- Q2 revenue of $97.3M driven by
customer deliveries of 679 vehicles in the quarter
- Strong demand with over 37,000 reservations, representing
potential sales of approximately $3.5B
- Production volume outlook for 2022 revised to a range of
6,000 to 7,000 vehicles
NEWARK,
Calif., Aug. 3, 2022 /PRNewswire/ -- Lucid Group,
Inc. (NASDAQ: LCID), setting new standards with the longest-range,
fastest-charging electric car on the market, today announced
financial results for its second quarter ended June 30, 2022.
Lucid reported Q2 revenue of $97.3
million on deliveries of 679 vehicles. The Company reported
strong customer demand for Lucid Air with reservations over 37,000
as of today, representing potential sales of approximately
$3.5 billion. Lucid revised its 2022
production volume outlook to a range of 6,000 to 7,000 vehicles.
Lucid ended the quarter with $4.6
billion cash, cash equivalents, and investments, which is
expected to fund the Company well into 2023. In addition, Lucid
reported first half production of 1,405 vehicles.
"Our revised production guidance reflects the extraordinary
supply chain and logistics challenges we encountered," said
Peter Rawlinson, Lucid's CEO and
CTO. "We've identified the primary bottlenecks, and we are taking
appropriate measures – bringing our logistics operations in-house,
adding key hires to the executive team, and restructuring our
logistics and manufacturing organization. We continue to see strong
demand for our vehicles, with over 37,000 customer reservations,
and I remain confident that we shall overcome these near-term
challenges."
"Our Q2 revenue was $97.3 million,
primarily driven by higher customer deliveries of Lucid Air
vehicles. We continue to have a strong balance sheet, closing the
quarter with $4.6 billion cash, cash
equivalents and investments, which we believe is sufficient to fund
the Company well into 2023," said Sherry
House, Lucid's CFO. "Despite our immediate challenges, we
believe that bringing our logistics center on-site at our
Arizona factory will help reduce
complexity, cut down lead times, and reduce various costs."
Lucid will host a conference call for analysts and investors at
2:30 P.M. PT / 5:30 P.M. ET on August 3,
2022. The live webcast of the conference call will be
available on the Investor Relations website at ir.lucidmotors.com.
Following the completion of the call, a replay will be available on
the same website. Lucid uses its ir.lucidmotors.com 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
Company's first car, Lucid Air, is a state-of-the-art luxury sedan
with a California-inspired design
that features luxurious full-size interior space in a mid-size
exterior footprint. Underpinned by race-proven battery technology
and proprietary powertrains developed entirely in-house, Lucid Air
was named the 2022 MotorTrend Car of the Year®. The Lucid Air Grand
Touring features an official EPA estimated 516 miles of range or
1,050 horsepower. Deliveries of Lucid Air, which is produced at
Lucid's factory in Casa Grande,
Arizona, are currently underway to U.S. customers.
Investor Relations Contact
investor@lucidmotors.com
Media Contact
media@lucidmotors.com
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" 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,
amount of reservations and related potential sales, future capital
expenditures and other operating expenses, expectations and timing
related to commercial product launches, including the Project
Gravity SUV and the various Air models, production and delivery
volumes, the range and performance of Lucid's vehicles, Lucid's
estimate of the length of time its existing cash, cash equivalents
and investments will be sufficient to fund planned operations, the
timing of deliveries, future manufacturing capabilities and
facilities, studio and service center openings, ability to mitigate
supply chain and logistics risks, benefits of relocating Lucid's
logistics operations center, ability to vertically integrate
production processes, future sales channels and strategies, future
market launches and international expansion, including Lucid's
launch plans for the European market and planned manufacturing
facility in Saudi Arabia, Lucid
Financial Services, the potential success of Lucid's go-to-market
strategy and future vehicle programs, 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 the ongoing conflict
between Russia and Ukraine; 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, including Lucid's ability to mass
produce the Lucid Air and complete the tooling of its manufacturing
facility; 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; 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; and the
impact of the global COVID-19 pandemic on Lucid's supply chain,
including COVID-related shutdowns of Lucid's suppliers' facilities
in China, 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 June 30, 2022, 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 forward
contracts, (6) change in fair value of convertible preferred stock
warrant liability, (7) change in fair value of common stock warrant
liability and (8) stock-based compensation. 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
reduced by 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 our 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 our
non-GAAP financial measures and key performance measures as tools
for comparison. A reconciliation between GAAP and non-GAAP
financial information is presented below.
LUCID GROUP,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS1
|
Unaudited
|
(in thousands,
except share and per share data)
|
|
|
|
June 30,
2022
|
|
December 31,
2021
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 3,157,449
|
|
$ 6,262,905
|
Short-term
investments
|
|
1,136,633
|
|
—
|
Accounts receivable,
net
|
|
1,294
|
|
3,148
|
Inventory
|
|
553,045
|
|
127,250
|
Prepaid
expenses
|
|
48,963
|
|
70,346
|
Other current
assets
|
|
69,105
|
|
43,328
|
Total current
assets
|
|
4,966,489
|
|
6,506,977
|
Property, plant and
equipment, net
|
|
1,615,435
|
|
1,182,153
|
Right-of-use
assets
|
|
198,207
|
|
161,974
|
Long-term
investments
|
|
278,055
|
|
—
|
Other noncurrent
assets
|
|
71,233
|
|
30,609
|
TOTAL
ASSETS
|
|
$
7,129,419
|
|
$
7,881,713
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
129,070
|
|
$
41,342
|
Accrued
compensation
|
|
55,550
|
|
32,364
|
Finance lease
liabilities, current portion
|
|
4,657
|
|
4,183
|
Other current
liabilities
|
|
464,819
|
|
318,212
|
Total current
liabilities
|
|
654,096
|
|
396,101
|
Finance lease
liabilities, net of current portion
|
|
5,377
|
|
6,083
|
Common stock warrant
liability
|
|
536,635
|
|
1,394,808
|
Long-term
debt
|
|
1,989,200
|
|
1,986,791
|
Other long-term
liabilities
|
|
233,725
|
|
188,575
|
Total
liabilities
|
|
3,419,033
|
|
3,972,358
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
Preferred stock, par
value $0.0001; 10,000,000 shares authorized as of June 30,
2022 and
December 31, 2021; no shares issued and outstanding as of
June 30, 2022 and December 31, 2021
|
|
—
|
|
—
|
Common stock, par value
$0.0001; 15,000,000,000 shares authorized as of June 30, 2022
and
December 31, 2021;
1,673,401,436 and 1,648,413,415 shares issued and 1,672,543,611
and
1,647,555,590 shares
outstanding as of June 30, 2022 and December 31, 2021,
respectively
|
|
167
|
|
165
|
Additional paid-in
capital
|
|
10,099,209
|
|
9,995,778
|
Treasury stock, at
cost, 857,825 shares at June 30, 2022 and December 31,
2021
|
|
(20,716)
|
|
(20,716)
|
Accumulated other
comprehensive loss
|
|
(691)
|
|
—
|
Accumulated
deficit
|
|
(6,367,583)
|
|
(6,065,872)
|
Total stockholders'
equity
|
|
3,710,386
|
|
3,909,355
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
7,129,419
|
|
$
7,881,713
|
LUCID GROUP,
INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS1
|
Unaudited
|
(in thousands,
except share and per share data)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue
|
$
97,336
|
|
$
174
|
|
$
155,011
|
|
$
487
|
|
|
|
|
|
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
Cost of
revenue
|
292,342
|
|
19
|
|
538,312
|
|
104
|
Research and
development
|
200,381
|
|
176,802
|
|
386,457
|
|
344,171
|
Selling, general and
administrative
|
163,812
|
|
72,272
|
|
386,971
|
|
203,924
|
Total cost and
expenses
|
656,535
|
|
249,093
|
|
1,311,740
|
|
548,199
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(559,199)
|
|
(248,919)
|
|
(1,156,729)
|
|
(547,712)
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
|
|
|
|
|
|
Change in fair value of
forward contracts
|
—
|
|
(12,382)
|
|
—
|
|
(454,546)
|
Change in fair value of
convertible preferred stock warrant liability
|
—
|
|
—
|
|
—
|
|
(6,976)
|
Change in fair value of
common stock warrant liability
|
334,843
|
|
—
|
|
858,173
|
|
—
|
Interest
expense
|
(7,189)
|
|
(30)
|
|
(14,908)
|
|
(35)
|
Other income (expense),
net
|
11,188
|
|
(390)
|
|
12,144
|
|
(400)
|
Total other income
(expense), net
|
338,842
|
|
(12,802)
|
|
855,409
|
|
(461,957)
|
Loss before provision
for income taxes
|
(220,357)
|
|
(261,721)
|
|
(301,320)
|
|
(1,009,669)
|
Provision for income
taxes
|
68
|
|
5
|
|
391
|
|
9
|
Net
loss
|
(220,425)
|
|
(261,726)
|
|
(301,711)
|
|
(1,009,678)
|
Deemed dividend related
to the issuance of Series E convertible preferred
stock
|
—
|
|
—
|
|
—
|
|
(2,167,332)
|
Net loss
attributable to common stockholders, basic
|
(220,425)
|
|
(261,726)
|
|
(301,711)
|
|
(3,177,010)
|
Change in fair value of
dilutive warrants
|
(334,843)
|
|
—
|
|
(858,173)
|
|
—
|
Net loss
attributable to common stockholders, diluted
|
$ (555,268)
|
|
$ (261,726)
|
|
$
(1,159,884)
|
|
$
(3,177,010)
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding used in computing net loss per share
attributable to common stockholders, basic
|
1,669,303,813
|
|
36,298,508
|
|
1,661,960,471
|
|
34,484,767
|
Weighted average shares
outstanding used in computing net loss per share
attributable to common stockholders, diluted
|
1,686,815,404
|
|
36,298,508
|
|
1,684,328,007
|
|
34,484,767
|
Net loss per share
attributable to common stockholders, basic
|
$
(0.13)
|
|
$
(7.21)
|
|
$
(0.18)
|
|
$
(92.13)
|
Net loss per share
attributable to common stockholders, diluted
|
$
(0.33)
|
|
$
(7.21)
|
|
$
(0.69)
|
|
$
(92.13)
|
|
|
|
|
|
|
|
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
Net unrealized losses
on investments, net of tax
|
$
(691)
|
|
$
—
|
|
$
(691)
|
|
$
—
|
Comprehensive
loss
|
(221,116)
|
|
(261,726)
|
|
(302,402)
|
|
(1,009,678)
|
Deemed dividend related
to the issuance of Series E convertible preferred
stock
|
—
|
|
—
|
|
—
|
|
(2,167,332)
|
Comprehensive loss
attributable to common stockholders
|
$ (221,116)
|
|
$ (261,726)
|
|
$ (302,402)
|
|
$
(3,177,010)
|
LUCID GROUP,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS1
|
Unaudited
|
(in
thousands)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net loss
|
$
(220,425)
|
|
$
(261,726)
|
|
$
(301,711)
|
|
$
(1,009,678)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
42,448
|
|
6,819
|
|
80,690
|
|
11,738
|
Amortization of
insurance premium
|
7,425
|
|
2,747
|
|
14,924
|
|
2,747
|
Non-cash operating
lease cost
|
4,848
|
|
7,206
|
|
8,952
|
|
13,502
|
Stock-based
compensation
|
94,392
|
|
24,449
|
|
268,943
|
|
129,244
|
Amortization of debt
discounts and issuance costs
|
1,154
|
|
—
|
|
2,409
|
|
—
|
Inventory
write-downs
|
81,691
|
|
—
|
|
178,057
|
|
—
|
Change in fair value
of contingent forward contract liability
|
—
|
|
12,382
|
|
—
|
|
454,546
|
Change in fair value
of preferred stock warrant liability
|
—
|
|
—
|
|
—
|
|
6,976
|
Change in fair value
of common stock warrant liability
|
(334,843)
|
|
—
|
|
(858,173)
|
|
—
|
Other non-cash
items
|
(5)
|
|
—
|
|
(5)
|
|
56
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(673)
|
|
158
|
|
1,608
|
|
(220)
|
Inventory
|
(300,830)
|
|
(21,914)
|
|
(603,852)
|
|
(27,181)
|
Prepaid
expenses
|
(14,064)
|
|
(18,401)
|
|
6,459
|
|
(22,183)
|
Other current
assets
|
17,426
|
|
(1,836)
|
|
(32,199)
|
|
(2,380)
|
Other noncurrent
assets
|
(16,381)
|
|
(971)
|
|
(27,556)
|
|
(3,870)
|
Accounts
payable
|
43,883
|
|
2,673
|
|
49,596
|
|
(11,871)
|
Accrued
compensation
|
26,793
|
|
4,344
|
|
23,186
|
|
7,990
|
Operating lease
liability
|
(3,845)
|
|
(3,643)
|
|
(6,944)
|
|
(7,742)
|
Other current
liabilities
|
51,484
|
|
11,757
|
|
179,544
|
|
633
|
Other long-term
liabilities
|
5,894
|
|
878
|
|
7,795
|
|
3,889
|
Net cash used in
operating activities
|
(513,628)
|
|
(235,078)
|
|
(1,008,277)
|
|
(453,804)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
(309,818)
|
|
(111,754)
|
|
(494,900)
|
|
(206,533)
|
Proceed from sale of
property, plant and equipment
|
—
|
|
19
|
|
—
|
|
19
|
Purchases of
investments
|
(1,419,223)
|
|
—
|
|
(1,419,223)
|
|
—
|
Net cash used in
investing activities
|
(1,729,041)
|
|
(111,735)
|
|
(1,914,123)
|
|
(206,514)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Payment for short-term
insurance financing note
|
(2,381)
|
|
(2,747)
|
|
(15,330)
|
|
(2,747)
|
Payment for finance
lease liabilities
|
(1,200)
|
|
(1,066)
|
|
(2,401)
|
|
(1,364)
|
Proceeds from
short-term insurance financing note
|
—
|
|
10,950
|
|
—
|
|
10,950
|
Proceeds from
borrowings
|
6,663
|
|
—
|
|
6,663
|
|
—
|
Repurchase of Series B
convertible preferred stock
|
—
|
|
—
|
|
—
|
|
(3,000)
|
Proceeds from issuance
of Series D convertible preferred stock
|
—
|
|
—
|
|
—
|
|
3,000
|
Proceeds from issuance
of Series E convertible preferred stock
|
—
|
|
92,920
|
|
—
|
|
600,000
|
Proceeds from exercise
of stock options
|
3,735
|
|
950
|
|
12,849
|
|
5,266
|
Proceeds from employee
stock purchase plan
|
12,882
|
|
—
|
|
12,882
|
|
—
|
Stock repurchases from
employees for tax withholdings
|
(8,976)
|
|
—
|
|
(191,241)
|
|
—
|
Payment for credit
facility issuance costs
|
(6,631)
|
|
—
|
|
(6,631)
|
|
—
|
Net cash provided by
(used in) financing activities
|
4,092
|
|
101,007
|
|
(183,209)
|
|
612,105
|
Net decrease in cash,
cash equivalents, and restricted cash
|
(2,238,577)
|
|
(245,806)
|
|
(3,105,609)
|
|
(48,213)
|
Beginning cash, cash
equivalents, and restricted cash
|
5,430,988
|
|
838,011
|
|
6,298,020
|
|
640,418
|
Ending cash, cash
equivalents, and restricted cash
|
$
3,192,411
|
|
$
592,205
|
|
$ 3,192,411
|
|
$
592,205
|
LUCID GROUP,
INC.
|
Reconciliation of
GAAP to Non-GAAP Financials Measures1
|
Unaudited
|
(in
thousands)
|
Adjusted
EBITDA
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net loss
(GAAP)
|
$
(220,425)
|
|
$
(261,726)
|
|
$
(301,711)
|
|
$
(1,009,678)
|
Interest
expense
|
7,189
|
|
30
|
|
14,908
|
|
35
|
Interest
income
|
(2,911)
|
|
—
|
|
(2,911)
|
|
—
|
Provision for income
taxes
|
68
|
|
5
|
|
391
|
|
9
|
Depreciation and
amortization
|
42,448
|
|
6,819
|
|
80,690
|
|
11,738
|
Change in fair value of
forward contracts
|
—
|
|
12,382
|
|
—
|
|
454,546
|
Change in fair value of
convertible preferred stock warrant liability
|
—
|
|
—
|
|
—
|
|
6,976
|
Change in fair value of
common stock warrant liability
|
(334,843)
|
|
—
|
|
(858,173)
|
|
—
|
Stock-based
compensation
|
94,392
|
|
24,449
|
|
268,943
|
|
129,244
|
Adjusted EBITDA
(non-GAAP)
|
$
(414,082)
|
|
$
(218,041)
|
|
$
(797,863)
|
|
$
(407,130)
|
|
Free Cash
Flow
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net cash used in
operating activities (GAAP)
|
$
(513,628)
|
|
$
(235,078)
|
|
$
(1,008,277)
|
|
$
(453,804)
|
Capital
expenditures
|
(309,818)
|
|
(111,754)
|
|
(494,900)
|
|
(206,533)
|
Free cash flow
(non-GAAP)
|
$
(823,446)
|
|
$
(346,832)
|
|
$
(1,503,177)
|
|
$
(660,337)
|
___________________________________
|
|
1 The
business combination (the "Merger") between Lucid Group Inc.'s
predecessor, Atieva, Inc. ("Legacy Lucid"), and Churchill Capital
Corp IV ("CCIV"), which closed on July 23, 2021, is accounted for
as a reverse recapitalization under U.S. GAAP. Under this method of
accounting, CCIV has been treated as the acquired company for
financial reporting purposes. Accordingly, for accounting purposes,
the financial statements of Lucid represent a continuation of the
financial statements of Legacy Lucid with the Merger being treated
as the equivalent of Legacy Lucid issuing shares for the net assets
of CCIV, accompanied by a recapitalization. The net assets of CCIV
were recognized as of the closing of the Merger at historical cost,
with no goodwill or other intangible assets recorded. Operations
prior to the Merger are presented as those of Legacy Lucid and the
accumulated deficit of Legacy Lucid has been carried forward after
the closing of the Merger. All periods prior to the Merger have
been retrospectively adjusted using the applicable exchange ratio
for the equivalent number of shares outstanding immediately after
the closing of the Merger to effect the reverse recapitalization.
See our Form 10-Q for the three and six months ended June 30,
2022 for additional information.
|
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SOURCE Lucid Group