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LUCID GROUP , INC . Second Quarter 2026 Earnings Release AUGUST 4 , 2026 LUCID
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2LUCID GROUP, INC. SECOND QUARTER 2026 EARNINGS RELEASE ForwardLookingStatementsThispresentationincludes“forward-lookingstatements”withinthemeaningofthe“safeharbor”provisionsoftheUnitedStatesPrivateSecuritiesLitigationReformActof1995.Forward-lookingstatementsmaybeidentifiedbytheuseofwordssuchas“estimate,”“plan,”“project,”“forecast,”“intend,”“will,”“shall,”“expect,”“anticipate,”“believe,”“seek,”“target,”“continue,”“could,”“may,”“might,”“possible,”“potential,”“predict,”“scheduled,”“aiming,”“targeting,”“objective,”“focus,”“strategic”orothersimilarexpressionsthatpredictorindicatefutureeventsortrendsorthatarenotstatementsofhistoricalmatters.Theseforward-lookingstatementsinclude,butarenotlimitedto,statementsregardingresultsofoperations,financialoutlookandcondition,guidance,liquidity,capitalexpenditures,itscashflowimprovementplan,theexpectedsavingsfromeliminatingthesecondshiftatAMP-1,prospects,growth,productionvolumes,strategies,management,andthemarketsinwhichLucidoperates,includingexpectationsoffinancialandoperationalmetrics,projectionsofmarketopportunity,includingthepotentialmarketofRobotaxi,marketshareandproductsales,plansandexpectationsrelatedtocommercialproductlaunchesandfutureprograms,initiativesandproducts,includingtheMidsizeprogram,plansandexpectationsonvehicleproductionanddeliverytimingandvolumes,expectationsregardingmarketopportunitiesanddemandforLucid’sproducts,therange,features,specifications,performance,productionanddeliveryofLucid’svehiclesandpotentialimpactonmarkets,plansandexpectationsregardingfurthermonetizationopportunities,plansandexpectationsregardingLucid’ssoftware,technologyfeaturesandcapabilities,includingwithrespecttobatteryandpowertrainsystems,plansandexpectationsregardingLucid’ssystemsapproachtothedesignofthevehicles,estimateofLucid’stechnologyleadovercompetitors,estimateofthelengthoftimeLucid’sexistingcash,cashequivalentsandinvestmentswillbesufficienttofundplannedoperations,plansandexpectationsregardingLucid’sliquidityrunwayandcashflowimprovementplans,futurecapitalraisesandfundingstrategy,plansandexpectationsregardingfuturemanufacturingcapabilitiesandfacilities,logisticsandsupplychain,studioandservicecenteropenings,saleschannelsandstrategies,testdrive,appointmentwaittimes,abilitytomitigatesupplychainandlogisticsrisks,plansandexpectationsregardingexpansionandconstructionofLucid’sAMP-1andAMP-2manufacturingfacilitiesandcapabilities,includingpotentialbenefits,abilitytoverticallyintegrateproductionprocesses,futuremarketlaunchesandinternationalexpansion,Lucid’sabilitytogrowitsbrandawareness,expectationsregardingexecutiveleadershiptransitions,thepotentialsuccessofLucid’sdistributionstrategyandfuturevehicleprograms,changestofutureorexistingvehicleprograms,thecompany’splansregardingincreasingthenumberoftechniciansandconcierges,potentialautomotiveandstrategicpartnershipsandtheiranticipatedbenefits,plansandexpectationsregardingLucid’sADAS/AVroadmapandrobotaxiprogram,expectationsonthetechnologylicensinglandscape,expectationsontheregulatoryandpoliticalenvironment,andthepromiseofLucid’stechnology.Thesestatementsarebasedonvariousassumptions,whetherornotidentifiedinthispresentation,andonthecurrentexpectationsofLucid’smanagement.Theseforward-lookingstatementsarenotintendedtoserveas,andmustnotbereliedonbyanyinvestoras,aguarantee,anassurance,oradefinitivestatementoffactorprobability.Actualeventsandcircumstancesaredifficultorimpossibletopredictandmaydifferfromtheseforward-lookingstatements.ManyactualeventsandcircumstancesarebeyondthecontrolofLucid.Theseforward-lookingstatementsaresubjecttoanumberofrisksanduncertainties,includingchangesindomesticandforeignbusiness,economic,market,financial,political,regulatoryandlegalconditions,includingchangesinpolicies,impositionorproposedimpositionoftariffs,exportcontrols,threatofatradewar,theriskofaglobaleconomicrecessionorotherdownturn,bankclosuresandliquidityconcernsatfinancialinstitutions,andglobalorregionalconflictsorothergeopoliticalevents,includingthemilitaryoperationsintheGulfregionandtheMiddleEast,andthepotentialescalationandbroadeningoftheconflictinIran;theoutcomeofLucid’sbroaderbusinessreview,whichremainsunderway;risksrelatedtochangesinoveralldemandforLucid’sproductsandservicesandcancellationofordersforLucid’svehicles;risksrelatedtopricesandavailabilityofcommoditiesandcomponents,includingrare-earthminerals,semiconductorsandtheirrelatedproducts,andothermaterials,Lucid’ssupplychain,logistics,inventorymanagementandqualitycontrol,andLucid’sabilitytocompletethetoolingofitsmanufacturingfacilitiesovertimeandscaleproductionofLucid’svehicles;risksrelatedtotheuncertaintyofLucid’sprojectedfinancialandoperationalinformation;risksrelatedtothetimingofexpectedbusinessmilestonesandcommercialproductlaunches;risksrelatedtotheconstructionandexpansionofLucid’smanufacturingfacilitiesandtheincreaseofLucid’sproductioncapacity;Lucid’sabilitytomanageexpensesandcontrolcosts;risksrelatedtofuturemarketadoptionofLucid’sofferings;thequality,reliability,andperformanceofLucid’svehiclesandservices;theeffectsofcompetitionandthepaceanddepthofelectricvehicleadoptiongenerallyonLucid’sbusiness;changesinregulatoryrequirements,policies,andgovernmentalincentives;changesinfuelandenergyprices;Lucid’sabilitytorapidlyinnovate;Lucid’sabilitytoenterintoormaintainpartnershipswithoriginalequipmentmanufacturers,vendorsandtechnologyproviders,includingitsabilitytorealizetheanticipatedbenefitsofitspartnershipswithAstonMartin,Uber,NuroandNVIDIA;Lucid’sabilitytoeffectivelyrecruit,integrate,motivate,andretainkeyemployees,includingrecentchangestoourexecutiveteam;risksrelatedtopotentialvehiclerecalls;Lucid’sabilitytoestablishandexpanditsbrand,andcaptureadditionalmarketshare,andtherisksassociatedwithnegativepressorreputationalharm;theriskthatLucid’scashflowimprovementplandoesnotachievetheanticipatedeffect,orresultsinunexpectedqualityissuesordelays;risksrelatedtoLucid’soutstandingredeemableconvertiblepreferredstockandconvertibleseniornotes;availability,reductionoreliminationof,andLucid’sabilitytoobtainandeffectivelyutilize,zeroemissionvehiclecredits,taxincentives,andothergovernmentalandregulatoryprogramsandincentives;Lucid’sabilitytoconductequity,equity-linkedordebtfinancinginthefuture;Lucid’sabilitytopayinterestandprincipalonitsindebtedness;futurechangestovehiclespecificationswhichmayimpactperformance,features,pricingandotherexpectations;theoutcomeofanypotentiallitigation,governmentandregulatoryproceedings,investigationsandinquiries;andthosefactorsdiscussedunderthecautionarylanguageandtheRiskFactorsinLucid’sAnnualReportonForm10-KfortheyearendedDecember31,2025,subsequentQuarterlyReportsonForm10-Q,CurrentReportsonForm8-K,andotherdocumentsLucidhasfiledorwillfilewiththeSecuritiesandExchangeCommission.Ifanyoftheserisksoruncertaintiesmaterialize,orLucid’sassumptionsproveincorrect,actualresultscoulddiffermateriallyfromtheresultsimpliedbytheseforward-lookingstatements.TheremaybeadditionalrisksthatLucidcurrentlydoesnotknoworthatLucidcurrentlybelievesareimmaterialthatcouldalsocauseactualresultstodifferfromthosecontainedintheforward-lookingstatements.Inaddition,forward-lookingstatementsreflectLucid’sexpectations,plansorforecastsoffutureeventsandviewsasofthedateofthispresentation.LucidanticipatesthatsubsequenteventsanddevelopmentswillcauseLucid’sassessmentstochange.However,whileLucidmayelecttoupdatetheseforward-lookingstatementsatsomepointinthefuture,Lucidspecificallydisclaimsanyobligationtodoso.Theseforward-lookingstatementsshouldnotberelieduponasrepresentingLucid’sassessmentsasofanydatesubsequenttothedateofthispresentation.Accordingly,unduerelianceshouldnotbeplacedupontheforward-lookingstatements. TrademarksThispresentationcontainstrademarks,servicemarks,tradenamesandcopyrightsofLucidGroup,Inc.anditssubsidiariesandothercompanies,whicharethepropertyoftheirrespectiveowners. Non-GAAPFinancialMeasuresandKeyBusinessMetricsCondensedconsolidatedfinancialinformationhasbeenpresentedinaccordancewithUSGAAP(“GAAP”)aswellasonanon-GAAPbasistosupplementourcondensedconsolidatedfinancialresults.Lucid’snon-GAAPfinancialmeasuresincludeAdjustedEBITDA,adjustednetlossattributabletocommonstockholders(diluted),adjustednetlosspershareattributabletocommonstockholders(diluted),andfreecashflow,whicharediscussedbelow.AdjustedEBITDAisdefinedasnetlossattributabletocommonstockholders(basic)before(1)interestexpense,(2)interestincome,(3)provisionfor(benefitfrom)incometaxes,(4)depreciationandamortization,(5)stock-basedcompensation,(6)workforcereductioncharges,(7)changeinfairvalueofcommonstockwarrantliability,(8)changeinfairvalueofequitysecurities,(9)changeinfairvalueofderivativeliabilitiesandsubscriptionagreementsassociatedwithredeemableconvertiblepreferredstock,(10)accretionofredeemableconvertiblepreferredstock,and(11)gainonextinguishmentofdebt.LucidbelievesthatAdjustedEBITDAprovidesusefulinformationtoLucid’smanagementandinvestorsaboutLucid’sfinancialperformance.Adjustednetlossattributabletocommonstockholders(diluted)isdefinedasnetlossattributabletocommonstockholders(diluted)excluding(1)stock-basedcompensation,(2)workforcereductioncharges,(3)changeinfairvalueofcommonstockwarrantliability,(4)changeinfairvalueofequitysecurities,(5)changeinfairvalueofderivativeliabilitiesandsubscriptionagreementsassociatedwithredeemableconvertiblepreferredstock,and(6)accretionofredeemableconvertiblepreferredstock.Luciddefinesandcalculatesadjustednetlosspershareattributabletocommonstockholders(diluted)asadjustednetlossattributabletocommonstockholders(diluted)dividedbyweighted-averagesharesoutstandingattributabletocommonstockholders(diluted).Lucidbelievesthatadjustednetlossattributabletocommonstockholders(diluted)andadjustednetlosspershareattributabletocommonstockholders(diluted)financialmeasuresprovideinvestorswithusefulinformationtoevaluatetheperformanceofitsbusinessexcludingitemsnotreflectingongoingoperatingactivities.Freecashflowisdefinedasnetcashusedinoperatingactivitieslesscapitalexpenditures.LucidbelievesthatfreecashflowprovidesusefulinformationtoLucid’smanagementandinvestorsabouttheamountofcashgeneratedbythebusinessafternecessarycapitalexpenditures.Thesenon-GAAPfinancialmeasuresfacilitatemanagement’sinternalcomparisonstoLucid’shistoricalperformance.ManagementbelievesthatitisusefultosupplementitsGAAPfinancialstatementswiththisnon-GAAPinformationbecausemanagementusessuchinformationinternallyforitsoperating,budgeting,andfinancialplanningpurposes.Managementalsobelievesthatpresentationofthenon-GAAPfinancialmeasuresprovidesusefulinformationtoLucid’sinvestorsregardingmeasuresofourfinancialconditionandresultsofoperationsthatLucidusestorunthebusinessandthereforeallowsinvestorstobetterunderstandLucid’sperformance.However,thesenon-GAAPfinancialandkeyperformancemeasureshavelimitationsasanalyticaltoolsandyoushouldnotconsidertheminisolationorassubstitutesforanalysisofourresultsasreportedunderGAAP.Non-GAAPinformationisnotpreparedunderacomprehensivesetofaccountingrulesandtherefore,shouldonlybereadinconjunctionwithfinancialinformationreportedunderGAAPwhenunderstandingLucid’soperatingperformance.Inaddition,othercompanies,includingcompaniesinLucid’sindustry,maycalculatenon-GAAPfinancialmeasuresandkeyperformancemeasuresdifferentlyormayuseothermeasurestoevaluatetheirperformance,allofwhichcouldreducetheusefulnessofLucid’snon-GAAPfinancialmeasuresandkeyperformancemeasuresastoolsforcomparison.AreconciliationbetweenGAAPandnon-GAAPfinancialinformationispresentedattheendofthepresentation.
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3LUCID GROUP, INC. SECOND QUARTER 2026 EARNINGS RELEASE Where We Are Today THE STATE OF THE BUSINESS BACK TO THE BASICS INHERENT VALUE AND POTENTIAL•Leading technology —a proven engineering foundation to build on•Award-winning products —compelling design, advanced powertrain, and best-in-class range recognized across the industry•Deeply committed people —talent and dedication at every level •We have not executed consistently —commitments missed and premature launches•Underinvested in service—ownership experience has come short•Responded too slowly—quality issues not addressed in a timely manner•Allowed complexity to slow decision making—fragmented systems and processes leading to diffused accountability and siloed operations •Focus on fundamentals•Act with discipline•Execute Must-Win projects•Demonstrate progress through results Lucid’s advantages are real and our shortfalls are clear —trust will be earned by consistently delivering on commitments
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SECOND QUARTER 2026 EARNINGS RELEASE Transformation Framework -A foundational resetThe 3Cs and Four Must-Win Projects LUCID GROUP, INC. 4 Cash & CostReduce cash burn Culture & TeamImprove execution speed and accountabilityCustomer & QualityImprove ownership experience Operating ResetAutonomy & RobotaxiAMP-2Midsize
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SECOND QUARTER 2026 EARNINGS RELEASE Transformation Framework –Cash & Cost 5LUCID GROUP, INC. Implemented actions include $158m in projected annual savings:•June U.S. headcount reduction by ~18%•Elimination of 2ndshift at AMP-1 Deliberately reduced production to convert inventory into deliveries and cash Selective use of incentive programs –we will not buy volume at the expense of cash or vehicle economics Identified $1.4B of cash flow improvements in 2026 across operating costs, capital spending, and working capital CASH & COSTCUSTOMER & QUALITYCULTURE & TEAM
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SECOND QUARTER 2026 EARNINGS RELEASE Transformation Framework –Customer & Quality 6LUCID GROUP, INC. Created new Chief Customer Officer positionHired Billy Hayes, a highly respected automotive industry leader with a unique understanding of the customer experience in our sector Investing to meaningfully improve customer access and service•35% increase in Technicians and dedicated staff for our existing Service Centers•20%+ increase in Mobile service capacity•30%+ reduction in service appointment wait times from improved parts availability and service operations Innovating to elevate the customer experience•Improved software quality, with focused work on infotainment stability, access control and OTA reliability•Strengthened validation and release processes, reduced software-related customer issues and established more rigorous quality disciplines that will support both current products and future launches CASH & COSTCUSTOMER & QUALITYCULTURE & TEAM Ensuring the full experience of buying and owning a Lucid matches the strength of the vehicle
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SECOND QUARTER 2026 EARNINGS RELEASE Transformation Framework –Culture & Team 7LUCID GROUP, INC. Simplified organizational structure and enforcing greater accountability Billy HayesChief Customer Officer Prior leadership roles at Nissan and Stellantis Hugo MartinhoChief Transformation Officer Raja Ramana MachaChief Technology Officer Alexander De BockChief Financial Officer Previously Global Head of HRat the Schindler GroupPreviously EVP and CTO at EatonPreviously CFOat TI Automotive Kay StepperChief Digital Officer and President of Lucid Technologies Previously led Lucid’s ADAS and Autonomy Christian AppelVice PresidentProgram Management Previously led Lucid’s Global Production Control and Planning at Lucid KEY LEADERSHIP HIRES KEY PROMOTIONS CASH & COSTCUSTOMER & QUALITYCULTURE & TEAM
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SECOND QUARTER 2026 EARNINGS RELEASE Operating Reset –Accelerating the path to profitability LUCID GROUP, INC. Actions are already underway to improve operating performance:•Production alignment with near-term deliveries•~18% reduction in U.S. workforce for $158m in annualized cost savings•$1.4bn in cash flow improvement identified in 2026•Accelerate the path to profitability 8 OPERATING RESETAUTONOMY & ROBOTAXIAMP-2 MIDSIZE
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SECOND QUARTER 2026 EARNINGS RELEASE Robotaxi -Uber / Nuro partnership on track for 2026 launch 9LUCID GROUP, INC. JUL 2025Agreement signed$300M Uber investment ≥20,000 vehicles SEP 2025First alpha prototypeDelivered to Uber/Nuro JAN 2026Safety & validationPublic road testing begins MAR 202675 alpha prototypesDelivered for data collection, development and testing APR 2026Partnership expansionAdditional $200M Uber investment; increase commitment to 35,000 vehicles AUG 2026Product validation buildsRobotaxi expands to 100+ vehicles for data collection, on-road testing, and platform validation Q4Production beginsFor commercial launch vehicles LATE 2026LaunchPermit & test ridesCA DMV permit received for driverless testing · Uber/Nuro employee test rides begin JUN 2026Expansion announcementHouston, TX service to be launched in 2027 APR 2026 L4 ROBOTAXI 2040 TAM1 $600BVehicle mfg. only (1) Morgan Stanley Research –Global Autos & Shared Mobility Lucid has delivered on every robotaxi milestone on time or ahead of time OPERATING RESETAUTONOMY & ROBOTAXIAMP-2 MIDSIZE
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10LUCID GROUP, INC. AMP-2 –Construction to Industrialization SECOND QUARTER 2026 EARNINGS RELEASE AMP-2 UPDATEPreparing for 2027 production ramp, with hiring underway and headcount increasingConstruction progressing —all buildings operational Core systems taking shape —stamping, body, paint and final assembly being installed acrossthe 1.36M-sqm site Partnering with Saudi authorities to advance infrastructure —roads, water, power, and telecommunicationsMonitoringsupply chain readiness —evaluating supplier localization timelines and identifying actions to mitigate potential delays Body In White Body In White Warehouse Stamping General Assembly / SKD Battery Warehouse Paint Central Utility Plant Visitor Center Drive Unit All photos as of July 13, 2026 OPERATING RESETAUTONOMY & ROBOTAXIAMP-2 MIDSIZE
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SECOND QUARTER 2026 EARNINGS RELEASE Midsize Advances to Rigorous Testing 11LUCID GROUP, INC. VALIDATION TESTING Atlas drive units and prototype vehicles well into testing cycle, with work underway across:•Dyno testing•Product validation•Battery-pack manufacturing readiness•Crash development and certification and aerodynamic refinement•Cold-weather evaluation in New ZealandNEXT MAJOR PHASES•Additional prototype and quality-launch builds•Completion of regulatory and homologation activities•Expandedmanufacturing validation•Preparation for start of production ATLAS -DYNO TESTING OPERATING RESETAUTONOMY & ROBOTAXIAMP-2 MIDSIZE Midsize will launch when every process and quality requirement is met; additional resources have been allocated, with comprehensive review underway LUCID COSMOS –COLD WEATHER TESTING IN NEW ZEALAND
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SECOND QUARTER 2026 EARNINGS RELEASE Outlook: 2H Commentary 12LUCID GROUP, INC. •Production: Q3 and Q4 below Q2 levels•Deliveries: Q3 and Q4 deliveries above production and reflecting more moderate seasonal growth•Guidance to be issued once business review is completed•Update to be provided in November:oProgressonour$1.4 billioncash flow improvement for 2026, including a liquidity updateoProgresson theNuro / Uber RobotaxiprojectoThelatestadvancements onAMP-2 factory readiness•Update to be provided at our year end results:oGuidance for 2027oMidterm planand targets
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SECOND QUARTER 2026 EARNINGS RELEASE The Path Forward 13LUCID GROUP, INC. •Focus on the fundamentals: •Cash and Cost•Customer and Quality •Culture and Team •Execute must-win projects•Operating Reset•Autonomy & Robotaxi•AMP-2•Midsize •Act with discipline•Demonstrate progress through results
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14LUCID GROUP, INC. SECOND QUARTER 2026 EARNINGS RELEASE Financial Update
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SECOND QUARTER 2026 EARNINGS RELEASE Lowering Production in Near-Termto Release Cash from Inventory 15LUCID GROUP, INC. 3,8633,891 7,8745,5004,774 Q2’25Q3’25Q4’25Q1’26Q2’26 Lower production in Q2 by design:•Eliminated 2nd shift at AMP-1 in Q2 2026•Aligning production with near-term demand, prioritizing profitability over volume•Reducing inventory levels to release cash•Improving capital efficiency•Preserving liquidity ahead of Midsize platform and commercial robotaxi program•Q3 and Q4 production expected to reflect AMP-1’s transition from two shifts to a single-shift configuration through 2026 Q2 PRODUCTION 4,774-13% vs prior quarter+24% vs Q2 2025 $m
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SECOND QUARTER 2026 EARNINGS RELEASE Delivering Sustainable Growth Through Demand-Led Deliveries 16LUCID GROUP, INC. Q2 deliveries powered by Lucid Gravity and Middle East momentum•Lucid Gravity contributed majority of Q2 deliveries•Deliveries in the Middle East strengthened, in line with Saudi Arabia commitment to purchase 4,000 or more vehicles annually through 2032•Conversion of orders affected during stop-sale in Q1•Renewed focus on customer experience, product quality, and execution•Prioritizing sustainable growth and margin quality•Q3 and Q4 deliveries expected to outpace production due to inventory availability, supported by product/service enhancements and normal seasonality; however, more moderate sequential growth anticipated vs last year due to prior demand pull-forward and the Gravity ramp 3,3094,0785,345 3,0933,953 Q2’25Q3’25Q4’25Q1’26Q2’26 3,953+28% vs prior quarter+19% vs Q2 2025 $m Q2 DELIVERIES
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SECOND QUARTER 2026 EARNINGS RELEASE Key Financial Results: Quarterly Revenue up 44% Q/Q 17LUCID GROUP, INC. Quarterly and Year-over-Year Trends $405M+44% vs prior quarter+56% vs Q2 2025 Q2’25Q3’25Q4’25Q1’26Q2’26 $259$337 $523 $282$405 The increase was driven primarily by •Higher deliveries•Improved product mix and pricing•Regulatory credits Expect revenue growth to benefit from •Improved sales execution and product mix•Service footprint expansion•Subscription offerings•Future vehicle programs In the near term, our focus remains on inventory conversion, sales execution, and cash generation.$m Q2 REVENUE
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SECOND QUARTER 2026 EARNINGS RELEASE Key Financial Results: Quarterly Gross Margin Up 500bps Q/Q 18LUCID GROUP, INC. Quarterly and Year-over-Year Trends -105%-99%-81%-110%-105% Q2’25Q3’25Q4’25Q1’26Q2’26 -105%+500 bps vs prior quarterFlat vs Q2 2025 Gross margin performance vs prior quarter reflects•Lower production volumes and fixed cost absorption leading to higher conversion costs per vehicle •Gross margin also reflects ~$300 million in impairment charges associated with inventory optimization actions, offset bya reduction in loss on firm purchase commitments as a result oflower volume. Theimpairment had a negative net impact on gross margin of74 percentage points in the current quarter.•$25.4 million regulatory credit revenue Q2 GROSS MARGIN
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SECOND QUARTER 2026 EARNINGS RELEASE Key Financial Results: Adjusted EBITDA Down 15% Q/Q 19LUCID GROUP, INC. -$632-$718-$875-$781-$901 Q2’25Q3’25Q4’25Q1’26Q2’26 -$901M-15% vs prior quarter-43% vs Q2 2025 Adjusted EBITDA primarily driven by•Higher gross loss as we continued to ramp Gravity production through May, thereby increasing finished vehicle inventory •Operating expenses remained flat QoQ, reflecting:•Reduced payroll from lower headcount; and•The absence of certain one-time costs recorded in the first quarter•These benefits were partially offset by increased prototype parts and tooling for our Midsize platform, and sustained costs and investment related to the construction of AMP-2 Quarterly and Year-over-Year Trends $m Q2 ADJUSTED EBITDA
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SECOND QUARTER 2026 EARNINGS RELEASE Impairment and Proactive Actions To Improve Inventory 20LUCID GROUP, INC. Reductions in future purchase commitments to mitigate impact of inventory impairmentsReducing and improving inventory quality•Recognized $300 million of gross provision for inventory impairment charges in Q2 2026, reflecting a reassessment of inventory carrying values and expected demand. •These actions were partially offset by a reduction in losses on firm commitments as a result oflower volume. IMPAIRMENT CHARGE $m $144 $41 Q2’25 $176 $16 Q3’25 $304 -$17 Q4’25 $224 $14 Q1’26 $373 -$73Q2’26 $185$192 $287$238 $300Inventory Impairment ProvisionIncrease / Reduction In Losses on Firm Commitments
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SECOND QUARTER 2026 EARNINGS RELEASE Inventory Migration Supports Working Capital Conversion 21LUCID GROUP, INC. Inventory is moving from production stages into finished vehicles, closer to customer delivery and cash realization. RAW MATERIALS$487M-$88M QoQ WIP$268M-$54M QoQ FINISHED GOODS$623M+$51M QoQ RAW MATERIAL DISCIPLINEProactively reduced future commitments WIP CONVERSION PROGRESSInventory is moving through production toward completion FINISHED GOODS BUILDIncrease is driven primarily by Lucid Gravity production CASH REALIZATION / CUSTOMER DELIVERY
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SECOND QUARTER 2026 EARNINGS RELEASE Key Financial Results: Free Cash Flow Down 3% Q/Q 22LUCID GROUP, INC. -$1,476M-3% vs prior quarter-46% vs Q2 2025 Free Cash Flow primarily driven by•Working-capital investment, including inventory built into finished Gravity vehicles ahead of deliveries; and•Lower accounts-receivable collections•Operatingassumptions today prioritize liquidity preservation, cash generation, and disciplined capital allocation. •Expect a measured operating approach as we improve unit economics and progress toward profitability Quarterly and Year-over-Year Trends $m -$1,013-$955-$1,242-$1,439-$1,476 Q2’25Q3’25Q4’25Q1’26Q2’26 Q2 FREE CASH FLOW
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SECOND QUARTER 2026 EARNINGS RELEASE Decisive Actions Underway to Reduce Cash Burn and Costs 23LUCID GROUP, INC. Expect to deliver $1.4 billion in improved cash flow by year end, while Lucid continues to invest in critical future capabilities $1.4BProjected cash flow improvement by year end INVENTORY ~$600–800MProjected savings •Production reduction•Reduction of raw material inflow•Acceleration of WIP into production•Special commercial programs to accelerate burn of finished goods CAPEX ~$500MProjected savings •AMP-1 re-phasing•AMP-2 resequencing•Investment prioritization•Timing optimization across major programs OPEX ~$200MProjected savings •Workforce reductions, incl. 18% US headcount reduction¹•Elimination of the 2nd shift at AMP-1•IT rationalization•G&A reductions•R&D prioritization CONTINUED FOCUS The 3Cs:•Cash & Cost•Customer & Quality•Culture & TeamFour Must –Wins•Operating Reset•Autonomy & Robotaxi•AMP-2•Midsize ¹ Sales, service, Midsize and autonomy organizations were not impacted by these actions.
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•Liquidity expected to provide flexibility to support operations and key investments well into 2027•Quarter-end liquidity of $3.0 billion from cash, investments, andcommitted credit•$800M DDTL draw in July strengthened cash position and reflected support from key stakeholders•Maintaining financing flexibility and evaluating opportunistic funding options•Disciplined capital deployment focused on long-term sustainability END OF Q2 (6/30/26)Total Liquidity$3.0bnCash, Cash Equivalents and Investments(1) $0.8bnABL Facility (subject to borrowing base availability)$270mDDTL Facility$2.0bnGIB Facility $2m(1) Includes ~$14M Investments in equity securities of a related party (Aston Martin). SHAREHOLDER SUPPORT SUSTAINSRUNWAY SECOND QUARTER 2026 EARNINGS RELEASE LUCID GROUP, INC. 24 Preserving Liquidity and Financial Flexibility during Transformation
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SECOND QUARTER 2026 EARNINGS RELEASE CFO Summary 25LUCID GROUP, INC. •Manufacturing actions have been implemented•Organizational changes have been announced and are being executed•Cost-reduction initiatives are underway•Additional opportunities across inventory, capital expenditures, and operating expenses continue to be identified and implemented•We are preserving investments in programs and technologies that strengthen the foundation for our next phase
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LUCID GROUP, INC. 26 Q&A SECOND QUARTER 2026 EARNINGS RELEASE
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SECOND QUARTER 2026 EARNINGS RELEASE Our Priorities 27LUCID GROUP, INC. •Reduce cash burn•Improve quality and the customer experience•Build a high-performing team and culture•Simplify the company •Deliver on our must-win projects
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Financials28LUCID GROUP, INC. SECOND QUARTER 2026 EARNINGS RELEASE Q2 2026 FINANCIALS
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BALANCE SHEETAs of June 30, 2026, Lucid had total liquidity of approximately $3.0 billion from cash, investments, ABL, GIB, and delayed draw term loan credit facilities. SECOND QUARTER 2026 EARNINGS RELEASE Financial Highlights: Strength of Balance Sheet and Investments for Growth 29 (in millions, unless otherwise stated; unaudited)6/30/202612/31/2025Cash, Cash Equivalents and Investments$775.5$2,141.2Other Assets 6,923.36,245.8Total Assets 7,698.88,387.0Liabilities 5,850.55,386.2Redeemable Convertible Preferred Stock2,906.32,283.5Stockholders’ Equity (Deficit)(1,058.0)717.3Total Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit) $7,698.8$8,387.0STATEMENT OF OPERATIONSIn the second quarter, Lucid recorded revenue of $405.3 million.Lucid recognized non-cash losses of $196.9million, including inventory and firm purchase commitments write-downs of $299.7million and a gain of $102.8 million from change in fair value derivative liabilities and subscription agreements associated with redeemable convertible preferred stock. OPEX / CAPEXLucid continues to invest in thedevelopment 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 June 30,20262025Revenue $405.3$259.4Cost of Revenue (832.1)(531.8)R&D Operating Expenditures(321.3)(273.8)SG&A Operating Expenditures(300.4)(256.9)Others 13.6263.7Net Loss $(1,034.9)$(539.4) Cash Used In Operating Activities$(1,222.2)$(830.2)Capital Expenditures(253.9)(182.7)Free Cash Flow $(1,476.1)$(1,012.9) LUCID GROUP, INC.
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SECOND QUARTER 2026 EARNINGS RELEASE Condensed Consolidated Balance Sheets 30 (In thousands)June 30, 2026)December 31, 2025ASSETSCurrent assets:Cash and cash equivalents$732,601$997,827Short-term investments28,712631,093Accounts receivable, net223,050177,162Inventory 1,378,6531,109,529Prepaid expenses72,45859,606Other current assets341,067324,434Total current assets2,776,5413,299,651Property, plant and equipment, net4,222,8413,978,132Right-of-use assets 249,019241,974Long-term investments14,191512,241Other noncurrent assets436,234354,983TOTAL ASSETS$7,698,826$8,386,981 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) June 30, 2026)December 31, 2025) Current liabilities:Accounts payable$366,907)$ 487,521Finance lease liabilities, current portion5,045) 84,222Current portion of debt707,142) 671,746Other current liabilities1,359,101) 1,392,641Total current liabilities2,438,195) 2,636,130Finance lease liabilities, net of current portion102,685) 104,559Debt, net of current portion2,546,556) 2,046,576Other long-term liabilities599,441) 582,739Derivative liabilities associated with redeemable convertible preferred stock 163,655) 16,200Total liabilities 5,850,532) 5,386,204Series A redeemable convertible preferred stock 1,469,464) 1,339,641Series B redeemable convertible preferred stock 1,032,514) 943,849Series Credeemable convertible preferred stock 404,279) —)Total redeemable convertible preferred stock 2,906,257) 2,283,490Stockholders’ equity (deficit)(1,057,963)717,287TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) $7,698,826)$ 8,386,981 LUCID GROUP, INC.
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SECOND QUARTER 2026 EARNINGS RELEASE Condensed Consolidated Statements of Operations & Comprehensive Loss (Unaudited) 31LUCID GROUP, INC. Three Months Ended June 30,Six Months Ended June 30,(in thousands, except share and per share data)2026 2025 2026 2025Revenue $ 405,347 $ 259,432 $ 687,812 $ 494,480 Cost of revenue 832,072 531,783 1,426,242 995,343 Gross profit (loss) (426,725)(272,351)(738,430)(500,863)Operating expensesResearch and development 321,336273,839657,006 525,085Selling, general and administrative 300,432 256,857 604,608 469,032 Workforce reduction charges 33,675 — 71,609 —Total operating expenses 655,443 530,6961,333,223 994,117 Loss from operations (1,082,168)(803,047)(2,071,653)(1,494,980)Other income (expense), netChange in fair value of common stock warrant liability— 5,322 — 18,183Change in fair value of equity securities 549 3,948(9,672)(9,505)Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock 102,790 111,475110,165 393,175 Gain on extinguishment of debt — 116,360— 116,360 Interest income 9,634 44,318 22,73896,527 Interest expense (47,817)(23,749)(88,890)(35,632)Other income (expense), net (16,789)3,572(24,656)6,537 Total other income, net 48,367261,2469,685585,645 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(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, basic(1) 382,098,609305,640,483355,340,787304,641,184 Weighted average shares outstanding attributable to common stockholders, diluted(1) 382,098,609305,788,272355,340,787305,670,808 Net loss per share attributable to common stockholders, basic(1) $ (3.30)$ (2.42)$ (6.74)$ (4.83)Net loss per share attributable to common stockholders, diluted(1) $ (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)$ 3,845Reclassification 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(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 has 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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SECOND QUARTER 2026 EARNINGS RELEASE Condensed Consolidated Statement of Cash Flows (Unaudited) 32LUCID GROUP, INC. Three Months Ended June 30,Six Months Ended June 30,(In thousands) 2026202520262025Net cash used in operating activities$(1,222,231)$(830,241)$(2,407,890)$(1,258,854)Net cash provided by (used in) investing activities(282,339)) 694,003) 592,847) 1,308,024)Net cash provided by financing activities1,545,816) 78,945) 1,581,096) 141,676)Net increase (decrease) in cash, cash equivalents, and restricted cash41,246(57,293)(233,947)190,846)Beginning cash, cash equivalents, and restricted cash765,720) 1,855,191) 1,040,913) 1,607,052)Ending cash, cash equivalents, and restricted cash$806,966)$1,797,898)$806,966)$1,797,898)
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AppendixGAAP TO NON-GAAP RECONCILIATIONS33LUCID GROUP, INC. SECOND QUARTER 2026 EARNINGS RELEASE
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SECOND QUARTER 2026 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) 34LUCID GROUP, INC. Three Months Ended June 30,Six Months Ended June 30,(In thousands) 2026202520262025ADJUSTED EBITDANet loss attributable to common stockholders, basic (GAAP)$(1,259,276))$(739,255)$(2,393,582))$(1,470,351)Interest expense 47,81723,749) 88,890) 35,632)Interest income (9,634)) (44,318)(22,738) (96,527)Provision for (benefit from) income taxes1,050(2,369)1,227) (3,732)Depreciation and amortization 122,222111,088) 238,634) 209,047)Stock-based compensation 41,94856,319) 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 (102,790)) (111,475)(110,165)(393,175)Accretion of redeemable convertible preferred stock 224,425199,823) 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)
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SECOND QUARTER 2026 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) –Continued 35LUCID GROUP, INC. Three Months Ended June 30,Six Months Ended June 30,(In thousands, except share and per share data)2026202520262025ADJUSTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERSNet loss attributable to common stockholders, diluted (GAAP)$(1,259,276)$(855,306)$(2,393,582)$(1,582,428)Stock-based compensation 41,94856,319104,33783,834Workforce 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)9,6729,505Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (102,790) (111,475)(110,165)(393,175)Accretion of redeemable convertible preferred stock 224,425199,823330,387564,748Adjusted 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)Net loss per share attributable to common stockholders, diluted (GAAP)$ (3.30)$(2.80)$ (6.74)$ (5.18)Stock-based compensation 0.110.190.300.28Workforce 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)0.030.03Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (0.27)(0.36)(0.31)(1.29)Accretion of redeemable convertible preferred stock 0.590.650.931.85Adjusted 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, diluted382,098,609305,788,272355,340,787305,670,808(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 has 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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SECOND QUARTER 2026 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) –Continued 36LUCID GROUP, INC. Three Months Ended June 30,Six Months Ended June 30,(In thousands) 2026202520262025FREE CASH FLOWNet 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)