attributable to common stockholders, diluted (GAAP) | $(1,259,276) | $(855,306) | $(2,393,582) | $(1,582,428) |
| Stock-based compensation | 41,948 | 56,319 | 104,337 | 83,834 |
| Workforce reduction charges | 33,675 | — | 71,609 | — |
| Change in fair value of common stock warrant liability | — | (5,322) | — | (18,183) |
| Change in fair value of equity securities of a related party | (549) | (3,948) | 9,672 | 9,505 |
| Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party) | (102,790) | (111,475) | (110,165) | (393,175) |
| Accretion of redeemable convertible preferred stock (related party) | 224,425 | 199,823 | 330,387 | 564,748 |
| Adjusted net loss attributable to common stockholders, diluted (non-GAAP) | $(1,062,567) | $(719,909) | $(1,987,742) | $(1,335,699) |
Adjusted Net Loss Per Share Attributable to Common Stockholders(1)
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Net loss per share attributable to common stockholders, diluted (GAAP) | $(3.30) | $(2.80) | $(6.74) | $(5.18) |
| Stock-based compensation | 0.11 | 0.19 | 0.30 | 0.28 |
| Workforce reduction charges | 0.09 | — | 0.20 | — |
| Change in fair value of common stock warrant liability | — | (0.02) | — | (0.06) |
| Change in fair value of equity securities of a related party | — | (0.01) | 0.03 | 0.03 |
| Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party) | (0.27) | (0.36) | (0.31) | (1.29) |
| Accretion of redeemable convertible preferred stock (related party) | 0.59 | 0.65 | 0.93 | 1.85 |
| Adjusted net loss per share attributable to common stockholders, diluted (non-GAAP) | $(2.78) | $(2.35) | $(5.59) | $(4.37) |
| Weighted-average shares outstanding attributable to common stockholders, diluted | 382,098,609 | 305,788,272 | 355,340,787 | 305,670,808 |
(1) The weighted-average shares outstanding attributable to common stockholders, net loss per share attributable to common stockholders and adjusted net loss per share attributable to common stockholders have been adjusted for the prior periods presented to reflect the one-for-ten (1:10) reverse stock split effected on August 29, 2025.
LUCID GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - continued (Unaudited) (in thousands)
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Net cash used in operating activities (GAAP) | $(1,222,231) | $(830,241) | $(2,407,890) | $(1,258,854) |
| Capital expenditures | (253,827) | (182,663) | (506,994) | (343,904) |
| Free cash flow (non-GAAP) | $(1,476,058) | $(1,012,904) | $(2,914,884) | $(1,602,758) |