Lucid Group, Inc.LCID

Lucid Group, Inc. Earnings Per Share Disclosure

10-KFiled Feb 24, 20262 min read
NET LOSS PER SHARE
Basic and diluted net loss per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts):
Year Ended December 31,
202520242023
Net loss$(2,698,051)$(2,713,942)$(2,828,420)
Accretion of redeemable convertible preferred stock (related party)(983,648)(347,610)— 
Net loss attributable to common stockholders, basic(3,681,699)(3,061,552)(2,828,420)
Interest expense on 2026 Notes14,309 — — 
Gain on extinguishment of debt(121,765)— — 
Net loss attributable to common stockholders, diluted$(3,789,155)$(3,061,552)$(2,828,420)
Weighted-average shares outstanding, basic 311,680,046 244,517,654 208,177,262 
Dilutive effect of 2026 Notes, using if-converted method1,720,090 — — 
Weighted-average shares outstanding, diluted313,400,136 244,517,654 208,177,262 
Net loss per share:
Basic$(11.81)$(12.52)$(13.59)
Diluted$(12.09)$(12.52)$(13.59)
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:
December 31,
Excluded Securities202520242023
Private Placement Warrants to purchase common stock4,435,000 4,435,000 4,435,000 
Options outstanding to purchase common stock2,030,874 2,689,410 3,291,114 
RSUs outstanding18,245,165 9,698,594 5,712,466 
Employee stock purchase plan5,580,286 2,542,538 1,411,193 
If-converted common shares from 2026 Notes
372,950 3,673,819 3,673,819 
If-converted common shares from 2030 Notes
36,666,630 — — 
If-converted common shares from 2031 Notes
46,846,313 — — 
If-converted common shares from Series A redeemable convertible preferred stock32,526,595 29,756,739 — 
If-converted common shares from Series B redeemable convertible preferred stock19,358,849 17,710,314 — 
Total166,062,662 70,506,414 18,523,592 
The Capped Call Transactions were also excluded from the computation of diluted net loss per share as they would be anti-dilutive. The 1,738,417, 697,953, and 688,091 shares of common stock equivalents subject to RSUs were excluded from the anti-dilutive table above as the underlying shares remain contingently issuable since the market or corporate and individual performance conditions have not been satisfied as of December 31, 2025, 2024, and 2023, respectively.
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About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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