Lucid Group Files 2024 Q2 10-Q

TL;DR

**Lucid Group 10-Q filed: Q2 2024 financials are in, check for key performance indicators.**

AI Summary

Lucid Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position and operations, including its assets, liabilities, and equity. Specific financial figures and operational details are presented within the report, which is crucial for understanding the company's performance and outlook.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look at Lucid's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — Lucid Group operates in the highly competitive and capital-intensive automotive industry, facing significant risks related to production, sales, and profitability.

Key Numbers

• 2024 Q2 — Reporting Period (Covers the second quarter of 2024.)
• 2024-06-30 — Period End Date (Specific date for financial reporting.)
• 2023-12-31 — Previous Year End (For comparative financial analysis.)

Key Players & Entities

• Lucid Group, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240805 (date) — Filing date
• Churchill Capital Corp IV (company) — Former company name
• Annetta Acquisition Corp (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — hich registered Class A Common Stock, $0.0001 par value per share LCID The Nasdaq St

Filing Documents

• lcid-20240630.htm (10-Q) — 2127KB
• q2fy2410q-ex102.htm (EX-10.2) — 1934KB
• q2fy2410q-ex311.htm (EX-31.1) — 10KB
• q2fy2410q-ex312.htm (EX-31.2) — 11KB
• q2fy2410q-ex321.htm (EX-32.1) — 5KB
• q2fy2410q-ex322.htm (EX-32.2) — 5KB
• 0001628280-24-034730.txt ( ) — 14213KB
• lcid-20240630.xsd (EX-101.SCH) — 86KB
• lcid-20240630_cal.xml (EX-101.CAL) — 116KB
• lcid-20240630_def.xml (EX-101.DEF) — 600KB
• lcid-20240630_lab.xml (EX-101.LAB) — 961KB
• lcid-20240630_pre.xml (EX-101.PRE) — 848KB
• lcid-20240630_htm.xml (XML) — 1609KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Cautionary Note Regarding Forward-Looking Statements 3 Frequently Used Terms 4

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 6 Condensed Consolidated Balance Sheets as of Jun e 3 0 , 2024 and December 31, 2023 (Unaudited) 6 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 3 0 , 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity for the Three and Six Months Ended Ju ne 3 0 , 2024 and 2023 (Unaudited) 8 Condensed Consolidated Statements of Cash Flows for the Six Months Ended Ju ne 3 0 , 2024 and 2023 (Unaudited) 10 Notes to Condensed Consolidated Financial Statements (Unaudited) 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 52

Controls and Procedures

Item 4. Controls and Procedures 53

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 54

Risk Factors

Item 1A. Risk Factors 54

Other Information

Item 5. Other Information 104

Exhibits

Item 6. Exhibits 104

SIGNATURES

SIGNATURES 106 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act"), and Section 21E of the Securities and Exchange Act of 1934 (the "Exchange Act"). 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," "scheduled" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. They appear in a number of places throughout this Quarterly Report on Form 10-Q and include, but are not limited to, statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, capital expenditures, prospects, growth, production volumes, strategies and the markets in which we operate, including expectations of financial and operational metrics, projections of market opportunity, market share and product sales, expectations and timing related to commercial product launches, future strategies and products, including with respect to energy storage systems and automotive partnerships, technology, manufacturing capabilities and facilities, studio openings, sales channels and strategies, future vehicle programs, expansion and the potential success of our direct-to-consumer strategy, our financial and operating outlook, future market launches and international expansion, including our manufacturing facility in Saudi Arabia and related timing and value to us, and our needs for a

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. LUCID GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share data) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,353,581 $ 1,369,947 Short-term investments 1,862,848 2,489,798 Accounts receivable, net (including $ 77,808 and $ 35,526 from a related party as of June 30, 2024 and December 31, 2023, respectively) 101,370 51,822 Inventory 509,888 696,236 Prepaid expenses 71,637 69,682 Other current assets 102,164 79,670 Total current assets 4,001,488 4,757,155 Property, plant and equipment, net 3,065,711 2,810,867 Right-of-use assets 212,877 221,508 Long-term investments 687,641 461,029 Other noncurrent assets 204,049 180,626 Investments in equity securities of a related party 51,502 81,533 TOTAL ASSETS $ 8,223,268 $ 8,512,718 LIABILITIES Current liabilities: Accounts payable $ 113,634 $ 108,724 Accrued compensation 137,374 92,494 Finance lease liabilities, current portion 7,099 8,202 Other current liabilities (including $ 79,735 and $ 92,258 associated with related parties as of June 30, 2024 and December 31, 2023, respectively) 752,779 798,990 Total current liabilities 1,010,886 1,008,410 Finance lease liabilities, net of current portion 76,533 77,653 Common stock warrant liability 19,071 53,664 Long-term debt 1,999,547 1,996,960 Other long-term liabilities (including $ 148,121 and $ 178,311 associated with related parties as of June 30, 2024 and December 31, 2023, respectively) 555,923 524,339 Derivative liability associated with Series A redeemable convertible preferred stock (related party) 394,100 — Total liabilities 4,056,060 3,661,026 Commitments and contingencies (Note 12) REDEEMABLE CONVERTIBLE PREFERRED STOCK Series A redeemable convertible preferred stock, par value $ 0.0001 ; 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 100,000 and 0 shares issued and outstanding as of

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View this 10-Q filing on SEC EDGAR