Lucid Group Inc

NASDAQ:LCIDUnited States

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• Lucid Group Q1 Loss Narrows, Revenue Rises; Shares Drop After Hours, from 33 minutes ago by MT Newswires

  33 minutes ago by MT Newswires
  Companies Mentioned: LCID
  05:14 PM EDT, 05/06/2024 (MT Newswires) -- Lucid Group (LCID) reported a Q1 net loss late Monday of $0.30 per diluted share, compared with a loss of $0.43 per share a year earlier. Analysts polled by Capital IQ expected a loss of $0.25. Revenue for ...

• DJ Lucid 1Q Loss Narrows As Production Ramps Up, from 1 hour ago by Dow Jones

  1 hour ago by Dow Jones
  Companies Mentioned: LCID
  
  By Ben Glickman
  
  Lucid Group posted a narrower first-quarter loss after the company continued to ramp up production of its electric vehicles.
  
  The Newark, Calif.-based EV maker reported a loss of $680.9 million, or 30 cents a share, in the quarter ended March 31, compared with a loss of $779.4 million, or 43 cents a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 26 cents.
  

• Lucid Announces First Quarter 2024 Financial Results, from 1 hour ago by PR Newswire

  1 hour ago by PR Newswire
  Companies Mentioned: LCID

  -- Produced 1,728 vehicles in Q1; on track for annual production of approximately 9,000 vehicles

  -- Delivered 1,967 vehicles in Q1, up 39.9% compared to Q1 2023

  -- Q1 revenue of $172.7 million

  -- Successfully raised $1.0 billion via private placement to an affiliate of the Public Investment Fund (PIF)

• *DJ Lucid Group 1Q Loss $680.9M >LCID, from 1 hour ago by Dow Jones

  1 hour ago by Dow Jones
  Companies Mentioned: LCID

• Lucid Announces First Quarter 2024 Financial Results, from 1 hour ago by Dow Jones

  1 hour ago by Dow Jones
  Companies Mentioned: LCID
  Net loss (680,859) (779,528) -------------------- -------------------- Accretion of redeemable convertible preferred stock (related party) (3,901) -- -------------------- -------------------- Net loss attributable to common stockholders, basic and diluted $ (684,760) $ (779,528) ==================== ==================== Weighted average shares outstanding attributable to common stockholders, basic and diluted 2,301,870,644 1,831,725,009 Net loss per share attributable to common stockholders, basic and diluted $ (0.30) $ (0.43) Other comprehensive income (loss) Net unrealized gains (losses) on investments, net of tax $ (3,262) $ 4,035 Foreign currency translation adjustments (3,988) -- -------------------- -------------------- Total other comprehensive income (loss) (7,250) 4,035 -------------------- -------------------- Comprehensive loss (688,109) (775,493) -------------------- -------------------- Accretion of redeemable convertible preferred stock (related party) (3,901) -- -------------------- -------------------- Comprehensive loss attributable to common stockholders $ (692,010) $ (775,493) ==================== ==================== LUCID GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Three Months Ended March 31, --------------------------------- 2024 2023 ---------------- --------------- Cash flows from operating activities: Net loss $ (680,859) $ (779,528) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 68,838 49,838 Amortization of insurance premium 8,589 10,263 Non-cash operating lease cost 7,469 5,830 Stock-based compensation 63,696 53,819 Inventory and firm purchase commitments write-downs 132,298 227,048 Change in fair value of common stock warrant liability (27,054) 40,802 Net accretion of investment discounts/premiums (21,304) (21,395) Change in fair value of equity securities of a related party 19,933 -- Other non-cash items (1,255) 2,345 Changes in operating assets and liabilities: Accounts receivable (including $(49,358) and $0 from a related party for the three months ended March 31, 2024 and 2023, respectively) (75,196) 17,009 Inventory (21,002) (354,154) Prepaid expenses (11,042) (9,082) Other current assets 3,914 22,193 Other noncurrent assets (4,369) (27,337) Accounts payable (3,533) (66,174) Accrued compensation 8,147 21,545 Other current liabilities (3,040) 1,374 Other long-term liabilities 19,025 4,340 ---------------- --------------- Net cash used in operating activities (516,745) (801,264) ---------------- --------------- Cash flows from investing activities: Purchases of property, plant and equipment (including $(6,026) and $(20,421) from a related party for the three months ended March 31, 2024 and 2023, respectively) (198,197) (241,770) Purchases of investments (514,548) (842,538) Proceeds from maturities of investments 1,030,291 1,041,151 Proceeds from sale of investments -- 13,244 Other investing activities -- 1,197 ---------------- --------------- Net cash provided by (used in) investing activities 317,546 (28,716) ---------------- --------------- Cash flows from financing activities: Payment for finance lease liabilities (1,081) (1,427) Proceeds from exercise of stock options 1,525 2,181 Proceeds from issuance of redeemable convertible preferred stock to a related party 1,000,000 -- Tax withholding payments for net settlement of employee awards (3,242) (6,499) ---------------- --------------- Net cash provided by (used in) financing activities 997,202 (5,745) ---------------- --------------- Net increase (decrease) in cash, cash equivalents, and restricted cash 798,003 (835,725) Beginning cash, cash equivalents, and restricted cash 1,371,507 1,737,320 ---------------- --------------- Ending cash, cash equivalents, and restricted cash $ 2,169,510 $ 901,595 ================ =============== LUCID GROUP, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) (in thousands) Adjusted EBITDA ---------------------------------------------------------------------------- Three Months Ended March 31, ---------------------------------- 2024 2023 ---------------- ---------------- Net loss (GAAP) $ (680,859) $ (779,528) Interest expense 7,501 7,108 Interest income (50,631) (40,005) Provision for income taxes 188 129 Depreciation and amortization 68,838 49,838 Change in fair value of common stock warrant liability (27,054) 40,802 Change in fair value of equity securities of a related party 19,933 -- Stock-based compensation 63,696 55,262 Restructuring charges -- 22,496 ---------------- ---------------- Adjusted EBITDA (non-GAAP) $ (598,388) $ (643,898) ================ ================ Free Cash Flow ---------------------------------------------------------------------------- Three Months Ended March 31, ---------------------------------- 2024 2023 ---------------- ---------------- Net cash used in operating activities (GAAP) $ (516,745) $ (801,264) Capital expenditures (198,197) (241,770) ---------------- ---------------- Free cash flow (non-GAAP) $ (714,942) $ (1,043,034) ================ ================