Lucid Announces Third Quarter 2025 Financial Results
Financial Highlights
- Produced 3,891 vehicles in Q3, up 116% compared to Q3 2024, with more than 1,000 additional vehicles built for
Saudi Arabia for final assembly - Delivered 4,078 vehicles in Q3; up 47% compared to Q3 2024
- Q3 revenue of
$336.6 million ; up 68% compared to Q3 2024 - 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$2.0 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.
Operational Highlights
- Announced a strategic collaboration with NVIDIA to co-develop next-generation Level 4 autonomous driving technology, positioning Lucid at the forefront of intelligent, software-defined vehicle development and one of the first to offer Level 4 autonomous driving capabilities to consumers.
- Delivered the first Lucid vehicles into the robotaxi engineering fleet for further development by Nuro, marking a key milestone in the Uber robotaxi partnership; announced initial rollout in
San Francisco in 2026. - Completed Uber's
$300 million strategic investment in Lucid, strengthening alignment around shared goals in premium electric and autonomous transportation. - Announced key organizational changes designed to accelerate growth, streamline decision-making, enhance accountability, and strengthen global expansion.
Lucid reported third quarter revenue of
"We maintained strong operational momentum this quarter, delivering solid results in both production and customer deliveries," said
"We maintained disciplined execution this quarter while navigating a complex operating environment," said
Lucid will host a conference call for analysts and investors at
About
Lucid (NASDAQ: LCID) is a
Investor Relations Contact
Media Contact
Trademarks
This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.
Forward-Looking Statements
This communication 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 equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding Lucid's liquidity runway, 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 communication, 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 and 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 and materials, including rare earth minerals and semiconductors and its related products, 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 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 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 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; 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
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 of a related party, (9) change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party), (10) accretion of redeemable convertible preferred stock (related party), and (11) gain on extinguishment of debt. Lucid believes that Adjusted EBITDA provides useful information to Lucid's management and investors about Lucid's financial performance.
Adjusted net loss attributable to common stockholders (diluted) is defined as net loss attributable to common stockholders (diluted) excluding (1) stock-based compensation, (2) restructuring charges, (3) change in fair value of common stock warrant liability, (4) change in fair value of equity securities of a related party, (5) change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party), and (6) accretion of redeemable convertible preferred stock (related party).
Lucid defines and calculates adjusted net loss per share attributable to common stockholders (diluted) as adjusted net loss attributable to common stockholders (diluted) divided by weighted-average shares outstanding attributable to common stockholders (diluted).
Lucid believes that adjusted net loss attributable to common stockholders (diluted) and adjusted net loss per share attributable to common stockholders (diluted) financial measures provide investors with useful information to evaluate performance of its business excluding items not reflecting ongoing operating activities.
Free cash flow is defined as net cash used in operating activities less capital expenditures. Lucid believes that free cash flow provides useful information to Lucid's management and investors about the amount of cash generated by the business after necessary capital expenditures.
These non-GAAP financial measures facilitate management's internal comparisons to Lucid's historical performance. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting, and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to Lucid's investors regarding measures of 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 companies, including companies in Lucid's industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Lucid's non-GAAP financial measures and key performance measures as tools for comparison. A reconciliation between GAAP and non-GAAP financial information is presented below.
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share data) |
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||||
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|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ 1,635,120 |
|
$ 1,606,865 |
|
Short-term investments (including
|
|
701,906 |
|
2,424,103 |
|
Accounts receivable, net (including 2024, respectively) |
|
137,642 |
|
112,025 |
|
Inventory |
|
981,062 |
|
407,774 |
|
Prepaid expenses |
|
58,135 |
|
52,951 |
|
Other current assets (including nil and 2024, respectively) |
|
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 (including nil and 2024, respectively) |
|
656,249 |
|
1,012,223 |
|
Other noncurrent assets |
|
355,199 |
|
249,443 |
|
Investments in equity securities of a related party |
|
31,420 |
|
37,831 |
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TOTAL ASSETS |
|
$ 8,823,038 |
|
$ 9,647,931 |
|
|
|
|
|
|
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LIABILITIES |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ 393,029 |
|
$ 133,832 |
|
Finance lease liabilities, current portion |
|
81,633 |
|
6,788 |
|
Other current liabilities (including
|
|
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 (including
|
|
572,091 |
|
592,314 |
|
Derivative liabilities associated with redeemable convertible preferred stock (related party) |
|
282,625 |
|
639,425 |
|
Total liabilities |
|
5,101,949 |
|
4,475,277 |
|
|
|
|
|
|
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REDEEMABLE CONVERTIBLE PREFERRED STOCK |
|
|
|
|
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Preferred stock 10,000,000 shares authorized as of
convertible preferred stock, par value
2024, respectively (related party) |
|
1,109,905 |
|
730,025 |
|
Preferred stock 10,000,000 shares authorized as of
convertible preferred stock, par value
2024, respectively (related party) |
|
810,806 |
|
569,817 |
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Total redeemable convertible preferred stock |
|
1,920,711 |
|
1,299,842 |
|
|
|
|
|
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STOCKHOLDERS' EQUITY |
|
|
|
|
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Common stock, par value
324,250,049 and 303,221,972 shares issued and 324,164,267 and 303,136,190 shares outstanding as of
2025 and |
|
32 |
|
30 |
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Additional paid-in capital |
|
16,604,674 |
|
16,808,291 |
|
|
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(20,716) |
|
(20,716) |
|
Accumulated other comprehensive income (loss) |
|
13,113 |
|
(2,099) |
|
Accumulated deficit |
|
(14,796,725) |
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(12,912,694) |
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Total stockholders' equity |
|
1,800,378 |
|
3,872,812 |
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TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY |
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$ 8,823,038 |
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$ 9,647,931 |
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(1) The number of shares of common stock and treasury stock have been adjusted for the prior period presented to reflect the one-for-ten (1:10) reverse stock split effected on |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (in thousands, except share and per share data) |
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Three Months Ended
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Nine Months Ended
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2025 |
|
2024 |
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2025 |
|
2024 |
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Revenue (including |
|
$ 336,580 |
|
$ 200,038 |
|
$ 831,060 |
|
$ 573,359 |
|
|
|
|
|
|
|
|
|
|
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Costs and expenses |
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
670,197 |
|
412,544 |
|
1,665,540 |
|
1,287,695 |
|
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 cost and expenses |
|
1,278,599 |
|
970,576 |
|
3,268,059 |
|
2,861,229 |
|
|
|
|
|
|
|
|
|
|
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Loss from operations |
|
(942,019) |
|
(770,538) |
|
(2,436,999) |
|
(2,287,870) |
|
|
|
|
|
|
|
|
|
|
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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 of a related party |
|
916 |
|
(8,836) |
|
(8,589) |
|
(38,159) |
|
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) |
|
(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 (including |
|
(25,571) |
|
(8,478) |
|
(61,203) |
|
(22,652) |
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Other expense, net |
|
(10,829) |
|
(155) |
|
(4,292) |
|
(6,229) |
|
Total other income (expense), net |
|
(36,772) |
|
(221,450) |
|
548,873 |
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(28,244) |
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Loss before provision for (benefit from) income taxes |
|
(978,791) |
|
(991,988) |
|
(1,888,126) |
|
(2,316,114) |
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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 (related party) |
|
(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) |
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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) |
|
|
|
|
|
|
|
|
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Weighted-average shares outstanding attributable to common stockholders(1) |
|
|
|
|
|
|
|
|
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Basic |
|
312,166,297 |
|
232,397,154 |
|
307,177,163 |
|
231,224,933 |
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Diluted |
|
312,166,297 |
|
232,397,154 |
|
307,859,815 |
|
231,224,933 |
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|
|
|
|
|
|
|
|
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Net loss per share attributable to common stockholders(1) |
|
|
|
|
|
|
|
|
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Basic |
|
$ (3.31) |
|
$ (4.09) |
|
$ (8.15) |
|
$ (10.49) |
|
Diluted |
|
$ (3.31) |
|
$ (4.09) |
|
$ (8.50) |
|
$ (10.49) |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
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Net unrealized gains on investments, net of tax |
|
$ 684 |
|
$ 11,891 |
|
$ 4,529 |
|
$ 7,672 |
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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) |
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Accretion of redeemable convertible preferred stock (related party) |
|
(56,121) |
|
42,838 |
|
(620,869) |
|
(107,924) |
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Comprehensive loss attributable to common stockholders |
|
$ (1,036,052) |
|
$ (932,564) |
|
$ (2,489,688) |
|
$ (2,416,584) |
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(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 |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) |
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Three Months Ended
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Nine Months Ended
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2025 |
|
2024 |
|
2025 |
|
2024 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
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Net loss |
$ (978,428) |
|
$ (992,475) |
|
$ (1,884,031) |
|
$ (2,316,724) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
120,090 |
|
69,473 |
|
329,137 |
|
204,494 |
|
Amortization of insurance premium |
9,536 |
|
8,645 |
|
27,021 |
|
25,959 |
|
Non-cash operating lease cost |
12,928 |
|
7,861 |
|
32,686 |
|
22,997 |
|
Stock-based compensation |
115,055 |
|
88,094 |
|
198,889 |
|
208,803 |
|
Inventory and firm purchase commitments write-downs |
190,664 |
|
138,557 |
|
518,470 |
|
416,098 |
|
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 (related party) |
36,375 |
|
240,250 |
|
(356,800) |
|
137,250 |
|
Net accretion of investment discounts/premiums |
(2,616) |
|
(15,272) |
|
(21,678) |
|
(59,580) |
|
Gain on extinguishment of debt |
— |
|
— |
|
(116,360) |
|
— |
|
Other non-cash items |
719 |
|
(178) |
|
10,019 |
|
4,766 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable (including |
(13,263) |
|
3,011 |
|
(26,523) |
|
(46,601) |
|
Inventory |
(446,557) |
|
(137,982) |
|
(1,032,600) |
|
(221,392) |
|
Prepaid expenses |
(4,366) |
|
782 |
|
(32,043) |
|
(18,487) |
|
Other assets |
(76,962) |
|
3,326 |
|
(132,786) |
|
(42,376) |
|
Accounts payable |
185,815 |
|
39,383 |
|
244,328 |
|
42,564 |
|
Other liabilities |
95,720 |
|
61,146 |
|
236,805 |
|
138,388 |
|
Net cash used in operating activities |
(756,650) |
|
(462,795) |
|
(2,015,504) |
|
(1,486,527) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment (including |
(198,818) |
|
(159,694) |
|
(542,722) |
|
(592,206) |
|
Purchases of investments (including nil and |
— |
|
(520,093) |
|
(309,557) |
|
(2,374,220) |
|
Proceeds from maturities of investments (including |
451,968 |
|
963,506 |
|
2,413,453 |
|
3,251,400 |
|
Proceeds from sale of investments |
— |
|
— |
|
— |
|
5,000 |
|
Other investing activities |
1,968 |
|
— |
|
1,968 |
|
— |
|
Net cash provided by investing activities |
255,118 |
|
283,719 |
|
1,563,142 |
|
289,974 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - continued (Unaudited) (in thousands) |
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|
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Three Months Ended
|
|
Nine Months Ended
|
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|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of Series A redeemable convertible preferred stock to a related party |
— |
|
— |
|
— |
|
1,000,000 |
|
Proceeds from issuance of Series B redeemable convertible preferred stock to a related party |
— |
|
750,000 |
|
— |
|
750,000 |
|
Payments of issuance costs for Series A redeemable convertible preferred stock |
— |
|
— |
|
— |
|
(2,343) |
|
Payments of issuance costs for Series B redeemable convertible preferred stock |
— |
|
(250) |
|
— |
|
(250) |
|
Proceeds from issuance of common stock under 2025 Subscription Agreement |
300,000 |
|
— |
|
300,000 |
|
— |
|
Payment of issuance costs for the 2025 Subscription Agreement |
(278) |
|
— |
|
(278) |
|
— |
|
Proceeds from issuance of 2030 Notes |
— |
|
— |
|
1,100,000 |
|
— |
|
Payment of transaction costs for the issuance of 2030 Notes |
(166) |
|
— |
|
(18,090) |
|
— |
|
Purchase of capped call options |
— |
|
— |
|
(118,250) |
|
— |
|
Repurchase of 2026 Notes |
— |
|
— |
|
(931,433) |
|
— |
|
Proceeds from borrowings from a related party |
79,976 |
|
— |
|
186,621 |
|
— |
|
Repayment of borrowings to a related party |
— |
|
(21,590) |
|
— |
|
(25,856) |
|
Proceeds from exercise of stock options |
626 |
|
935 |
|
1,900 |
|
3,246 |
|
Proceeds from employee stock purchase plan |
— |
|
— |
|
12,696 |
|
11,104 |
|
Tax withholding payments for net settlement of employee awards |
(3,060) |
|
(3,190) |
|
(12,509) |
|
(8,502) |
|
Payment for finance lease liabilities |
(1,046) |
|
(703) |
|
(2,422) |
|
(2,632) |
|
Payment for credit facility issuance costs (including nil and |
— |
|
(6,058) |
|
(507) |
|
(6,058) |
|
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 |
|
RECONCIL IATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except share and per share data) Adjusted EBITDA |
|||||||
|
|
|||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
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 liabilities associated with redeemable convertible preferred stock (related party) |
36,375 |
|
240,250 |
|
(356,800) |
|
137,250 |
|
Accretion of redeemable convertible preferred stock (related party) |
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) |
|
|
|||||||
|
Adjusted Net Loss Attributable to Common Stockholders |
|||||||
|
|
|||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
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 (related party) |
36,375 |
|
240,250 |
|
(356,800) |
|
137,250 |
|
Accretion of redeemable convertible preferred stock (related party) |
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) |
|||||||
|
|
|||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
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 (related party) |
0.11 |
|
1.03 |
|
(1.17) |
|
0.59 |
|
Accretion of redeemable convertible preferred stock (related party) |
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 |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - continued (Unaudited) (in thousands)
Free Cash Flow |
|||||||
|
|
|||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net cash used in operating activities (GAAP) |
$ (756,650) |
|
$ (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) |
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