Lucid Group, Inc.LCID

Lucid Group, Inc. Segments Disclosure

10-KFiled Feb 24, 20262 min read
SEGMENT REPORTING
The Company operates in one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The Company’s CODM is its Chief Executive Officer. The Company derives segment revenue primarily from the sale of EVs to customers, and the Company’s reported measure of the segment’s profit or loss is the consolidated net loss reported in the consolidated statements of operations and comprehensive loss. The CODM uses the consolidated net loss for monitoring actual results to assess the Company’s financial performance. The Company’s CODM does not evaluate its reportable segment using asset information.
The disaggregation of the Company’s revenue by geographic area based on the sales location where the sales originated was as follows (in thousands):
Year Ended December 31,
202520242023
North America(1)
$1,166,729 $598,022 $521,991 
Middle East(2)
163,556 194,052 58,993 
Other international
23,505 15,758 14,287 
Total revenue
$1,353,790 $807,832 $595,271 
(1) United States revenue was $1,142.4 million, $587.3 million, and $511.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.
(2) Kingdom of Saudi Arabia revenue was $161.8 million and $191.1 million for the years ended December 31, 2025 and 2024. Middle East represented revenue from Kingdom of Saudi Arabia for the year ended December 31, 2023.
The following table included information about reported segment revenue, segment profit or loss, and significant segment expenses (in thousands):
Year Ended December 31,
202520242023
Revenue
$1,353,790 $807,832 $595,271 
Less:
Cost of revenue - excluding LCNRV and provision for warranty
(1,723,522)(993,154)(935,118)
Cost of revenue - LCNRV(815,666)(617,446)(926,898)
Cost of revenue - provision for warranty
(70,988)(120,343)(74,050)
Research and development expenses
(1,211,397)(1,176,453)(937,012)
Selling, general, and administrative expenses
(1,033,970)(900,952)(797,235)
Restructuring charges
— (20,304)(24,546)
Change in fair value of common stock warrant liability
19,514 34,150 86,926 
Change in fair value of equity securities
(15,785)(43,057)5,999 
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party)
623,225 155,350 — 
Gain on extinguishment of debt
121,765 — — 
Interest income
156,443 213,026 204,274 
Interest expense
(95,101)(32,923)(24,915)
Other expense, net
(8,692)(18,469)(90)
Benefit from (provision for) income taxes
2,333 (1,199)(1,026)
Segment net loss
(2,698,051)(2,713,942)(2,828,420)
Consolidated net loss
$(2,698,051)$(2,713,942)$(2,828,420)
Depreciation and amortization expenses were $451.2 million, $295.3 million, and $233.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The long-lived assets by geographic area were as follows (in thousands):
December 31,
2025		December 31,
2024
United States
$3,487,142 $3,314,720 
Foreign(1)
732,964 159,778 
Total long-lived assets
$4,220,106 $3,474,498 
(1) Kingdom of Saudi Arabia long-lived assets balance was $658.6 million as of December 31, 2025. No individual foreign country had more than 10% of the total long-lived assets balance as of December 31, 2024.

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 25, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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