- Delivered 1,734 vehicles in Q4 and 6,001 vehicles in 2023, up
37% compared to full year 2022
- Produced 2,391 vehicles in Q4 and 8,428 vehicles in 2023,
meeting the higher-end of 2023 annual production guidance of 8,000
to 8,500 vehicles
- Q4 revenue of $157.2 million and
annual revenue of $595.3 million
- Ended the quarter with approximately $4.78 billion of total liquidity
- Lucid is embarking on the Company's next transformational
phase, with the expansion of its vehicle lineup and total
addressable market
- 2024 production guidance of approximately 9,000 vehicles
NEWARK,
Calif., Feb. 21, 2024 /PRNewswire/ -- Lucid Group,
Inc. (NASDAQ: LCID), setting new standards for luxury electric
experience with the Lucid Air, America's most awarded new luxury
vehicle 1 and selected to Car and Driver's 10Best
list for 2024, today announced financial results for
its fourth quarter and full year ended December 31, 2023.
The earnings presentation is available on its investor relations
website (https://ir.lucidmotors.com).
The Company produced 2,391 vehicles during Q4 and delivered
1,734 vehicles during the same period. On a full-year basis, the
Company produced 8,428 vehicles, meeting the higher end of the 2023
annual production guidance of 8,000 to 8,500 vehicles, and
delivered 6,001 vehicles in 2023. Lucid today also announced its
2024 annual production guidance of approximately 9,000 vehicles,
and will continue to prudently manage and adjust production to meet
sales and delivery needs.
Lucid reported fourth quarter revenue of $157.2 million and annual revenue of $595.3 million, ending the quarter with
approximately $4.78 billion of total
liquidity.
"Lucid is investing for the long term in technology,
manufacturing and partnerships to further solidify our place in the
market as the premier luxury EV brand in the world," said
Peter Rawlinson, Lucid's CEO and
CTO. "In 2023, we made our first strategic technology arrangement,
gained market share, completed the Air lineup, and unveiled
Gravity. As we start 2024, I'm very excited about the year ahead
and beyond. We are entering the next transformational phase of the
Lucid vehicle lineup and are laser-focused on growth."
"I'd like to echo Peter's excitement as we start the year," said
Gagan Dhingra, Lucid's Interim Chief
Financial Officer and Principal Accounting Officer. "We outpaced
our total addressable market and made headway with our cost
optimization programs – a key strategic priority for the Company.
I'm excited about the future as Gravity start of production is
scheduled for late 2024 and the start of production for our
high-volume Midsize platform is scheduled for late 2026."
Lucid will host a conference call for analysts and investors at
2:30 P.M. PT / 5:30 P.M. ET on February 21, 2024. 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.
1 Based on percentage of major industry
awards and accolades earned by new luxury vehicles launched in the
last three years and on sale in the
United States.
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, the Air, is a state-of-the-art luxury sedan
with a California-inspired design.
Assembled at Lucid's factories in Casa
Grande, Arizona, and King Abdullah Economic City (KAEC),
Saudi Arabia, deliveries of Lucid
Air are currently underway to customers in the U.S., Canada, Europe, and the Middle East.
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
and guidance, future capital expenditures and other operating
expenses, ability to control costs, expectations and timing related
to commercial product launches, including the Lucid Gravity and
Midsize platform, 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 Lucid Gravity, including performance, driving range,
features, specifications, and Gravity's potential impact on
markets, plans and expectations regarding Lucid's software, plans
and expectations regarding Lucid's systems approach to the design
of the vehicles, plans and expectations regarding Lucid's
integration with North American Charging Standard, including timing
and benefits, 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, the timing of vehicle deliveries,
plans and expectations regarding future manufacturing capabilities
and facilities, studio and service center openings, ability to
mitigate supply chain and logistics risks, plans and expectations
regarding the Phase 2 expansion of Lucid's AMP-1 factory, including
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, plans and expectations regarding
the purchase agreement with the government of Saudi Arabia, including the total number of
vehicles that may be purchased under the agreement, expected order
quantities, and the quantity and timing of vehicle deliveries,
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, including plans and
expectations regarding Lucid's strategic technology arrangement
with Aston Martin, 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 global
conflicts or other geopolitical events; 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 and buybacks; 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 or obtain certain
credits and other 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, pricing and
other expectations; the outcome of any potential litigation,
government and regulatory proceedings, investigations and
inquiries; 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 September 30,
2023, as well as in other documents Lucid has filed or will
file with the Securities and Exchange Commission, including Lucid's
Annual Report on Form 10-K for the year ended December 31, 2023. 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
Consolidated financial information has been presented in
accordance with US GAAP ("GAAP") as well as on a non-GAAP basis to
supplement our 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 (benefit from)
income taxes, (4) depreciation and amortization, (5) change in fair
value of common stock warrant liability, (6) change in fair value
of equity securities, (7) stock-based compensation, and (8)
restructuring charges. Lucid believes that Adjusted EBITDA provides
useful information to Lucid's management and investors about
Lucid's financial performance. 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.
LUCID GROUP,
INC.
CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in thousands,
except share and per share data)
|
|
|
|
December 31,
2023
|
|
December 31,
2022
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,369,947
|
|
$ 1,735,765
|
Short-term
investments
|
|
2,489,798
|
|
2,177,231
|
Accounts receivable,
net
|
|
51,822
|
|
19,542
|
Inventory
|
|
696,236
|
|
834,401
|
Prepaid
expenses
|
|
69,682
|
|
63,548
|
Other current
assets
|
|
79,670
|
|
81,541
|
Total current
assets
|
|
4,757,155
|
|
4,912,028
|
Property, plant and
equipment, net
|
|
2,810,867
|
|
2,166,776
|
Right-of-use
assets
|
|
221,508
|
|
215,160
|
Long-term
investments
|
|
461,029
|
|
529,974
|
Other noncurrent
assets
|
|
262,159
|
|
55,300
|
TOTAL
ASSETS
|
|
$
8,512,718
|
|
$
7,879,238
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
108,724
|
|
$
229,084
|
Accrued
compensation
|
|
92,494
|
|
63,322
|
Finance lease
liabilities, current portion
|
|
8,202
|
|
10,586
|
Other current
liabilities
|
|
798,990
|
|
634,567
|
Total current
liabilities
|
|
1,008,410
|
|
937,559
|
Finance lease
liabilities, net of current portion
|
|
77,653
|
|
81,336
|
Common stock warrant
liability
|
|
53,664
|
|
140,590
|
Long-term
debt
|
|
1,996,960
|
|
1,991,840
|
Other long-term
liabilities
|
|
524,339
|
|
378,212
|
Total
liabilities
|
|
3,661,026
|
|
3,529,537
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
Common stock, par value
$0.0001; 15,000,000,000 shares authorized as of December 31,
2023 and
2022; 2,300,111,489 and 1,830,172,561 shares issued and
2,299,253,664 and 1,829,314,736 shares
outstanding as of December 31, 2023 and 2022,
respectively
|
|
230
|
|
183
|
Additional paid-in
capital
|
|
15,066,080
|
|
11,752,138
|
Treasury stock, at
cost, 857,825 shares at December 31, 2023 and 2022
|
|
(20,716)
|
|
(20,716)
|
Accumulated other
comprehensive income (loss)
|
|
4,850
|
|
(11,572)
|
Accumulated
deficit
|
|
(10,198,752)
|
|
(7,370,332)
|
Total stockholders'
equity
|
|
4,851,692
|
|
4,349,701
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
8,512,718
|
|
$
7,879,238
|
LUCID GROUP,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands,
except share and per share data)
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue
|
$
157,151
|
|
$
257,713
|
|
$
595,271
|
|
$
608,181
|
|
|
|
|
|
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
Cost of
revenue
|
410,015
|
|
615,291
|
|
1,936,066
|
|
1,646,086
|
Research and
development
|
242,977
|
|
221,294
|
|
937,012
|
|
821,512
|
Selling, general and
administrative
|
241,026
|
|
170,867
|
|
797,235
|
|
734,574
|
Restructuring
charges
|
—
|
|
—
|
|
24,546
|
|
—
|
Total cost and
expenses
|
894,018
|
|
1,007,452
|
|
3,694,859
|
|
3,202,172
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(736,867)
|
|
(749,739)
|
|
(3,099,588)
|
|
(2,593,991)
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
|
|
|
|
|
|
Change in fair value of
common stock warrant liability
|
25,279
|
|
255,899
|
|
86,926
|
|
1,254,218
|
Change in fair value of
equity securities
|
5,999
|
|
—
|
|
5,999
|
|
—
|
Interest
income
|
58,680
|
|
29,472
|
|
204,274
|
|
56,756
|
Interest
expense
|
(7,777)
|
|
(8,075)
|
|
(24,915)
|
|
(30,596)
|
Other income (expense),
net
|
934
|
|
(366)
|
|
(90)
|
|
9,532
|
Total other income,
net
|
83,115
|
|
276,930
|
|
272,194
|
|
1,289,910
|
Loss before provision
for (benefit from) income taxes
|
(653,752)
|
|
(472,809)
|
|
(2,827,394)
|
|
(1,304,081)
|
Provision for (benefit
from) income taxes
|
14
|
|
(161)
|
|
1,026
|
|
379
|
Net
loss
|
(653,766)
|
|
(472,648)
|
|
(2,828,420)
|
|
(1,304,460)
|
Net loss
attributable to common stockholders, basic
|
(653,766)
|
|
(472,648)
|
|
(2,828,420)
|
|
(1,304,460)
|
Change in fair value of
dilutive warrants
|
—
|
|
—
|
|
—
|
|
(1,254,218)
|
Net loss
attributable to common stockholders, diluted
|
$ (653,766)
|
|
$ (472,648)
|
|
$
(2,828,420)
|
|
$
(2,558,678)
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding attributable to common stockholders
|
|
|
|
|
|
|
|
Basic
|
2,292,032,497
|
|
1,712,951,982
|
|
2,081,772,622
|
|
1,678,346,079
|
Diluted
|
2,292,032,497
|
|
1,712,951,982
|
|
2,081,772,622
|
|
1,693,258,608
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders
|
|
|
|
|
|
|
|
Basic
|
$
(0.29)
|
|
$
(0.28)
|
|
$
(1.36)
|
|
$
(0.78)
|
Diluted
|
$
(0.29)
|
|
$
(0.28)
|
|
$
(1.36)
|
|
$
(1.51)
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
Net unrealized gains
(losses) on investments, net of tax
|
$
10,079
|
|
$
1,694
|
|
$
12,669
|
|
$
(11,572)
|
Foreign currency
translation adjustments
|
5,134
|
|
—
|
|
3,753
|
|
—
|
Total other
comprehensive income (loss)
|
15,213
|
|
1,694
|
|
16,422
|
|
(11,572)
|
Comprehensive loss
attributable to common stockholders
|
$ (638,553)
|
|
$ (470,954)
|
|
$
(2,811,998)
|
|
$
(1,316,032)
|
LUCID GROUP,
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(in
thousands)
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net loss
|
$
(653,766)
|
|
$
(472,648)
|
|
$
(2,828,420)
|
|
$
(1,304,460)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
67,498
|
|
55,240
|
|
233,531
|
|
186,583
|
Amortization of
insurance premium
|
9,265
|
|
10,432
|
|
39,507
|
|
35,620
|
Non-cash operating
lease cost
|
7,330
|
|
5,457
|
|
26,201
|
|
19,711
|
Stock-based
compensation
|
63,851
|
|
71,255
|
|
257,283
|
|
423,500
|
Inventory and firm
purchase commitments write-downs
|
171,574
|
|
204,926
|
|
906,069
|
|
569,479
|
Change in fair value
of common stock warrant liability
|
(25,279)
|
|
(255,899)
|
|
(86,926)
|
|
(1,254,218)
|
Net accretion of
investment discounts/premiums
|
(30,504)
|
|
(11,435)
|
|
(105,432)
|
|
(20,695)
|
Change in fair value
of equity securities
|
(5,999)
|
|
—
|
|
(5,999)
|
|
—
|
Other non-cash
items
|
6,267
|
|
6,113
|
|
34,205
|
|
10,353
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(28,731)
|
|
(16,987)
|
|
(32,509)
|
|
(16,498)
|
Inventory
|
(82,077)
|
|
(350,295)
|
|
(658,010)
|
|
(1,256,349)
|
Prepaid
expenses
|
(2,579)
|
|
(16,721)
|
|
(45,641)
|
|
(28,822)
|
Other current
assets
|
(8,922)
|
|
(10,329)
|
|
4,758
|
|
(43,591)
|
Other noncurrent
assets
|
(8,000)
|
|
(4,148)
|
|
(121,790)
|
|
(43,230)
|
Accounts
payable
|
(24,709)
|
|
128,253
|
|
(139,519)
|
|
180,469
|
Accrued
compensation
|
30,953
|
|
14,314
|
|
29,172
|
|
30,958
|
Other current
liabilities
|
(10,175)
|
|
(16,880)
|
|
(71,680)
|
|
253,904
|
Other long-term
liabilities
|
49,454
|
|
10,837
|
|
75,447
|
|
31,028
|
Net cash used in
operating activities
|
(474,549)
|
|
(648,515)
|
|
(2,489,753)
|
|
(2,226,258)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
(272,642)
|
|
(289,888)
|
|
(910,644)
|
|
(1,074,852)
|
Proceeds from
government grant
|
97,500
|
|
—
|
|
97,500
|
|
97,267
|
Purchases of
investments
|
(413,028)
|
|
(1,127,452)
|
|
(3,998,282)
|
|
(3,854,129)
|
Proceeds from
maturities of investments
|
1,240,320
|
|
1,024,361
|
|
3,720,890
|
|
1,149,714
|
Proceeds from sale of
investments
|
—
|
|
—
|
|
148,388
|
|
—
|
Other investing
activities
|
—
|
|
323
|
|
(4,827)
|
|
323
|
Net cash provided by
(used in) investing activities
|
652,150
|
|
(392,656)
|
|
(946,975)
|
|
(3,681,677)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from issuance
of common stock under Underwriting Agreement, net of issuance
costs
|
—
|
|
—
|
|
1,184,224
|
|
—
|
Proceeds from issuance
of common stock under 2023 Subscription Agreement, net of
issuance
costs
|
—
|
|
—
|
|
1,812,641
|
|
—
|
Proceeds from issuance
of common stock under At-the-Market Offering, net of issuance
costs
|
—
|
|
594,317
|
|
—
|
|
594,317
|
Proceeds from issuance
of common stock under 2022 Subscription Agreement
|
—
|
|
915,000
|
|
—
|
|
915,000
|
Payment for short-term
insurance financing note
|
—
|
|
—
|
|
—
|
|
(15,330)
|
Payment for finance
lease liabilities
|
(891)
|
|
(1,372)
|
|
(5,425)
|
|
(4,977)
|
Proceeds from
borrowings
|
19,991
|
|
9,590
|
|
62,911
|
|
29,818
|
Repayments for
borrowings
|
—
|
|
(13,570)
|
|
—
|
|
(20,223)
|
Proceeds from failed
sale-leaseback transaction
|
—
|
|
—
|
|
—
|
|
31,700
|
Proceeds from exercise
of stock options
|
3,022
|
|
3,050
|
|
10,343
|
|
17,788
|
Proceeds from employee
stock purchase plan
|
8,747
|
|
11,680
|
|
23,836
|
|
24,562
|
Tax withholding
payments for net settlement of employee awards
|
(2,910)
|
|
(5,894)
|
|
(17,615)
|
|
(218,789)
|
Payment for credit
facility issuance costs
|
—
|
|
—
|
|
—
|
|
(6,631)
|
Net cash provided by
financing activities
|
27,959
|
|
1,512,801
|
|
3,070,915
|
|
1,347,235
|
Net increase (decrease)
in cash, cash equivalents, and restricted cash
|
205,560
|
|
471,630
|
|
(365,813)
|
|
(4,560,700)
|
Beginning cash, cash
equivalents, and restricted cash
|
1,165,947
|
|
1,265,690
|
|
1,737,320
|
|
6,298,020
|
Ending cash, cash
equivalents, and restricted cash
|
$
1,371,507
|
|
$
1,737,320
|
|
$
1,371,507
|
|
$
1,737,320
|
LUCID GROUP,
INC.
Reconciliation of
GAAP to Non-GAAP Financial Measures
(Unaudited)
(in
thousands)
|
Adjusted
EBITDA
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net loss
(GAAP)
|
$
(653,766)
|
|
$
(472,648)
|
|
$
(2,828,420)
|
|
$
(1,304,460)
|
Interest
expense
|
7,777
|
|
8,075
|
|
24,915
|
|
30,596
|
Interest
income
|
(58,680)
|
|
(29,472)
|
|
(204,274)
|
|
(56,756)
|
Provision for (benefit
from) income taxes
|
14
|
|
(161)
|
|
1,026
|
|
379
|
Depreciation and
amortization
|
67,498
|
|
55,240
|
|
233,531
|
|
186,583
|
Change in fair value of
common stock warrant liability
|
(25,279)
|
|
(255,899)
|
|
(86,926)
|
|
(1,254,218)
|
Change in fair value of
equity securities
|
(5,999)
|
|
—
|
|
(5,999)
|
|
—
|
Stock-based
compensation
|
63,851
|
|
71,255
|
|
258,726
|
|
423,500
|
Restructuring
charges
|
—
|
|
—
|
|
24,546
|
|
—
|
Adjusted EBITDA
(non-GAAP)
|
$
(604,584)
|
|
$
(623,610)
|
|
$
(2,582,875)
|
|
$
(1,974,376)
|
|
Free Cash
Flow
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net cash used in
operating activities (GAAP)
|
|
$
(474,549)
|
|
$
(648,515)
|
|
$
(2,489,753)
|
|
$
(2,226,258)
|
Capital
expenditures
|
|
(272,642)
|
|
(289,888)
|
|
(910,644)
|
|
(1,074,852)
|
Free cash flow
(non-GAAP)
|
|
$
(747,191)
|
|
$
(938,403)
|
|
$
(3,400,397)
|
|
$
(3,301,110)
|
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SOURCE Lucid Group