Slide 1: Second Quarter 2026 Earnings Release
L U C I D G R O U P , I N C . Second Quarter 2026 Earnings Release AUGUST 4, 2026 1
Slide 2: Forward Looking Statements, Trademarks, Non-GAAP Financial Measures and Key Business Metrics
SECOND QUARTER 2026 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: Where We Are Today
SECOND QUARTER 2026 EARNINGS RELEASE Where We Are Today Lucid’s advantages are real and our shortfalls are clear — trust will be earned by consistently delivering on commitments INHERENT VALUE AND POTENTIAL • Leading technology — a proven engineering foundation to build on • Award-winning products —
Slide 4: Transformation Framework - A foundational reset
SECOND QUARTER 2026 EARNINGS RELEASE Transformation Framework - A foundational reset The 3Cs and Four Must-Win Projects Cash & Cost Customer & Quality Culture & Team Reduce cash burn Improve ownership experience Improve execution speed and accountability Operating Reset Autonomy & Robotaxi AMP-2 Mid
Slide 5: Transformation Framework – Cash & Cost
CASH & COST CUSTOMER & QUALITY CULTURE & TEAM SECOND QUARTER 2026 EARNINGS RELEASE Transformation Framework – Cash & Cost Identified $1.4B of cash flow improvements in 2026 across operating costs, capital spending, and working capital Implemented actions include $158m in projected annual savings: •
Slide 6: Transformation Framework – Customer & Quality
CASH & COST CUSTOMER & QUALITY CULTURE & TEAM SECOND QUARTER 2026 EARNINGS RELEASE Transformation Framework – Customer & Quality Ensuring the full experience of buying and owning a Lucid matches the strength of the vehicle Created new Chief Customer Officer position Hired Billy Hayes, a highly respe
Slide 7: Transformation Framework – Culture & Team
CASH & COST CUSTOMER & QUALITY CULTURE & TEAM SECOND QUARTER 2026 EARNINGS RELEASE Transformation Framework – Culture & Team Simplified organizational structure and enforcing greater accountability KEY LEAD ERSHI P HI RES KEY PROMOTI ONS Alexander De Bock Raja Ramana Macha Billy Hayes Hugo Martinho
Slide 8: Operating Reset – Accelerating the path to profitability
OPERATING RESET AUTONOMY & ROBOTAXI AMP-2 MIDSIZE SECOND QUARTER 2026 EARNINGS RELEASE Operating Reset – Accelerating the path to profitability Actions are already underway to improve operating performance: • Production alignment with near-term deliveries • ~18% reduction in U.S. workforce for $158m
Slide 9: Robotaxi - Uber / Nuro partnership on track for 2026 launch
OPERATING RESET AUTONOMY & ROBOTAXI AMP-2 MIDSIZE SECOND QUARTER 2026 EARNINGS RELEASE Robotaxi - Uber / Nuro partnership on track for 2026 launch Lucid has delivered on every robotaxi milestone on time or ahead of time JUL 2025 JAN 2026 APR 2026 JUN 2026 Q4 Agreement signed Safety & validation Part
Slide 10: AMP-2 – Construction to Industrialization
OPERATING RESET AUTONOMY & ROBOTAXI AMP-2 MIDSIZE SECOND QUARTER 2026 EARNINGS RELEASE AMP-2 – Construction to Industrialization All photos as of July 13, 2026 Drive Unit AMP-2 UPDATE Central Utility Plant Battery Preparing for 2027 production ramp, Paint General Assembly / SKD with hiring underway
Slide 11: Midsize Advances to Rigorous Testing
OPERATING RESET AUTONOMY & ROBOTAXI AMP-2 MIDSIZE SECOND QUARTER 2026 EARNINGS RELEASE Midsize Advances to Rigorous Testing Midsize will launch when every process and quality requirement is met; additional resources have been allocated, with comprehensive review underway VALIDATION TESTING Atlas dri
Slide 12: Outlook: 2H Commentary
SECOND QUARTER 2026 EARNINGS RELEASE Outlook: 2H Commentary • Production: Q3 and Q4 below Q2 levels • Deliveries: Q3 and Q4 deliveries above production and reflecting more moderate seasonal growth • Guidance to be issued once business review is completed • Update to be provided in November: o Progre
Slide 13: The Path Forward
SECOND QUARTER 2026 EARNINGS RELEASE The Path Forward • Focus on the fundamentals: • Cash and Cost • Customer and Quality • Culture and Team • Execute must-win projects • Operating Reset • Autonomy & Robotaxi • AMP-2 • Midsize • Act with discipline • Demonstrate progress through results LUCID GROUP,
Slide 14: Financial Update
SECOND QUARTER 2026 EARNINGS RELEASE Financial Update LUCID GROUP, INC. 14
Slide 15: Lowering Production in Near-Term to Release Cash from Inventory
SECOND QUARTER 2026 EARNINGS RELEASE Lowering Production in Near-Term to Release Cash from Inventory Lower production in Q2 by design: • Eliminated 2nd shift at AMP-1 in Q2 2026 Q2 PRODUCTION • Aligning production with near-term demand, prioritizing profitability over volume 4,7 • Reducing inventory
Slide 16: Delivering Sustainable Growth Through Demand-Led Deliveries
SECOND QUARTER 2026 EARNINGS RELEASE Delivering Sustainable Growth Through Demand-Led Deliveries Q2 deliveries powered by Lucid Gravity and Middle East momentum • Lucid Gravity contributed majority of Q2 deliveries Q2 DELIVERIES • Deliveries in the Middle East strengthened, in line with Saudi Arabia
Slide 17: Key Financial Results: Quarterly Revenue up 44% Q/Q
SECOND QUARTER 2026 EARNINGS RELEASE Key Financial Results: Quarterly Revenue up 44% Q/Q Quarterly and Year-over-Year Trends The increase was driven primarily by • Higher deliveries Q2 REVENUE • Improved product mix and pricing $405M • Regulatory credits Expect revenue growth to benefit from • Impro
Slide 18: Key Financial Results: Quarterly Gross Margin Up 500bps Q/Q
SECOND QUARTER 2026 EARNINGS RELEASE Key Financial Results: Quarterly Gross Margin Up 500bps Q/Q Quarterly and Year-over-Year Trends Gross margin performance vs prior quarter reflects • Lower production volumes and fixed cost absorption leading to higher conversion Q2 GROSS MARGIN costs per vehicle
Slide 19: Key Financial Results: Adjusted EBITDA Down 15% Q/Q
SECOND QUARTER 2026 EARNINGS RELEASE Key Financial Results: Adjusted EBITDA Down 15% Q/Q Quarterly and Year-over-Year Trends Adjusted EBITDA primarily driven by • Higher gross loss as we continued to ramp Gravity production through May, Q2 ADJUSTED EBITDA thereby increasing finished vehicle inventor
Slide 20: Impairment and Proactive Actions To Improve Inventory
SECOND QUARTER 2026 EARNINGS RELEASE Impairment and Proactive Actions To Improve Inventory Reductions in future purchase commitments to mitigate impact of inventory impairments Reducing and improving inventory quality IMPAIRMENT CHARGE • Recognized $300 million of gross provision for inventory impai
Slide 21: Inventory Migration Supports Working Capital Conversion
SECOND QUARTER 2026 EARNINGS RELEASE Inventory Migration Supports Working Capital Conversion Inventory is moving from production stages into finished vehicles, closer to customer delivery and cash realization. RAW MATERIALS WIP FINISHED GOODS $487M $268M $623M CASH REALIZATION / CUSTOMER DELIVERY -$
Slide 22: Key Financial Results: Free Cash Flow Down 3% Q/Q
SECOND QUARTER 2026 EARNINGS RELEASE Key Financial Results: Free Cash Flow Down 3% Q/Q Quarterly and Year-over-Year Trends Free Cash Flow primarily driven by • Working-capital investment, including inventory built into finished Gravity Q2 FREE CASH FLOW vehicles ahead of deliveries; and • Lower acco
Slide 23: Decisive Actions Underway to Reduce Cash Burn and Costs
SECOND QUARTER 2026 EARNINGS RELEASE Decisive Actions Underway to Reduce Cash Burn and Costs Expect to deliver $1.4 billion in improved cash flow by year end, while Lucid continues to invest in critical future capabilities $1.4B Projected cash flow improvement by year end CONTINUED FOCUS INVENTORY C
Slide 24: Preserving Liquidity and Financial Flexibility during Transformation
SECOND QUARTER 2026 EARNINGS RELEASE Preserving Liquidity and Financial Flexibility during Transformation SHAREHOLDER SUPPORT SUSTAINS RUNWAY END OF Q2 (6/30/26) • Liquidity expected to provide flexibility to support operations and key Total Liquidity $3.0bn investments well into 2027 Cash, Cash Equ
Slide 25: CFO Summary
SECOND QUARTER 2026 EARNINGS RELEASE CFO Summary • Manufacturing actions have been implemented • Organizational changes have been announced and are being executed • Cost-reduction initiatives are underway • Additional opportunities across inventory, capital expenditures, and operating expenses conti
Slide 26: Q&A
SECOND QUARTER 2026 EARNINGS RELEASE Q&A LUCID GROUP, INC. 26
Slide 27: Our Priorities
SECOND QUARTER 2026 EARNINGS RELEASE Our Priorities • Reduce cash burn • Improve quality and the customer experience • Build a high-performing team and culture • Simplify the company • Deliver on our must-win projects LUCID GROUP, INC. 27
Slide 28: Financials
SECOND QUARTER 2026 EARNINGS RELEASE Financials Q2 2026 FINANCIALS LUCID GROUP, INC. 28
Slide 29: Financial Highlights: Strength of Balance Sheet and Investments for Growth
SECOND QUARTER 2026 EARNINGS RELEASE Financial Highlights: Strength of Balance Sheet and Investments for Growth BALANCE SHEET (in millions, unless otherwise stated; unaudited) 6/30/2026 12/31/2025 As of June 30, 2026, Lucid had total liquidity of approximately $3.0 billion from cash, investments, AB
Slide 30: Condensed Consolidated Balance Sheets
SECOND QUARTER 2026 EARNINGS RELEASE Condensed Consolidated Balance Sheets June 30, 2026) December 31, 2025 LIABILITIES, REDEEMABLE CONVERTIBLE June 30, 2026) December 31, 2025) (In thousands) PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY ASSETS (DEFICIT) Current assets: Current liabilities: Cash and ca
Slide 31: Condensed Consolidated Statements of Operations & Comprehensive Loss (Unaudited)
SECOND QUARTER 2026 EARNINGS RELEASE Condensed Consolidated Statements of Operations & Comprehensive Loss (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2026 2025 2026 2025 Revenue $ 405,347 $ 259,432 $ 687,812 $ 494,480 Cost of reve
Slide 32: Condensed Consolidated Statement of Cash Flows (Unaudited)
SECOND QUARTER 2026 EARNINGS RELEASE Condensed Consolidated Statement of Cash Flows (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Net cash used in operating activities $ (1,222,231) $ (830,241) $ (2,407,890) $ (1,258,854) Net cash provided by (u
Slide 33: Appendix
SECOND QUARTER 2026 EARNINGS RELEASE Appendix GAAP TO NON-GAAP RECONCILIATIONS LUCID GROUP, INC. 33
Slide 34: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
SECOND QUARTER 2026 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In thousands) ADJUSTED EBITDA Net loss attributable to common stockholders, basic (GAAP) $ (1,259,276)) $ (739,255) $ (2,3
Slide 35: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued
SECOND QUARTER 2026 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share and per share data) 2026 2025 2026 2025 ADJUSTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS Net loss
Slide 36: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued
SECOND QUARTER 2026 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 FREE CASH FLOW Net cash used in operating activities (GAAP) $ (1,222,231) $ (830,241) $ (2,407,8
Slide 37: L_ LIC ICO
L_ LIC ICO