Lucid Group, Inc. · NASDAQ:LCID
Lucid — Q1 2026 Earnings Presentation
23 slides from Lucid's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Earnings Release
First Quarter 2026 Earnings Release May 5, 2026 LUCID GROUP, INC.
Slide 2: Forward Looking Statements, Trademarks, Non-GAAP Financial Measures and Key Business Metrics
FIRST 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: Q1 2026 Financial and Recent Highlights
FIRST QUARTER 2026 EARNINGS RELEASE Q1 2026 Financial and Recent Highlights Financial Highlights • Produced 5,500 vehicles, up 149% from Q1 2025 and delivered 3,093 vehicles, flat compared to Q1 2025; achieved higher monthly deliveries in both January and March, compared with prior-year periods, and
Slide 4: Key Leadership Update
FIRST QUARTER 2026 EARNINGS RELEASE Key Leadership Update Leading the next phase of scale, execution, profitability, and value creation Silvio Napoli brings a track record of leading large global industrial businesses through periods of scale and transformation, with deep experience across manufactu
Slide 5: Liquidity Supports Execution and Growth
FIRST QUARTER 2026 EARNINGS RELEASE Liquidity Supports Execution and Growth Strong Liquidity Position with Diverse Funding Sources LIQUIDITY • On April 14th, Lucid announced a capital raise of $1.05 billion End of Q1 (3/31/26) comprised of $200 million equity investment of common stock from Total Li
Slide 6: Accelerating to Profitability: Strategy Overview
FIRST QUARTER 2026 EARNINGS RELEASE Accelerating to Profitability: Strategy Overview 1 Revenue Growth: Lucid Air & Gravity Grow Lucid Air and Gravity deliveries through stronger conversion. Build on leadership in luxury EV sedans and SUVs. Momentum Expand retail, service, and distribution footprint.
Slide 7: Production and Deliveries
1. REVENUE GROWTH: LUCID AIR & GRAVITY 2. SCALE & PROFITABILITY: LUCID MIDSIZE PLATFORM 3. AUTONOMY: L4 READY PLATFORMS FIRST QUARTER 2026 EARNINGS RELEASE Production and Deliveries Production Deliveries • In Q1 2026, produced 5,500 vehicles* and 7,874 delivered 3,093 vehicles • During the quarter,
Slide 8: Key Financial Results for Q1 2026
1. REVENUE GROWTH: LUCID AIR & GRAVITY 2. SCALE & PROFITABILITY: LUCID MIDSIZE PLATFORM 3. AUTONOMY: L4 READY PLATFORMS FIRST QUARTER 2026 EARNINGS RELEASE Key Financial Results for Q1 2026 Revenue GAAP Gross Margin Adjusted EBITDA Margin $m $523 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q1’25 Q2’25 Q3’25 Q4’25
Slide 9: Key Drivers of Gross Margin Performance
1. REVENUE GROWTH: LUCID AIR & GRAVITY 2. SCALE & PROFITABILITY: LUCID MIDSIZE PLATFORM 3. AUTONOMY: L4 READY PLATFORMS FIRST QUARTER 2026 EARNINGS RELEASE Key Drivers of Gross Margin Performance Quarter over Quarter Year over Year IEEPA IEEPA Tariff Incremental Tariff Incremental Q4’25 Revenue Refu
Slide 10: Dual-Channel Approach: D2C in North America, Hybrid in EMEA
1. REVENUE GROWTH: LUCID AIR & GRAVITY 2. SCALE & PROFITABILITY: LUCID MIDSIZE PLATFORM 3. AUTONOMY: L4 READY PLATFORMS FIRST QUARTER 2026 EARNINGS RELEASE Dual-Channel Approach: D2C in North America, Hybrid in EMEA • Continuing expansion of our D2C model in North America • Evolving to a hybrid mode
Slide 11: Midsize Platform Expands the Lucid Brand
1. REVENUE GROWTH: LUCID AIR & GRAVITY 2. SCALE & PROFITABILITY: LUCID MIDSIZE PLATFORM 3. AUTONOMY: L4 READY PLATFORMS FIRST QUARTER 2026 EARNINGS RELEASE Midsize platform expands the Lucid brand to new customer segments Scaling the Midsize Opportunity • The Midsize platform brings Lucid’s signatur
Slide 12: AMP-2 Is a Key Enabler of Scale
1. REVENUE GROWTH: LUCID AIR & GRAVITY 2. SCALE & PROFITABILITY: LUCID MIDSIZE PLATFORM 3. AUTONOMY: L4 READY PLATFORMS FIRST QUARTER 2026 EARNINGS RELEASE AMP-2 is a key enabler of Lucid’s next phase of scale and profitability March 2025 March 2026 AMP-2 Update • Supporting the Midsize platform lau
Slide 13: Uber / Nuro Partnership On-Track
LUCID GROUP, INC. 1. REVENUE GROWTH: LUCID AIR & GRAVITY 2. SCALE & PROFITABILITY: LUCID MIDSIZE PLATFORM 3. AUTONOMY: L4 READY PLATFORMS FIRST QUARTER 2026 EARNINGS RELEASE Uber / Nuro partnership on-track for commercial launch this year Start of OPERATING MILESTONES commercial operation JULY SEPTE
Slide 14: Financials
FIRST QUARTER 2026 EARNINGS RELEASE Financials LUCID GROUP, INC. 14
Slide 15: Financial Highlights: Strength of Balance Sheet and Investments for Growth
FIRST QUARTER 2026 EARNINGS RELEASE Financial Highlights: Strength of Balance Sheet and Investments for Growth BALANCE SHEET (in millions, unless otherwise stated; unaudited) 3/31/2026 12/31/2025 As of March 31, 2026, Lucid had total liquidity of approximately $3.2 billion from cash, investments, AB
Slide 16: Condensed Consolidated Balance Sheets
FIRST QUARTER 2026 EARNINGS RELEASE Condensed Consolidated Balance Sheets LIABILITIES, REDEEMABLE CONVERTIBLE March 31, 2026) December 31, 2025) PREFERRED STOCK, AND STOCKHOLDERS’ (In thousands) March 31, 2026) December 31, 2025 EQUITY (DEFICIT) ASSETS Current liabilities: Current assets: Accounts p
Slide 17: Condensed Consolidated Statements of Operations & Comprehensive Loss
FIRST QUARTER 2026 EARNINGS RELEASE Condensed Consolidated Statements of Operations & Comprehensive Loss (Unaudited) Three Months Ended March 31, (in thousands, except share and per share data) 2026 2025 Revenue $ 282,465) $ 235,048) Cost of revenue 594,170) 463,560) Gross profit (loss) (311,705) (2
Slide 18: Condensed Consolidated Statement of Cash Flows
FIRST QUARTER 2026 EARNINGS RELEASE Condensed Consolidated Statement of Cash Flows (Unaudited) Three Months Ended March 31, (In thousands) 2026 2025 Net cash used in operating activities $ (1,185,659) $ (428,613) Net cash provided by investing activities 875,186) 614,021) Net cash provided by financ
Slide 19: Appendix
FIRST QUARTER 2026 EARNINGS RELEASE Appendix LUCID GROUP, INC. 19
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Measures
FIRST QUARTER 2026 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) Three Months Ended March 31, (In thousands) 2026 2025 ADJUSTED EBITDA Net loss attributable to common stockholders, basic and diluted (GAAP) $ (1,134,306) $ (731,096) Interest expense 41,073) 11,883
Slide 21: Reconciliation of GAAP to Non-GAAP Financial Measures – Continued
FIRST QUARTER 2026 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued Three Months Ended March 31, (In thousands, except share and per share data) 2026 2025 ADJUSTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS Net loss attributable to common stockholders,
Slide 22: Reconciliation of GAAP to Non-GAAP Financial Measures – Continued
FIRST QUARTER 2026 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) – Continued Three Months Ended March 31, (In thousands) 2026 2025 FREE CASH FLOW Net cash used in operating activities (GAAP) $ (1,185,659) $ (428,613) Capital expenditures (253,167) (161,241) Free
Slide 23: Key Awards & Accolades
FIRST QUARTER 2026 EARNINGS RELEASE Key Awards & Accolades 2026 2026 2026 2026 AAA CAR GUIDE AUTO TRADER MIDSIZE SUV AAA CAR GUIDE BEST PREMIUM EV WINNER OVERALL WINNER 2023 2022 LUCID GROUP, INC. 23