Produced 2,110 vehicles in Q2; on track for annual production of approximately 9,000 vehiclesDelivered 2,394 vehicles in Q2; up 70.5% compared to Q2 2023Q2 revenue of $200.6 millionEnded the quarter with approximately $4.28 billion of total liquiditySeparately, announced a commitment of $1.5 billion today from an affiliate of the Public Investment Fund (PIF)
NEWARK, Calif., Aug. 5, 2024 /PRNewswire/ — Lucid Group, Inc. (NASDAQ: LCID), maker of the world’s most advanced electric vehicles, today announced financial results for its second quarter ended June 30, 2024. The earnings presentation is available on its investor relations website (https://ir.lucidmotors.com).
Lucid reported Q2 revenue of $200.6 million on deliveries of 2,394 vehicles and expects to manufacture approximately 9,000 vehicles in 2024. Lucid ended the second quarter with approximately $4.28 billion of total liquidity.
“I’m very encouraged by our sales and market share momentum we’re experiencing, the benefits we’re realizing from our cost optimization programs, and the excitement that’s been building into the Lucid Gravity launch, setting a strong foundation for the rest of the year,” said Peter Rawlinson, CEO and CTO of Lucid. “The tremendous financial value potential our technology enables is now becoming better recognized, and our achievement of a landmark efficiency of 5.0 miles per kilowatt hour, ahead of where we anticipated, is a further proof point of our leadership as a technology company.”
“Our Q2 financial performance reflects the positive momentum of increased sales of Lucid Air and the results of our cost reduction efforts, which contribute to the journey toward improving gross margin,” said Gagan Dhingra, Interim Chief Financial Officer and Principal Accounting Officer at Lucid. “We ended the second quarter with $4.28 billion in total liquidity and remain committed to maintaining a healthy balance sheet to execute on our strategic vision. The additional $1.5 billion commitment by an affiliate of the PIF announced today is expected to provide sufficient liquidity into at least the fourth quarter of 2025.”
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on August 5, 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.
About Lucid Group
Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The flagship vehicle, Lucid Air, delivers best-in-class performance and efficiency starting at $69,900*. Lucid is preparing its state-of-the-art, vertically integrated factory in Arizona to begin production of the Lucid Gravity SUV. The company’s goal is to accelerate humanity’s transition to sustainable transportation and energy.
*Excludes tax, title, license, options, destination, and documentation fees. For U.S. market only.
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 SUV and Midsize program, 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 SUV, including performance, driving range, features, specifications, and 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, estimate of Lucid’s technology lead over competitors, 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 Lucid’s AMP-1 and AMP-2 manufacturing facilities, including potential benefits, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, 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 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 Lucid’s 2024 reduction in force; 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 June 30, 2024, as well as in other documents Lucid has filed or will file with the Securities and Exchange Commission. 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
Condensed consolidated financial information has been presented in accordance with US GAAP (“GAAP”) as well as on a non-GAAP basis to supplement our condensed consolidated financial results. Lucid’s non-GAAP financial measures include Adjusted EBITDA, Adjusted Net Loss Attributable to Common Stockholders, Adjusted Net Loss Per Share Attributable to Common Stockholders, and Free Cash Flow, which are discussed below.
Adjusted EBITDA is defined as net loss attributable to common stockholders before (1) interest expense, (2) interest income, (3) provision for (benefit from) income taxes, (4) depreciation and amortization, (5) stock-based compensation, (6) restructuring charges, (7) change in fair value of common stock warrant liability, (8) change in fair value of equity securities of a related party, (9) change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party), and (10) accretion of Series A redeemable convertible preferred stock (related party). Lucid believes that Adjusted EBITDA provides useful information to Lucid’s management and investors about Lucid’s financial performance.
Adjusted Net Loss Attributable to Common Stockholders is defined as net loss attributable to common stockholders excluding (1) stock-based compensation, (2) restructuring charges, (3) change in fair value of common stock warrant liability, (4) change in fair value of equity securities of a related party, (5) change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party), and (6) accretion of Series A redeemable convertible preferred stock (related party).
Lucid defines and calculates Adjusted Net Loss Per Share Attributable to Common Stockholders as Adjusted Net Loss Attributable to Common Stockholders divided by weighted-average shares outstanding attributable to common stockholders.
Lucid believes that Adjusted Net Loss Attributable to Common Stockholders and Adjusted Net Loss Per Share Attributable to Common Stockholders financial measures provide investors with useful information to evaluate performance of its business excluding items not reflecting ongoing operating activities.
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.
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
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 June 30, 2024 and December 31, 2023, respectively (related party)
651,311
—
STOCKHOLDERS’ EQUITY
Common stock, par value $0.0001; 15,000,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 2,319,543,729 and 2,300,111,489
shares issued and 2,318,685,904 and 2,299,253,664 shares outstanding as of June 30, 2024 and December 31, 2023, respectively
232
230
Additional paid-in capital
15,063,541
15,066,080
Treasury stock, at cost, 857,825 shares at June 30, 2024 and December 31, 2023
(20,716)
(20,716)
Accumulated other comprehensive income (loss)
(4,159)
4,850
Accumulated deficit
(11,523,001)
(10,198,752)
Total stockholders’ equity
3,515,897
4,851,692
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
$ 8,223,268
$ 8,512,718
LUCID GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Revenue (including revenue of $36,470 and $0 from a related party for the three months ended June 30, 2024 and 2023,
and $87,836 and $0 for the six months ended June 30, 2024 and 2023, respectively)
$ 200,581
$ 150,874
$ 373,321
$ 300,306
Costs and expenses
Cost of revenue
470,355
555,805
875,151
1,056,329
Research and development
287,170
233,474
571,797
463,277
Selling, general and administrative
210,245
197,748
423,477
366,518
Restructuring charges
20,228
1,532
20,228
24,028
Total cost and expenses
987,998
988,559
1,890,653
1,910,152
Loss from operations
(787,417)
(837,685)
(1,517,332)
(1,609,846)
Other income (expense), net
Change in fair value of common stock warrant liability
7,539
42,133
34,593
1,331
Change in fair value of equity securities of a related party
(9,390)
—
(29,323)
—
Change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party)
103,000
—
103,000
—
Interest income
54,553
39,525
105,184
79,530
Interest expense
(6,673)
(6,690)
(14,174)
(13,798)
Other expense, net
(5,067)
(928)
(6,074)
(261)
Total other income (expense), net
143,962
74,040
193,206
66,802
Loss before provision for (benefit from) income taxes
(643,455)
(763,645)
(1,324,126)
(1,543,044)
Provision for (benefit from) income taxes
(65)
587
123
716
Net loss
(643,390)
(764,232)
(1,324,249)
(1,543,760)
Accretion of Series A redeemable convertible preferred stock (related party)
(146,861)
—
(150,762)
—
Net loss attributable to common stockholders, basic and diluted
$ (790,251)
$ (764,232)
$ (1,475,011)
$ (1,543,760)
Weighted-average shares outstanding attributable to common stockholders, basic and diluted
2,310,360,525
1,912,459,833
2,306,209,050
1,871,884,313
Net loss per share attributable to common stockholders, basic and diluted
$ (0.34)
$ (0.40)
$ (0.64)
$ (0.82)
Other comprehensive income (loss)
Net unrealized gains (losses) on investments, net of tax
$ (957)
$ (2,999)
$ (4,219)
$ 1,036
Foreign currency translation adjustments
(802)
586
(4,790)
586
Total other comprehensive income (loss)
(1,759)
(2,413)
(9,009)
1,622
Comprehensive loss
(645,149)
(766,645)
(1,333,258)
(1,542,138)
Accretion of Series A redeemable convertible preferred stock (related party)
(146,861)
—
(150,762)
—
Comprehensive loss attributable to common stockholders
$ (792,010)
$ (766,645)
$ (1,484,020)
$ (1,542,138)
LUCID GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Cash flows from operating activities:
Net loss
$ (643,390)
$ (764,232)
$ (1,324,249)
$ (1,543,760)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
66,183
55,363
135,021
105,201
Amortization of insurance premium
8,725
10,865
17,314
21,128
Non-cash operating lease cost
7,667
6,448
15,136
12,278
Stock-based compensation
57,013
71,376
120,709
125,195
Inventory and firm purchase commitments write-downs
145,243
276,631
277,541
503,679
Change in fair value of common stock warrant liability
(7,539)
(42,133)
(34,593)
(1,331)
Change in fair value of equity securities of a related party
9,390
—
29,323
—
Change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party)
(103,000)
—
(103,000)
—
Net accretion of investment discounts/premiums
(23,004)
(17,767)
(44,308)
(39,162)
Other non-cash items
6,199
9,113
4,944
11,458
Changes in operating assets and liabilities:
Accounts receivable (including $7,076 and $0 from a related party for the three months ended June 30, 2024 and 2023,
and $(42,282) and $0 for the six months ended June 30, 2024 and 2023, respectively)
25,584
(17,987)
(49,612)
(978)
Inventory
(62,408)
(93,808)
(83,410)
(447,962)
Prepaid expenses
(8,227)
(21,953)
(19,269)
(31,035)
Other current assets
(26,224)
(3,705)
(22,310)
18,488
Other noncurrent assets
(19,023)
(82,421)
(23,392)
(109,758)
Accounts payable
6,714
(29,825)
3,181
(95,999)
Accrued compensation
36,733
(15,866)
44,880
5,679
Other current liabilities
(36,320)
(56,466)
(39,360)
(55,092)
Other long-term liabilities
52,697
16,009
71,722
20,349
Net cash used in operating activities
(506,987)
(700,358)
(1,023,732)
(1,501,622)
Cash flows from investing activities:
Purchases of property, plant and equipment (including $(28,042) and $(20,497) from a related party for the three months
ended June 30, 2024 and 2023, and $(34,068) and $(40,918) for the six months ended June 30, 2024 and 2023,
respectively)
(234,315)
(203,715)
(432,512)
(445,485)
Purchases of investments
(1,339,579)
(1,304,715)
(1,854,127)
(2,147,253)
Proceeds from maturities of investments
1,257,603
941,338
2,287,894
1,982,489
Proceeds from sale of investments
5,000
135,144
5,000
148,388
Other investing activities
—
(6,024)
—
(4,827)
Net cash provided by (used in) investing activities
(311,291)
(437,972)
6,255
(466,688)
Cash flows from financing activities:
Proceeds from issuance of common stock under Underwriting Agreement, net of issuance costs
—
1,184,224
—
1,184,224
Proceeds from issuance of common stock under 2023 Subscription Agreement to a related party, net of issuance costs
—
1,812,641
—
1,812,641
Proceeds from issuance of Series A redeemable convertible preferred stock to a related party
—
—
1,000,000
—
Payments of issuance costs for Series A redeemable convertible preferred stock
(2,343)
—
(2,343)
—
Payment for finance lease liabilities
(848)
(1,652)
(1,929)
(3,079)
Proceeds from borrowings from a related party
—
4,266
—
4,266
Repayment of borrowings from a related party
(4,266)
—
(4,266)
—
Proceeds from exercise of stock options
786
2,926
2,311
5,107
Proceeds from employee stock purchase plan
11,104
15,089
11,104
15,089
Tax withholding payments for net settlement of employee awards
(2,070)
(3,879)
(5,312)
(10,378)
Net cash provided by financing activities
2,363
3,013,615
999,565
3,007,870
Net (decrease) increase in cash, cash equivalents, and restricted cash
(815,915)
1,875,285
(17,912)
1,039,560
Beginning cash, cash equivalents, and restricted cash
2,169,510
901,595
1,371,507
1,737,320
Ending cash, cash equivalents, and restricted cash
$ 1,353,595
$ 2,776,880
$ 1,353,595
$ 2,776,880
LUCID GROUP, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(in thousands, except share and per share data)
Adjusted EBITDA
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net loss attributable to common stockholders, basic and diluted (GAAP)
$ (790,251)
$ (764,232)
$ (1,475,011)
$ (1,543,760)
Interest expense
6,673
6,690
14,174
13,798
Interest income
(54,553)
(39,525)
(105,184)
(79,530)
Provision for (benefit from) income taxes
(65)
587
123
716
Depreciation and amortization
66,183
55,363
135,021
105,201
Stock-based compensation
58,493
71,376
122,189
126,638
Restructuring charges
20,228
1,532
20,228
24,028
Change in fair value of common stock warrant liability
(7,539)
(42,133)
(34,593)
(1,331)
Change in fair value of equity securities of a related party
9,390
—
29,323
—
Change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party)
(103,000)
—
(103,000)
—
Accretion of Series A redeemable convertible preferred stock (related party)
146,861
—
150,762
—
Adjusted EBITDA (non-GAAP)
$ (647,580)
$ (710,342)
$ (1,245,968)
$ (1,354,240)
Adjusted Net Loss Attributable to Common Stockholders
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net loss attributable to common stockholders, basic and diluted (GAAP)
$ (790,251)
$ (764,232)
$ (1,475,011)
$ (1,543,760)
Stock-based compensation
58,493
71,376
122,189
126,638
Restructuring charges
20,228
1,532
20,228
24,028
Change in fair value of common stock warrant liability
(7,539)
—
(42,133)
(34,593)
(1,331)
Change in fair value of equity securities of a related party
9,390
—
29,323
—
Change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party)
(103,000)
—
(103,000)
—
Accretion of Series A redeemable convertible preferred stock (related party)
146,861
—
150,762
—
Adjusted net loss attributable to common stockholders, basic and diluted (non-GAAP)
$ (665,818)
$ (733,457)
$ (1,290,102)
$ (1,394,425)
Adjusted Net Loss Per Share Attributable to Common Stockholders
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net loss per share attributable to common stockholders, basic and diluted (GAAP)
$ (0.34)
$ (0.40)
$ (0.64)
$ (0.82)
Stock-based compensation
0.02
0.04
0.05
0.07
Restructuring charges
0.01
—
0.01
0.01
Change in fair value of common stock warrant liability
—
(0.02)
(0.01)
—
Change in fair value of equity securities of a related party
—
—
0.01
—
Change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party)
(0.04)
—
(0.04)
—
Accretion of Series A redeemable convertible preferred stock (related party)
0.06
—
0.06
—
Adjusted net loss per share attributable to common stockholders, basic and diluted (non-GAAP)
$ (0.29)
$ (0.38)
$ (0.56)
$ (0.74)
Weighted-average shares outstanding attributable to common stockholders, basic and diluted
2,310,360,525
1,912,459,833
2,306,209,050
1,871,884,313
LUCID GROUP, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures – continued
(Unaudited)
(in thousands)
Free Cash Flow
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net cash used in operating activities (GAAP)
$ (506,987)
$ (700,358)
$ (1,023,732)
$ (1,501,622)
Capital expenditures
(234,315)
(203,715)
(432,512)
(445,485)
Free cash flow (non-GAAP)
$ (741,302)
$ (904,073)
$ (1,456,244)
$ (1,947,107)
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SOURCE Lucid Group
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