FALSE00018112107373 Gateway BoulevardNewarkCA00018112102023-05-082023-05-08

Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 8, 2023
Lucid Group, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of
incorporation or organization)
(Commission File
(I.R.S. Employer Identification No.)
7373 Gateway Boulevard
Newark, CA

(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: (510) 648-3553
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, $0.0001 par value per shareLCIDThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 - Results of Operations and Financial Condition
On May 8, 2023, Lucid Group, Inc. (“Lucid”) issued a press release announcing its results for the first quarter ended March 31, 2023. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
Lucid uses its website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
The information in this current report on Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits
104Cover Page Interactive Data File (embedded within the inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 8, 2023
Lucid Group, Inc.
/s/ Sherry House
Sherry House
Chief Financial Officer

Exhibit 99.1
Lucid Announces First Quarter 2023 Financial Results

NEWARK, Calif. — May 8, 2023 — Lucid Group, Inc. (NASDAQ: LCID), setting new standards for luxury electric experience with the Lucid Air, winner of the 2023 World Luxury Car Award, today announced financial results for its first quarter ended March 31, 2023.
Lucid reported first quarter revenue of $149.4 million, having produced 2,314 vehicles at its manufacturing facility in Arizona and delivered 1,406 vehicles during the same period. Lucid plans to manufacture more than 10,000 vehicles in 2023 and ended the quarter with approximately $4.1 billion total liquidity, which is expected to fund the Company at least into the second quarter of 2024.
“We are on track to produce over 10,000 vehicles in 2023, with company-wide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow,” said Peter Rawlinson, Lucid’s CEO and CTO. “We continue to grow our brand awareness and I’m proud to say that the Lucid Air was recently awarded a number of prestigious industry accolades. We will unveil our Gravity SUV later this year ahead of its launch in 2024 and we cannot wait for everyone to experience it. The Lucid Air redefined the luxury sedan category and we believe the continuing advancements of our in-house technology position our Gravity SUV to do the same in the SUV category – game-changing range, driving experience, charging speed, voluminous interior space, and an unrivaled combination of luxury and performance.”
“Our Q1 revenue was approximately $149 million, which represented a year-over-year increase of 159%. We ended the quarter with just over $3.4 billion in cash, cash equivalents, and investments, with total liquidity of approximately $4.1 billion, which we believe is sufficient to fund the Company at least into Q2 of 2024,” said Sherry House, Lucid’s CFO. “Our mission and optimism are unchanged. We are committed to an environmentally sustainable future – designing, building, and delivering the best EVs on the market.”
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on May 8, 2023. The live webcast of the conference call will be available on the Investor Relations website at Following the completion of the call, a replay will be available on the same website. Lucid uses its website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Lucid Group
Lucid’s mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The Lucid Air is a state-of-the-art luxury sedan with a California-inspired design. The Lucid Air Grand Touring features an official EPA estimated 516 miles of range or 1,050 horsepower. Assembled at Lucid’s factory in Casa Grande, Arizona, deliveries of the Lucid Air are currently underway to customers in the U.S., Canada, Europe, and the Middle East.
Investor Relations Contact

Media Contact
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” 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 financial and operating outlook and guidance, future capital expenditures and other operating expenses, ability to control costs, expectations and timing related to commercial product launches, including the Gravity SUV and the various Air models, production and delivery volumes, expectations regarding market opportunities and demand for Lucid’s products, the range and performance of Lucid’s vehicles, plans and expectations regarding the Gravity SUV, including performance, driving range, features, specifications, potential impact on markets, plans and expectations regarding Lucid’s software, 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 its future capital raises and funding strategy, expectations regarding the restructuring plan, including with respect to timing, costs, and expected benefits, the timing of vehicle deliveries, future manufacturing capabilities and facilities, studio and service center openings, ability to mitigate supply chain and logistics risks, plans regarding the Phase 2 expansion of Lucid’s AMP-1 factory, including timing, installed capacity and potential benefits, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, including plans and expectations for the AMP-2 manufacturing facility in Saudi Arabia, Lucid’s ability to grow its brand awareness, the potential success of Lucid’s direct-to-consumer sales strategy and future vehicle programs, potential automotive partnerships, plans and expectations regarding Lucid’s participation in the UN Global Compact, 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, market, financial, political and legal conditions, including government closures of banks and liquidity concerns at other financial institutions, a potential global economic recession or other downturn and the ongoing conflict between Russia and Ukraine; risks related to changes in overall demand for Lucid’s products and services and cancellation of reservations and orders for Lucid’s vehicles; risks related to prices and availability of commodities, 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 the Lucid Air and other vehicles; risks related to the uncertainty of Lucid’s projected financial information; risks related to the timing of expected business milestones and commercial product launches; risks related to the expansion of Lucid’s manufacturing facility, the construction of new 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 future business; changes in regulatory requirements, governmental incentives and 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; Lucid’s ability to effectively manage its growth and recruit and retain key employees, including its chief executive officer and executive team; 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 utilize zero emission vehicle credits and obtain and utilize certain tax and other incentives; Lucid’s ability to issue equity or equity-linked securities in the future; Lucid’s ability to pay interest and principal on its indebtedness; future changes to vehicle specifications which may impact performance, pricing and other expectations; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; risks associated with the restructuring plan, including the risk that the charges and expenditures may be greater than anticipated, the risk that the restructuring plan may adversely affect Lucid’s internal programs and initiatives and its ability to recruit and retain skilled and motivated personnel, the risk that the restructuring plan may be distracting to employees and management, the risk that the restructuring plan may negatively impact Lucid’s business operations, reputation, or ability to serve customers, and the risk that the restructuring plan may not generate their intended benefits to the extent or as quickly as anticipated; and the impact of the global COVID-19 pandemic on Lucid’s supply chain, projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; and those factors discussed under the heading “Risk Factors” in Part II, Item 1A of Lucid’s Quarterly

Report on Form 10-Q for the quarter ended March 31, 2023, as well as other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid’s expectations, plans or forecasts of future events and views as of the date of this communication. 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 at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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 and Free Cash Flow which are discussed below.
Adjusted EBITDA is defined as net loss before (1) interest expense, (2) interest income, (3) provision for income taxes, (4) depreciation and amortization, (5) change in fair value of common stock warrant liability, (6) stock-based compensation and (7) restructuring charges. Adjusted EBITDA is a performance measure that Lucid believes provides useful information to Lucid’s management and investors about Lucid’s profitability. Free Cash Flow is defined as net cash used in operating activities less capital expenditures. Free Cash Flow is a performance measure that Lucid believes 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.

(in thousands, except share and per share data)
March 31,
December 31,
Current assets:
Cash and cash equivalents$900,038 $1,735,765 
Short-term investments2,078,377 2,177,231 
Accounts receivable, net2,583 19,542 
Inventory1,017,570 834,401 
Prepaid expenses62,367 63,548 
Other current assets58,897 81,541 
Total current assets4,119,832 4,912,028 
Property, plant and equipment, net2,322,884 2,166,776 
Right-of-use assets213,193 215,160 
Long-term investments441,727 529,974 
Other noncurrent assets163,295 55,300 
TOTAL ASSETS$7,260,931 $7,879,238 

Current liabilities:
Accounts payable$145,746 $229,084 
Accrued compensation84,867 63,322 
Finance lease liabilities, current portion10,239 10,586 
Other current liabilities774,108 634,567 
Total current liabilities1,014,960 937,559 
Finance lease liabilities, net of current portion78,845 81,336 
Common stock warrant liability181,392 140,590 
Long-term debt1,993,113 1,991,840 
Other long-term liabilities360,770 378,212 
Total liabilities3,629,080 3,529,537 
Common stock, par value $0.0001; 15,000,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 1,834,242,999 and 1,830,172,561 shares issued and 1,833,385,174 and 1,829,314,736 shares outstanding as of March 31, 2023 and December 31, 2022, respectively183 183 
Additional paid-in capital11,809,781 11,752,138 
Treasury stock, at cost, 857,825 shares at March 31, 2023 and December 31, 2022(20,716)(20,716)
Accumulated other comprehensive loss(7,537)(11,572)
Accumulated deficit(8,149,860)(7,370,332)
Total stockholders’ equity3,631,851 4,349,701 

(in thousands, except share and per share data)
Three Months Ended
March 31,
Revenue$149,432 $57,675 
Costs and expenses
Cost of revenue500,524 245,970 
Research and development229,803 186,076 
Selling, general and administrative168,770 223,159 
Restructuring charges22,496 — 
Total cost and expenses921,593 655,205 
Loss from operations(772,161)(597,530)
Other income (expense), net
Change in fair value of common stock warrant liability(40,802)523,330 
Interest income40,005 — 
Interest expense(7,108)(7,719)
Other income, net667 956 
Total other income (expense), net(7,238)516,567 
Loss before provision for income taxes(779,399)(80,963)
Provision for income taxes129 323 
Net loss(779,528)(81,286)
Net loss attributable to common stockholders, basic(779,528)(81,286)
Change in fair value of dilutive warrants— (523,330)
Net loss attributable to common stockholders, diluted$(779,528)$(604,616)
Weighted average shares outstanding attributable to common stockholders
Basic1,831,725,009 1,654,322,379 
Diluted1,831,725,009 1,681,545,859 
Net loss per share attributable to common stockholders
Other comprehensive income
Net unrealized gains on investments, net of tax$4,035 $— 
Comprehensive loss attributable to common stockholders$(775,493)$(81,286)

(in thousands)
Three Months Ended
March 31,
Cash flows from operating activities
Net loss$(779,528)$(81,286)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization49,838 38,242 
Amortization of insurance premium10,263 7,499 
Non-cash operating lease cost5,830 4,104 
Stock-based compensation53,819 174,551 
Inventory and firm purchase commitments write-downs227,048 96,366 
Change in fair value of common stock warrant liability40,802 (523,330)
Other non-cash items(19,050)1,255 
Changes in operating assets and liabilities:
Accounts receivable17,009 2,281 
Prepaid expenses(9,082)20,523 
Other current assets22,193 (49,625)
Other noncurrent assets(27,337)(11,175)
Accounts payable(66,174)5,713 
Accrued compensation21,545 (3,607)
Operating lease liability(5,837)(3,099)
Other current liabilities7,211 128,060 
Other long-term liabilities4,340 1,901 
Net cash used in operating activities(801,264)(494,649)
Cash flows from investing activities:
Purchases of property, plant and equipment(241,770)(185,082)
Purchases of investments(842,538)— 
Proceeds from maturities of investments1,041,151 — 
Proceeds from sale of investments13,244 — 
Proceeds from insurance claims1,197 — 
Net cash used in investing activities(28,716)(185,082)
Cash flows from financing activities:
Payment for short-term insurance financing note— (12,949)
Payment for finance lease liabilities(1,427)(1,201)
Proceeds from exercise of stock options2,181 9,114 
Tax withholding payments for net settlement of employee awards(6,499)(182,265)
Net cash used in financing activities(5,745)(187,301)
Net decrease in cash, cash equivalents, and restricted cash(835,725)(867,032)
Beginning cash, cash equivalents, and restricted cash1,737,320 6,298,020 
Ending cash, cash equivalents, and restricted cash$901,595 $5,430,988 

Reconciliation of GAAP to Non-GAAP Financials Measures
(in thousands)

Adjusted EBITDA
Three Months Ended
March 31,
Net loss (GAAP)$(779,528)$(81,286)
Interest expense7,108 7,719 
Interest income(40,005)— 
Provision for income taxes129 323 
Depreciation and amortization49,838 38,242 
Change in fair value of common stock warrant liability40,802 (523,330)
Stock-based compensation55,262 174,551 
Restructuring charges22,496 — 
Adjusted EBITDA (non-GAAP)
Free Cash Flow
Three Months Ended
March 31,
Net cash used in operating activities (GAAP)$(801,264)$(494,649)
Capital expenditures(241,770)(185,082)
Free cash flow (non-GAAP)