Technology
Lucid Announces Third Quarter 2024 Financial Results
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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
Media Contact
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
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Technology
GoSchool: Redefining Inclusive Education for Special Learning Needs
Published
30 mins agoon
November 8, 2024By
MUMBAI, India, Nov. 8, 2024 /PRNewswire/ — GoSchool, a progressive international online school, is breaking new ground to ensure that every child, irrespective of their learning needs, has access to high-quality education. Serving students with ADHD, high-functioning autism, dyslexia, and physical disabilities, GoSchool’s inclusive approach fosters a nurturing, personalized, and adaptable learning environment.
In today’s fast-paced world, traditional schools often struggle to meet the unique requirements of students with special learning needs. GoSchool’s innovative online platform offers a supportive and flexible learning space that empowers these students to reach their fullest potential.
Why GoSchool is the Ideal Choice:
Children with special learning needs often face significant challenges in traditional classroom settings, from difficulties in social interactions and sensory processing to the need for tailored educational approaches. GoSchool addresses these challenges through a variety of innovative solutions:
Specialized Teachers and Support Staff
GoSchool employs dedicated educators who are specifically trained to support children with special learning needs. These teachers understand the complexities of neurodivergent behaviors and are adept at fostering an inclusive classroom environment. Their expertise enables them to effectively guide students, offering them the tools and encouragement they need to succeed academically.Alleviating Social Anxiety Through Online Learning
For children dealing with social anxiety, traditional school environments can feel overwhelming. GoSchool’s online platform enables children to learn from the comfort of their homes, creating a safe space that reduces anxiety and encourages engagement. This approach is especially beneficial for children with autism or social anxiety, who may find in-person interactions challenging.Small Class Sizes for Personalized Attention
GoSchool maintains small class sizes to ensure each student receives individualized attention. With fewer students per class, teachers can tailor their instruction, closely monitor each child’s progress, and make necessary adjustments that enhance the overall learning experience.High Academic Standards Without Compromise
Despite its inclusive and personalized approach, GoSchool adheres to the highest academic standards. Affiliated with Cambridge International and Pearson Edexcel, GoSchool offers a rigorous curriculum designed to prepare students for academic success, college readiness, and lifelong learning. The curriculum is structured to deliver a robust educational experience while allowing flexibility in teaching methods for students who require additional support.An Ideal Alternative to Homeschooling
GoSchool provides the best of both worlds: the flexibility and one-on-one support often found in homeschooling, combined with the academic rigor, structure, and social interaction opportunities of an international school. This unique approach makes GoSchool an excellent option for parents seeking more than a traditional or home-based education.
A Commitment to Individual Growth and Excellence
GoSchool believes that children with special learning needs have tremendous potential and simply need the right environment to flourish. By blending technology, specialized teaching methods, and a supportive community, GoSchool aims to redefine inclusive education. With a curriculum designed to promote both academic achievement and personal growth, GoSchool equips students with the skills and confidence they need to succeed in today’s world.
Ready to Empower every Child:
GoSchool believes in nurturing every child’s unique potential within a learning environment where they feel valued and supported. If parents are seeking a school that truly understands and meets the specific needs of their child, GoSchool could be the perfect fit. Parents can enrol today to give their child the opportunity to thrive in a school that champions inclusivity, high standards, and innovative education.
To learn more or start the enrollment process, visit www.go-school.in and begin the child’s journey to success.
Contact Us: +91 91794 69179
Email: admission@go-school.in
Dr. Thomas V Aghamkar | +91 8055870956 | thomas.aghamkar@go-education.in
Photo: https://mma.prnewswire.com/media/2551307/Special_Learning_Needs_GoSchool.jpg
Logo: https://mma.prnewswire.com/media/2551306/GoSchool_Logo.jpg
View original content to download multimedia:https://www.prnewswire.com/in/news-releases/goschool-redefining-inclusive-education-for-special-learning-needs-302298578.html
Technology
Global Battery Alliance Unveils Results of Wave Two Battery Passport Pilots, Two CATL Programs Included
Published
30 mins agoon
November 8, 2024By
NINGDE, China, Nov. 8, 2024 /PRNewswire/ — The Global Battery Alliance (GBA) today successfully unveiled the results of the 2024 Battery Passport pilots during the Annual General Meeting, hosted in Shanghai and Ningde. Ten consortia, led by the world’s leading battery cell manufacturers, successfully completed the largest pre-competitive effort to establish harmonized battery passport. As a member of the GBA, CATL supported this initiative by leading two pilot projects for its Shenxing and CTP batteries, achieving a new milestone towards more transparent and sustainable battery value chains.
In January 2023, GBA published the world’s first battery passport proof of concept in Davos, Switzerland during the World Economic Forum Annual Meeting. Building on the successful launch in 2023, the consortia worked with seven digital solution providers to determine the provenance and flow of seven materials: lithium, graphite (artificial), aluminum, cobalt, copper, iron phosphate, and nickel.
Aligning with existing regulations and voluntary standards, seven rulebooks were developed through a multi-stakeholder process by the GBA, including Greenhouse Gas Emissions, Biodiversity, and Circular Design.
With separate passports for its Shenxing and CTP batteries, CATL was one of the first companies to share its results from the pilots with data verification by independent agencies. This achievement reaffirms CATL’s commitment to providing customers with sustainable and high-quality battery solutions. With an overall carbon footprint of 49 kgCO2eq/kwh across both pilots, CATL demonstrated its dedication to reducing emissions throughout the battery lifecycle. Furthermore, strong performance across all battery passport criteria highlights CATL’s commitment to transparency, traceability, and environmental responsibility. By prioritizing sustainability, CATL aims to deliver value to customers while contributing to a greener future.
CATL remains committed to the development of GBA battery passports as a tool to enhance product transparency, safety, and sustainability. This initiative aligns with CATL’s sustainable development vision, promoting transparency in product carbon footprint and ESG performance. By participating in the GBA battery passport development and advocacy, CATL aims to contribute to the establishment of global standards for battery industry sustainability, bridging regulatory gaps and fostering a greener future.
Beyond battery passports, CATL strives to actively contribute towards the development of industry standards and best practices. The company’s nine carbon-neutral factories and innovative tools like CCMS and CREDIT demonstrate its dedication to reducing its environmental footprint.
Commenting on the launch, Inga Petersen, Executive Director of the GBA said: “We are thrilled with the results of the 2024 Battery Passport pilots and congratulate all participating organisations for this major achievement. Having the world’s leading cell manufacturers mobilize their supply chains, work pre-competitively and report on harmonised sustainability expectations represents an unprecedented commitment to greater transparency and sustainability in the battery industry as captured in the 2030 GBA Vision.”
Jiang Li, Vice President and Board Secretary of CATL, said: “The future of the battery industry lies in collaborative efforts to ensure sustainability and circularity. CATL is proud to be at the forefront of these efforts. Through our participation in the Battery Passport initiative and our active engagement in the GBA, we are shaping a more sustainable future for the battery sector.”
SOURCE Contemporary Amperex Technology Co., Limited (CATL)
Technology
Aulisa® Medical Expands Access with New Leasing Options for Procuring Advanced Monitoring Solutions
Published
30 mins agoon
November 8, 2024By
PALO ALTO, Calif., Nov. 7, 2024 /PRNewswire/ — Aulisa® Medical USA, Inc., a leader in FDA-cleared, wearable, wireless continuous vital sign monitoring technology, proudly announces the launch of flexible leasing options for its state-of-the-art monitoring solutions. This strategic move underscores Aulisa’s mission to bring the latest in healthcare technology to more providers and settings, ensuring that patient care remains efficient, effective, and accessible.
In today’s healthcare landscape, staying at the forefront of medical technology is essential for providing high-quality patient care. Yet, budget constraints and high upfront costs can make this challenging for many hospitals, clinics, and specialized care facilities. Aulisa’s new leasing plans are designed to provide easy and flexible financing alternatives for healthcare facilities to acquire advanced Aulisa® Guardian Angel monitoring solutions without financial strain. By offering these options, Aulisa helps providers maintain optimal care standards while managing expenses more efficiently.
“Offering leasing options is a natural extension of our commitment to enhancing patient safety and supporting healthcare professionals,” said Augustine (Augie) Lien, founder and CEO of Aulisa Medical USA, Inc. “We want to remove the barriers that prevent facilities from accessing the tools they need to deliver exceptional care. By easing financial constraints, we empower providers to stay equipped with cutting-edge technology that can make a real difference in patient outcomes.”
Comprehensive Monitoring Solutions for Every Patient-care Setting
Aulisa’s Guardian Angel® CMPM (Centralized Multiple Patient Monitoring) System has set a high standard in patient monitoring by delivering real-time data on oxygen saturation (SpO2), pulse rate (PR), and body temperature. Now available with flexible leasing options, this system provides unparalleled support to healthcare professionals who need to monitor multiple patients simultaneously, improving workflow efficiency and responsiveness in critical care settings like ICUs and NICUs.
Key Advantages of Leasing Equipment for Healthcare Facilities
Leasing Aulisa’s advanced monitoring systems presents numerous advantages that resonate with the needs of healthcare facilities. Monthly leasing plans allow institutions to allocate funds more efficiently by spreading out costs, avoiding significant upfront expenditures. This model provides financial predictability, as fixed rates prevent budget surprises and enable better long-term planning. Additionally, leasing offers the flexibility to upgrade equipment during the lease term, ensuring that facilities continue to benefit from the latest advancements without the burden of repurchasing.
The immediate access to new technology that leasing offers can enhance patient care significantly. Facilities can implement state-of-the-art monitoring systems quickly, supporting faster and more informed decision-making in patient treatment. Leasing also provides potential tax benefits, as lease payments may be deductible and can improve cash flow by preserving existing lines of credit for other critical investments.
Commitment to Innovation and Accessibility
Aulisa’s introduction of leasing options reaffirms its dedication to innovation and the accessibility of critical monitoring technology. From hospital ICUs and NICUs to specialized clinical settings, Aulisa’s FDA-cleared solutions are designed to ensure reliable, high-quality patient monitoring that healthcare providers can trust.
To learn more about the Guardian Angel® CMPM System and other Aulisa Medical products, visit:
www.aulisa.com/products/cmpm
www.aulisa.com/collections/guardian-angel-remote-gateway-systems
For more information about Aulisa’s leasing options, visit: http://aulisamedicalusainc.firstcitizensef.com or contact the team directly at information@aulisa.com.
About Aulisa Medical
Head-quartered in Silicon Valley, Aulisa® Medical is a leading medical technology company founded by serial medical technologies entrepreneur, Augustine (Augie) Lien. The company specializes in developing wireless, wearable monitoring systems that provide continuous, cloud-based vital sign data in both clinical and home environments. Through the development of new healthcare innovations, Aulisa® continues to grow the application of digital health technologies that empower both consumers and healthcare providers, incorporating Artificial Intelligence (AI) technologies that can detect adverse events and potentially save lives.
Media Contact:
Kyle Thompson, Vice President of Sales & Marketing
Email: kyle.thompson@aulisa.com
Direct: (650) 387-0001
www.aulisa.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/aulisa-medical-expands-access-with-new-leasing-options-for-procuring-advanced-monitoring-solutions-302299474.html
SOURCE Aulisa Medical USA, Inc.
GoSchool: Redefining Inclusive Education for Special Learning Needs
Global Battery Alliance Unveils Results of Wave Two Battery Passport Pilots, Two CATL Programs Included
Aulisa® Medical Expands Access with New Leasing Options for Procuring Advanced Monitoring Solutions
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