Lucid Group, Inc. (LCID) Bundle
A Brief History of Lucid Group, Inc.
Company Overview
Lucid Group, Inc. is an American automaker that specializes in electric vehicles (EVs). Since its inception, the company has focused on producing luxury EVs, with its flagship model being the Lucid Air. The company was founded in 2007 and went public through a merger with a special purpose acquisition company (SPAC) in 2021.
Financial Performance as of 2024
As of September 30, 2024, Lucid Group reported a revenue of $200.0 million for the third quarter, representing a 45% increase compared to $137.8 million for the same period in 2023. For the nine months ended September 30, 2024, total revenue was $573.4 million, up from $438.1 million year-over-year, marking a 31% increase. This growth was primarily driven by higher deliveries of the Lucid Air vehicles.
Cost of Revenue
The cost of revenue for the three months ended September 30, 2024, was $412.5 million, down from $469.7 million in the prior year, reflecting a 12% decrease. For the nine-month period, cost of revenue decreased to $1.287 billion from $1.526 billion, a decline of 16%. This reduction was attributed to a decrease in inventory write-downs and losses from firm purchase commitments.
| Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Revenue | $200.0 million | $137.8 million | $573.4 million | $438.1 million |
| Cost of Revenue | $412.5 million | $469.7 million | $1.287 billion | $1.526 billion |
| Net Loss | $992.5 million | $630.9 million | $2.316 billion | $2.175 billion |
Net Loss and Earnings Per Share
Lucid Group recorded a net loss of $992.5 million for the third quarter of 2024, compared to a loss of $630.9 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss totaled $2.317 billion, slightly higher than the $2.175 billion loss reported in the prior year. The net loss per share attributable to common stockholders for Q3 2024 was $0.41, compared to $0.28 for Q3 2023. For the nine-month period, the net loss per share was $1.05, compared to $1.08 in 2023.
Liquidity and Cash Flow
As of September 30, 2024, Lucid Group had approximately $4.0 billion in cash, cash equivalents, and investments. The company reported net cash used in operating activities of $1.487 billion for the nine months ended September 30, 2024, a decrease from $2.015 billion for the same period in 2023. The cash flows from investing activities for the same period were positive at $290 million, a significant recovery from the $1.599 billion used in investing activities in 2023.
| Cash Flow Metrics | 9M 2024 | 9M 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(1.487 billion) | $(2.015 billion) |
| Net Cash Provided by Investing Activities | $290 million | $(1.599 billion) |
| Net Cash Provided by Financing Activities | $1.719 billion | $3.043 billion |
Capital Structure and Stockholder Equity
Lucid Group's total stockholders’ equity as of September 30, 2024, was approximately $2.684 billion, down from $4.852 billion at the end of the previous year. This decrease was primarily due to accumulated losses, which reached $12.515 billion. The company has issued Series A and Series B Redeemable Convertible Preferred Stock, raising $1 billion and $750 million, respectively, in 2024.
Future Outlook
Looking forward, Lucid Group continues to ramp up production and expand its manufacturing capabilities. The company is working on increasing its vehicle output and plans to introduce new models in the coming years. The focus remains on securing adequate funding and managing operational costs to support its growth trajectory.
A Who Owns Lucid Group, Inc. (LCID)
Major Shareholders
As of 2024, the primary ownership of Lucid Group, Inc. is concentrated in a few key stakeholders:
- Ayar Third Investment Company: The controlling stockholder, owning significant shares through various agreements.
- Public Investors: Retail and institutional investors who hold shares traded on the stock exchange.
Ownership Breakdown
The following table illustrates the ownership structure of Lucid Group, Inc. as of September 30, 2024:
| Shareholder | Type of Shares | Number of Shares | Percentage Ownership |
|---|---|---|---|
| Ayar Third Investment Company | Common Stock | 374,717,927 | 16.0% |
| Ayar Third Investment Company | Series A Redeemable Convertible Preferred Stock | 100,000 | 100.0% of Series A |
| Ayar Third Investment Company | Series B Redeemable Convertible Preferred Stock | 75,000 | 100.0% of Series B |
| Public Investors | Common Stock | 2,337,518,542 | 84.0% |
Recent Transactions
In 2024, Ayar Third Investment Company engaged in several significant transactions that affected its ownership stake:
- March 2024: Purchased 100,000 shares of Series A Redeemable Convertible Preferred Stock for $1.0 billion.
- August 2024: Acquired 75,000 shares of Series B Redeemable Convertible Preferred Stock for $750 million.
- October 2024: Completed a private placement of 374,717,927 shares of common stock, raising approximately $1,026.5 million.
Stock Performance
As of September 30, 2024, the stock performance metrics for Lucid Group, Inc. are as follows:
| Metric | Value |
|---|---|
| Current Share Price | $6.83 |
| Market Capitalization | $15.8 billion |
| 52-Week High | $23.10 |
| 52-Week Low | $5.00 |
Financial Overview
The financial performance of Lucid Group, Inc. through September 30, 2024, is summarized below:
| Financial Metric | Value |
|---|---|
| Net Loss (Nine Months) | $(2,316.7 million) |
| Accumulated Deficit | $(12,515.5 million) |
| Total Revenue (Nine Months) | $573.4 million |
| Total Assets | $8.49 billion |
| Total Liabilities | $4.75 billion |
| Total Stockholders' Equity | $2.68 billion |
Lucid Group, Inc. (LCID) Mission Statement
Company Overview
Lucid Group, Inc. is a technology company focused on designing, developing, manufacturing, and selling the next generation of electric vehicles (EVs), EV powertrains, and battery systems. The company emphasizes in-house hardware and software innovation, vertical integration, and a clean-sheet approach to engineering and design.
Mission Statement
Lucid's mission is to create exceptional experiences to drive the world forward. This commitment is reflected in their focus on sustainability, performance, and luxury in the electric vehicle market.
Financial Performance (as of September 30, 2024)
Lucid Group reported significant financial metrics that underline their operational challenges and growth potential:
| Metric | Value (in millions) |
|---|---|
| Net Loss (Q3 2024) | $992.5 |
| Net Loss (YTD 2024) | $2,316.7 |
| Accumulated Deficit | $12,515.5 |
| Total Assets | $8,489.2 |
| Total Liabilities | $4,745.3 |
| Cash and Cash Equivalents | $1,893.6 |
| Short-term Investments | $1,578.3 |
| Common Stock Outstanding | 2,337.5 million shares |
| Additional Paid-in Capital | $15,206.8 |
Funding and Investments
Lucid Group has engaged in several funding activities to support its operations and growth:
- In March 2024, Lucid raised $1.0 billion through the Series A Redeemable Convertible Preferred Stock issuance to Ayar Third Investment Company.
- In August 2024, Lucid completed a $750 million Series B Redeemable Convertible Preferred Stock issuance.
- In October 2024, Lucid entered into a new subscription agreement with Ayar for approximately $1.026 billion in common stock.
Production and Infrastructure Development
Lucid has made significant advancements in its manufacturing capabilities:
- Completed the first phase of the Advanced Manufacturing Plant-1 (AMP-1) in Casa Grande, Arizona.
- Transitioned general assembly to the AMP-1 phase 2 manufacturing facility.
- Constructed the semi knocked-down (SKD) portion of the Advanced Manufacturing Plant-2 (AMP-2) in Saudi Arabia, completed in September 2023.
Market Position and Future Outlook
Lucid aims to expand its market presence with the upcoming launch of the Lucid Gravity SUV, expected to start production in late 2024. The company continues to leverage technological advancements from the Lucid Air to enhance its product offerings.
Investment and Capital Expenditure Plans
Lucid anticipates capital expenditures of approximately $1.0 billion for the fiscal year 2024 to support commercialization and growth objectives.
Recent Developments
As of October 2024, Lucid completed a public offering of approximately $719 million and plans to continue expanding its retail and service network globally.
For the nine months ended September 30, 2024, Lucid reported:
| Financial Metric | Value (in millions) |
|---|---|
| Net Cash Used in Operating Activities | $1,486.5 |
| Cash Paid for Interest | $12.8 |
| Cash Paid for Taxes | $0.042 |
| Net Cash Provided by (Used in) Investing Activities | $290.0 |
| Net Cash Provided by Financing Activities | $1,718.7 |
How Lucid Group, Inc. (LCID) Works
Company Overview
Lucid Group, Inc. operates in the electric vehicle (EV) market, primarily focusing on luxury electric vehicles. The company is headquartered in Newark, California, and has manufacturing facilities in Casa Grande, Arizona, and planned facilities in Saudi Arabia.
Financial Performance
As of September 30, 2024, Lucid reported revenues of $200.0 million for the third quarter, a 45% increase from $137.8 million in the same quarter of 2023. For the nine months ended September 30, 2024, total revenue reached $573.4 million, marking a 31% increase from $438.1 million during the same period in 2023.
| Period | Revenue (in thousands) | Change ($) | Change (%) |
|---|---|---|---|
| Q3 2024 | $200,038 | $62,224 | 45% |
| 9M 2024 | $573,359 | $135,239 | 31% |
Cost of Revenue
For the three months ended September 30, 2024, the cost of revenue was $412.5 million, down 12% from $469.7 million in Q3 2023. For the nine-month period, the cost of revenue decreased to $1.29 billion, a 16% decline from $1.53 billion in 2023.
| Period | Cost of Revenue (in thousands) | Change ($) | Change (%) |
|---|---|---|---|
| Q3 2024 | $412,544 | $(57,178) | (12%) |
| 9M 2024 | $1,287,695 | $(238,356) | (16%) |
Operating Expenses
Operating expenses for Q3 2024 totaled $970.6 million, compared to $890.7 million in Q3 2023, while for the nine-month period, operating expenses were $2.86 billion, slightly up from $2.80 billion in 2023.
| Period | Operating Expenses (in thousands) | Change ($) |
|---|---|---|
| Q3 2024 | $970,576 | $79,887 |
| 9M 2024 | $2,861,229 | $60,388 |
Net Loss
Lucid recorded a net loss of $992.5 million for Q3 2024, compared to $630.9 million for Q3 2023. For the nine months ended September 30, 2024, the net loss was $2.32 billion, up from $2.17 billion in the same period of 2023.
| Period | Net Loss (in thousands) |
|---|---|
| Q3 2024 | $(992,475) |
| 9M 2024 | $(2,316,724) |
Liquidity and Capital Resources
As of September 30, 2024, Lucid had approximately $4.0 billion in cash, cash equivalents, and investments. The company expects that its liquidity will support ongoing operations and capital expenditures, estimated at $1.0 billion for 2024.
Debt Obligations
Lucid's total principal amount of debt as of September 30, 2024, was $2.01 billion, with an effective interest rate of 1.5% for the 2026 Notes. The company also has $750 million in unsecured delayed draw term loans and a $1.4 billion loan agreement with the Saudi Industrial Development Fund.
| Debt Type | Principal Amount (in millions) | Interest Rate |
|---|---|---|
| 2026 Notes | $2,012.5 | 1.5% |
| Unsecured Term Loan | $750.0 | N/A |
| SIDF Loan Agreement | $1,400.0 | N/A |
Production and Manufacturing
Lucid has transitioned to the Advanced Manufacturing Plant-1 (AMP-1) and is expanding its operations at AMP-2 in Saudi Arabia. The company continues to ramp up production capacity while managing costs associated with manufacturing and supply chain processes.
How Lucid Group, Inc. (LCID) Makes Money
Revenue Streams
Lucid Group, Inc. generates revenue primarily through the following channels:
- Vehicle sales
- Non-warranty after-sales vehicle services
- Parts and accessories
- Powertrain kits
- Retail merchandise
- Regulatory credits
Financial Performance Overview
As of September 30, 2024, Lucid Group reported significant revenue growth, with total revenue reaching:
| Period | Revenue (in thousands) | $ Change | % Change |
|---|---|---|---|
| Three Months Ended September 30, 2024 | $200,038 | $62,224 | 45% |
| Nine Months Ended September 30, 2024 | $573,359 | $135,239 | 31% |
The increase in revenue was primarily driven by higher deliveries of the Lucid Air vehicles and a notable rise in regulatory credit sales amounting to $21.3 million for the nine months ended September 30, 2024.
Cost of Revenue
For the three and nine months ended September 30, 2024, Lucid Group reported the following costs associated with revenue:
| Period | Cost of Revenue (in thousands) | $ Change | % Change |
|---|---|---|---|
| Three Months Ended September 30, 2024 | $412,544 | $(57,178) | (12%) |
| Nine Months Ended September 30, 2024 | $1,287,695 | $(238,356) | (16%) |
The decrease in cost of revenue was attributed to lower inventory write-downs and losses from firm purchase commitments.
Operating Expenses
Lucid's operating expenses for the three and nine months ended September 30, 2024, included:
| Expense Type | Three Months (in thousands) | Nine Months (in thousands) |
|---|---|---|
| Research and Development | $324,371 | $896,168 |
| Selling, General and Administrative | $233,585 | $657,062 |
| Restructuring Charges | $76 | $20,304 |
Total operating expenses for the three months ended September 30, 2024, were $970,576, leading to a loss from operations of $(770,538).
Net Loss and Financial Position
Lucid Group's net loss for the nine months ended September 30, 2024, was reported at:
| Metric | Amount (in thousands) |
|---|---|
| Net Loss | $(2,316,724) |
| Accumulated Deficit | $(12,515,476) |
As of September 30, 2024, Lucid Group had total stockholders' equity of $2,683,720.
Future Prospects and Investments
The company is focused on expanding its manufacturing capacity and investing in research and development to enhance its vehicle offerings. Significant capital expenditures are anticipated to continue as Lucid ramps up production.
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Resources:
- Lucid Group, Inc. (LCID) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Lucid Group, Inc. (LCID)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Lucid Group, Inc. (LCID)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.