Technology
Lucid Announces Second Quarter 2024 Financial Results
Published
2 months agoon
By
Produced 2,110 vehicles in Q2; on track for annual production of approximately 9,000 vehiclesDelivered 2,394 vehicles in Q2; up 70.5% compared to Q2 2023Q2 revenue of $200.6 millionEnded the quarter with approximately $4.28 billion of total liquiditySeparately, announced a commitment of $1.5 billion today from an affiliate of the Public Investment Fund (PIF)
NEWARK, Calif., Aug. 5, 2024 /PRNewswire/ — Lucid Group, Inc. (NASDAQ: LCID), maker of the world’s most advanced electric vehicles, today announced financial results for its second quarter ended June 30, 2024. The earnings presentation is available on its investor relations website (https://ir.lucidmotors.com).
Lucid reported Q2 revenue of $200.6 million on deliveries of 2,394 vehicles and expects to manufacture approximately 9,000 vehicles in 2024. Lucid ended the second quarter with approximately $4.28 billion of total liquidity.
“I’m very encouraged by our sales and market share momentum we’re experiencing, the benefits we’re realizing from our cost optimization programs, and the excitement that’s been building into the Lucid Gravity launch, setting a strong foundation for the rest of the year,” said Peter Rawlinson, CEO and CTO of Lucid. “The tremendous financial value potential our technology enables is now becoming better recognized, and our achievement of a landmark efficiency of 5.0 miles per kilowatt hour, ahead of where we anticipated, is a further proof point of our leadership as a technology company.”
“Our Q2 financial performance reflects the positive momentum of increased sales of Lucid Air and the results of our cost reduction efforts, which contribute to the journey toward improving gross margin,” said Gagan Dhingra, Interim Chief Financial Officer and Principal Accounting Officer at Lucid. “We ended the second quarter with $4.28 billion in total liquidity and remain committed to maintaining a healthy balance sheet to execute on our strategic vision. The additional $1.5 billion commitment by an affiliate of the PIF announced today is expected to provide sufficient liquidity into at least the fourth quarter of 2025.”
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on August 5, 2024. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Lucid Group
Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The flagship vehicle, Lucid Air, delivers best-in-class performance and efficiency starting at $69,900*. Lucid is preparing its state-of-the-art, vertically integrated factory in Arizona to begin production of the Lucid Gravity SUV. The company’s goal is to accelerate humanity’s transition to sustainable transportation and energy.
*Excludes tax, title, license, options, destination, and documentation fees. For U.S. market only.
Investor Relations Contact
investor@lucidmotors.com
Media Contact
media@lucidmotors.com
Trademarks
This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.
Forward Looking Statements
This communication 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 words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding financial and operating outlook and guidance, future capital expenditures and other operating expenses, ability to control costs, expectations and timing related to commercial product launches, including the Lucid Gravity SUV and Midsize program, production and delivery volumes, expectations regarding market opportunities and demand for Lucid’s products, the range and performance of Lucid’s vehicles, plans and expectations regarding the Lucid Gravity SUV, including performance, driving range, features, specifications, and potential impact on markets, plans and expectations regarding Lucid’s software, plans and expectations regarding Lucid’s systems approach to the design of the vehicles, estimate of Lucid’s technology lead over competitors, plans and expectations regarding Lucid’s integration with North American Charging Standard, including timing and benefits, estimate of the length of time Lucid’s existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding its future capital raises and funding strategy, the timing of vehicle deliveries, plans and expectations regarding future manufacturing capabilities and facilities, studio and service center openings, ability to mitigate supply chain and logistics risks, plans and expectations regarding Lucid’s AMP-1 and AMP-2 manufacturing facilities, including potential benefits, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, plans and expectations regarding the purchase agreement with the government of Saudi Arabia, including the total number of vehicles that may be purchased under the agreement, expected order quantities, and the quantity and timing of vehicle deliveries, Lucid’s ability to grow its brand awareness, the potential success of Lucid’s direct-to-consumer sales strategy and future vehicle programs, potential automotive partnerships, including plans and expectations regarding Lucid’s strategic technology arrangement with Aston Martin, and the promise of Lucid’s technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid’s management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions, including government closures of banks and liquidity concerns at other financial institutions, a potential global economic recession or other downturn and global conflicts or other geopolitical events; risks related to changes in overall demand for Lucid’s products and services and cancellation of orders for Lucid’s vehicles; risks related to prices and availability of commodities, Lucid’s supply chain, logistics, inventory management and quality control, and Lucid’s ability to complete the tooling of its manufacturing facilities over time and scale production of the Lucid Air and other vehicles; risks related to the uncertainty of Lucid’s projected financial information; risks related to the timing of expected business milestones and commercial product launches; risks related to the expansion of Lucid’s manufacturing facility, the construction of new manufacturing facilities and the increase of Lucid’s production capacity; Lucid’s ability to manage expenses and control costs; risks related to future market adoption of Lucid’s offerings; the effects of competition and the pace and depth of electric vehicle adoption generally on Lucid’s future business; changes in regulatory requirements, governmental incentives and fuel and energy prices; Lucid’s ability to rapidly innovate; Lucid’s ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers; Lucid’s ability to effectively manage its growth and recruit and retain key employees, including its chief executive officer and executive team; risks related to Lucid’s 2024 reduction in force; risks related to potential vehicle recalls and buybacks; Lucid’s ability to establish and expand its brand, and capture additional market share, and the risks associated with negative press or reputational harm; Lucid’s ability to effectively utilize or obtain certain credits and other incentives; Lucid’s ability to conduct equity, equity-linked or debt financings in the future; Lucid’s ability to pay interest and principal on its indebtedness; future changes to vehicle specifications which may impact performance, pricing and other expectations; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors discussed under the heading “Risk Factors” in Part II, Item 1A of Lucid’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, as well as in other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid’s expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid’s assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Non-GAAP Financial Measures and Key Business Metrics
Condensed consolidated financial information has been presented in accordance with US GAAP (“GAAP”) as well as on a non-GAAP basis to supplement our condensed consolidated financial results. Lucid’s non-GAAP financial measures include Adjusted EBITDA, Adjusted Net Loss Attributable to Common Stockholders, Adjusted Net Loss Per Share Attributable to Common Stockholders, and Free Cash Flow, which are discussed below.
Adjusted EBITDA is defined as net loss attributable to common stockholders before (1) interest expense, (2) interest income, (3) provision for (benefit from) income taxes, (4) depreciation and amortization, (5) stock-based compensation, (6) restructuring charges, (7) change in fair value of common stock warrant liability, (8) change in fair value of equity securities of a related party, (9) change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party), and (10) accretion of Series A redeemable convertible preferred stock (related party). Lucid believes that Adjusted EBITDA provides useful information to Lucid’s management and investors about Lucid’s financial performance.
Adjusted Net Loss Attributable to Common Stockholders is defined as net loss attributable to common stockholders excluding (1) stock-based compensation, (2) restructuring charges, (3) change in fair value of common stock warrant liability, (4) change in fair value of equity securities of a related party, (5) change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party), and (6) accretion of Series A redeemable convertible preferred stock (related party).
Lucid defines and calculates Adjusted Net Loss Per Share Attributable to Common Stockholders as Adjusted Net Loss Attributable to Common Stockholders divided by weighted-average shares outstanding attributable to common stockholders.
Lucid believes that Adjusted Net Loss Attributable to Common Stockholders and Adjusted Net Loss Per Share Attributable to Common Stockholders financial measures provide investors with useful information to evaluate performance of its business excluding items not reflecting ongoing operating activities.
Free Cash Flow is defined as net cash used in operating activities less capital expenditures. Lucid believes that Free Cash Flow provides useful information to Lucid’s management and investors about the amount of cash generated by the business after necessary capital expenditures.
These non-GAAP financial measures facilitate management’s internal comparisons to Lucid’s historical performance. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting, and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to Lucid’s investors regarding measures of our financial condition and results of operations that Lucid uses to run the business and therefore allows investors to better understand Lucid’s performance. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.
Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding Lucid’s operating performance. In addition, other companies, including companies in Lucid’s industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Lucid’s non-GAAP financial measures and key performance measures as tools for comparison. A reconciliation between GAAP and non-GAAP financial information is presented below.
LUCID GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share data)
June 30,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$ 1,353,581
$ 1,369,947
Short-term investments
1,862,848
2,489,798
Accounts receivable, net (including $77,808 and $35,526 from a related party as of June 30, 2024 and December 31, 2023, respectively)
101,370
51,822
Inventory
509,888
696,236
Prepaid expenses
71,637
69,682
Other current assets
102,164
79,670
Total current assets
4,001,488
4,757,155
Property, plant and equipment, net
3,065,711
2,810,867
Right-of-use assets
212,877
221,508
Long-term investments
687,641
461,029
Other noncurrent assets
204,049
180,626
Investments in equity securities of a related party
51,502
81,533
TOTAL ASSETS
$ 8,223,268
$ 8,512,718
LIABILITIES
Current liabilities:
Accounts payable
$ 113,634
$ 108,724
Accrued compensation
137,374
92,494
Finance lease liabilities, current portion
7,099
8,202
Other current liabilities (including $79,735 and $92,258 associated with related parties as of June 30, 2024 and December 31, 2023, respectively)
752,779
798,990
Total current liabilities
1,010,886
1,008,410
Finance lease liabilities, net of current portion
76,533
77,653
Common stock warrant liability
19,071
53,664
Long-term debt
1,999,547
1,996,960
Other long-term liabilities (including $148,121 and $178,311 associated with related parties as of June 30, 2024 and December 31, 2023, respectively)
555,923
524,339
Derivative liability associated with Series A redeemable convertible preferred stock (related party)
394,100
—
Total liabilities
4,056,060
3,661,026
REDEEMABLE CONVERTIBLE PREFERRED STOCK
Series A redeemable convertible preferred stock, par value $0.0001; 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023;
100,000 and 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively (related party)
651,311
—
STOCKHOLDERS’ EQUITY
Common stock, par value $0.0001; 15,000,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 2,319,543,729 and 2,300,111,489
shares issued and 2,318,685,904 and 2,299,253,664 shares outstanding as of June 30, 2024 and December 31, 2023, respectively
232
230
Additional paid-in capital
15,063,541
15,066,080
Treasury stock, at cost, 857,825 shares at June 30, 2024 and December 31, 2023
(20,716)
(20,716)
Accumulated other comprehensive income (loss)
(4,159)
4,850
Accumulated deficit
(11,523,001)
(10,198,752)
Total stockholders’ equity
3,515,897
4,851,692
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
$ 8,223,268
$ 8,512,718
LUCID GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Revenue (including revenue of $36,470 and $0 from a related party for the three months ended June 30, 2024 and 2023,
and $87,836 and $0 for the six months ended June 30, 2024 and 2023, respectively)
$ 200,581
$ 150,874
$ 373,321
$ 300,306
Costs and expenses
Cost of revenue
470,355
555,805
875,151
1,056,329
Research and development
287,170
233,474
571,797
463,277
Selling, general and administrative
210,245
197,748
423,477
366,518
Restructuring charges
20,228
1,532
20,228
24,028
Total cost and expenses
987,998
988,559
1,890,653
1,910,152
Loss from operations
(787,417)
(837,685)
(1,517,332)
(1,609,846)
Other income (expense), net
Change in fair value of common stock warrant liability
7,539
42,133
34,593
1,331
Change in fair value of equity securities of a related party
(9,390)
—
(29,323)
—
Change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party)
103,000
—
103,000
—
Interest income
54,553
39,525
105,184
79,530
Interest expense
(6,673)
(6,690)
(14,174)
(13,798)
Other expense, net
(5,067)
(928)
(6,074)
(261)
Total other income (expense), net
143,962
74,040
193,206
66,802
Loss before provision for (benefit from) income taxes
(643,455)
(763,645)
(1,324,126)
(1,543,044)
Provision for (benefit from) income taxes
(65)
587
123
716
Net loss
(643,390)
(764,232)
(1,324,249)
(1,543,760)
Accretion of Series A redeemable convertible preferred stock (related party)
(146,861)
—
(150,762)
—
Net loss attributable to common stockholders, basic and diluted
$ (790,251)
$ (764,232)
$ (1,475,011)
$ (1,543,760)
Weighted-average shares outstanding attributable to common stockholders, basic and diluted
2,310,360,525
1,912,459,833
2,306,209,050
1,871,884,313
Net loss per share attributable to common stockholders, basic and diluted
$ (0.34)
$ (0.40)
$ (0.64)
$ (0.82)
Other comprehensive income (loss)
Net unrealized gains (losses) on investments, net of tax
$ (957)
$ (2,999)
$ (4,219)
$ 1,036
Foreign currency translation adjustments
(802)
586
(4,790)
586
Total other comprehensive income (loss)
(1,759)
(2,413)
(9,009)
1,622
Comprehensive loss
(645,149)
(766,645)
(1,333,258)
(1,542,138)
Accretion of Series A redeemable convertible preferred stock (related party)
(146,861)
—
(150,762)
—
Comprehensive loss attributable to common stockholders
$ (792,010)
$ (766,645)
$ (1,484,020)
$ (1,542,138)
LUCID GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Cash flows from operating activities:
Net loss
$ (643,390)
$ (764,232)
$ (1,324,249)
$ (1,543,760)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
66,183
55,363
135,021
105,201
Amortization of insurance premium
8,725
10,865
17,314
21,128
Non-cash operating lease cost
7,667
6,448
15,136
12,278
Stock-based compensation
57,013
71,376
120,709
125,195
Inventory and firm purchase commitments write-downs
145,243
276,631
277,541
503,679
Change in fair value of common stock warrant liability
(7,539)
(42,133)
(34,593)
(1,331)
Change in fair value of equity securities of a related party
9,390
—
29,323
—
Change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party)
(103,000)
—
(103,000)
—
Net accretion of investment discounts/premiums
(23,004)
(17,767)
(44,308)
(39,162)
Other non-cash items
6,199
9,113
4,944
11,458
Changes in operating assets and liabilities:
Accounts receivable (including $7,076 and $0 from a related party for the three months ended June 30, 2024 and 2023,
and $(42,282) and $0 for the six months ended June 30, 2024 and 2023, respectively)
25,584
(17,987)
(49,612)
(978)
Inventory
(62,408)
(93,808)
(83,410)
(447,962)
Prepaid expenses
(8,227)
(21,953)
(19,269)
(31,035)
Other current assets
(26,224)
(3,705)
(22,310)
18,488
Other noncurrent assets
(19,023)
(82,421)
(23,392)
(109,758)
Accounts payable
6,714
(29,825)
3,181
(95,999)
Accrued compensation
36,733
(15,866)
44,880
5,679
Other current liabilities
(36,320)
(56,466)
(39,360)
(55,092)
Other long-term liabilities
52,697
16,009
71,722
20,349
Net cash used in operating activities
(506,987)
(700,358)
(1,023,732)
(1,501,622)
Cash flows from investing activities:
Purchases of property, plant and equipment (including $(28,042) and $(20,497) from a related party for the three months
ended June 30, 2024 and 2023, and $(34,068) and $(40,918) for the six months ended June 30, 2024 and 2023,
respectively)
(234,315)
(203,715)
(432,512)
(445,485)
Purchases of investments
(1,339,579)
(1,304,715)
(1,854,127)
(2,147,253)
Proceeds from maturities of investments
1,257,603
941,338
2,287,894
1,982,489
Proceeds from sale of investments
5,000
135,144
5,000
148,388
Other investing activities
—
(6,024)
—
(4,827)
Net cash provided by (used in) investing activities
(311,291)
(437,972)
6,255
(466,688)
Cash flows from financing activities:
Proceeds from issuance of common stock under Underwriting Agreement, net of issuance costs
—
1,184,224
—
1,184,224
Proceeds from issuance of common stock under 2023 Subscription Agreement to a related party, net of issuance costs
—
1,812,641
—
1,812,641
Proceeds from issuance of Series A redeemable convertible preferred stock to a related party
—
—
1,000,000
—
Payments of issuance costs for Series A redeemable convertible preferred stock
(2,343)
—
(2,343)
—
Payment for finance lease liabilities
(848)
(1,652)
(1,929)
(3,079)
Proceeds from borrowings from a related party
—
4,266
—
4,266
Repayment of borrowings from a related party
(4,266)
—
(4,266)
—
Proceeds from exercise of stock options
786
2,926
2,311
5,107
Proceeds from employee stock purchase plan
11,104
15,089
11,104
15,089
Tax withholding payments for net settlement of employee awards
(2,070)
(3,879)
(5,312)
(10,378)
Net cash provided by financing activities
2,363
3,013,615
999,565
3,007,870
Net (decrease) increase in cash, cash equivalents, and restricted cash
(815,915)
1,875,285
(17,912)
1,039,560
Beginning cash, cash equivalents, and restricted cash
2,169,510
901,595
1,371,507
1,737,320
Ending cash, cash equivalents, and restricted cash
$ 1,353,595
$ 2,776,880
$ 1,353,595
$ 2,776,880
LUCID GROUP, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(in thousands, except share and per share data)
Adjusted EBITDA
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net loss attributable to common stockholders, basic and diluted (GAAP)
$ (790,251)
$ (764,232)
$ (1,475,011)
$ (1,543,760)
Interest expense
6,673
6,690
14,174
13,798
Interest income
(54,553)
(39,525)
(105,184)
(79,530)
Provision for (benefit from) income taxes
(65)
587
123
716
Depreciation and amortization
66,183
55,363
135,021
105,201
Stock-based compensation
58,493
71,376
122,189
126,638
Restructuring charges
20,228
1,532
20,228
24,028
Change in fair value of common stock warrant liability
(7,539)
(42,133)
(34,593)
(1,331)
Change in fair value of equity securities of a related party
9,390
—
29,323
—
Change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party)
(103,000)
—
(103,000)
—
Accretion of Series A redeemable convertible preferred stock (related party)
146,861
—
150,762
—
Adjusted EBITDA (non-GAAP)
$ (647,580)
$ (710,342)
$ (1,245,968)
$ (1,354,240)
Adjusted Net Loss Attributable to Common Stockholders
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net loss attributable to common stockholders, basic and diluted (GAAP)
$ (790,251)
$ (764,232)
$ (1,475,011)
$ (1,543,760)
Stock-based compensation
58,493
71,376
122,189
126,638
Restructuring charges
20,228
1,532
20,228
24,028
Change in fair value of common stock warrant liability
(7,539)
—
(42,133)
(34,593)
(1,331)
Change in fair value of equity securities of a related party
9,390
—
29,323
—
Change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party)
(103,000)
—
(103,000)
—
Accretion of Series A redeemable convertible preferred stock (related party)
146,861
—
150,762
—
Adjusted net loss attributable to common stockholders, basic and diluted (non-GAAP)
$ (665,818)
$ (733,457)
$ (1,290,102)
$ (1,394,425)
Adjusted Net Loss Per Share Attributable to Common Stockholders
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net loss per share attributable to common stockholders, basic and diluted (GAAP)
$ (0.34)
$ (0.40)
$ (0.64)
$ (0.82)
Stock-based compensation
0.02
0.04
0.05
0.07
Restructuring charges
0.01
—
0.01
0.01
Change in fair value of common stock warrant liability
—
(0.02)
(0.01)
—
Change in fair value of equity securities of a related party
—
—
0.01
—
Change in fair value of derivative liability associated with Series A redeemable convertible preferred stock (related party)
(0.04)
—
(0.04)
—
Accretion of Series A redeemable convertible preferred stock (related party)
0.06
—
0.06
—
Adjusted net loss per share attributable to common stockholders, basic and diluted (non-GAAP)
$ (0.29)
$ (0.38)
$ (0.56)
$ (0.74)
Weighted-average shares outstanding attributable to common stockholders, basic and diluted
2,310,360,525
1,912,459,833
2,306,209,050
1,871,884,313
LUCID GROUP, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures – continued
(Unaudited)
(in thousands)
Free Cash Flow
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net cash used in operating activities (GAAP)
$ (506,987)
$ (700,358)
$ (1,023,732)
$ (1,501,622)
Capital expenditures
(234,315)
(203,715)
(432,512)
(445,485)
Free cash flow (non-GAAP)
$ (741,302)
$ (904,073)
$ (1,456,244)
$ (1,947,107)
View original content to download multimedia:https://www.prnewswire.com/news-releases/lucid-announces-second-quarter-2024-financial-results-302214626.html
SOURCE Lucid Group
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Technology
Cultivating a Culture of Peace: International Day of Peace Statement by Education Cannot Wait Executive Director Yasmine Sherif
Published
3 hours agoon
September 21, 2024By
NEW YORK, Sept. 21, 2024 /CNW/ — The longing for peace transcends time, geography and religion. Based on justice, human rights and universal values outlined in the UN Charter, a culture of peace brings us all together in our common agenda for humanity. We can only co-exist by aligning ourselves with such a world order.
On today’s International Day of Peace, we call on world leaders to end conflict and embrace a culture of peace as enshrined in the UN Charter and related international law.
As the UN General Assembly outlined in the Declaration and Programme of Action on a Culture of Peace a quarter of a century ago, this must include: “Respect for life, human rights and fundamental freedoms; the promotion of non-violence through education, dialogue and cooperation; commitment to peaceful settlement of conflicts; and adherence to freedom, justice, democracy, tolerance, solidarity, cooperation, pluralism, cultural diversity, dialogue and understanding at all levels of society and among nations.”
Educating for peace starts at home and continues in school through years of education. This takes place during the most formative years of a child learning about their identity, ethics, values, conscience, courage and compassion. Wherever there has been a failure in imparting on children the imperative for peace, the world is turned upside down. This is a global failure with no geographical boundaries.
Today, we live in a world of unprecedented violence, armed conflict and chaos. All the genuine and heartfelt commitments made in 1945 in the UN Charter seem to be fading away. Children and adolescents are the most vulnerable, the least protected, and the most impacted. They bear the brunt.
Global conflicts killed three times as many children in 2023 than in the previous year, according to the United Nations. The number of forcibly displaced people reached an unprecedented 120 million in May 2024.
“In 2023, the United Nations verified a record 32,990 grave violations against 22,557 children in 26 conflict zones, a 35% increase from the previous year,” according to recent analysis by the UN.
We can end these violations and invest in a constructive co-existence globally. We can use our resources for education, rather than for wars. In classrooms around the world, girls and boys who have withstood the wrath of war can rebuild their hopes and their lives. Cultivating a culture of peace is possible. The financial resources exist. The choice as to how we use them is ours.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cultivating-a-culture-of-peace-international-day-of-peace-statement-by-education-cannot-wait-executive-director-yasmine-sherif-302254413.html
SOURCE Education Cannot Wait
Technology
Niutech at the Forefront: U.S.-China Circular Economy Forum Tackles “White Pollution”
Published
7 hours agoon
September 21, 2024By
BEIJING, Sept. 20, 2024 /PRNewswire/ — On September 6, 2024, the inaugural U.S.-China Circular Economy Cooperation Forum was held in Beijing. The forum, guided by the U.S.-China Climate Action Working Group Circular Economy Task Force, was co-organized by the China Circular Economy Association and the US-China Business Council. The forum brought together approximately 460 distinguished guests from the National Development and Reform Commission of China, the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, the General Administration of Market Regulation, the US State Department, the US Department of Energy and other government departments, as well as industry experts, business representatives and scientific research institutions of the two countries. As the domestic leader in continuous pyrolysis technology, Niutech was invited by the China Circular Economy Association to attend the forum and gave an insightful speech on the topic of waste plastic recycling, and the issues of ‘white pollution’ that can result from it.
Enhancing Quality and Efficiency in the Circular Economy with Innovative Forces
The forum was strategically designed to advance the goals outlined in the U.S.-China “The Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis” (hereinafter referred to as the Sunnylands Statement). It aimed to create a collaborative platform for the business community, social organizations, and research institutions from both countries to foster exchanges and drive tangible cooperation in the circular economy.
Zhao Chenxin, Deputy Director of the National Development and Reform Commission, John Podesta, Senior Advisor to the U.S. President on International Climate Policy, Liu Zhenmin, China’s Special Envoy for Climate Change Affairs, Nicholas Burns, U.S. Ambassador to China, and Xie Zhenhua, former Special Envoy for Climate Change Affairs of China, attended the opening ceremony of the Forum and delivered a speech, and Xie Feng, Chinese Ambassador to the U.S., made a video message. Deputy Director Zhao Chenxin said that addressing climate change is a common cause for all mankind and cannot be separated from the cooperation between the two global forces, China and the United States.
The China-US Circular Economy Cooperation Forum, held as an initiative to implement the Sunnylands Statement, marked another significant milestone in China-US cooperation on the circular economy. This collaboration is crucial for both nations as they join forces to tackle the climate crisis. On the afternoon of September 6, the forum organized four parallel meetings, where representatives engaged in in-depth exchanges on topics such as using the recycling economy to reduce greenhouse gas emissions, promoting the application of recycled materials, addressing plastic pollution and enhancing recycling, and increasing the recycling value of waste in the context of new industries and consumption patterns.
Niutech: International Experts on Continuous Pyrolysis Technology and Pioneers in solving the global “white pollution” problem
Globally, hundreds of millions of tons of waste plastics are generated annually, yet only about 30% undergo recycling. Traditional physical methods are typically limited to high-value, single-category, and relatively clean waste plastics. However, repeated recycling can degrade the quality of the plastics. Chemical recycling, on the other hand, offers a transformative approach by converting waste plastics into high-value products or fuels through chemical processes, thus overcoming the limitations of physical recycling.
Pyrolysis technology, a cornerstone of chemical recycling, addresses the challenges associated with the material recycling of waste plastics. It is adept at processing various types of low-value, mixed, and contaminated waste plastics. The products of pyrolysis can be further processed to manufacture new plastics, achieving a closed-loop system where waste plastics are repurposed into high-value new plastics. This not only retains the material’s utility at a high level but also converts “white pollution” into a “white oil field,” signifying a major shift in the management and valorization of plastic waste.
At the forum, as the international expert in continuous pyrolysis technology, the corporate representative of Niutech shared the cases of waste plastic chemical recycling projects deployed with international giants BASF and Quantafuel in Denmark, Thailand and other countries. Niutech has developed its own pyrolysis technology and equipment, which they fully own the intellectual property rights to. This technology enables the transformation of low-value, mixed, and contaminated waste plastics—including various polymers such as PP, PE, PS, ABS—into high-quality fuel oil.
The fuel oil derived from this process can undergo further refining into naphtha, a critical raw material in the production of new plastics. This advanced recycling process not only diverts plastics from landfills and the environment but also contributes to a circular economy by turning waste into a valuable resource.
In the future, Niutech will continue to champion the principle of “green, recycling and low-carbon” waste plastics pyrolysis. Armed with advanced technology, reliable equipment, abundant high-value solutions and proven experience, Niutech is committed to enhancing communication and cooperation with domestic and foreign partners. Together, they will drive forward the chemical recycling of waste plastics and the sustainable development of the global waste plastics recycling industry.
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SOURCE Niutech
Technology
Global Ultrasound Institute Launches GUSI Fellowships Platform: Elevating Point-of-Care Ultrasound Education
Published
8 hours agoon
September 21, 2024By
SAN FRANCISCO, Sept. 20, 2024 /PRNewswire/ — The Global Ultrasound Institute (GUSI) is proud to announce the launch of the GUSI Fellowships Platform, an innovative online platform designed to empower learners around the world to achieve confidence and competency in point-of-care ultrasound (POCUS). With a holistic, device-independent approach that includes comprehensive evidence-based education, personalized mentorship from world-class POCUS educators, detailed scan review feedback, quantitative assessments, and CME certification, GUSI is setting a new standard in POCUS education.
“GUSI’s online didactics are the best that I have seen. And what I like most about the fellowship were the 1:1 sessions and being able to interact with GUSI expert faculty who have many years of experience in POCUS. And you get to pick their brains and they get to instruct you 1:1. I have used the training I received from GUSI to do much more POCUS clinically and further impact my patients lives.”
Dr. James Wilcox,
Assistant POCUS Director, Indiana University School of Medicine
Adjunct Professor and Assistant Professor of Medicine
“Our mission at GUSI is to democratize access to high-quality ultrasound training,” said Dr. Kevin Bergman and Dr. Mena Ramos, Co-CEOs of Global Ultrasound Institute. “The GUSI Fellowships Platform enables learners from diverse backgrounds to enhance their skills in a supportive, flexible environment, making it easier than ever to reach their POCUS goals.”
With training options covering 38 different scan types, learners can expect personalized 1:1 mentorship with expert POCUS educators who provide timely feedback on practice scans.
“The GUSI fellowship mentors are the best: patient, kind, knowledgeable, experienced, and supportive. GUSI provided education in the areas I wanted and needed to obtain and in my home/office environment not requiring multiple trips around the country. It is not just the way course work is presented – learning is made easier by the support provided to each student.”
Dr. Glenda Patterson
Core Faculty, University of Arkansas Northwest Internal Medicine Residency
Physician, Veterans Health Care of the Ozarks
Board-certified in Internal Medicine, Pulmonary Medicine, and Critical Care Medicine
The GUSI Fellowships Platform features a scalable software system designed to monitor and track performance, ensuring learners can effectively measure their progress.
GUSI understands the challenges faced by healthcare professionals seeking to enhance their ultrasound skills amid demanding schedules. GUSI addresses these concerns with flexible scheduling options, allowing learners to progress at their own pace while balancing their professional and personal commitments. This adaptability and virtual experience is crucial for fostering a culture of continuous learning and skill development.
“I went from not being able to hold the probe to someone who can scan and diagnosing and finding pathologies. I worked with Dr. Milne-Price and she was amazing! She sharpened my skills and we did sessions of live scanning over Zoom. I feel confident in my skills now to scan on my own.”
Dr. Dalea Al-Hawarri
Faculty, Bryn Mawr Family Medicine Residency
As healthcare continues to evolve, the demand for proficient ultrasound practitioners has never been greater. GUSI is not only committed to providing exceptional education but also aims to inspire a new generation of healthcare professionals who can leverage POCUS to improve patient outcomes globally. Join us in this exciting journey towards excellence in ultrasound practice.
For more information on GUSI Fellowships and to start your journey toward ultrasound proficiency, visit https://globalultrasoundinstitute.com/.
About Global Ultrasound Institute:
Global Ultrasound Institute stands at the forefront of point-of-care ultrasound, providing wraparound education, training, AI, and administrative software tools to healthcare providers and health systems globally to lower barriers to POCUS adoption and implementation. GUSI has trained over 14,000 healthcare practitioners in over 60 countries. GUSI is working to create a better world in which every healthcare practitioner is empowered to offer a rapid, reliable, accurate ultrasound-enabled diagnosis directly at the point-of-care, for any patient, anywhere.
For more information about GUSI Fellowships or any of GUSI services, please visit https://globalultrasoundinstitute.com/
Contact:
Dr. Kevin Bergman, Co-Founder, co-CEO, Global Ultrasound Institute
Dr. Mena Ramos, Co-Founder, co-CEO, Global Ultrasound Institute
View original content to download multimedia:https://www.prnewswire.com/news-releases/global-ultrasound-institute-launches-gusi-fellowships-platform-elevating-point-of-care-ultrasound-education-302254656.html
SOURCE GLOBAL ULTRASOUND INSTITUTE
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