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February 24, 2026 LUCID GROUP, INC. Fourth Quarter 2025 Earnings Release
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2LUCID GROUP, INC. FOURTH 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 “esti mate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “migh t,” “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 exp ansion, Lucid’s ability to grow its brand awareness, plans and expectations regarding management transitions, the potential success of Lucid’s distribution 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 identifi ed 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 dome stic and foreign business, economic, market, financial, political, regulatory and legal conditions, including 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, including recent geopolitical tensions in Venezuela; 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 and components, including rare-earth materials, semiconductors and their 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 construc tion 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 regulatory 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 partnerships 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; Lu cid’s ongoing need to attract, retain, and motivate 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 and convertible senior notes; 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 s pecifications 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, 2025, and other documents Lucid has filed or will file with the Securities and Exchange Commission. I f any of these risks or uncertainties 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. 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 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 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 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) 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 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 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 f low provides useful information to Lucid’s management and investors about the amount of cash generated by the business after nece ssary 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 conjunc tion 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 t o 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 FOURTH QUARTER 2025 EARNINGS RELEASE Q4 2025 Financial and Recent Highlights Financial Highlights • Achieved eighth consecutive quarter of record deliveries, achieving 72% year-over-year growth compared to Q4 2024 • Record quarterly revenue in Q4 of $523 million, 123% year-over-year growth compared to Q4 2024 • Q4 GAAP diluted net loss per share of $(3.62); non-GAAP diluted net loss per share of $(3.08) • Total liquidity of approximately $4.6 billion, providing ample flexibility to fund operations, scale Lucid Gravity production, and invest in future platforms Recent Highlights • Nearly doubled vehicle production year over year in FY25, reduced unit costs, and ramped Lucid Gravity despite supply chain and tariff headwinds • Advanced long-term growth platforms in autonomy, software, and robotaxi development • Expanded global manufacturing and our sales and service footprint • Received multiple top-tier awards for product excellence, including Car and Driver 10Best recognition for both Lucid Gravity and Lucid Air LUCID GROUP, INC.
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Key Accomplishments in 2025 LUCID GROUP, INC. 4 FOURTH QUARTER 2025 EARNINGS RELEASE Disciplined Execution Delivered strong year-over-year production growth Strong delivery growth, including the rollout of Lucid Gravity Improved gross margin through operational progress Extended liquidity runway & strengthened working capital Awareness & Demand Launched a national brand campaign Expanded partnerships with high-profile brand ambassadors Extended retail & service footprint across the U.S., Europe, & Middle East Extending Technology Leadership Established a new strategic approach to autonomy, accelerating time to market while maintaining capital efficiency Developed next generation electrical architecture on Midsize platform with radical simplification and modular design Advanced development of our new lower-cost Atlas drive unit, validating performance and delivering class-leading efficiency at scale
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Ramping Production and Deliveries LUCID GROUP, INC. 5 FOURTH QUARTER 2025 EARNINGS RELEASE • During Q4 2025, produced 7,874 vehicles, up 102% compared to Q3 2025, and delivered 5,345 vehicles, up 31% compared to Q3 2025. • For full year 2025, produced 17,840 vehicles, up 98% compared to full year 2024, and delivered 15,841 vehicles, up 55% compared to full year 2024. 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION 3,109 3,309 4,078 5,345 Q1’25 Q2’25 Q3’25 Q4’25 2,212 3,863 3,891 7,874 Q1’25 Q2’25 Q3’25 Q4’25 Production Deliveries
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Key Financial Results for Q4 2025 LUCID GROUP, INC. 6 FOURTH QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION Sequential increases in revenue and margin improvement Adjusted EBITDA Margin Q2’25 Q3’25 Q4’25Q1’25 $259 $337 $523 $235 Revenue $m -97% -105% -99% -81% Q1’25 Q2’25 Q3’25 Q4’25 GAAP Gross Margin -240% -244% -213% -167% Q1’25 Q2’25 Q3’25 Q4’25 +24pts +77pts
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Key Drivers of FY25 Gross Margin Performance LUCID GROUP, INC. 7 FOURTH QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION -114.3% FY24 Reported 41.6% Core Business -8.9% Incremental Tariff -11.2% Other -92.8% FY25 Reported Core Business: Volume, ASP, regulatory credit sales, other revenue Other: Primarily inventory write-down and Gravity ramp impacts • The 41.6% improvement in FY25 core gross margin versus FY24 was primarily driven by higher volumes, reflecting strong operational execution, early scale benefits, and continued manufacturing efficiency and cost discipline • FY25 gross margin was negatively impacted by ASP pressure, Gravity ramp - related costs, and incremental tariffs — factors associated with product transition and external conditions rather than core cost structure
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Maintaining Working Capital Discipline Through Production Ramp LUCID GROUP, INC. 8 FOURTH QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION • Maintained disciplined working capital management through a significant production ramp, with only a modest increase in DIO as output scaled • Improved cash conversion through stronger collections, driving DSO down across FY25 • Optimized supplier payment timing, expanding DPO and supporting improved liquidity efficiency • Maintaining this discipline remains a key focus as volumes scale further in 2026 and beyond • Finished goods inventory on hand stands at 108 days, within the range of industry standards (28-143 days)(1) Working capital metrics remained well -controlled, supporting improved cash conversion and liquidity efficiency 42 40 36 26 30 37 42 97 103 111 115 0 10 20 30 40 50 60 70 80 90 100 110 120 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q2’25Q1’25 Q4’25Q3’25 Vehicles Produced Days Sales Outstanding (DSO)Days Inventory Outstanding (DIO) Days Payable Outstanding (DPO) 2,212 3,863 3,891 7,874 42 (1) Based on data from Cox Automotive
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Liquidity Supports Execution and Growth LUCID GROUP, INC. 9 FOURTH QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION LIQUIDITY Total Liquidity $4.6B Cash, Cash Equivalents and Investments $2.1B DDTL Facility $2.0B ABL Facility (subject to borrowing base availability) $397M GIB Facility $38M Strong Liquidity Position with Diverse Funding Sources • Liquidity position provides ample flexibility to fund operations, scale Lucid Gravity production, and invest in future platforms into the first half of 2027. • 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. End of Q4 (12/31/25)
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Driving Brand Awareness and Demand LUCID GROUP, INC. 10 FOURTH QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION 1. National Brand Campaign: “Driven” “Hard Lauch” featured Global Brand Ambassador Timothee Chalamet and NBA superstars Jalen Brunson and Josh Hart pushing the limits of themselves and Lucid Air Sapphire. 2. High-Impact Cultural Reach Combining the global recognition of Lucid Air and Lucid Gravity, as well as entertainment award season, Lucid has strategically activated at key events that align with our pursuit of greatness, including the Grammys and Super Bowl LX. 3. Third-Party Validation Lucid Air and Lucid Gravity earned top industry recognition: Air made Car and Driver’s 10Best list for the third straight year and delivered the longest range in the 2026 NAF Winter Test, while Gravity debuted on the 10Best list and was named 2026 Esquire Car of the Year and Good Housekeeping’s Best Luxury EV.
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LUCID GROUP, INC. 11 FOURTH QUARTER 2025 EARNINGS RELEASE Hilversum, Netherlands Geneva, Switzerland Oslo, Norway Dusseldorf, Germ any Zurich, Switzerlan d Hamburg, Germ any Frankfurt, Germany Witte n, Ge rm any Vancouver Seattle Los Angeles Orange Coun ty San Diego Phoenix Houston New Y ork City Washington D.C. Chicago Coldwater, MI Short Hills & Rutherford, NJ Toronto, ON Denver Boston, MA Dallas Manhasset & Plainvie w, NY Montreal, QC West Palm Be ach Mi am i Studio (32) Delivery/Se rvice & C ombos (30) White Plains, NY Philadelphia, PA Sacram ento Atlant a 96 +20 (1) Mobile service vehicles in global fleet 145 +22 (1) Approved body shops globally 62 +5 (1)(2) Studios & service centers 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION 2025: Expanded Lucid Studio and Service Network to Increase Customer Access New location in 2025 • Expanded footprint in 2025 to 45 North America, 12 Europe, and 5 Middle East locations • Expanded mobile service fleet and approved body shop network to support growth and customer experience • Adding Agency/Importer channels internationally to complement D2C and accelerate capital-efficient expansion (1) As of December 31, 2025. (2) Excludes temporary and satellite service centers San Francisco Bay Area Mun ich , Germ any Jeddah, KSA Riyadh, KSA Al Khobar, KSA Dubai, UAE
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LUCID GROUP, INC. 12 FOURTH QUARTER 2025 EARNINGS RELEASE Vancouver Switzerland Norway Germ any Seattle San Francisco Bay Area Los Angeles Orange Coun ty San Diego Phoenix Houston New Y ork City Washington D.C. Chicago Coldwater, MI Short Hills & Rutherford, NJ Toronto, ON Denver Boston, MA Dallas Manhasset & Plainvie w, NY Montreal, QC West Palm Be ach Mi am i Studio Delivery/Se rvice & C ombos White Plains, NY Philadelphia, PA Sacram ento Atlant a 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION 2026 Dual -Channel Growth: D2C in North America, Hybrid in EMEA New location in 2025 Planne d e xpansion in 2026 +7 (+15%) Planned North America locations in 2026 (1) +10 (+200%) Planned Middle East locations in 2026(1) +25 (+ 200%) Planned Europe locations in 2026 (1) • We continue to expand our D2C model in North America • Evolving to a hybrid model (D2C/Agency/Importer) in Europe and Middle East to leverage existing retail and aftersales infrastructure, reducing time- to-market and upfront investment • Strong early momentum supports scalable expansion, with execution and organizational alignment key to capturing the opportunity Net herlands (1) Subject to completed contract Sweden Denmark Belgium France Spain It aly Austria Active market with planned expansion Planned expansion Jeddah, KSA Kuwait Al Khobar, KSA Qatar Riyadh, KSA Dubai, UAE Abu Dhabi, U AE
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Launching Lucid’s Autonomous Driving Future LUCID GROUP, INC. 13 FOURTH QUARTER 2025 EARNINGS RELEASE 3. EXTENDING TECHNOLOGY LEADERSHIP2. AWARENESS & DEMAND1. DISCIPLINED EXECUTION 2027 2028 2029 L4 2026 L2+ L3 Development: On-road testing with Uber x Nuro robotaxi Phase 1: Deployment on Uber platform Phase 2: Scale robotaxi expansion through Midsize platform B2B Robotaxi B2C PAVs Point- to-Point
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FOURTH QUARTER 2025 EARNINGS RELEASE LUCID GROUP, INC. 14 Lucid 2026 Outlook Item Guidance Production Volume 25,000 – 27,000 vehicles Capital Expenditures $1.2 billion to $1.4 billion Total Liquidity Sufficient liquidity into the first half of 2027 Product – Midsize Platform Start of production scheduled later this year Key Guidance Factors and Considerations • Production volume assumes adequate supply of materials and absence of further supply chain disruptions • Capital expenditures reflect lower capital intensity per unit
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15LUCID GROUP, INC. Financials FOURTH QUARTER 2025 EARNINGS RELEASE
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BALANCE SHEET Lucid ended the fourth quarter of 2025 with approximately $2.1 billion cash, cash equivalents and investments. As of December 31, 2025, Lucid had total liquidity of approximately $4.6 billion from cash, investments, ABL, GIB, and delayed draw term loan credit facilities. FOURTH QUARTER 2025 EARNINGS RELEASE Financial Highlights: Strength of Balance Sheet and Investments for Growth 16 (in millions, unless otherwise stated; unaudited) 12/31/25 12/31/24 Cash, Cash Equivalents and Investments $ 2,141.2 $ 5,081.0 Other Assets 6,245.8 4,566.9 Total Assets 8,387.0 9,647.9 Liabilities 5,386.2 4,475.3 Redeemable Convertible Prefer red Stock 2,283.5 1,299.8 Stockholders’ Equity 717.3 3,872.8 Total Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity $ 8,387.0 $ 9,647.9 STATEMENT OF OPERATIONS In the fourth quarter, Lucid recorded revenue of $522.7 million. Lucid recognized non-cash losses of $553.6 million, including inventory and firm purchase commitments write-downs of $287.2 million and a loss of $266.4 million from change in fair value 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 December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Revenue $ 522.7) $ 234.5) $ 1,353.8) $ 807.8) Cost of Revenue (944.6) (443.2) (2,610.2) (1,730.9) R&D Operating Expenditures (361.0) (280.3) (1,211.4) (1,176.5) SG&A Operating Expenditures (281.8) (243.9) (1,034.0) (901.0) Others 250.7) 335.7) 803.7) 286.7) Net Loss $ (814.0) $ (397.2) $ (2,698.1) $ (2,713.9) Cash Used In Operating Activities $ (916.4) $ (533.1) $ (2,931.9) $ (2,019.7) Capital Expenditures (325.4) (291.6) (868.2) (883.8) Free Cash Flow $ (1,241.8) $ (824.7) $ (3,800.1) $ (2,903.5) LUCID GROUP, INC.
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FOURTH QUARTER 2025 EARNINGS RELEASE Condensed Consolidated Balance Sheets 17 (In thousands) December 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 997,827 $ 1,606,865 Short-term investments 631,093 2,424,103 Accounts receivable, net 177,162 112,025 Inventory 1,109,529 407,774 Prepaid expenses 59,606 52,951 Other current assets 324,434 270,218 Total current assets 3,299,651 4,873,936 Property, plant and equipment, net 3,978,132 3,262,612 Right-of-use assets 241,974 211,886 Long-term investments 512,241 1,050,054 Other noncurrent assets 354,983 249,443 TOTAL ASSETS $ 8,386,981 $ 9,647,931 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY December 31, 2025 December 31, 2024 Current liabilities: Accounts payable $ 487,521 $ 133,832 Finance leaseliabilities, currentportion 84,222 6,788 Current portion of debt 671,746 126,417 Other current liabilities 1,392,641 898,254 Total current liabilities 2,636,130 1,165,291 Finance lease liabilities , net of current p ortion 104,559 76,096 Debt, net of current portion 2,046,576 2,002,151 Other long-term liabilities 582,739 592,314 Derivative liabilities associated with red eemable convertible preferred s tock 16,200 639,425 Total liabilities 5,386,204 4,475,277 Series A redeemable convertible preferred stock 1,339,641 730,025 Series B redeemable convertible preferred stock 943,849 569,817 Total redeemable convertible preferred stock 2,283,490 1,299,842 Stockholders’ equity 717,287 3,872,812 TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY $ 8,386,981 $ 9,647,931 LUCID GROUP, INC.
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FOURTH QUARTER 2025 EARNINGS RELEASE Condensed Consolidated Statements of Operations & Comprehensive Loss (Unaudited) 18LUCID GROUP, INC. Three Months Ended December 31, Twelve Months Ended December 31, (in thousands, except share and per share data) 2025 2024 2025 2024 Revenue $ 522,730) $ 234,473) $ 1,353,790) $ 807,832) Cost of revenue 944,636) 443,248) 2,610,176) 1,730,943) Gross profit (loss) (421,906) (208,775) (1,256,386) (923,111) Operating expenses Research and development 361,007) 280,285) 1,211,397) 1,176,453) Selling, general and administrative 281,841) 243,890) 1,033,970) 900,952) Restructuring charges -) -) -) 20,304) Total operating expenses 642,848) 524,175) 2,245,367) 2,097,709) Loss from operations (1,064,754) (732,950) (3,501,753) (3,020,820) Other income (expense), net Change in fair value of common stock warrant liability 887) 13,305) 19,514) 34,150) Change in fair value of equity securities (7,196) (4,898) (15,785) (43,057) Change in fair value of derivative liability associated with redeemable convertible preferred stock 266,425) 292,600) 623,225) 155,350) Gain on extinguishment of debt 5,405) -) 121,765) -) Interest income 25,273) 57,825) 156,443) 213,026) Interest expense (33,898) (10,271) (95,101) (32,923) Other expense, net (4,400) (12,240) (8,692) (18,469) Total other income, net 252,496) 336,321) 801,369) 308,077) Loss before provision for (benefit from) income taxes (812,258) (396,629) (2,700,384) (2,712,743) Provision for (benefit from) income taxes 1,762) 589) (2,333) 1,199) Net loss (814,020) (397,218) (2,698,051) (2,713,942) Accretion of redeemable convertible preferred stock (362,779) (239,686) (983,648) (347,610) Net loss attributable to common stockholders, basic (1,176,799) (636,904) (3,681,699) (3,061,552) Interest expense on 2026 Notes -) -) 14,309) -) Gain on extinguishment of debt -) -) (121,765) -) Net loss attributable to common stockholders, diluted $ (1,176,799) $ (636,904) $ (3,789,155) $ (3,061,552) Weighted average shares outstanding attributable to common stockholders(1 ) Basic 325,040,126) 284,083,802) 311,680,046) 244,517,654) Diluted 325,040,126) 284,083,802) 313,400,136) 244,517,654) Net loss per share attributable to common stockholders(1 ) Basic $ (3.62) $ (2.24) $ (11.81) $ (12.52) Diluted $ (3.62) $ (2.24) $ (12.09) $ (12.52) Other comprehensive income (loss) Net unrealized gains (losses) on investments, net of tax $ (669) $ (5,730) $ 3,860) $ 1,942) Foreign currency translation adjustments (752) (9,283) 9,931) (8,891) Total other comprehensive income (loss) (1,421) (15,013) 13,791) (6,949) Comprehensive loss (815,441) (412,231) (2,684,260) (2,720,891) Accretion of redeemable convertible preferred stock (362,779) (239,686) (983,648) (347,610) Comprehensive loss attributable to common stockholders $ (1,178,220) $ (651,917) $ (3,667,908) $ (3,068,501) (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.
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FOURTH QUARTER 2025 EARNINGS RELEASE Condensed Consolidated Statement of Cash Flows (Unaudited) 19LUCID GROUP, INC. Three Months Ended December 31, Twelve Months Ended December 31, (In thousands) 2025 2024 2025 2024 Net cash used in operating activities $ (916,408) $ (533,147) $ (2,931,912) $ (2,019,674) Net cash (used in) provided by investing activities (84,713) (1,584,428) 1,478,429) (1,294,454) Net cash provided by financing activities 369,616) 1,830,964) 887,344) 3,549,673) Net increase (decrease) in cash, cash equivalents, and restricted cash (631,505) (286,611) (566,139) 235,545) Beginning cash, cash equivalents, and restricted cash 1,672,418) 1,893,663) 1,607,052) 1,371,507) Ending cash, cash equivalents, and restricted cash $ 1,040,913) $ 1,607,052) $ 1,040,913) $ 1,607,052)
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20LUCID GROUP, INC. Appendix FOURTH QUARTER 2025 EARNINGS RELEASE
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FOURTH QUARTER 2025 EARNINGS RELEASE Reconciliation of GAAP to Non -GAAP Financial Measures (Unaudited) 21LUCID GROUP, INC. Three Months Ended December 31, Twelve Months Ended December 31, (In thousands) 2025 2024 2025 2024 ADJUSTED EBITDA Net loss attributable to common stockholders, basic (GAAP) $ (1,176,799) $ (636,904) $ (3,681,699) $ (3,061,552) Interest expense 33,898) 10,271) 95,101) 32,923) Interest income (25,273) (57,825) (156,443) (213,026) Provision for (benefit from) income taxes 1,762) 589) (2,333) 1,199) Depreciation and amortization 122,106) 90,843) 451,243) 295,337) Stock-based compensation 72,386) 77,069) 271,275) 287,352) Restructuring charges -) -) -) 20,304) Change in fair value of common stock warrant liability (887) (13,305) (19,514) (34,150) Change in fair value of equity securities of a related party 7,196) 4,898) 15,785) 43,057) Change in fair value of derivative liability associated with redeemable convertible preferred stock (266,425) (292,600) (623,225) (155,350) Accretion of redeemable convertible preferred stock 362,779) 239,686) 983,648) 347,610) Gain on extinguishment of debt (5,405) -) (121,765) -) Adjusted EBITDA (non-GAAP) $ (874,662) $ (577,278) $ (2,787,927) $ (2,436,296)
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FOURTH QUARTER 2025 EARNINGS RELEASE Reconciliation of GAAP to Non -GAAP Financial Measures (Unaudited) – Continued 22LUCID GROUP, INC. Three Months Ended December 31, Twelve Months Ended December 31, (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) $ (1,176,799) $ (636,904) $ (3,789,155) $ (3,061,552) Stock-based compensation 72,386) 77,069) 271,275) 287,352) Restructuring charges -) -) -) 20,304) Change in fair value of common stock warrant liability (887) (13,305) (19,514) (34,150) Change in fair value of equity securities of a related party 7,196) 4,898) 15,785) 43,057) Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (266,425) (292,600) (623,225) (155,350) Accretion of redeemable convertible preferred stock 362,779) 239,686) 983,648) 347,610) Adjusted net loss attributable to common stockholders, diluted (non -GAAP) $ (1,001,750) $ (621,156) $ (3,161,186) $ (2,552,729) ADJUSTED NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (1) Net loss per share attributable to common stockholders, diluted (GAAP) $ (3.62) $ (2.24) $ (12.09) $ (12.52) Stock-based compensation 0.22) 0.27) 0.86) 1.18) Restructuring charges -) -) -) 0.08) Change in fair value of common stock warrant liability -) (0.05) (0.06) (0.14) Change in fair value of equity securities of a related party 0.02) 0.02) 0.05) 0.18) Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (0.82) (1.03) (1.99) (0.64) Accretion of redeemable convertible preferred stock 1.12) 0.84 3.14) 1.42) Adjusted net loss per share attributable to common stockholders, diluted (non -GAAP) $ (3.08) $ (2.19) $ (10.09) $ (10.44) Weighted-average shares outstanding attributable to common stockholders, diluted 325,040,126) 284,083,802) 313,400,136) 244,517,654) (1) The weighted-average shares outstanding attributable to common stockholders, net loss per share attributable to common stockhold ers 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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FOURTH QUARTER 2025 EARNINGS RELEASE Reconciliation of GAAP to Non -GAAP Financial Measures (Unaudited) – Continued 23LUCID GROUP, INC. Three Months Ended December 31, Twelve Months Ended December 31, (In thousands) 2025 2024 2025 2024 FREE CASH FLOW Net cash used in operating activities (GAAP) $ (916,408) $ (533,147) $ (2,931,912) $ (2,019,674) Capital expenditures (325,436) (291,635) (868,158) (883,841) Free cash flow (non-GAAP) $ (1,241,844) $ (824,782) $ (3,800,070) $ (2,903,515)