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November 5, 2025 LUCID GROUP, INC. Third Quarter 2025 Earnings Release
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2LUCID GROUP, INC. THIRD QUARTER 2025 EARNINGS RELEASE Forward Looking Statements This presentation 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,” “scheduled” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding results of operations, financial outlook and condition, guidance, liquidity, capital expenditures, prospects, growth, production volumes, strategies, management, and the markets in which Lucid operates, including expectations of financial and operational metrics, projections of market opportunity, market share and product sales, plans and expectations related to commercial product launches and future programs, initiatives and products, including the Midsize program, plans and expectations on vehicle production and delivery timing and volumes, expectations regarding market opportunities and demand for Lucid’s products, the range, features, specifications, performance, production and delivery of Lucid’s vehicles and potential impact on markets, plans and expectations regarding further monetization opportunities, plans and expectations regarding Lucid’s software, technology features and capabilities, including with respect to battery and powertrain systems, plans and expectations regarding Lucid’s systems approach to the design of the vehicles, estimate of Lucid’s technology lead over competitors, estimate of the length of time Lucid’s existing cash, cash eq uivalents and investments will be sufficient to fund planned operations, plans and expectations regarding Lucid’s liquidity runw ay, future capital raises and funding strategy, plans and expectations regarding future manufacturing capabilities and facilities, logistics and supply chain, studio and service center openings, sales channels and strategies, test drive, ability to mitigate supply chain and logistics risks, plans and expectations regarding expansion and construction of Lucid’s AMP-1 and AMP-2 manufacturing facilities and capabilities, including potential benefits, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, Lucid’s ability to grow its brand awareness, plans and expectations regarding management transitions, the potential success of Lucid’s direct-to-consumer sales strategy and future vehicle programs, potential automotive and strategic partnerships and their anticipated benefits, plans and expectations regarding Lucid’s ADAS/AD roadmap and robotaxi program, expectations on the technology licensing landscape, expectations on the regulatory and political environment, and the promise of Lucid’s technology. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of Lucid’s management. These forward -looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, economic, market, financial, political, regulatory and legal conditions, including uncertainties and changes of policies, imposition or proposed imposition of tariffs, export controls, threat of a trade war, the risk of a global economic recession or other downturn, bank closures and liquidity concerns at financial institutions, and global or regional 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, including rare earth minerals, semiconductors and its related products, and other materials, Lucid’s supply chain, logistics, inventory management and quality control, and Lucid’s ability to complete the tooling of its manufacturing facilities over time and scale production of Lucid’s vehicles; risks related to the uncertainty of Lucid’s projected financial and operational information; risks related to the timing of expected business milestones and commercial product launches; risks related to the construction and expansion of Lucid’s 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 business; changes in regula tory requirements, policies, and governmental incentives; changes in fuel and energy prices; Lucid’s ability to rapidly innovate; Lucid’s ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers, including its ability to realize the anticipated benefits of its transactions with Aston Martin, Uber, Nuro and NVIDIA; 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 manage its growth and recruit and retain key employees, including its executive team; Lucid’s ongoing need to attract, retain, and motiv ate key employees, including engineering and management employees, as Lucid has undertaken multiple significant management changes in the past, including its CEO; risks related to Lucid’s outstanding redeemable convertible preferred stock; availability, reduction or elimination of, and Lucid’s ability to obtain and effectively utilize, zero emission vehicle credits, tax incentives, and other governmental and regulatory programs and incentives ; Lucid’s ability to conduct equity, equity-linked or debt financings in the future; Lucid’s ability to pay interest and principal on its indebtedness; future changes to vehicle specifications which may impact performance, features, pricing and other expectations; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors discussed under the cautionary language and the Risk Factors in Lucid’s Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and 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 presentation. Lucid anticipates that subsequent events and developments will c ause 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 presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. Trademarks This presentation 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 our 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) restructuring charges, (7) change in fair value of common stock warrant liability, (8) change in fair value of equity securities, (9) change in fair value of derivative liabilities associated with redeemable convertible preferred stock, (10) accretion of redeemable convertible preferred stock, 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 p erformance. Adjusted net loss attributable to common stockholders (diluted) is defined as net loss attributable to common stockholders (diluted) 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, (5) change in fair value of derivative liabilities associated with redeemable convertible preferred stock, and (6) accretion of redeemable convertible preferred stock. Lucid defines and calculates adjusted net loss per share attributable to common stockholders (diluted) as adjusted net loss a ttributable 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 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 abou t 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 comp anies, 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 at the end of the presentation.
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3 THIRD QUARTER 2025 EARNINGS RELEASE Q3 2025 Key Achievements and Recent Highlights Q3 2025 Highlights • Seventh consecutive quarter of record deliveries, achieving 47% year- over-year growth compared to Q3 2024 • Record quarterly revenue in Q3 of $336.6 million • Q3 GAAP diluted net loss per share of $(3.31); non-GAAP diluted net loss per share of $(2.65) • Closed $300 million strategic investment from Uber • Subsequent to quarter end, the Public Investment Fund (“PIF”) and Lucid agreed to increase the delayed draw term loan credit facility (the “DDTL”) from $750 million to approximately $2 billion. Lucid’s total liquidity at quarter end would have been approximately $5.5 billion, giving effect to this DDTL increase, up from actual total liquidity of $4.2 billion. The DDTL facility remains undrawn Recent Highlights • Launched strategic collaboration with NVIDIA to develop L4 autonomy for the consumer market • Delivered first Lucid Gravity engineering vehicles to Nuro for deployment of Uber robotaxis; announced San Francisco as first city in 2026 • Announced key organizational changes designed to accelerate growth, streamline decision-making, and reinforce accountability as the company scales globally LUCID GROUP, INC.
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Ramping Production and Deliveries LUCID GROUP, INC. 4 THIRD QUARTER 2025 EARNINGS RELEASE • Produced 3,891 vehicles in Q3 — up 116% year-over-year, with more than 1,000 additional vehicles built for Saudi Arabia for final assembly • Delivered 4,078 vehicles in Q3 — up 47% year-over-year and our seventh consecutive quarter of record deliveries • Improved production rate over the last few weeks of the quarter and trained second shift to meet our production goals 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION DeliveriesProduction 2,781 3,099 3,109 3,309 4,078 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 1,805 3,386 2,212 3,863 3,891 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25
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Key Financial Results for Q3 2025 LUCID GROUP, INC. 5 THIRD QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION Adjusted EBITDA $m GAAP Gross MarginRevenue $m Sequential increases in deliveries and ASP demonstrate continued growth; tariffs had an impact of (13 pts) on GAAP Gross Margin and pressured Adjusted EBITDA Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 $200 $234 $235 $259 $337 -106% -89% -97% -105% -99% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 -$613 -$577 -$563 -$632 -$718
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Emad Dlala Senior Vice President, Engineering and Digital Erwin Raphael Senior Vice President, Revenue Marnie Levergood Senior Vice President, Quality New role oversees all product development functions, including powertrain, vehicle engineering, digital systems, and software New role assumes expanded global responsibilities, including leadership of global sales and service operations Appointed to ensure vehicles meet the highest standards of quality and craftsmanship; works in close concert with engineering and manufacturing Previously held quality and manufacturing leadership roles at Scout Motors, Stellantis, and Magna Key Leadership Changes LUCID GROUP, INC. 6 THIRD QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION Key organizational changes designed to accelerate growth, streamline decision-making, and reinforce accountability as the company scales globally.
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Driving Supply Chain Stability and Performance LUCID GROUP, INC. 7 THIRD QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION Building resilience across global operations • Streamlining production by resolving key supply-driven bottlenecks • Quickly mitigated aluminum shortage to secure materials and restore production rate • Strengthening rare earth supply resilience through material independence initiatives and proactive R&D, such as our Atlas drive unit family • Actively managing chip supply and assessing alternative solutions, including chip redesign • Driving stronger supplier accountability through data- backed performance initiatives • Deploying advanced simulation tools to optimize engineering and manufacturing processes • Expanded and trained workforce, adding contingent capacity to meet production targets
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Track Record of Prudent Liquidity LUCID GROUP, INC. 8 THIRD QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION LIQUIDITY Total Liquidity $4.2B Cash, Cash Equivalents and Investments(1) $3B ABL Facility (subject to borrowing base availability) $274M DDTL Facility(2) $750M GIB Facility $193M (1) Total liquidity includes $31.4 million of Investments in equity securities of a related party (Aston Martin) (2) DDTL facility amount increased to approximately $2.0 billion subsequent to quarter end Strong Liquidity Position with Diverse Funding Sources • Subsequent to quarter end, the PIF and Lucid agreed to increase the DDTL facility from $750 million to approximately $2 billion. Lucid’s total liquidity at quarter end would have been approximately $5.5 billion, giving effect to this DDTL increase, up from actual total liquidity of $4.2 billion. The DDTL facility remains undrawn. • Liquidity position provides ample flexibility to fund operations, scale Lucid Gravity production, and invest in future platforms into the first half of 2027. • Closed a $300 million strategic investment by Uber Technologies, the world’s leading ridesharing platform. • Committed to maintaining a healthy liquidity position and will continue to evaluate all financing and liquidity options, including in the public markets, when the appropriate conditions materialize. • Continued focus on disciplined capital deployment and long- term financial sustainability. Total Liquidity (9/30/25 pro forma) $5.5B DDTL Facility (Post increase)(2) $2B End of Q3 (9/30/25)
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Driving Brand Awareness LUCID GROUP, INC. 9 THIRD QUARTER 2025 EARNINGS RELEASE 1. National Broadcast Activation The initial ‘Driven’ ad spot reached 19.7M viewers(1), while ‘Driven’ campaign activations delivered 291M impressions & 106M views in September, leading to an 8-point month-over- month overall awareness increase(2) 3. Global Performance Recognition Lucid Air Sapphire was named 2026 German Performance Car of the Year, recognized by industry experts for innovation, design, and engineering excellence, reinforcing our leadership in high-performance electric vehicles 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION 2. High-Impact Reach Launched the ‘We Ride for New York’ campaign featuring NBA All-Stars Jalen Brunson and Josh Hart, with out-of-home ads (billboards) and social first activations across New York City and a global extension in Abu Dhabi during the Knicks preseason game (1) Based on U.S. Nielsen Average Minute Audience (2) Based on Harris Poll report
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LUCID GROUP, INC. 10 THIRD QUARTER 2025 EARNINGS RELEASE Munich, Germany Hilversum, Netherlands Geneva, Switzerland Oslo, Norway Riyadh, Saudi Arabia Dusseldorf, Germany Zurich, Switzerland Hamburg, Germany Dubai, United Arab Emirates Frankfurt, Germany Jeddah, Saudi Arabia Witten, Germany Vancouver Seattle San Francisco Bay Area Los Angeles Orange County San Diego Phoenix Houston New York City Washington D.C. Chicago Coldwater, MI Short Hills & Rutherford, NJ Toronto, ON Denver Boston, MA Dallas Manhasset & Plainview, NY Montreal, QC West Palm Beach Miami Studio (31) Delivery/Service & Combos (29) White Plains, NY Philadelphia, PA Sacramento Atlanta 84 +8 YTD Mobile service vehicles in global fleet (1) 139 +16 YTD Approved body shops globally (1) 60 +3 YTD Studios & service centers (1) (1) As of September 30, 2025. Excludes temporary and satellite service centers 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION Expanding the Lucid Studio and Service Network for Greater Customer Access New location in 2025 • Lucid has 44 Studios and service centers in North America, 12 in Europe, and 4 in Middle East.(1) • Lucid will continue to expand service and delivery network to support growing sales and ensure high customer satisfaction. • As we expand our international presence, we are adding additional distribution channels (e.g., Agency, Importer) to our existing direct -to- consumer business model to enable fast, efficient and sustainable growth.
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Atlas Extends Lucid’s Technology Leadership for Midsize Vehicles and Beyond LUCID GROUP, INC. 11 THIRD QUARTER 2025 EARNINGS RELEASE Engineering Innovations Driving Scalable Efficiency and Supply Chain Resiliency • Class-leading efficiency • Modular design for high volume production • Compact size offers increased cabin space and enables cross-vehicle compatibility • Fewer parts, lower BOM cost, and lower in weight • Includes a heavy-rare-earth free variant 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION New: AtlasCurrent: Zeus Lucid Drive Units (non-exhaustive)
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Delivering on Software -Defined Platform for B2B Autonomy with Uber and Nuro LUCID GROUP, INC. 12 THIRD QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION Executing on partnership, validating our platform • Lucid, Uber, and Nuro launched a global premium robotaxi program exclusively for the Uber platform • In Q3, Lucid integrated Level 4 autonomy hardware and delivered initial engineering vehicles to Nuro for installation of AI-powered self-driving software • Combines Lucid’s long-range, software-defined platform with Uber’s global scale and Nuro’s proven autonomy system • Uber plans to deploy a minimum of 20,000 Lucid Gravity vehicles globally equipped with the Nuro Driver over six years, starting with the San Francisco Bay Area in 2026 • Uber’s $300 million investment in Lucid, closed in Q3, validates Lucid’s platform for scalable autonomous mobility
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Targeting First to Market in L4 Autonomy for Consumers with NVIDIA LUCID GROUP, INC. 13 THIRD QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION Strategic Expansion into B2C Autonomous Mobility • Lucid has announced plans to jointly develop with NVIDIA one of the world's first true eyes-off, hands- off, and mind-off (L4) consumer owned autonomous vehicle • Lucid will start with leveraging NVIDIA DRIVE AV for eyes-on, point-to-point driving for Lucid Gravity and upcoming midsize vehicles, advancing Lucid's technology edge and market demand • NVIDIA’s scalable software-defined architecture will enable Lucid to ensure its vehicles remain at the forefront of innovation through continuous over- the-air software updates
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THIRD QUARTER 2025 EARNINGS RELEASE LUCID GROUP, INC. 14 Lucid 2025 Outlook Item Guidance Prior Guidance Production Volume ~18,000 vehicles 18,000 - 20,000 vehicles Capital Expenditures $1.0 billion to $1.2 billion $1.1 billion to $1.2 billion Total Liquidity Sufficient liquidity into the first half of 2027 Sufficient liquidity into the second half of 2026 Product – Midsize Platform Start of production scheduled for late 2026 Start of production scheduled for late 2026 Key Guidance Factors and Considerations • Production volume assumes adequate supply of materials and the absence of further supply chain disruptions • Capital expenditures reflect lower capital intensity per unit • Long-term Midsize platform development is progressing; no major timeline shift announced
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15LUCID GROUP, INC. Financials THIRD QUARTER 2025 EARNINGS RELEASE
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BALANCE SHEET Lucid ended the third quarter of 2025 with approximately $3.0 billion cash, cash equivalents, investments, and equity securities. Subsequent to quarter end, PIF and Lucid agreed to increase the DDTL from $750 million to approximately $2.0 billion. Lucid’s total liquidity at quarter end would have been approximately $5.5 billion, giving effect to this DDTL increase, up from actual total liquidity of $4.2 billion. The DDTL facility remains undrawn. THIRD QUARTER 2025 EARNINGS RELEASE Financial Highlights: Strength of Balance Sheet and Investments for Growth 16 (in millions, unless otherwise stated; unaudited) 9/30/25 12/31/24 Cash, Cash Equivalents and Investments $ 2,993.3 $ 5,043.2 Other Assets 5,829.7 4,604.7 Total Assets 8,823.0 9,647.9 Liabilities 5,101.9 4,475.3 Redeemable Convertible Preferred Stock 1,920.7 1,299.8 Stockholders’ Equity 1,800.4 3,872.8 Total Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity $ 8,823.0 $ 9,647.9 STATEMENT OF OPERATIONS In the third quarter, Lucid recorded revenue of $336.6 million. Lucid recognized non-cash losses of $228.5 million, including inventory and firm purchase commitments write-downs of $192.1 million and a loss of $36.4 million from change in fair value of derivative liabilities associated with redeemable convertible preferred stock. OPEX / CAPEX Lucid continues to invest in the development of future product programs, the further expansion of our AMP-1 and AMP-2 facilities to increase capacity and the growth of our retail, delivery, and service capabilities. Three Months Ended September 30, 2025 2024 Revenue $ 336.6) $ 200.0) Cost of Revenue (670.2) (412.5) R&D Operating Expenditures (325.3) (324.4) SG&A Operating Expenditures (283.1) (233.6) Others (36.4) (222.0) Net Loss $ (978.4) $ (992.5) Cash Used In Operating Activities $ (756.7) $ (462.8) Capital Expenditures (198.8) (159.7) Free Cash Flow $ (955.5) $ (622.5) LUCID GROUP, INC.
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THIRD QUARTER 2025 EARNINGS RELEASE Condensed Consolidated Balance Sheets (Unaudited) 17 (In thousands) September 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,635,120 $ 1,606,865 Short-term investments 701,906 2,424,103 Accounts receivable, net 137,642 112,025 Inventory 981,062 407,774 Prepaid expenses 58,135 52,951 Other current assets 286,245 270,218 Total current assets 3,800,110 4,873,936 Property, plant and equipment, net 3,752,065 3,262,612 Right-of-use assets 227,995 211,886 Long-term investments 656,249 1,012,223 Other noncurrent assets 355,199 249,443 Investment in equity securities 31,420 37,831 TOTAL ASSETS $ 8,823,038 $ 9,647,931 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY September 30, 2025 December 31, 2024 Current liabilities: Accounts payable $ 393,029 $ 133,832 Finance leaseliabilities, currentportion 81,633 6,788 Other current liabilities 1,630,322 1,024,671 Total current liabilities 2,104,984 1,165,291 Finance lease liabilities, net of current portion 101,886 76,096 Long-term debt 2,040,363 2,002,151 Other long-term liabilities 572,091 592,314 Derivative liabilities associated with redeemable convertible preferred stock 282,625 639,425 Total liabilities 5,101,949 4,475,277 Series A redeemable convertible preferred stock 1,109,905 730,025 Series B redeemable convertible preferred stock 810,806 569,817 Total redeemable convertible preferred stock 1,920,711 1,299,842 Stockholders’ equity 1,800,378 3,872,812 TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY $ 8,823,038 $ 9,647,931 LUCID GROUP, INC.
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THIRD QUARTER 2025 EARNINGS RELEASE Condensed Consolidated Statements of Operations & Comprehensive Loss (Unaudited) 18LUCID GROUP, INC. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2025 2024 2025 2024 Revenue $ 336,580) $ 200,038) $ 831,060) $ 573,359) Cost of revenue 670,197) 412,544) 1,665,540) 1,287,695) Gross profit (loss) (333,617) (212,506) (834,480) (714,336) Operating expenses Research and development 325,305) 324,371) 850,390) 896,168) Selling, general and administrative 283,097) 233,585) 752,129) 657,062) Restructuring charges -) 76) -) 20,304) Total operating expenses 608,402) 558,032) 1,602,519) 1,573,534) Loss from operations (942,019) (770,538) (2,436,999) (2,287,870) Other income (expense), net Change in fair value of common stock warrant liability 444) (13,748) 18,627) 20,845) Change in fair value of equity securities 916) (8,836) (8,589) (38,159) Change in fair value of derivative liability associated with redeemable convertible preferred stock (36,375) (240,250) 356,800) (137,250) Gain on extinguishment of debt -) -) 116,360) -) Interest income 34,643) 50,017) 131,170) 155,201) Interest expense (25,571) (8,478) (61,203) (22,652) Other expense, net (10,829) (155) (4,292) (6,229) Total other income (expense), net (36,772) (221,450) 548,873) (28,244) Loss before provision for (benefit from) income taxes (978,791) (991,988) (1,888,126) (2,316,114) Provision for (benefit from) income taxes (363) 487) (4,095) 610) Net loss (978,428) (992,475) (1,884,031) (2,316,724) Accretion of redeemable convertible preferred stock (56,121) 42,838) (620,869) (107,924) Net loss attributable to common stockholders, basic (1,034,549) (949,637) (2,504,900) (2,424,648) Interest expense on 2026 Notes -) -) 4,283) -) Gain on extinguishment of debt -) -) (116,360) -) Net loss attributable to common stockholders, diluted $ (1,034,549) $ (949,637) $ (2,616,977) $ (2,424,648) Weighted average shares outstanding attributable to common stockholders (1) Basic 312,166,297) 232,397,154) 307,177,163) 231,224,933) Diluted 312,166,297) 232,397,154) 307,859,815) 231,224,933) Net loss per share attributable to common stockholders (1) Basic $ (3.31) $ (4.09) $ (8.15) $ (10.49) Diluted $ (3.31) $ (4.09) $ (8.50) $ (10.49) Other comprehensive income (loss) Net unrealized gains on investments, net of tax $ 684) $ 11,891) $ 4,529) $ 7,672) Foreign currency translation adjustments (2,187) 5,182) 10,683) 392) Total other comprehensive income (loss) (1,503) 17,073) 15,212) 8,064) Comprehensive loss (979,931) (975,402) (1,868,819) (2,308,660) Accretion of redeemable convertible preferred stock (56,121) 42,838) (620,869) (107,924) Comprehensive loss attributable to common stockholders $ (1,036,052) $ (932,564) $ (2,489,688) $ (2,416,584) (1) The weighted-average shares outstanding attributable to common stockholders and net loss per share attributable to common stockh olders have been adjusted for the prior periods presented to reflect the one -for-ten (1:10) reverse stock split effected on Augu st 29, 2025.
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THIRD QUARTER 2025 EARNINGS RELEASE Condensed Consolidated Statement of Cash Flows (Unaudited) 19LUCID GROUP, INC. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2025 2024 2025 2024 Net cash used in operating activities $ (756,650) $ (462,795) $ (2,015,504) $ (1,486,527) Net cash provided by investing activities 255,118) 283,719) 1,563,142) 289,974) Net cash provided by financing activities 376,052) 719,144) 517,728) 1,718,709) Net increase (decrease) in cash, cash equivalents, and restricted cash (125,480) 540,068) 65,366) 522,156) Beginning cash, cash equivalents, and restricted cash 1,797,898) 1,353,595) 1,607,052) 1,371,507) Ending cash, cash equivalents, and restricted cash $ 1,672,418) $ 1,893,663) $ 1,672,418) $ 1,893,663)
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20LUCID GROUP, INC. Appendix THIRD QUARTER 2025 EARNINGS RELEASE
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THIRD QUARTER 2025 EARNINGS RELEASE Reconciliation of GAAP to Non -GAAP Financial Measures (Unaudited) 21LUCID GROUP, INC. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2025 2024 2025 2024 ADJUSTED EBITDA Net loss attributable to common stockholders, basic (GAAP) $ (1,034,549) $ (949,637) $ (2,504,900) $ (2,424,648) Interest expense 25,571) 8,478) 61,203) 22,652) Interest income (34,643) (50,017) (131,170) (155,201) Provision for (benefit from) income taxes (363) 487) (4,095) 610) Depreciation and amortization 120,090) 69,473) 329,137) 204,494) Stock-based compensation 115,055) 88,094) 198,889) 210,283) Restructuring charges -) 76) -) 20,304) Change in fair value of common stock warrant liability (444) 13,748) (18,627) (20,845) Change in fair value of equity securities of a related party (916) 8,836) 8,589) 38,159) Change in fair value of derivative liability associated with redeemable convertible preferred stock 36,375) 240,250) (356,800) 137,250) Accretion of redeemable convertible preferred stock 56,121) (42,838) 620,869) 107,924) Gain on extinguishment of debt -) -) (116,360) -) Adjusted EBITDA (non-GAAP) $ (717,703) $ (613,050) $ (1,913,265) $ (1,859,018)
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THIRD QUARTER 2025 EARNINGS RELEASE Reconciliation of GAAP to Non -GAAP Financial Measures (Unaudited) – Continued 22LUCID GROUP, INC. Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except share and per share data) 2025 2024 2025 2024 ADJUSTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS Net loss attributable to common stockholders, diluted (GAAP) $ (1,034,549) $ (949,637) $ (2,616,977) $ (2,424,648) Stock-based compensation 115,055) 88,094) 198,889) 210,283) Restructuring charges -) 76) -) 20,304) Change in fair value of common stock warrant liability (444) 13,748) (18,627) (20,845) Change in fair value of equity securities of a related party (916) 8,836) 8,589) 38,159) Change in fair value of derivative liabilities associated with redeemable convertible preferred stock 36,375) 240,250) (356,800) 137,250) Accretion of redeemable convertible preferred stock 56,121) (42,838) 620,869) 107,924) Adjusted net loss attributable to common stockholders, diluted (non-GAAP) $ (828,358) $ (641,471) $ (2,164,057) $ (1,931,573) ADJUSTED NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS(1) Net loss per share attributable to common stockholders, diluted (GAAP) $ (3.31) $ (4.09) $ (8.50) $ (10.49) Stock-based compensation 0.37) 0.38) 0.65) 0.91) Restructuring charges -) -) -) 0.09) Change in fair value of common stock warrant liability -) 0.06) (0.06) (0.09) Change in fair value of equity securities of a related party -) 0.04) 0.03) 0.17) Change in fair value of derivative liabilities associated with redeemable convertible preferred stock 0.11) 1.03) (1.17) 0.59) Accretion of redeemable convertible preferred stock 0.18) (0.18) 2.02) 0.47) Adjusted net loss per share attributable to common stockholders, diluted (non-GAAP) $ (2.65) $ (2.76) $ (7.03) $ (8.35) Weighted-average shares outstanding attributable to common stockholders, diluted 312,166,297) 232,397,154) 307,859,815) 231,224,933) (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.
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THIRD QUARTER 2025 EARNINGS RELEASE Reconciliation of GAAP to Non -GAAP Financial Measures (Unaudited) – Continued 23LUCID GROUP, INC. Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2025 2024 2025 2024 FREE CASH FLOW Net cash used in operating activities (GAAP) $ (755,650) $ (462,795) $ (2,015,504) $ (1,486,527) Capital expenditures (198,818) (159,694) (542,722) (592,206) Free cash flow (non-GAAP) $ (955,468) $ (622,489) $ (2,558,226) $ (2,078,733)