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Consumer Discretionary · NASDAQ: LCID

Lucid: how the business works

Lucid Group makes luxury electric sedans and SUVs in Arizona, with revenue of $1,353.8 million and a net loss to common stockholders of $3,681.7 million in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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Lucid Group, Inc. · Newark, California

Updated for Q2 FY2026 · checked

Revenue, FY2025
$1,353.8M
Net loss to common stockholders, FY2025
−$3,681.7M
Vehicles delivered, FY2025
15,841
Employees, Dec 31, 2025
About 9,000
Public Investment Fund stake, Apr 28, 2026
56.85%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Lucid in 5 points

  1. 1 · What it sells

    Lucid sells luxury electric cars, the Lucid Air sedan and the Lucid Gravity SUV, with revenue of $1,353.8 million in FY2025 and $405.3 million in Q2 FY2026.

    More: what it sells

  2. 2 · Who pays it

    No filing splits revenue by customer, but in FY2025 vehicle buyers paid 87.4%, carmakers buying regulatory credits 7.1% and service, parts and other sales about 5.5%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, costs and charges took $343.8 after non-cash gains, so the loss to common stockholders was $243.8; the operating loss alone was $3,501.8 million.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Lucid has no operating profit: it reports one segment, and in FY2025 a gross loss of $1,256.4 million plus $2,245.4 million of research and overhead gave an operating loss of $3,501.8 million.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Free cash flowCash from operations minus spending on buildings and equipment. Learn more was an outflow of $1,476.1 million in Q2 FY2026, against $775.5 million of cash and investments at Jun 30, 2026.

    More: the one thing to watch

Sources: From Lucid's FY2025 10-K, Q2 FY2026 10-Q and Q2 FY2026 earnings release · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Lucid's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Lucid · FY2025

Receipt for every $100

Where $100 of Lucid's money went in FY2025
Cost of revenue$172.8
Research and development$80.2
Selling, general and administrative$68.5
Interest and other items, net of tax$7.8
Non-cash gains (reduced the loss)−$50.6
Accretion on the PIF's preferred stock$65.1
Loss to common stockholders (costs above money in)−$243.8
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue $1,353.8 million + interest income $156.4 million = $1,510.2 million). Costs and charges added up to $343.8 after the non-cash gains, so the last line is a loss of $243.8. Measured on revenue alone, the operating loss was $258.7 per $100. Depreciation and amortization ($451.2 million) and stock-based pay ($271.3 million) sit inside the cost lines.

Sources (2)
Next: The business in one line

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02The business in one line

What does Lucid do?

Drivers, leasing banks and Saudi government buyers pay Lucid for electric cars; the cars cost more to build than they bring in, so Lucid relies on outside money, much of it from Saudi Arabia's Public Investment Fund.

  • Vehicle sales brought in $1,183.8 million of FY2025 revenue of $1,353.8 million. Cost of revenue was $2,610.2 million, almost twice revenue.
  • Research and development took $1,211.4 million and selling and administration $1,034.0 million. That left an operating loss of $3,501.8 million.
Next: Who pays it

03Who pays it

Who pays Lucid?

  • Vehicle buyers: drivers, leasing banks, rental companies and Saudi government entities

    87%

    of revenue

    $1,183.8 million of vehicle sales in FY2025, or 87.4% (Cityfort calculation from the FY2025 10-K). The 10-K says cars sold to leasing banks with a resale-value guarantee were about 51% of total revenue.

  • Other carmakers buying regulatory credits

    7%

    of revenue

    $96.0 million in FY2025, or 7.1% (Cityfort calculation from the FY2025 10-K), up from $30.4 million in FY2024.

  • Service, parts and other sales

    6%

    of revenue

    About $74.0 million, or 5.5%, is what is left after the two lines above (Cityfort calculation from the FY2025 10-K). The 10-K lists after-sales service and parts, battery packs, powertrain kits and merchandise here, with no split.

  • Vehicle buyers: drivers, leasing banks, rental companies and Saudi government entities87%
  • Other carmakers buying regulatory credits7%
  • Service, parts and other sales6%

How spread out the customers are

Lucid gives no revenue split by customer. Revenue from a related party of its controlling holder, the PIF, was $144.0 million in FY2025 (10.6%) and $96.2 million in Q2 FY2026 (23.7%). Both shares are Cityfort calculations from the FY2025 10-K and Q2 FY2026 10-Q. The Saudi government, a related party of the PIF, buys under a 2023 agreement.

Sources (2)
Next: Why it makes money

04Why it makes money

Why does Lucid make money?

Lucid's cars cost more to build than they sell for, so higher sales have so far come with a gross loss.

Gross loss per $100 of revenue narrowed from $170.7 in FY2022 to $92.8 in FY2025 as deliveries rose. Research and overhead added $2,245.4 million in FY2025. The 10-K says direct production costs exceeded vehicle revenue even before write-downs.

Gross profit per $100 of revenue

−$170.7−$92.8

FY2022 to FY2025

  1. Lucid's Arizona plant has installed capacity of 90,000 vehicles a year
  2. It produced 17,840 in FY2025, so fixed factory costs fell on few cars
  3. Cost of revenue, $2,610.2 million, was almost twice revenue of $1,353.8 million
  4. Write-downs on inventory and purchase commitments of $799.1 million sat inside that cost
  5. Research and overhead took $2,245.4 million, for an operating loss of $3,501.8 million
  6. Share sales, preferred stock and loans, many from PIF affiliates, covered the cash gap

↺ Step 6 feeds back into step 1.

Sources (2)
Next: How has it done

05The numbers · Consolidated · US$

How has Lucid done?

Revenue

$1.4BFY2025

Revenue rose from $27.1 million in FY2021, when deliveries began, to $1,353.8 million in FY2025, with a dip in FY2023; Q2 FY2026 revenue was $405.3 million, up 56% from a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$27.1M
FY2022$608M
FY2023$595M
FY2024$808M
FY2025$1.4B
Q3 FY2024$200M
Q4 FY2024$235M
Q1 FY2025$235M
Q2 FY2025$259M
Q3 FY2025$337M
Q4 FY2025$523M
Q1 FY2026$283M
Q2 FY2026$405M

Net profit

−$3.7BFY2025

Lucid reported a loss to common stockholders in every year and quarter shown; FY2021 and FY2022 per-share losses are left out because they predate the 1-for-10 reverse split of Aug 29, 2025.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021−$4.7B–
FY2022−$1.3B–
FY2023−$2.8B−$13.59
FY2024−$3.1B−$12.52
FY2025−$3.7B−$12.09
Q3 FY2024−$950M−$4.09
Q4 FY2024−$637M−$2.24
Q1 FY2025−$731M−$2.41
Q2 FY2025−$739M−$2.80
Q3 FY2025−$1.0B−$3.31
Q4 FY2025−$1.2B−$3.62
Q1 FY2026−$1.1B−$3.46
Q2 FY2026−$1.3B−$3.30

Profit kept per $100 of revenue

−$272.0FY2025

Loss to common stockholders per $100 of revenue was $272.0 in FY2025, down from $475.1 in FY2023; FY2021 has no margin here because revenue was only $27.1 million.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2021––
FY2022−214.5%−395.8%
FY2023−475.1%−481.5%
FY2024−379.0%−337.4%
FY2025−272.0%−225.3%

Free cash flow

−$3.8BFY2025

Free cash flow was an outflow every year, $3,800.1 million in FY2025, and stock-based pay was above 10% of revenue every year, at 20.0% in FY2025.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021−$1.1B$421M−$1.5B
FY2022−$2.2B$1.1B−$3.3B
FY2023−$2.5B$911M−$3.4B
FY2024−$2.0B$884M−$2.9B
FY2025−$2.9B$868M−$3.8B
See all yearly numbers
Lucid annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Net income, total (US$)Operating cashCapexFree cash
FY2021$27.1M−$1.5B−$4.7B–−$2.6B−$1.1B$421M−$1.5B
FY2022$608M−$2.4B−$1.3B––−$2.2B$1.1B−$3.3B
FY2023$595M−$2.9B−$2.8B−$13.59–−$2.5B$911M−$3.4B
FY2024$808M−$2.7B−$3.1B−$12.52−$2.7B−$2.0B$884M−$2.9B
FY2025$1.4B−$3.1B−$3.7B−$12.09−$2.7B−$2.9B$868M−$3.8B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; fiscal quarters are calendar quarters). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net loss was $2,698.1 million. Accretion of $983.6 million on the PIF's redeemable convertible preferred stock is charged to common stockholders, so their loss was larger. Diluted EPS uses a loss of $3,789.2 million, which leaves out a $121.8 million gain on a debt buyback.

Download Lucid's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (11)
Next: What they said, and what happened

06Who runs it

Who runs Lucid, and did they deliver?

  • Silvio Napoli

    Chief Executive Officer · since 2026

    Joined on Apr 15, 2026 and became CEO on Jun 1, 2026. He was chairman and CEO of Schindler Group from January 2022 to March 2025.

  • Alexander De Bock

    Chief Financial Officer · since 2026

    Appointed on Jul 1, 2026, replacing Taoufiq Boussaid, whose departure the filing says is not related to any disagreement. He was previously CFO of auto suppliers Metalsa and TI Automotive.

  • Turqi Alnowaiser

    Chairman of the Board · since 2023

    Chairman since April 2023. He is Deputy Governor and Head of the International Investments Division at the PIF, Lucid's controlling holder.

What they said, and what happened

1 missed · 4 too early to tell

  1. Said on Feb 25, 2025

    Lucid said it expected to produce about 20,000 vehicles in 2025.

    What happened

    It lowered the range to 18,000 to 20,000 on Aug 5, 2025. It produced 17,840, revised down from the 18,378 first reported.

    Missed

  2. Said on Feb 24, 2026

    Lucid said it expected to produce 25,000 to 27,000 vehicles in 2026.

    What happened

    It reaffirmed the range on Apr 3, 2026; the Aug 4, 2026 release did not repeat it. It produced 13,228 in the first nine months (Cityfort calculation from the Q1 to Q3 FY2026 production releases).

    Too early to tell

  3. Said on Feb 24, 2026

    Lucid said its Midsize platform was scheduled to start production in late 2026.

    What happened

    The Q2 FY2026 10-Q, filed Aug 4, 2026, says Lucid expects to ramp up Midsize production in the second half of 2027.

    Too early to tell

  4. Said on Apr 14, 2026

    Lucid, Uber and Nuro said they were preparing to launch a commercial robotaxi service in the San Francisco Bay Area later in 2026.

    What happened

    On Aug 4, 2026 the company said testing was under way with nearly 100 vehicles in the Bay Area and Houston.

    Too early to tell

  5. Said on Jun 22, 2026

    Lucid said cutting about 18% of its US workforce would bring annualized savings of about $158 million.

    What happened

    No savings figure has been reported yet. The Q2 FY2026 earnings release shows $33.7 million of workforce reduction charges in the quarter.

    Too early to tell
Sources (17)
Next: What could go wrong

07What could go wrong

What could go wrong for Lucid?

  • Cash and liquidity

    Losses are paid for with outside money

    Free cash flow was an outflow of $3,800.1 million in FY2025 and $1,476.1 million in Q2 FY2026. Cash and investments were $775.5 million at Jun 30, 2026, and the 10-Q says Lucid will require additional capital.

    Watch Cash and investments in the Q3 FY2026 10-Q, and the about $400 million left on the Ayar loan after the Oct 6, 2026 draw.

  • Execution

    Cars cost more to build than they sell for

    The FY2025 gross loss was $1,256.4 million, including $799.1 million of write-downs on inventory and purchase commitments. The 10-K says tariffs added about $120 million to FY2025 costs.

    Watch Gross loss each quarter: $426.7 million in Q2 FY2026 (Cityfort calculation from the Q2 FY2026 earnings release).

  • Governance

    One holder controls the company

    The PIF held 56.85% of common stock, counting preferred stock as converted, at Apr 28, 2026. Its affiliates are also Lucid's largest lender and a customer, and the 10-K says their interests may differ from other holders'.

    Watch New PIF-affiliated financing, and conversions of the preferred stock into common shares.

  • Debt

    Debt is rising, and notes come due in December

    Debt was $3,253.7 million at Jun 30, 2026, before draws of $800 million, $400 million and $400 million on the Ayar loan by Oct 6. The 2026 notes, $204.3 million, mature on Dec 15, 2026.

    Watch Total debt in the Q3 FY2026 10-Q, and repayment of the 2026 notes.

  • Concentration

    Saudi government buying is a large, variable share

    Revenue from a related party of the PIF was 10.6% of FY2025 revenue and 23.7% in Q2 FY2026. The Saudi buyer may reduce its 50,000-vehicle minimum for orders not accepted or not delivered within six months.

    Watch Related-party revenue in each 10-Q: $96.2 million in Q2 FY2026.

  • Execution

    New cars and robotaxis are still to come

    The Midsize platform is not yet in production; the 10-Q says Lucid expects to ramp it up in the second half of 2027. Uber's Midsize robotaxi purchases follow a start of production targeted for late 2028.

    Watch Midsize production milestones and robotaxi launch dates the company reports.

  • Pricing

    Leasing guarantees tie Lucid to used-car prices

    About 51% of FY2025 revenue came from cars sold to leasing banks with a resale-value guarantee. Lucid pays part of any shortfall when leased cars are resold; the liability was $114.0 million at Dec 31, 2025.

    Watch The guarantee liability in the FY2026 10-K.

  • Legal

    Shareholder lawsuits are pending

    Class actions filed in 2022 and May 2026 allege misleading statements on production targets and Gravity deliveries. Lucid denies the allegations and says it cannot predict the outcome or exposure.

    Watch Rulings in In re Lucid Group Securities Litigation and Eke v. Lucid Group.

Sources (7)
Next: Supporters vs. critics

08Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose from $595.3 million in FY2023 to $1,353.8 million in FY2025, and Q2 FY2026 revenue was up 56% from a year earlier.
  • Gross loss per $100 of revenue narrowed from $225.2 in FY2023 to $92.8 in FY2025.
  • The PIF's Ayar bought $550 million of preferred stock in April 2026, and Uber has invested $500 million in Lucid in total.
  • Uber agreed to buy at least 35,000 Gravity and Midsize vehicles for robotaxis.
  • Regulatory credit revenue rose from $30.4 million in FY2024 to $96.0 million in FY2025.

What critics point to

  • Lucid has reported a loss every year, and its accumulated deficit was $17,673.9 million at Jun 30, 2026.
  • Cost of revenue was $2,610.2 million against revenue of $1,353.8 million in FY2025.
  • Stockholders' equity was negative $1,058.0 million at Jun 30, 2026, and net debt was $2,478.2 million (Cityfort calculation from the Q2 FY2026 10-Q).
  • Common shares outstanding rose from 327,684,243 at Feb 18, 2026 to 394,070,176 at Jul 29, 2026.
  • Production fell to 2,954 vehicles in Q3 FY2026 from 4,774 in Q2, after the second Arizona shift was eliminated.
Next: What to watch next

09What to watch next

What should you watch next at Lucid?

Next event

Q3 FY2026 results

Nov 9, 2026

Date confirmed by the company

Add to calendarAnnouncementAll earnings dates

  • Q3 FY2026 results on Nov 9, 2026

    Lucid has already reported Q3 production of 2,954 and deliveries of 3,806. Revenue, losses and cash will come with the results.

  • The 2026 production range

    Lucid gave 25,000 to 27,000 on Feb 24, 2026 and reaffirmed it on Apr 3. The Aug 4 release did not repeat it, and nine-month production was 13,228.

  • Cash and borrowing

    About $2.1 billion was outstanding on the Ayar loan after the Oct 6, 2026 draw, with about $400 million left. The 2026 notes, $204.3 million, mature on Dec 15, 2026.

  • The $1.4 billion cash plan

    The company said on Aug 4, 2026 that it identified $1.4 billion of 2026 cash improvements, mostly from inventory and capital spending.

Next: Key dates

10Key dates

What are the key dates for Lucid?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Lucid
EventDateSource
Q3 FY2026 results and conference callAnnounced by the company on Oct 5, 2026.News release, Oct 5, 2026: Q3 2026 production and deliveries, Q3 earnings date (8-K Exhibit 99.1)
1.25% convertible notes due 2026 mature$204.3 million of principal was outstanding at Jun 30, 2026.Form 10-Q, second quarter 2026 (ended Jun 30, 2026)
Ayar's transfer restrictions on its Series C preferred stock endThe company's Aug 12, 2026 release gives April 2027.Not yet statedNews release, Aug 12, 2026: resale prospectus supplement (8-K Exhibit 99.1)
Asset-based credit line matures$270.4 million was unused at Jun 30, 2026.Form 10-Q, second quarter 2026 (ended Jun 30, 2026)
Uber's transfer restrictions on 24,038,462 shares endThe company's Aug 12, 2026 release gives October 2027.Not yet statedNews release, Aug 12, 2026: resale prospectus supplement (8-K Exhibit 99.1)
Ayar delayed-draw term loan maturesAbout $2.1 billion was outstanding after the Oct 6, 2026 draw.Form 10-Q, second quarter 2026 (ended Jun 30, 2026); Form 8-K, Oct 9, 2026: $400 million DDTL draw

Learn: How to read a US earnings release: Nvidia's Q2 fiscal 2027

Sources (4)
Next: Key facts

11Key facts

Key facts about Lucid

What does Lucid do?
Lucid Group designs and builds luxury electric cars, the Lucid Air sedan and the Lucid Gravity SUV, at its plant in Casa Grande, Arizona. Lucid had revenue of $1,353.8 million in FY2025 (calendar 2025), delivered 15,841 vehicles and had about 9,000 employees at Dec 31, 2025.
How does Lucid make money?
Lucid makes money mainly by selling cars. In FY2025 vehicle sales were $1,183.8 million of Lucid's $1,353.8 million revenue, and sales of regulatory credits to other carmakers were $96.0 million. Lucid's cost of revenue, $2,610.2 million, was higher than its revenue.
What is Lucid's business model?
Lucid's business model is to design its own electric motors, batteries and software, build cars in its own plants and sell them directly to customers through its own stores and online. Lucid had 62 stores and service centers in North America, Europe and the Middle East at Dec 31, 2025.
Is Lucid profitable?
No. Lucid reported a net loss to common stockholders of $3,681.7 million in FY2025 and $1,259.3 million in Q2 FY2026. Lucid's FY2025 operating loss was $3,501.8 million, and it had a gross loss in every year from FY2021 to FY2025.
What is Lucid's revenue by segment?
Lucid reports one business segment. Lucid's FY2025 revenue of $1,353.8 million included $1,183.8 million of vehicle sales and $96.0 million of regulatory credits; by location, the United States gave $1,142.4 million and Saudi Arabia $161.8 million.
What is the Lucid Air?
The Lucid Air is Lucid's electric luxury sedan, delivered to customers since October 2021. Lucid's FY2025 10-K gives the Air Grand Touring an EPA-estimated range of 512 miles. Lucid does not report revenue or deliveries for the Air on its own.
What is the Lucid Gravity?
The Lucid Gravity is Lucid's electric SUV with seats for up to seven, in production since December 2024. Lucid does not report Gravity revenue or deliveries separately; all Lucid deliveries were 3,806 vehicles in Q3 FY2026.
How many cars does Lucid deliver?
Lucid delivered 15,841 vehicles in FY2025, up from 10,241 in FY2024, and produced 17,840. In Q3 FY2026 Lucid produced 2,954 vehicles and delivered 3,806.
Who are Lucid's customers?
Lucid sells to drivers, to banks that lease its cars to drivers, and to Saudi government entities. Revenue from a related party of Lucid's controlling holder was $144.0 million, or 10.6% of Lucid's FY2025 revenue (Cityfort calculation from the FY2025 10-K).
Who owns Lucid?
Saudi Arabia's Public Investment Fund (PIF) owned 56.85% of Lucid's common stock, counting its preferred stock as converted, at Apr 28, 2026, per its Schedule 13D/A. Uber reported 37,753,583 Lucid shares in a Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more filed Apr 20, 2026.
Sources (7)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Lucid sell?

Lucid designs and builds luxury electric cars: the Lucid Air sedan and the Lucid Gravity SUV. It sells them directly, online and through its own stores, which it calls Studios. Vehicle sales were $1,183.8 million of FY2025 revenue of $1,353.8 million.

  • Lucid Air

    A luxury electric sedan, delivered to customers since October 2021. The FY2025 10-K gives the Air Grand Touring an EPA-estimated range of 512 miles.

  • Lucid Gravity

    An electric SUV with seats for up to seven adults, in production since December 2024. Lucid gives no revenue or deliveries by model.

  • Regulatory credits

    Credits earned under emissions and fuel-economy rules, sold to other carmakers that need them. They brought in $96.0 million in FY2025, up from $30.4 million in FY2024.

  • Service, parts and technology

    After-sales service and parts, battery packs and powertrain kits. Since Nov 6, 2023 Aston Martin has paid for access to Lucid's powertrain, battery and software technology.

  • Midsize platform (in development)

    SUVs called Lucid Cosmos and Lucid Earth, which the company said on Mar 12, 2026 would start below $50,000. The Q2 FY2026 10-Q says Lucid expects to ramp up Midsize production in the second half of 2027.

  • Robotaxi vehicles for Uber

    Uber has agreed to buy at least 35,000 Gravity and Midsize vehicles fitted for driverless use. Testing with Uber and Nuro runs on nearly 100 vehicles in the San Francisco Bay Area and Houston.

What it does

  • Does: Sells directly to customers, with 62 Studios and service centers at Dec 31, 2025
  • Does: Builds its cars at one plant in Casa Grande, Arizona, and finishes some in Saudi Arabia
  • Does: Designs its own motors, batteries and software, and supplies that technology to Aston Martin

What it does not do

  • Does not: Does not make a gross profit: cost of revenue was $2,610.2 million against revenue of $1,353.8 million in FY2025
  • Does not: Does not report revenue or deliveries by model
  • Does not: Does not use franchised dealers in North America; it sells directly to consumers
  • Does not: Does not pay a dividend: it has never declared or paid one
Sources (4)
13How the money flows

13How the money flows · FY2025

How does money flow through Lucid?

Money in

  • Revenue (vehicles, regulatory credits, service and parts)$1.4B
  • Interest income$156M

The company

Lucid

$1.5B came in

Money out

  • Cost of revenue (building, delivering and servicing cars, including write-downs)$2.6B
  • Research and development$1.2B
  • Selling, general and administrative$1.0B
  • Interest expense $95.1M and other items, net of a $2.3M tax benefit$117M
  • Non-cash gains on PIF preferred-stock derivatives, a debt buyback and warrants (reduced the loss)−$765M
  • Accretion on the PIF's preferred stock (a non-cash charge to common stockholders)$984M
  • Net loss to common stockholders−$3.7B
  1. Customers paid $1,353.8 million in FY2025, and interest income added $156.4 million.
  2. Cost of revenue took $2,610.2 million, including $799.1 million of write-downs on inventory and purchase commitments.
  3. Research and development took $1,211.4 million and selling and administration $1,034.0 million, for an operating loss of $3,501.8 million.
  4. Non-cash gains of $764.5 million, mostly on derivatives tied to the PIF's preferred stock, cut the net loss to $2,698.1 million.
  5. Accretion of $983.6 million on that preferred stock is charged to common stockholders, so their loss was $3,681.7 million.
Sources (2)
14What it needs to run

14What it needs to run

What does Lucid need to run?

  • The Arizona plant (AMP-1)

    Lucid's main plant, in Casa Grande, with installed capacity of 90,000 vehicles a year after a 2024 expansion. It produced 17,840 in FY2025. Lucid ended the plant's second shift in June 2026.

  • The Saudi plant (AMP-2)

    Opened in September 2023 to finish cars shipped as kits. An expansion to build complete cars targets 150,000 a year of installed capacity; on Aug 4, 2026 the company said equipment was being installed.

  • Battery cells and other parts

    Minimum battery-cell purchase commitments were about $2.47 billion at Jun 30, 2026. The 10-K says tariffs added about $120 million to FY2025 cost of revenue.

  • People

    About 9,000 employees at Dec 31, 2025. In June 2026 Lucid cut about 18% of its US workforce. Stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $271.3 million in FY2025, or 20.0% of revenue.

  • Outside money

    Operations and capital spending used $3,800.1 million in FY2025. All past losses added up to an accumulated deficit of $17,673.9 million at Jun 30, 2026.

Sources (5)
15Where it sells

15Where it sells · FY2025

Where does Lucid sell?

  • United States84%
  • Saudi Arabia12%
  • Other countries4%
Sources (1)
16Competitors and what protects it

16Competitors and what protects it

Who does Lucid compete with?

Lucid's FY2025 10-K names no competitors. It says it competes with luxury gasoline cars and with electric and hybrid cars from new and established makers, many with greater resources. Cityfort chose the peer below from its own SEC filings.

  • Rivian

    NASDAQ: RIVN

    Rivian's FY2025 SEC data show revenue of $5,387 million, gross profit of $144 million, its first positive full year, and a net loss of $3,646 million.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • In-house motor, battery and software technology3 of 5

    The FY2025 10-K gives the Air Grand Touring an EPA-estimated range of 512 miles. Aston Martin pays for access to Lucid's powertrain, battery and software technology.

  • Backing from the Saudi state4 of 5

    The PIF controls Lucid, and its affiliates bought $550 million of preferred stock in April 2026. The Saudi government agreed in 2023 to buy up to 100,000 vehicles over ten years, with a minimum it may reduce in some cases.

  • Scale1 of 5

    Lucid delivered 15,841 vehicles in FY2025, against installed capacity of 90,000 a year in Arizona. The 10-K says many competitors have substantially greater resources.

  • Robotaxi supply contract2 of 5

    Uber has agreed to buy at least 35,000 Gravity and Midsize vehicles for robotaxis. Production of the Midsize robotaxi version is targeted for late 2028.

Weak spot

Cars cost more to build than they sell for

Cost of revenue was $2,610.2 million against revenue of $1,353.8 million in FY2025. The 10-K says direct production costs exceeded vehicle revenue even before inventory write-downs.

Sources (5)
17Where growth could come from

17Where growth could come from

Where could Lucid's growth come from?

Lucid said on Feb 24, 2026 that it expected to produce 25,000 to 27,000 vehicles in 2026, and reaffirmed that on Apr 3, 2026. Its Aug 4, 2026 release did not repeat the range; it said production was cut on purpose to reduce inventory. The same release set out $1.4 billion of 2026 cash improvements.
Management statement, Feb 24, 2026. Reported as a statement, not our forecast.

  • Lucid Gravity SUV

    Mixed

    3,806 total Lucid deliveries in Q3 FY2026; no Gravity split

    Gravity production began in December 2024. A seat supplier's quality issue disrupted Gravity deliveries for 29 days in Q1 FY2026. On Oct 5, 2026 the company said Gravity demand was regaining momentum.

    Status: Mixed, partly on track.

  • Midsize platform

    Early

    Ramp-up expected in the second half of 2027

    The FY2025 10-K said production was scheduled to start in late 2026. The Q2 FY2026 10-Q says Lucid expects to ramp up Midsize production in the second half of 2027.

    Status: Early, too early to judge.

  • Robotaxis with Uber and Nuro

    Early

    At least 35,000 vehicles committed

    Uber's minimum includes 25,000 Midsize robotaxis over six years from the start of production, targeted for late 2028. Uber has invested $500 million in Lucid in total.

    Status: Early, too early to judge.

  • Saudi Arabia

    Early

    $161.8M of FY2025 revenue

    Saudi revenue was $191.1 million in FY2024. The Saudi plant's expansion targets 150,000 a year of installed capacity, and its equipment was being installed in August 2026.

    Status: Early, too early to judge.

  • Regulatory credits

    Working

    $96.0M in FY2025

    Up from $30.4 million in FY2024. The 10-K names regulatory credit sales as one reason gross margin improved in FY2025.

    Status: Working, on track against what the company said.

  • The $1.4 billion cash plan

    New

    $1.4 billion of 2026 cash improvements identified

    The company said on Aug 4, 2026 that this includes about $600 million to $800 million from inventory, about $500 million of capital spending and about $200 million of operating costs.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (7)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 and Q2 FY2026

What do Lucid's own measures show?

Adjusted (non-GAAP) figures and capacity are the company's own measures, shown next to the official (GAAP) or reported number and never added to it.

  • Official (GAAP): Loss from operations, FY2025

    −$3.5B

    Company's own measure: Adjusted EBITDA, FY2025

    −$2.8B

    Net loss to common stockholders before interest, taxes, depreciation and amortization, stock-based pay, restructuring, fair-value changes, preferred-stock accretion and debt buyback gains. EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. on this page, a $3,050.5 million loss, differs mostly by the $271.3 million of stock-based pay.

  • Official (GAAP): Loss from operations, Q2 FY2026

    −$1.1B

    Company's own measure: Adjusted EBITDA, Q2 FY2026

    −$901M

    Same definition. It also leaves out $33.7 million of workforce reduction charges in the quarter.

  • Official (GAAP): Cash, cash equivalents and investments, Jun 30, 2026

    $776M

    Company's own measure: Total liquidity, Jun 30, 2026

    $3.0B

    The company's measure, stated as $3.0 billion, adds unused borrowing capacity to cash: $1.98 billion on the Ayar loan, $270.4 million on an asset-based credit line and $2.3 million on a Saudi bank line.

  • Official (GAAP): Vehicles produced, FY2025

    $17.8B

    Company's own measure: Installed capacity at the Arizona plant

    90,000 vehicles a year

    The company's figure for what the plant's equipment can build. Capacity is not production.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (4)
19Financial strength and debt

19Financial strength · Jun 30, 2026

How much debt does Lucid have?

At Jun 30, 2026 Lucid had $3,253.7 million of debt against $775.5 million of cash and investments, and stockholders' equity was negative $1,058.0 million. Free cash flow was an outflow of $1,476.1 million in Q2 FY2026.
  • Total debt$3.3B
  • Cash and investments$776M
  • Net debt (debt minus cash)$2.5B
  • Net worth (shareholders' money)−$1.1B
  • Net debt of $2,478.2 million is a Cityfort calculation from the Q2 FY2026 10-Q. It leaves out leases and the preferred stock.
  • The PIF's redeemable convertible preferred stock, $2,906.3 million at Jun 30, 2026, is recorded between liabilities and equity. It is counted in neither debt nor equity here.
  • Debt at Jun 30, 2026 included convertible notes: $1,100 million at 5.00% due 2030 and $975 million at 7.00% due 2031 (principal). The $204.3 million of 2026 notes are due Dec 15, 2026.
  • After the quarter, Lucid drew $800 million (Jul 6), $400 million (Aug 24) and $400 million (Oct 6) from a delayed-draw term loan from Ayar, a PIF subsidiary. About $2.1 billion was outstanding after the last draw, with about $400 million left.
  • The Q2 FY2026 10-Q says Lucid's sources of liquidity and projected operating cash flows will provide "adequate liquidity for at least the next 12 months". Debt-to-equity is not shown because equity is negative.
Sources (5)
20Who owns it

20Who owns it · ownership as of Mar 15, 2026

Who owns Lucid?

Directors and officers show 60% of shares and votes only because Chairman Turqi Alnowaiser shares voting power over Ayar's stake, which he disclaims. Each other director and officer held under 1% at Mar 15, 2026. Rows use different dates and share counts, so they do not add up.
Officers and directors (as a group), shares
60.0%
Officers and directors (as a group), votes
60.0%
Share classes
Lucid share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (394,070,176 shares at Jul 29, 2026, up from 327,684,243 at Feb 18, 2026.)394.11Public investors, the PIF through its subsidiary Ayar, and Uber; trades on Nasdaq as LCID––Yes
Redeemable convertible preferred stock (Series A, B and C) (100,000 Series A, 75,000 Series B and 55,000 Series C shares at Jun 30, 2026. Series A and B could convert into 52,858,296 common shares at Mar 15, 2026, and Series C into up to 51,651,489 at Jun 30, 2026.)0.2See note: Votes with the common stock as if converted into common shares. Each series has a per-share voting cap; for Series C it is 301.4993 votes per share.Ayar Third Investment Company, a PIF subsidiary––No
Holders of 5% or more
Lucid holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, mostly through Ayar56.9%–Apr 28, 2026S15, S14280,992,324 shares counting preferred stock as converted, per its Schedule 13D/A filed Apr 30, 2026. The 2026 proxy showed 60% of shares and 60% of votes at Mar 15, 2026, before the Series C sale and April's share issues.
Uber Technologies (through SMB Holding)11.5%–Apr 20, 2026S16, S537,753,583 shares per its Schedule 13G filed Apr 20, 2026 (event Apr 14, 2026), including the 24,038,462 shares Lucid issued to Uber's subsidiary in April 2026. The 13G's 11.52% is measured against 327,684,243 shares outstanding at Feb 18, 2026, before that issue. Lucid's Q2 FY2026 10-Q says Uber owned about 9.6% of its common stock at Jun 30, 2026.
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud5.0%–Jul 29, 2026S1719,513,000 shares per his Schedule 13G/A filed Aug 13, 2026. It says his stake fell below 5% because Lucid's share count rose.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (7)
21What it does with profit

21What it does with profit

What does Lucid do with its profit?

Lucid has never declared or paid a cash dividend, and shows no share buyback since FY2021. Share sales, preferred stock and loans, much of it from the PIF's affiliates, have paid for its losses and investment.

  • Money raised · Jul 23, 2021

    Merger with Churchill Capital Corp IV, a listed shell company (SPAC), plus a private share sale. Net proceeds were $4,400.3 million.

    $4.4B

  • Money raised · Dec 31, 2021

    Issued 1.25% convertible notes due 2026 in December 2021.

    $2.0B

  • Money raised · Dec 31, 2023

    Underwritten share offering during FY2023.

    $1.2B

  • Money raised · Dec 31, 2023

    Shares sold to Ayar, the PIF's subsidiary, during FY2023.

    $1.8B

  • Money raised · Dec 31, 2024

    Series A ($1,000 million) and Series B ($750 million) convertible preferred stock sold to Ayar during FY2024.

    $1.8B

  • Money raised · Dec 31, 2024

    Common stock sold during FY2024: $718.4 million underwritten and $1,025.7 million to Ayar.

    $1.7B

  • Money raised · Dec 31, 2025

    Issued 5.00% convertible notes due 2030 (April 2025) and 7.00% convertible notes due 2031 (November 2025): $1,100 million and $975 million. Lucid used $1,679.6 million to buy back 2026 notes.

    $2.1B

  • Money raised · Dec 31, 2025

    Uber's subsidiary bought $300 million of common stock during FY2025.

    $300M

  • Money raised · Apr 14, 2026

    Underwritten offering of 36,057,692 shares at $8.11 each, with net proceeds of $291.5 million.

    $292M

  • Money raised · Apr 14, 2026

    Uber's subsidiary bought 24,038,462 shares at $8.32 each, with net proceeds of $199.8 million.

    $200M

  • Money raised · Apr 28, 2026

    Series C convertible preferred stock sold to Ayar.

    $550M

  • Money raised · Jul 6, 2026

    Borrowed under the delayed-draw term loan from Ayar, after a $500 million draw in April.

    $800M

  • Money raised · Aug 24, 2026

    Borrowed under the delayed-draw term loan from Ayar.

    $400M

  • Money raised · Oct 6, 2026

    Borrowed under the delayed-draw term loan from Ayar, bringing it to about $2.1 billion outstanding.

    $400M

Sources (9)
22Governance signals

22Governance signals

What do Lucid's governance filings show?

Auditor
KPMG LLP, since 2023
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The PIF's affiliates are Lucid's controlling holder, a lender and a customer. Revenue from a related party was $144.0 million in FY2025. At Jun 30, 2026 Ayar's loan stood at $497.4 million and a loan from Gulf International Bank, also a related party, at $503.1 million. Aston Martin, a related party of the PIF, buys Lucid technology.
Credit rating
Not checked for this page

Flags to know about

  • other · Feb 24, 2026

    A controlled company

    The PIF held over 50% of the voting power for electing directors at Dec 31, 2025, so Lucid is a "controlled company" under Nasdaq rules. It may skip some Nasdaq governance requirements, such as a majority of independent directors; the 10-K says it does not currently use these exemptions.

  • other · Aug 28, 2026

    Leadership turnover

    CEO Peter Rawlinson resigned on Feb 21, 2025, and Silvio Napoli became CEO on Jun 1, 2026. The COO role was eliminated on Jun 22 and a new CFO appointed on Jul 1. The head of finance and accounting left on Aug 14, 2026.

  • other · Jul 14, 2026

    Company statement on rumors

    On Jul 14, 2026 Lucid filed an 8-K saying "the rumors are completely false" about scenarios reported that day. It said it has sufficient liquidity to carry its operations well into next year and has not formed any special Board committee to explore those scenarios.

  • other · Aug 4, 2026

    Shareholder lawsuits

    Alleged shareholders sued in 2022 over statements on 2022 production targets, and in May 2026 over disclosures about a Gravity seat supplier's quality issue. Lucid denies the allegations and says it cannot predict the outcome; related derivative suits are pending.

  • disclosure · Aug 4, 2026

    No sales by model or by customer

    Lucid reports one segment and gives no revenue or deliveries by model and no revenue split by customer. It files no call transcripts; its webcasts are on its investor site.

  • disclosure · Nov 6, 2026

    No credit rating found

    No credit rating is named in Lucid's FY2025 10-K or its Q2 FY2026 10-Q. Searches of Moody's and S&P sites on Nov 6, 2026 found none for Lucid Group; Fitch's site and Lucid's investor site could not be checked.

Sources (9)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for Lucid on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Lucid common stock closed at $2.98 on Nasdaq. Market value = $2.98 × 394.07 million common shares (Jul 29, 2026) = about $1,174.3 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q2 FY2026 10-Q cover). It leaves out the PIF's preferred stock, which can convert into common shares. P/E (price ÷ earnings per share) is not shown because Lucid has net losses.

Share price
$2.98
Market value (market cap)
$1.2B

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 394.3 million ($2.98 × 394.3 million shares ≈ $1.2B). Source: Form 10-Q, second quarter 2026 (ended Jun 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025); Proxy statement (DEF 14A), 2026 annual meeting and 2 more

Source: LCID historical prices (closing price Nov 5, 2026: $2.98); Form 10-Q, second quarter 2026 (ended Jun 30, 2026)

Sources (10)
24How it got here

24How it got here

How did Lucid get here?

  1. 2021

    Milestone

    Listed through a SPAC merger

    On Jul 23, 2021 Atieva, Inc., doing business as Lucid Motors, merged with Churchill Capital Corp IV, a listed shell company, which was renamed Lucid Group.

  2. 2021

    Milestone

    First Lucid Air deliveries

    Customer deliveries began in October 2021, so FY2021 revenue was only $27.1 million.

  3. 2023

    Business-model change

    Saudi purchase agreement and plant

    In August 2023 the Saudi government agreed to buy up to 100,000 vehicles over ten years. The Saudi plant began finishing cars shipped as kits in September 2023.

  4. 2023

    Business-model change

    Technology deal with Aston Martin

    From Nov 6, 2023 Aston Martin gets access to Lucid's powertrain, battery and software technology, paying fees in cash and Aston Martin shares.

  5. 2024

    Milestone

    Gravity production and a bigger plant

    The Arizona plant's 2024 expansion brought installed capacity to 90,000 a year. Gravity production began in December 2024.

  6. 2025

    Crisis

    CEO change and a reverse split

    CEO Peter Rawlinson resigned on Feb 21, 2025. A 1-for-10 reverse stock split took effect on Aug 29, 2025.

  7. 2025

    Business-model change

    Robotaxi deal with Uber

    In July 2025 Lucid agreed to supply Gravity vehicles for an Uber robotaxi service with Nuro, and Uber's subsidiary bought $300 million of stock during 2025. In April 2026 the commitment grew to at least 35,000 vehicles.

  8. 2026

    Crisis

    New CEO and an operational reset

    Silvio Napoli became CEO on Jun 1, 2026. Lucid cut about 18% of US staff in June, and on Aug 4 set out $1.4 billion of 2026 cash improvements.

Sources (7)

25Sources and changes

Where every number on this page comes from

Sources (35 documents)
  1. S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
  2. S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2024
  3. S5Form 10-Q, second quarter 2026 (ended Jun 30, 2026) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2026
  4. S6Earnings release, second quarter 2026 (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2026
  5. S7Earnings release, first quarter 2026 (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2026
  6. S8Earnings release, fourth quarter and full year 2025 (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
  7. S9Earnings release, third quarter 2025 (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2025
  8. S10Earnings release, second quarter 2025 (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2025
  9. S11Earnings release, first quarter 2025 (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2025
  10. S12Earnings release, fourth quarter and full year 2024 (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2025
  11. S13Earnings release, third quarter 2024 (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2024
  12. S14Proxy statement (DEF 14A), 2026 annual meeting · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 23, 2026
  13. S15Schedule 13D/A, Public Investment Fund and Ayar Third Investment Company, event Apr 28, 2026 · Public Investment Fund (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  14. S16Schedule 13G, Uber Technologies, Inc. · Uber Technologies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 20, 2026
  15. S17Schedule 13G/A, HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud · HRH Prince Alwaleed Bin Talal (SEC EDGAR) · Tier 1: company or exchange filing · Aug 13, 2026
  16. S18News release, Oct 5, 2026: Q3 2026 production and deliveries, Q3 earnings date (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 5, 2026
  17. S19Form 8-K, Jul 2, 2026: CFO appointment (Alexander De Bock) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 2, 2026
  18. S20News release, Jul 2, 2026: Q2 2026 production and deliveries (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 2, 2026
  19. S21News release, Apr 3, 2026: Q1 2026 production and deliveries (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 3, 2026
  20. S22News release, Jan 5, 2026: Q4 2025 production and deliveries (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 5, 2026
  21. S23News release, Apr 14, 2026: PIF and Uber investments, Uber robotaxi commitment (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 14, 2026
  22. S24News release, Apr 14, 2026: $300 million common stock offering priced (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 14, 2026
  23. S25Form 8-K, Apr 14, 2026: Silvio Napoli named next CEO · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 14, 2026
  24. S26Form 8-K, Apr 29, 2026: Series C convertible preferred sold to Ayar ($550 million) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  25. S27Form 8-K, Jun 1, 2026: Silvio Napoli appointed CEO · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 1, 2026
  26. S28Form 8-K, Jun 22, 2026: US workforce reduction, COO departure · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 22, 2026
  27. S29Form 8-K, Jul 6, 2026: $800 million DDTL draw · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 6, 2026
  28. S30Form 8-K, Jul 14, 2026: Regulation FD statement on press reports · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 14, 2026
  29. S31News release, Aug 12, 2026: resale prospectus supplement (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
  30. S32Form 8-K, Aug 28, 2026: $400 million DDTL draw, officer separation · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2026
  31. S33Form 8-K, Sep 11, 2026: former CFO transition agreement · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 11, 2026
  32. S34Form 8-K, Oct 9, 2026: $400 million DDTL draw · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 9, 2026
  33. S35News release, Mar 12, 2026: investor day, Midsize platform (8-K Exhibit 99.1) · Lucid Group, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 12, 2026
  34. S37LCID historical prices (closing price Nov 5, 2026: $2.98) · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
  35. S39SEC XBRL company facts, Rivian Automotive, Inc., CIK 0001874178 (peer; FY2025 from its 10-K filed Feb 12, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q2 FY2026 (quarter ended Jun 30, 2026), with Q3 FY2026 production and deliveries. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.