Connect with us

Technology

Lucid Announces Third Quarter 2024 Financial Results

Published

on

Produced 1,805 vehicles in Q3; on track for annual production of approximately 9,000 vehiclesDelivered 2,781 vehicles in Q3; up 90.9% compared to Q3 2023Q3 revenue of $200.0 millionGAAP net loss per share of $(0.41); non-GAAP net loss per share of $(0.28)Ended the quarter with approximately $5.16 billion in total liquiditySubsequent to the third quarter, completed a capital raise of approximately $1.75 billion in October 2024

NEWARK, Calif., Nov. 7, 2024 /PRNewswire/ — Lucid Group, Inc. (NASDAQ: LCID), maker of the world’s most advanced electric vehicles, today announced financial results for its third quarter ended September 30, 2024. The earnings presentation is available on its investor relations website (https://ir.lucidmotors.com).

Lucid reported Q3 revenue of $200.0 million on deliveries of 2,781 vehicles and expects to manufacture approximately 9,000 vehicles in 2024. Lucid ended the third quarter with approximately $5.16 billion in total liquidity.

“Our momentum continues with our third consecutive quarter of record deliveries,” said Peter Rawlinson, CEO and CTO at Lucid. “Additionally, today we are delighted to open the order book for the much-anticipated Lucid Gravity SUV, a landmark product, which remains on track for start of production this year. Furthermore, our recent capital raise of approximately $1.75 billion serves to further secure the future of the company by extending its financial runway well into 2026.”

“We continue to see improvements to gross margin performance as our cost reduction efforts are gaining momentum,” said Gagan Dhingra, Interim CFO and Principal Accounting Officer at Lucid. “With our recent capital raise, we are pleased to have the continued support once again from both the Public Investment Fund and other institutional investors.”

Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on November 7, 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 gross margin, capital expenditures and other operating expenses, ability to control costs, expectations on cost optimization results, plans and expectations related to commercial product launches, including the Lucid Gravity SUV and Midsize program, plans and expectations on vehicle production and delivery timing and 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, 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 Lucid’s liquidity runway, future capital raises and funding strategy, plans and expectations regarding future manufacturing capabilities and facilities, studio and service center openings, test drive vehicle numbers, 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 and the 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, expectations on the technology licensing landscape, expectations on the regulatory environment, 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 September 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 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 liabilities associated with redeemable convertible preferred stock (related party), and (10) accretion of 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 liabilities associated with redeemable convertible preferred stock (related party), and (6) accretion of 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)

September 30,
2024

December 31,
2023

ASSETS

Current assets:

Cash and cash equivalents

$       1,893,638

$       1,369,947

Short-term investments (including $15,000 and nil associated with a related party as of September 30, 2024 and
     December 31, 2023, respectively)

1,578,283

2,489,798

Accounts receivable, net (including $70,846 and $35,526 from a related party as of September 30, 2024 and
     December 31, 2023, respectively)

98,243

51,822

Inventory

506,842

696,236

Prepaid expenses

62,210

69,682

Other current assets

107,795

79,670

Total current assets

4,247,011

4,757,155

Property, plant and equipment, net

3,222,098

2,810,867

Right-of-use assets

220,616

221,508

Long-term investments

555,521

461,029

Other noncurrent assets

198,277

180,626

Investments in equity securities of a related party

45,660

81,533

TOTAL ASSETS

$       8,489,183

$       8,512,718

LIABILITIES

Current liabilities:

Accounts payable

$          139,187

$          108,724

Accrued compensation

138,882

92,494

Finance lease liabilities, current portion

6,921

8,202

Other current liabilities (including $70,495 and $92,258 associated with related parties as of September 30,
     2024 and December 31, 2023, respectively)

861,074

798,990

Total current liabilities

1,146,064

1,008,410

Finance lease liabilities, net of current portion

75,027

77,653

Common stock warrant liability

32,819

53,664

Long-term debt

2,000,847

1,996,960

Other long-term liabilities (including $120,286 and $178,311 associated with related parties as of September 30,
     2024 and December 31, 2023, respectively)

558,525

524,339

Derivative liabilities associated with redeemable convertible preferred stock (related party)

932,025

Total liabilities

4,745,307

3,661,026

REDEEMABLE CONVERTIBLE PREFERRED STOCK

Preferred stock 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023, Series A
     redeemable convertible preferred stock, par value $0.0001; 100,000 and 0 shares issued and outstanding as of
     September 30, 2024 and December 31, 2023, respectively (related party)

591,897

Preferred stock 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023, Series B
     redeemable convertible preferred stock, par value $0.0001; 75,000 and 0 shares issued and outstanding as of
     September 30, 2024 and December 31, 2023, respectively (related party)

468,259

Total redeemable convertible preferred stock

1,060,156

STOCKHOLDERS’ EQUITY

Common stock, par value $0.0001; 15,000,000,000 shares authorized as of September 30, 2024 and
     December 31, 2023; 2,338,376,367 and 2,300,111,489 shares issued and 2,337,518,542 and 2,299,253,664
     shares outstanding as of September 30, 2024 and December 31, 2023, respectively

234

230

Additional paid-in capital

15,206,764

15,066,080

Treasury stock, at cost, 857,825 shares at September 30, 2024 and December 31, 2023

(20,716)

(20,716)

Accumulated other comprehensive income

12,914

4,850

Accumulated deficit

(12,515,476)

(10,198,752)

Total stockholders’ equity

2,683,720

4,851,692

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND
     STOCKHOLDERS’ EQUITY

$       8,489,183

$       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

September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Revenue (including $45,588 and $4,980 from a related party for the three
     months ended September 30, 2024 and 2023, and $133,424 and $4,980 for
      the nine months ended September 30, 2024 and 2023, respectively)

$          200,038

$          137,814

$          573,359

$          438,120

Costs and expenses

Cost of revenue

412,544

469,722

1,287,695

1,526,051

Research and development

324,371

230,758

896,168

694,035

Selling, general and administrative

233,585

189,691

657,062

556,209

Restructuring charges

76

518

20,304

24,546

Total cost and expenses

970,576

890,689

2,861,229

2,800,841

Loss from operations

(770,538)

(752,875)

(2,287,870)

(2,362,721)

Other income (expense), net

Change in fair value of common stock warrant liability

(13,748)

60,316

20,845

61,647

Change in fair value of equity securities of a related party

(8,836)

(38,159)

Change in fair value of derivative liabilities associated with redeemable
convertible preferred stock (related party)

(240,250)

(137,250)

Interest income

50,017

66,064

155,201

145,594

Interest expense

(8,478)

(3,340)

(22,652)

(17,138)

Other expense, net

(155)

(763)

(6,229)

(1,024)

Total other income (expense), net

(221,450)

122,277

(28,244)

189,079

Loss before provision for income taxes

(991,988)

(630,598)

(2,316,114)

(2,173,642)

Provision for income taxes

487

296

610

1,012

Net loss

(992,475)

(630,894)

(2,316,724)

(2,174,654)

Accretion of redeemable convertible preferred stock (related party)

42,838

(107,924)

Net loss attributable to common stockholders, basic and diluted

$        (949,637)

$        (630,894)

$     (2,424,648)

$     (2,174,654)

Weighted-average shares outstanding attributable to common stockholders,
basic and diluted

2,323,971,541

2,284,446,783

2,312,249,333

2,010,916,100

Net loss per share attributable to common stockholders, basic and diluted

$               (0.41)

$               (0.28)

$               (1.05)

$               (1.08)

Other comprehensive income (loss)

Net unrealized gains on investments, net of tax

$            11,891

$              1,554

$              7,672

$              2,590

Foreign currency translation adjustments

5,182

(1,967)

392

(1,381)

Total other comprehensive income (loss)

17,073

(413)

8,064

1,209

Comprehensive loss

(975,402)

(631,307)

(2,308,660)

(2,173,445)

Accretion of redeemable convertible preferred stock (related party)

42,838

(107,924)

Comprehensive loss attributable to common stockholders

$        (932,564)

$        (631,307)

$     (2,416,584)

$     (2,173,445)

 

LUCID GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2023

2024

2023

Cash flows from operating activities:

Net loss

$        (992,475)

$        (630,894)

$     (2,316,724)

$    (2,174,654)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

69,473

60,832

204,494

166,033

Amortization of insurance premium

8,645

9,114

25,959

30,242

Non-cash operating lease cost

7,861

6,593

22,997

18,871

Stock-based compensation

88,094

68,237

208,803

193,432

Inventory and firm purchase commitments write-downs

138,557

230,816

416,098

734,495

Change in fair value of common stock warrant liability

13,748

(60,316)

(20,845)

(61,647)

Change in fair value of equity securities of a related party

8,836

38,159

Change in fair value of derivative liabilities associated with redeemable
convertible preferred stock (related party)

240,250

137,250

Net accretion of investment discounts/premiums

(15,272)

(35,766)

(59,580)

(74,928)

Other non-cash items

(178)

16,480

4,766

27,938

Changes in operating assets and liabilities:

Accounts receivable (including $6,962 and $(5,533) from a related party for
the three months ended September 30, 2024 and 2023, and $(35,320) and
$(5,533) for the nine months ended September 30, 2024 and 2023, respectively)

3,011

(2,800)

(46,601)

(3,778)

Inventory

(137,982)

(127,971)

(221,392)

(575,933)

Prepaid expenses

782

(12,027)

(18,487)

(43,062)

Other current assets

(5,171)

(4,808)

(27,481)

13,680

Other noncurrent assets

8,497

(4,032)

(14,895)

(113,790)

Accounts payable

39,383

(18,811)

42,564

(114,810)

Accrued compensation

1,508

(7,460)

46,388

(1,781)

Other current liabilities

30,063

(6,413)

(9,297)

(61,505)

Other long-term liabilities

29,575

5,644

101,297

25,993

Net cash used in operating activities

(462,795)

(513,582)

(1,486,527)

(2,015,204)

Cash flows from investing activities:

Purchases of property, plant and equipment (including $(22,611) and
$(25,959) from a related party for the three months ended September 30,
2024 and 2023, and $(56,679) and $(66,877) for the nine months ended
September 30, 2024 and 2023, respectively)

(159,694)

(192,517)

(592,206)

(638,002)

Purchases of investments (including $(15,000) and nil from a related party
for the three months ended September 30, 2024 and 2023, and $(15,000) and
nil for the nine months ended September 30, 2024 and 2023, respectively)

(520,093)

(1,438,001)

(2,374,220)

(3,585,254)

Proceeds from maturities of investments

963,506

498,081

3,251,400

2,480,570

Proceeds from sale of investments

5,000

148,388

Other investing activities

(4,827)

Net cash provided by (used in) investing activities

$          283,719

$     (1,132,437)

$          289,974

$    (1,599,125)

LUCID GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED

(Unaudited)

(in thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2023

2024

2023

Cash flows from financing activities:

Proceeds from issuance of common stock under Underwriting Agreement,
net of issuance costs

$                    —

$                    —

$                    —

$      1,184,224

Proceeds from issuance of common stock under 2023 Subscription
Agreement to a related party, net of issuance costs

1,812,641

Proceeds from issuance of Series A redeemable convertible preferred stock
to a related party

1,000,000

Proceeds from issuance of Series B redeemable convertible preferred stock
to a related party

750,000

750,000

Payments of issuance costs for Series A redeemable convertible preferred
stock

(2,343)

Payments of issuance costs for Series B redeemable convertible preferred
stock

(250)

(250)

Payment for credit facility issuance costs (including $(5,625) and nil to a
related party for the three months ended September 30, 2024 and 2023, and
$(5,625) and nil for the nine months ended September 30, 2024 and 2023,
respectively)

(6,058)

(6,058)

Payment for finance lease liabilities

(703)

(1,455)

(2,632)

(4,534)

Proceeds from borrowings from a related party

38,654

42,920

Repayment of borrowings from a related party

(21,590)

(25,856)

Proceeds from exercise of stock options

935

2,214

3,246

7,321

Proceeds from employee stock purchase plan

11,104

15,089

Tax withholding payments for net settlement of employee awards

(3,190)

(4,327)

(8,502)

(14,705)

Net cash provided by financing activities

719,144

35,086

1,718,709

3,042,956

Net increase (decrease) in cash, cash equivalents, and restricted cash

540,068

(1,610,933)

522,156

(571,373)

Beginning cash, cash equivalents, and restricted cash

1,353,595

2,776,880

1,371,507

1,737,320

Ending cash, cash equivalents, and restricted cash

$       1,893,663

$       1,165,947

$       1,893,663

$      1,165,947

 

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

September 30,

Nine Months Ended

September 30,

2024

2023

2024

2023

Net loss attributable to common stockholders, basic and diluted (GAAP)

$        (949,637)

$        (630,894)

$     (2,424,648)

$     (2,174,654)

Interest expense

8,478

3,340

22,652

17,138

Interest income

(50,017)

(66,064)

(155,201)

(145,594)

Provision for income taxes

487

296

610

1,012

Depreciation and amortization

69,473

60,832

204,494

166,033

Stock-based compensation

88,094

68,237

210,283

194,875

Restructuring charges

76

518

20,304

24,546

Change in fair value of common stock warrant liability

13,748

(60,316)

(20,845)

(61,647)

Change in fair value of equity securities of a related party

8,836

38,159

Change in fair value of derivative liabilities associated with redeemable
convertible preferred stock (related party)

240,250

137,250

Accretion of redeemable convertible preferred stock (related party)

(42,838)

107,924

Adjusted EBITDA (non-GAAP)

$        (613,050)

$        (624,051)

$     (1,859,018)

$     (1,978,291)

 

Adjusted Net Loss Attributable to Common Stockholders

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2023

2024

2023

Net loss attributable to common stockholders, basic and diluted (GAAP)

$        (949,637)

$        (630,894)

$     (2,424,648)

$     (2,174,654)

Stock-based compensation

88,094

68,237

210,283

194,875

Restructuring charges

76

518

20,304

24,546

Change in fair value of common stock warrant liability

13,748

(60,316)

(20,845)

(61,647)

Change in fair value of equity securities of a related party

8,836

38,159

Change in fair value of derivative liabilities associated with redeemable
convertible preferred stock (related party)

240,250

137,250

Accretion of redeemable convertible preferred stock (related party)

(42,838)

107,924

Adjusted net loss attributable to common stockholders, basic and diluted
(non-GAAP)

$        (641,471)

$        (622,455)

$     (1,931,573)

$     (2,016,880)

 

Adjusted Net Loss Per Share Attributable to Common Stockholders

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2023

2024

2023

Net loss per share attributable to common stockholders, basic and
diluted (GAAP)

$               (0.41)

$               (0.28)

$               (1.05)

$               (1.08)

Stock-based compensation

0.04

0.03

0.09

0.10

Restructuring charges

0.01

0.01

0.01

Change in fair value of common stock warrant liability

0.01

(0.03)

(0.01)

(0.03)

Change in fair value of equity securities of a related party

0.01

Change in fair value of derivative liabilities associated with redeemable
convertible preferred stock (related party)

0.10

0.06

Accretion of redeemable convertible preferred stock (related party)

(0.02)

0.05

Adjusted net loss per share attributable to common stockholders, basic
and diluted (non-GAAP)

$               (0.28)

$               (0.27)

$               (0.84)

$               (1.00)

Weighted-average shares outstanding attributable to common
stockholders, basic and diluted

2,323,971,541

2,284,446,783

2,312,249,333

2,010,916,100

 

LUCID GROUP, INC. 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – CONTINUED

(Unaudited)

(in thousands)

Free Cash Flow

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2023

2024

2023

Net cash used in operating activities (GAAP)

$        (462,795)

$        (513,582)

$     (1,486,527)

$     (2,015,204)

Capital expenditures

(159,694)

(192,517)

(592,206)

(638,002)

Free cash flow (non-GAAP)

$        (622,489)

$        (706,099)

$     (2,078,733)

$     (2,653,206)

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/lucid-announces-third-quarter-2024-financial-results-302298352.html

SOURCE Lucid Group

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

on

By

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

 

SOURCE Wahed

Continue Reading

Technology

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

on

By

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

Photo – https://mma.prnewswire.com/media/2566076/Wahed_MENA_Khalid_Al_Jassim.jpg

View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html

Continue Reading

Technology

“India Global Forum’s mission more relevant than ever,” says Finance Minister Nirmala Sitharaman ahead of IGF Middle East and Africa 2024

Published

on

By

India Global Forum’s flagship event in UAE kicks off in Dubai on 25 November with IGF ForumPolicymakers, politicians, business figures and celebrities from India, UAE, Africa to converge at inaugural session

DUBAI, UAE, Nov. 24, 2024 /PRNewswire/ — Ahead of India Global Forum’s (IGF) flagship Middle East & Africa 2024 (ME&A 2024) in Dubai on Monday, 25 November, Finance Minister Nirmala Sitharaman commended the role of the organisation in fostering global partnerships.

“Through their impactful and outcomes driven work, India Global Form has consistently provided a platform that fosters a better understanding of modern India and its vast opportunities for the global audience. It has also played an important role in building meaningful cross-border connections.

“India Global Forum’s mission to build corridors of technology, talent, investment and trust is more relevant than ever,” she said.

Under the theme of ‘Limitless Horizons’, IGF ME&A 2024 will foster new partnerships and collaborations between India, the Middle East, and Africa, unlocking opportunities in sectors such as technology, finance, sustainability and innovation.

The two-day event will begin with a special address by India’s Commerce Minister Piyush Goyal.

The inaugural session will also witness UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Omar al Olama, delve into the policies and reforms driving technological innovation in the UAE.

Looking forward to IGF ME&A, Indian Ambassador to the UAE, Sunjay Sudhir said: “The India-UAE relationship has entered an exciting new phase of exponential growth. We are at a moment in history where India-UAE relations are driving the synergy between our regions which has never been greater, and IGF serves as a beacon for harnessing this potential.”

Manoj Ladwa, Founder and Chairman, India Global Forum (IGF), said: “India’s External Affairs Minister, S. Jaishankar, aptly noted during his recent visit to Dubai that the India-UAE ties are in an era of new milestones. These ties are not just about trade figures or agreements – they represent a deeper alignment of values, aspirations, and shared visions for the future. IGF Middle East and Africa is an opportunity to channel this momentum into actionable outcomes that benefit not just our nations but the wider region.”

Featuring over 200 speakers and 1,000 participants across nine streams, IGF ME&A 2024 includes:

IGF Dialogues: An exclusive gathering of industry leaders and policymakers engaging in peer-to-peer roundtable discussions.IGF Forum: A Deep dive into how India, the Middle East, and Africa can embrace limitless horizons in a changing worldLeaders Dinner: An exclusive by-invite only dinner at the BAPS Hindu Mandir in Abu DhabiFounders and Funders Forum: Spotlighting the possibilities and pitfalls of the growing role of AI in India, the Middle East, and Africa.Climate and Business Forum (ClimB) – Exploring how businesses can achieve growth while prioritising sustainability and climate actionIGF Focus Forum – Discussions across diverse event streams, including leadership, entrepreneurship, healthcare, skilling and cultureDisruptors in the Desert – Demystifying emerging trends and technologies across key sectors poised to shape the next decade of the Global South. 

These engagements will tackle pressing global challenges, from climate change and energy transition to the future of AI and digital economies, bringing together a diverse lineup of global leaders, business pioneers, policymakers, and innovators.

Key Speakers across the event include:

H.E. Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work ApplicationsH.E. Sunjay Sudhir, Ambassador of India to UAEMahesh Bhupathi, Indian Tennis LegendYusuf Tambawala, Vice President of Growth & Business Support, DP WorldLeander Paes, Indian Tennis LegendAbhimanyu Munjal, Managing Director and CEO, Hero FincorpHarsh Jain, Co-Founder, Dream11Monish Shah, Founder and CEO, DreamSetGoSanjay Nayyar, Founder and Chairman, Sorin AdvisorsAmnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, MastercardNeeraj Makin, Senior Executive Vice President, Group Head – Strategy, Analytics & Venture Capital, Emirates NBDSiddharth Shah, Co-founder, PharmeasyFaizal Kottikollon, Chairman, KEF HoldingsRola Abu Manneh, CEO Middle East, Standard CharteredSiddharth Balachandran, Executive Chairman & CEO, Buimerc CorporationKuppulakshmi Krishnamoorthy, Global Head, Zoho for StartupsMina Liccione, Comedian, Dubomedy

About India Global Forum
India Global Forum tells the story of contemporary India. The pace of change and growth India has set itself is an opportunity for the world. IGF is the gateway for businesses and nations to help seize that opportunity.  To know more, click here

Social Media Handles & Hashtag to Follow
Twitter: @IGFUpdates & @manojladwa
LinkedIn: India Global Forum
#IGFUAE

Photo – https://mma.prnewswire.com/media/2566068/IGF_Finance_Minister.jpg
Logo – https://mma.prnewswire.com/media/2566069/IGF_Logo.jpg

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/india-global-forums-mission-more-relevant-than-ever-says-finance-minister-nirmala-sitharaman-ahead-of-igf-middle-east-and-africa-2024-302314772.html

Continue Reading

Trending