Lucid Group, Inc. · NASDAQ:LCID
Lucid — Q4 2025 Earnings Presentation
23 slides from Lucid's earnings presentation, Feb 24, 2026
Slide 1: Fourth Quarter 2025 Earnings Release
Fourth Quarter 2025 Earnings Release February 24, 2026 LUCID GROUP, INC.
Slide 2: Forward Looking Statements
FOURTH QUARTER 2025 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 R eform Act of 1995. Forward-looking statements may be identified by the use o
Slide 3: Q4 2025 Financial and Recent Highlights
FOURTH QUARTER 2025 EARNINGS RELEASE Q4 2025 Financial and Recent Highlights Financial Highlights • Achieved eighth consecutive quarter of record deliveries, achieving 72% year-over-year growth compared to Q4 2024 • Record quarterly revenue in Q4 of $523 million, 123% year-over-year growth compared
Slide 4: Key Accomplishments in 2025
FOURTH QUARTER 2025 EARNINGS RELEASE Key Accomplishments in 2025 Disciplined Delivered strong year-over-year production growth Execution Strong delivery growth, including the rollout of Lucid Gravity Improved gross margin through operational progress Extended liquidity runway & strengthened working
Slide 5: Ramping Production and Deliveries
1. DISCIPLINED EXECUTION 2. AWARENESS & DEMAND 3. EXTENDING TECHNOLOGY LEADERSHIP FOURTH QUARTER 2025 EARNINGS RELEASE Ramping Production and Deliveries Production Deliveries 7,874 • During Q4 2025, produced 7,874 vehicles, up 102% compared to Q3 2025, and 5,345 delivered 5,345 vehicles, up 31% comp
Slide 6: Key Financial Results for Q4 2025
1. DISCIPLINED EXECUTION 2. AWARENESS & DEMAND 3. EXTENDING TECHNOLOGY LEADERSHIP FOURTH QUARTER 2025 EARNINGS RELEASE Key Financial Results for Q4 2025 Sequential increases in revenue and margin improvement Revenue GAAP Gross Margin Adjusted EBITDA Margin $m $523 Q1’25 Q2’25 Q3’25 Q4’25 Q1’25 Q2’25
Slide 7: Key Drivers of FY25 Gross Margin Performance
1. DISCIPLINED EXECUTION 2. AWARENESS & DEMAND 3. EXTENDING TECHNOLOGY LEADERSHIP FOURTH QUARTER 2025 EARNINGS RELEASE Key Drivers of FY25 Gross Margin Performance Core Incremental FY24 Reported Business Tariff Other FY25 Reported • The 41.6% improvement in FY25 core gross margin versus FY24 was pri
Slide 8: Maintaining Working Capital Discipline Through Production Ramp
1. DISCIPLINED EXECUTION 2. AWARENESS & DEMAND 3. EXTENDING TECHNOLOGY LEADERSHIP FOURTH QUARTER 2025 EARNINGS RELEASE Maintaining Working Capital Discipline Through Production Ramp Working capital metrics remained well-controlled, supporting improved cash conversion and liquidity efficiency 115 Mai
Slide 9: Liquidity Supports Execution and Growth
1. DISCIPLINED EXECUTION 2. AWARENESS & DEMAND 3. EXTENDING TECHNOLOGY LEADERSHIP FOURTH QUARTER 2025 EARNINGS RELEASE Liquidity Supports Execution and Growth Strong Liquidity Position with Diverse Funding Sources LIQUIDITY • Liquidity position provides ample flexibility to fund End of Q4 (12/31/25)
Slide 10: Driving Brand Awareness and Demand
1. DISCIPLINED EXECUTION 2. AWARENESS & DEMAND 3. EXTENDING TECHNOLOGY LEADERSHIP FOURTH QUARTER 2025 EARNINGS RELEASE Driving Brand Awareness and Demand 1. National Brand Campaign: “Driven” 2. High-Impact Cultural Reach 3. Third-Party Validation “Hard Lauch” featured Global Brand Ambassador Combini
Slide 11: 2025: Expanded Lucid Studio and Service Network to Increase Customer Access
1. DISCIPLINED EXECUTION 2. AWARENESS & DEMAND 3. EXTENDING TECHNOLOGY LEADERSHIP FOURTH QUARTER 2025 EARNINGS RELEASE 2025: Expanded Lucid Studio and Service Network to Increase Customer Access • Expanded footprint in 2025 to 45 North America, 12 Europe, and 5 Middle Oslo, No rway East locations Al
Slide 12: 2026 Dual-Channel Growth: D2C in North America, Hybrid in EMEA
1. DISCIPLINED EXECUTION 2. AWARENESS & DEMAND 3. EXTENDING TECHNOLOGY LEADERSHIP FOURTH QUARTER 2025 EARNINGS RELEASE 2026 Dual-Channel Growth: D2C in North America, Hybrid in EMEA • We continue to expand our D2C model in North America Kuwait No rway • Evolving to a hybrid model (D2C/Agency/Importe
Slide 13: Launching Lucid's Autonomous Driving Future
1. DISCIPLINED EXECUTION 2. AWARENESS & DEMAND 3. EXTENDING TECHNOLOGY LEADERSHIP FOURTH QUARTER 2025 EARNINGS RELEASE Launching Lucid’s Autonomous Driving Future Robotaxi B2B Development: On-road Phase 1: Deployment on Phase 2: Scale robotaxi testing with Uber x Nuro Uber platform expansion through
Slide 14: Lucid 2026 Outlook
FOURTH QUARTER 2025 EARNINGS RELEASE Lucid 2026 Outlook Item Guidance Key Guidance Factors and Considerations • Production volume assumes adequate Production Volume 25,000 – 27,000 vehicles supply of materials and absence of further supply chain disruptions • Capital expenditures reflect lower Capit
Slide 15: Financials
FOURTH QUARTER 2025 EARNINGS RELEASE Financials LUCID GROUP, INC. 15
Slide 16: Financial Highlights: Strength of Balance Sheet and Investments for Growth
FOURTH QUARTER 2025 EARNINGS RELEASE Financial Highlights: Strength of Balance Sheet and Investments for Growth BALANCE SHEET (in millions, unless otherwise stated; unaudited) 12/31/25 12/31/24 Lucid ended the fourth quarter of 2025 with approximately $2.1 billion cash, cash equivalents and investme
Slide 17: Condensed Consolidated Balance Sheets
FOURTH QUARTER 2025 EARNINGS RELEASE Condensed Consolidated Balance Sheets LIABILITIES, REDEEMABLE CONVERTIBLE December 31, 2025 December 31, 2024 PREFERRED STOCK, AND STOCKHOLDERS’ (In thousands) December 31, 2025 December 31, 2024 EQUITY ASSETS Current liabilities: Current assets: Accounts payable
Slide 18: Condensed Consolidated Statements of Operations & Comprehensive Loss (Unaudited)
FOURTH QUARTER 2025 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) 2025 2024 2025 2024 Revenue $ 522,730) $ 234,473) $ 1,353,790) $ 807,
Slide 19: Condensed Consolidated Statement of Cash Flows (Unaudited)
FOURTH QUARTER 2025 EARNINGS RELEASE Condensed Consolidated Statement of Cash Flows (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, (In thousands) 2025 2024 2025 2024 Net cash used in operating activities $ (916,408) $ (533,147) $ (2,931,912) $ (2,019,674) Net cash (used
Slide 20: Appendix
FOURTH QUARTER 2025 EARNINGS RELEASE Appendix LUCID GROUP, INC. 20
Slide 21: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
FOURTH QUARTER 2025 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, (In thousands) 2025 2024 2025 2024 ADJUSTED EBITDA Net loss attributable to common stockholders, basic (GAAP) $ (1,176,799) $ (636,9
Slide 22: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued
FOURTH QUARTER 2025 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 (In thousands, except share and per share data) ADJUSTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDER
Slide 23: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued
FOURTH QUARTER 2025 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued Three Months Ended December 31, Twelve Months Ended December 31, (In thousands) 2025 2024 2025 2024 FREE CASH FLOW Net cash used in operating activities (GAAP) $ (916,408) $ (533,147) $