Lucid Group, Inc.

Listed Company

LCIDCIK 0001811210NasdaqLarge AcceleratedMotor Vehicles & Passenger Car BodiesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.35B

Net Income

$-2.70B

Total Assets

$8.39B

Equity

$717.29M

Shares Out

327.68M

Op. Cash Flow

$-2.93B

Business

Lucid Group, Inc. is a technology-focused electric vehicle (EV) manufacturer that designs, engineers and produces premium EVs and related powertrain and battery systems in-house. It offers the Lucid Air luxury sedan, the Lucid Gravity SUV, EV powertrains, battery systems, proprietary vehicle software (including OTA updates and ADAS/DreamDrive), after-sales service, and technology licensing and supply arrangements. Its business is organized around vehicle manufacturing, technology development (powertrain/battery/software), sales and service operations, and a technology licensing/supply division. Lucid sells directly to consumers through online channels and an owned retail and service Studio network across North America, Europe and the Middle East, and operates manufacturing and assembly facilities including AMP-1 in the U.S. and AMP-2 operations in Saudi Arabia.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue (including $144,034, $174,204, and $43,714 from a related party for the years ended December 31, 2025, 2024, and 2023, respectively)	1,354	808	595	608	—
Cost of revenue	2,610	1,731	1,936	1,646	155
Research and development	1,211	1,176	937	822	750
Selling, general and administrative	1,034	901	797	735	652
Restructuring charges	0	20	25	0	0
Total cost and expenses	4,856	3,829	3,695	3,202	1,558
Loss from operations	−3,502	−3,021	−3,100	−2,594	−1,530
Change in fair value of common stock warrant liability	20	34	87	1,254	—
Change in fair value of equity securities of a related party	−16	−43	6	0	0
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party)	623	155	0	0	—
Gain on extinguishment of debt	122	0	0	—	—
Interest income	156	213	204	57	0
Interest expense (including $24,250, $6,980, and $2,159 to related parties for the years ended December 31, 2025, 2024, and 2023, respectively)	−95	−33	−25	−31	—
Other expense, net	−9	−18	−90,000	10	−893,000
Total other income, net	801	308	272	1,290	−1,049
Loss before provision for (benefit from) income taxes	−2,700	−2,713	−2,827	−1,304	−2,580
Provision for (benefit from) income taxes	−2	1	1	379,000	49,000
Net loss	−2,700	−2,700	−2,800	−1,300	−2,600
Accretion of redeemable convertible preferred stock (related party)	−984	−348	0	—	—
Net loss attributable to common stockholders, basic	−3,682	−3,062	−2,828	−1,304	−4,747
Interest expense on 2026 Notes	14	0	0	—	—
Gain on extinguishment of debt	−122	0	0	−1,254	0
Net loss attributable to common stockholders, diluted	−3,789	−3,062	−2,828	−2,559	−4,747
Basic (in shares)	312	245	208	1,678	740
Diluted (in shares)	313	245	208	1,693	740
Basic (in dollars per share)	−11.81	−12.52	−13.59	−0.78	−6.41
Diluted (in dollars per share)	−12.09	−12.52	−13.59	−1.51	−6.41
Net unrealized gains on investments, net of tax	4	2	13	−12	0
Foreign currency translation adjustments	10	−9	4	0	0
Total other comprehensive income (loss)	14	−7	16	−12	0
Comprehensive loss	−2,684	−2,721	−2,812	−1,316	−2,580
Comprehensive loss attributable to common stockholders	−3,668	−3,069	−2,812	−1,316	−4,747

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	998	1,607	1,370	1,736	6,263
Short-term investments (including $50,000 and $15,000 associated with a related party as of December 31, 2025 and 2024, respectively)	631	2,424	2,490	2,177	0
Accounts receivable, net (including $120,540 and $57,909 from a related party as of December 31, 2025 and 2024, respectively)	177	112	52	20	3
Inventory	1,110	408	696	834	127
Prepaid expenses	60	53	70	64	70
Other current assets (including nil and $34,503 associated with a related party as of December 31, 2025 and 2024, respectively)	324	270	80	82	43
Total current assets	3,300	4,874	4,757	4,912	6,507
Property, plant and equipment, net	3,978	3,263	2,811	2,167	1,182
Right-of-use assets	242	212	222	215	162
Long-term investments (including $24,259 and $57,831 associated with a related party as of December 31, 2025 and 2024, respectively)	512	1,050	461	530	0
Other noncurrent assets	355	249	181	55	31
TOTAL ASSETS	8,387	9,648	8,513	7,879	7,882
Accounts payable	488	134	109	229	41
Finance lease liabilities, current portion	84	7	8	11	4
Current portion of debt	672	126	—	—	—
Other current liabilities (including $81,580 and nil associated with a related party as of December 31, 2025 and 2024, respectively)	1,393	898	891	635	318
Total current liabilities	2,636	1,165	1,008	938	396
Finance lease liabilities, net of current portion	105	76	78	81	6
Debt, net of current portion	2,047	2,002	1,997	1,992	1,987
Other long-term liabilities (including $123,198 and $121,136 associated with related parties as of December 31, 2025 and 2024, respectively)	583	592	524	378	189
Derivative liabilities associated with redeemable convertible preferred stock (related party)	16	639	0	—	—
Total liabilities	5,386	4,475	3,661	3,530	3,972
Commitments and contingencies (Note 12)	—	—	—	—	—
Redeemable convertible preferred stock, (related party)	2,283	1,300	0	0	0
Common stock, par value $0.0001; 1,500,000,000 shares authorized as of December 31, 2025 and 2024; [300,000,000] and 303,221,972 shares issued and [310,000,000] and 303,136,190 shares outstanding as of December 31, 2025 and 2024, respectively	33,000	30,000	230,000	183,000	165,000
Additional paid-in capital	16,337	16,808	15,066	11,752	9,996
Treasury stock, at cost, 85,782 shares at December 31, 2025 and 2024	−21	−21	−21	−21	−21
Accumulated other comprehensive income (loss)	12	−2	5	−12	0
Accumulated deficit	−15,600	−12,913	−10,199	−7,370	−6,066
Total stockholders equity	717	3,873	4,852	4,350	3,909
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY	8,387	9,648	8,513	7,879	7,882

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	451	295	234	187	63
Amortization of insurance premium	35	33	40	36	18
Non-cash operating lease cost	48	31	26	20	13
Stock-based compensation	271	286	257	424	517
Inventory and firm purchase commitments write-downs	799	590	906	569	49
Net accretion of investment discounts/premiums	−24	−77	−105	−21	0
Other non-cash items	20	6	34	10	289,000
Accounts receivable (including $(62,631), $(22,383), and $(35,526) from a related party for the years ended December 31, 2025, 2024, and 2023, respectively)	−66	−61	−33	−16	−3
Inventory	−1,449	−334	−658	−1,256	−175
Prepaid expenses	−42	−17	−46	−29	−67
Other assets	−155	−204	−117	—	—
Accounts payable	318	35	−140	180	4
Other liabilities (including $2,100, $4,900, and $107,763 associated with a related party for the years ended December 31, 2025, 2024, and 2023, respectively)	307	257	33	—	—
Net cash used in operating activities	−2,932	−2,020	−2,490	−2,226	−1,058
Purchases of property, plant and equipment (including $(225,864), $(164,683), and $(80,511) from a related party for the years ended December 31, 2025, 2024, and 2023, respectively)	−868	−884	−911	−1,075	−421
Purchases of investments (including $(30,000), $(35,000), and nil from a related party for the years ended December 31, 2025, 2024, and 2023, respectively)	−310	−4,623	−3,998	−3,854	0
Proceeds from maturities of investments (including $15,000 from a related party for the year ended December 31, 2025, and nil for the years ended December 31, 2024 and 2023)	2,654	4,112	3,721	1,150	0
Proceeds from sale of investments	0	100	148	0	505,000
Proceeds from government grant	0	0	98	97	0
Other investing activities	2	0	−5	323,000	22,000
Net cash provided by (used in) investing activities	1,478	−1,294	−947	−3,682	−421
Purchase of capped call options	−118	0	0	—	—
Repurchases of 2026 Notes	−1,680	0	0	—	—
Proceeds from borrowings from a related party	341	80	63	30	—
Repayment of borrowings to a related party	0	−26	0	−20	—
Proceeds from exercise of stock options	2	5	10	18	8
Proceeds from employee stock purchase plan	23	19	24	25	0
Tax withholding payments for net settlement of employee awards	−13	−10	−18	−219	−22
Payments for finance lease liabilities	−4	−3	−5	−5	−3
Payments for credit facility issuance costs	−10	−6	0	—	—
Net cash provided by financing activities	887	3,550	3,071	1,347	7,136
Net increase (decrease) in cash, cash equivalents, and restricted cash	−566	236	−366	−4,561	5,658
Cash paid for interest, net of amounts capitalized	56	26	18	23	627,000
Cash paid for taxes	5	88,000	37,000	480,000	0
Increases (decrease) in accounts payable and accrued liabilities related to property, plant and equipment (including $81,580, $(19,725) and $8,530 associated with a related party for the years ended December 31, 2025, 2024, and 2023, respectively)	129	−69	36	43	101
Government grant (related party) reflected in property, plant and equipment	0	−62	−99	−33	—
Property, plant and equipment and right-of-use assets obtained through leases	184	24	32	158	94
Equity securities obtained through Strategic Technology Arrangement	0	0	73	0	0

Filings

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