Slide 1: Fourth Quarter 2024 Earnings Release
Fourth Quarter 2024 Earnings Release February 25, 2024 LUCID GROUP, INC.
Slide 2: Forward Looking Statements, Trademarks, Non-GAAP Financial Measures and Key Business Metrics
FOURTH QUARTER 2024 EARNINGS RELEASE Forward Looking Statements This presentation 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
Slide 3: Contents
FOURTH QUARTER 2024 EARNINGS RELEASE Contents Key Achievements and Recent & Upcoming Highlights 4 Key Financial Results 5 Embarking on the Next Transformational Phase 6 World-Class In-House EV Technology 7 Core Strengths 8 The Lucid Air Lineup – Unprecedented Range of Capability 9 The Lucid Gravity
Slide 4: 2024 Key Achievements and Recent & Upcoming Highlights
FOURTH QUARTER 2024 EARNINGS RELEASE 2024 Key Achievements and Recent & Upcoming Highlights In 2024: • Four consecutive quarter of record deliveries, achieving 71% year-over-year growth in 2024 KEY STATISTICS • Significant year-over-year improvement in key financial metrics: significantly improved g
Slide 5: Key Financial Results - Q4'24
FOURTH QUARTER 2024 EARNINGS RELEASE Key Financial Results - Q4’24 Deliveries Revenue YoY $m +79% $234 3,099 2,781 $201 $200 2,394 $173 $157 1,967 1,734 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 GAAP Gross Margin Adjusted EBITDA $m Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q4’23 Q1’24 Q2’24 Q3
Slide 6: Embarking on the Next Transformational Phase of the Lucid Vehicle Lineup
FOURTH QUARTER 2024 EARNINGS RELEASE Embarking on the Next Transformational Phase of the Lucid Vehicle Lineup 2025 Air Pure Air Air Pure RWD SoP (1) Achieves 5.0m/kWh (2) Lucid Gravity SoP (1) Midsize SoP (1) 2021 September 2023 July 2024 December 2024 Scheduled for late 2026 September 2023 November
Slide 7: World-Class In-House EV Technology
FOURTH QUARTER 2024 EARNINGS RELEASE World-Class In-House EV Technology Ultra-efficient, proprietary powertrain technology and advanced software and battery management systems (BMS) Scalable & Modular Battery Motor & Integrated State-of-the-Art, High Bidirectional Charging with Pack Built on Race In
Slide 8: Lucid, a Leader in EV Technologies, Defines a New Generation of EVs
FOURTH QUARTER 2024 EARNINGS RELEASE Lucid, a Leader in EV Technologies, Defines a New Generation of EVs 1 Widely Recognized Technology Leadership 6 Differentiated Systems Approach to Development Innovative, validated, and race-proven technologies continue to Adopted a holistic approach to vehicle d
Slide 9: The Lucid Air Lineup: Unprecedented Range of Capability
FOURTH QUARTER 2024 EARNINGS RELEASE The Lucid Air Lineup: From the Most Efficient Car on the Market to the World’s Most Powerful Four-Door Car, Unprecedented Range of Capability The most energy efficient The most well-rounded The longest-range EV on The most powerful vehicle on the US market EV on
Slide 10: The Lucid Gravity: A Revolutionary New Class of SUV
FOURTH QUARTER 2024 EARNINGS RELEASE The Lucid Gravity: A Revolutionary New Class of SUV, Conceived From the Ground Up Without Compromise Touring Grand Touring From $79,900 From $94,900 Power: Up to 828 hp Available to order late 2025 Acceleration, 0-60 mph: 3.4 sec Range: Up to 450 miles of EPA- es
Slide 11: The Lucid Gravity: Setting a New Standard in SUVs
FOURTH QUARTER 2024 EARNINGS RELEASE The Lucid Gravity: Setting a New Standard in SUVs EPA estimated range of up to 450 Miles NACS Charging: 200 Miles in <12 Min Exceptional Interior Space And Legroom Revolutionary Packaging | 3 Rows 7 Seats Next Generation Lucid ‘Glass Cockpit’ “Gravity represents
Slide 12: Lowest Battery Pack Cost Per Mile of Vehicle Range (Air)
FOURTH QUARTER 2024 EARNINGS RELEASE Lucid’s Technology Enables the Lowest Battery Pack Cost Per Mile of Vehicle Range (1) (2) Lucid Air Efficiency (miles/kWh) Battery Pack Cost Per Mile of Vehicle Range ($/mile) 5.00 mi/kWh Battery Pack Cost Per Mile of Vehicle Range 5.0 $60 $52 per mile $50 4.0 Ef
Slide 13: Lowest Battery Pack Cost Per Mile of Vehicle Range (Gravity)
FOURTH QUARTER 2024 EARNINGS RELEASE Lucid’s Technology Enables the Lowest Battery Pack Cost Per Mile of Vehicle Range (1) Lucid Gravity Efficiency (miles/kWh) Battery Pack Cost Per Mile of Vehicle Range ($/mile) 3.75 3.66 mi/kWh $54 per mile $60 Battery Pack Cost Per Mile of Vehicle Range 3.50 3.25
Slide 14: Highest Efficiency SUV On the Market
FOURTH QUARTER 2024 EARNINGS RELEASE Lucid’s Technology Enables the Highest Efficiency SUV On the Market (1) Lucid Gravity Range (mi) Battery Pack Capacity (kWh) 480 (2) 460 200 450 440 440 180 400 371 160 Battery Pack Capacity (kWh) 360 339 335 330 330 329 326 140 320 309 300 300 288 288 285 280 27
Slide 15: Major Advancements in Lucid's Vertically Integrated Production Capabilities
FOURTH QUARTER 2024 EARNINGS RELEASE Major Advancements in Lucid’s Vertically Integrated Production Capabilities • Lucid’s Advanced Manufacturing Plant-1 (AMP-1) is the first greenfield, purpose-built EV factory in North America. Located in Casa Grande, Arizona, AMP-1 is the state-of-the-art manufac
Slide 16: Lucid Studio and Service Network
FOURTH QUARTER 2024 EARNINGS RELEASE Lucid Studio and Service Network Oslo, Norway Lucid's direct-to-consumer sales approach offers an exceptional Riyadh, Saudi Arabia customer experience from discovery, intrigue, knowledge Dubai, United Arab Emirates acquisition, to ownership. Will continue to expa
Slide 17: Track Record of Prudent Liquidity Management
FOURTH QUARTER 2024 EARNINGS RELEASE Track Record of Prudent Liquidity Management As of December 31, 2024, Lucid had liquidity of approximately $6.13 billion which provides sufficient financial runway into the 2021 second half of 2026 for the ramp of the Lucid Gravity and preparation Initial public
Slide 18: Financial Highlights: Strength of Balance Sheet and Investments for Growth
FOURTH QUARTER 2024 EARNINGS RELEASE Financial Highlights: Strength of Balance Sheet and Investments for Growth BALANCE SHEET (in millions, unless otherwise stated; unaudited) 12/31/24 12/31/23 Lucid ended the fourth quarter of 2024 with approximately $5.08 billion cash, cash equivalents, investment
Slide 19: Lucid 2025 Outlook
FOURTH QUARTER 2024 EARNINGS RELEASE Lucid 2025 Outlook PRODUCTION VOLUME • Annual production guidance of approximately 20,000 vehicles, and will continue to prudently manage and adjust production to meet sales and delivery needs TOTAL LIQUIDITY • Sufficient liquidity into the second half of 2026 CA
Slide 20: Imagery
FOURTH QUARTER 2024 EARNINGS RELEASE Imagery LUCID GROUP, INC. 20
Slide 21: Lucid Gravity
LUCID GROUP, INC. Lucid Gravity 21
Slide 22: Lucid Gravity Deliveries at AMP-1
LUCID GROUP, INC. Lucid Gravity Deliveries at AMP-1 22
Slide 23: Lucid Gravity Deliveries at AMP-1
LUCID GROUP, INC. Lucid Gravity Deliveries at AMP-1 23
Slide 24: Lucid Gravity Production at AMP-1
LUCID GROUP, INC. Lucid Gravity Production at AMP-1 24
Slide 25: Lucid Gravity Production at AMP-1
LUCID GROUP, INC. Lucid Gravity Production at AMP-1 25
Slide 26: Lucid Gravity
LUCID GROUP, INC. Lucid Gravity 26
Slide 27: Lucid Gravity
LUCID GROUP, INC. Lucid Gravity 27
Slide 28: Lucid Gravity
LUCID GROUP, INC. Lucid Gravity 28
Slide 29: Lucid Gravity
LUCID GROUP, INC. Lucid Gravity 29
Slide 30: Lucid Gravity
LUCID GROUP, INC. Lucid Gravity 30
Slide 31: Lucid Gravity
LUCID GROUP, INC. Lucid Gravity 31
Slide 32: Lucid Gravity
LUCID GROUP, INC. Lucid Gravity 32
Slide 33: Lucid Gravity
LUCID GROUP, INC. Lucid Gravity 33
Slide 34: Lucid Air | Compromise Nothing Campaign
LUCID GROUP, INC. Lucid Air | Compromise Nothing Campaign 34
Slide 35: Lucid Air | Compromise Nothing Campaign
LUCID GROUP, INC. Lucid Air | Compromise Nothing Campaign 35
Slide 36: Financials
FOURTH QUARTER 2024 EARNINGS RELEASE Financials LUCID GROUP, INC. 36
Slide 37: Condensed Consolidated Balance Sheets (Unaudited)
FOURTH QUARTER 2024 EARNINGS RELEASE Condensed Consolidated Balance Sheets (Unaudited) LIABILITIES, REDEEMABLE CONVERTIBLE December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (In thousands) PREFERRED STOCK, AND STOCKHOLDERS’ ASSETS EQUITY Current assets: Current liabilities: Cash
Slide 38: Condensed Consolidated Statements of Operations & Comprehensive Loss (Unaudited)
FOURTH QUARTER 2024 EARNINGS RELEASE Condensed Consolidated Statements of Operations & Comprehensive Loss (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, (in thousands, except share and per share data) 2024 2023 2024 2023 Revenue $ 234,473) $ 157,151) $ 807,832) $ 595,27
Slide 39: Condensed Consolidated Statement of Cash Flows (Unaudited)
FOURTH QUARTER 2024 EARNINGS RELEASE Condensed Consolidated Statement of Cash Flows (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, (In thousands) 2024 2023 2024 2023 Net cash used in operating activities $ (533,147) $ (474,549) $ (2,019,674) $ (2,489,753) Net cash provi
Slide 40: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
FOURTH QUARTER 2024 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, (In thousands) 2024 2023 2024 2023 ADJUSTED EBITDA Net loss attributable to common stockholders, basic and diluted (GAAP) $ (636,904
Slide 41: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued
FOURTH QUARTER 2024 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued Three Months Ended December 31, Twelve Months Ended December 31, (In thousands, except share and per share data) 2024 2023 2024 2023 ADJUSTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDER
Slide 42: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued
FOURTH QUARTER 2024 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued Three Months Ended December 31, Twelve Months Ended December 31, (In thousands) 2024 2023 2024 2023 FREE CASH FLOW Net cash used in operating activities (GAAP) $ (533,147) $ (474,549) $
Slide 43: Appendix
FOURTH QUARTER 2024 EARNINGS RELEASE Appendix LUCID GROUP, INC. 43
Slide 44: Key Awards & Accolades won by Lucid Air
FOURTH QUARTER 2024 EARNINGS RELEASE Key Awards & Accolades won by Lucid Air 2025 LUCID GROUP, INC. 44