NEWARK, Calif., Feb. 28,
2022 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), setting new
standards with the longest range, fastest charging electric car on
the market, today announced financial results for its fourth
quarter and full year ending December 31, 2021.
The Company's Q4 revenue was $26.4
million, including $21.3
million from initial deliveries of its innovative Lucid Air
Dream Edition, which began in October. Lucid delivered 125 cars to
customers in the fourth quarter, with total production exceeding
400 vehicles to date and over 300 deliveries to customers. Lucid
has also taken over 25,000 customer reservations as of today,
reflecting potential sales of more than $2.4B. The Company confirmed its 2.85M square foot expansion of the Casa Grande, Arizona manufacturing facility is
on track, and it announced plans to build a new manufacturing
facility in the Kingdom of Saudi
Arabia. Lucid cited supply chain constraints and a continued
focus on quality alongside an updated outlook for its 2022
production of Lucid Air to a range of 12,000 to 14,000
vehicles.
"We are at the precipice of a global transition toward electric
vehicles, and Lucid, with our leading technology and design, is at
the forefront of one of the most significant transformations in
mobility in generations," said Peter
Rawlinson, Lucid's CEO and CTO. "As we continue to put our
cars into customers' hands, we are more confident than ever that
we're building a quality foundation on which we can scale this
business. We're thrilled to have been awarded the 2022 MotorTrend
Car of the Year®, and customers are telling us just how much they
love this car. Lucid Air's 500-plus miles of range has been
independently validated under real-world conditions, even at a
steady 70mph, replacing range anxiety with range confidence. We
believe that the unique fusion of a dynamic driving experience,
interior space and comfort, range, fast charging and performance is
simply unparalleled. Additionally, our software over-the-air
updates continue to enable an ever-improving ownership
experience."
"Looking ahead, we're updating our outlook for 2022 production
to a range of 12,000 to 14,000 vehicles. This reflects the
extraordinary supply chain and logistics challenges we've
encountered and our unrelenting focus on delivering the
highest-quality products. We remain confident in our ability to
capture the tremendous opportunities ahead given our technology
leadership and strong demand for our cars," Rawlinson added.
Sherry House, Lucid's CFO,
commented: "We have a strong team, strong products, and a strong
balance sheet with over $6.2 billion
in cash on hand at year-end. We continue to invest in our business;
we met our target of opening 20 Studio and Service locations in
North America; in 2022 we will
expand our footprint in Europe and
the Middle East while laying the
foundation for a later expansion into the Asia Pacific; we remain on track to grow our
Casa Grande facility to nearly
quadruple its size as the first greenfield dedicated EV factory in
North America; and today we
announced plans to build a brand new manufacturing facility in the
Kingdom of Saudi Arabia; we
estimate that the location of our first international manufacturing
plant in the Kingdom of Saudi
Arabia may result in up to $3.4
billion of value to Lucid over 15 years."
Lucid will host a conference call for analysts and investors at
2:30 P.M. PT / 5:30 P.M. ET on February
28, 2022. 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's mission is to inspire the adoption of sustainable energy
by creating advanced technologies and the most captivating luxury
electric vehicles centered around the human experience. The
company's first car, Lucid Air, is a state-of-the-art luxury sedan
with a California-inspired design
that features luxurious full-size interior space in a mid-size
exterior footprint. Underpinned by race-proven battery technology
and proprietary powertrains developed entirely in-house, Lucid Air
was named the 2022 MotorTrend Car of the Year®. The Lucid Air Dream
Edition features an official EPA estimated 520 miles of range or
1,111 horsepower. Customer deliveries of Lucid Air, which is
produced at Lucid's factory in Casa
Grande, Arizona, are underway.
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,"
"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 guidance, amount of
reservations and related potential sales, future capital
expenditures and other operating expenses, expectations and timing
related to commercial product launches, production and delivery
volumes, our estimate of the length of time our existing cash will
be sufficient to fund planned operations, the timing of deliveries,
future manufacturing capabilities and facilities, studio and
service center openings, providing value to stakeholders, ability
to mitigate supply chain risks and logistics, ability to vertically
integrate production processes, future sales channels and
strategies, future market launches and international expansion,
including our planned manufacturing facility in Saudi Arabia and related timing and value to
Lucid, and the potential success of Lucid's go-to-market strategy
and future vehicle programs. These statements are based on various
assumptions, whether or not identified in this communication, and
on the current expectations of Lucid's management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. 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;
risks related to the timing of expected business milestones and
commercial product launches, including Lucid's ability to mass
produce the Lucid Air and complete the tooling of its manufacturing
facility; risks related to the expansion of Lucid's manufacturing
facility, the construction of new manufacturing facilities and the
increase of Lucid's production capacity; 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; potential vehicle recalls;
Lucid's ability to establish its brand and capture additional
market share, and the risks associated with negative press or
reputational harm; Lucid's ability to manage expenses; the outcome
of any potential litigation, government and regulatory proceedings,
investigations and inquiries; and the impact of the global COVID-19
pandemic on Lucid's projected results of operations, financial
performance or other financial metrics, or on any of the foregoing
risks; and those factors discussed under the heading "Risk Factors"
in Part I, Item 1A of the Company's Annual Report on Form 10-K for
the year ended December 31, 2021, as well as other documents
Lucid has filed or will file with the Securities and Exchange
Commission. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. There may be
additional risks that Lucid presently 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:
Consolidated financial information has been presented in
accordance with US GAAP ("GAAP") as well as on a non-GAAP basis to
supplement our consolidated financial results. Lucid's non-GAAP
financial measures include Adjusted EBITDA and Free Cash Flow which
are discussed below.
Adjusted EBITDA is defined as net loss and comprehensive loss
before (1) interest expense, (2) provision for (benefit from)
income taxes, (3) depreciation and amortization, (4) change in fair
value of forward contracts, (5) change in fair value of convertible
preferred stock warrant liability, (6) change in fair value of
common stock warrant liability, (7) transaction costs expensed and
(8) stock-based compensation. Adjusted EBITDA is a
performance measure that Lucid believes provides useful information
to Lucid's management and investors about Lucid's profitability.
Free Cash Flow is defined as net cash used in operating activities
less capital expenditures. Free Cash Flow is a performance measure
that Lucid believes 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 our 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 our
non-GAAP financial measures and key performance measures as tools
for comparison. A reconciliation between GAAP and non-GAAP
financial information is presented below.
Investor Relations
Contact
investor@lucidmotors.com
Media Contact
media@lucidmotors.com
LUCID GROUP,
INC.
|
CONSOLIDATED
BALANCE SHEETS1
|
(in thousands,
except share and per share data)
|
|
|
|
December
31,
2021
|
|
December 31,
2020
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
6,262,905
|
|
$
614,412
|
Accounts receivable,
net
|
|
3,148
|
|
260
|
Short-term
investments
|
|
—
|
|
505
|
Inventory
|
|
127,250
|
|
1,043
|
Prepaid
expenses
|
|
70,346
|
|
21,840
|
Other current
assets
|
|
43,328
|
|
24,496
|
Total current
assets
|
|
6,506,977
|
|
662,556
|
Property, plant and
equipment, net
|
|
1,182,153
|
|
713,274
|
Right-of-use
assets
|
|
161,974
|
|
—
|
Other noncurrent
assets
|
|
30,609
|
|
26,851
|
TOTAL
ASSETS
|
|
$
7,881,713
|
|
$
1,402,681
|
LIABILITIES,
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
(DEFICIT)
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
41,342
|
|
$
17,333
|
Accrued
compensation
|
|
32,364
|
|
16,197
|
Finance lease
liabilities, current portion
|
|
4,183
|
|
—
|
Other current
liabilities
|
|
318,212
|
|
151,753
|
Total current
liabilities
|
|
396,101
|
|
185,283
|
Convertible preferred
stock warrant liability
|
|
—
|
|
2,960
|
Finance lease
liabilities, net of current portion
|
|
6,083
|
|
—
|
Common stock warrant
liability
|
|
1,394,808
|
|
—
|
Long-term
debt
|
|
1,986,791
|
|
—
|
Other long-term
liabilities
|
|
188,575
|
|
39,139
|
Total
liabilities
|
|
3,972,358
|
|
227,382
|
|
|
|
|
|
CONVERTIBLE
PREFERRED STOCK
|
|
|
|
|
Convertible preferred
stock, $0.0001 par value; 0 and 1,058,949,780 shares authorized as
of
December 31, 2021 and 2020,
respectively; 0 and 957,159,704 shares issued and outstanding
as
of December 31, 2021 and 2020,
respectively; liquidation preference of $0, and $3,497,913 as
of
December 31, 2021 and 2020,
respectively
|
|
—
|
|
2,494,076
|
STOCKHOLDERS'
EQUITY (DEFICIT)
|
|
|
|
|
Preferred stock, par
value $0.0001; 10,000,000 and 0 shares authorized as of
December 31, 2021 and
2020, respectively; no shares issued
and outstanding as of December 31, 2021 and 2020,
respectively
|
|
—
|
|
—
|
Common stock, par
value $0.0001; 15,000,000,000 and 1,189,800,259 shares authorized
as of
December 31, 2021 and 2020,
respectively; 1,648,413,415 and 28,791,702 shares issued and
1,647,555,590 and 28,791,702
outstanding as of December 31, 2021 and 2020,
respectively
|
|
165
|
|
3
|
Additional paid-in
capital
|
|
9,995,778
|
|
38,113
|
Treasury stock, at
cost, 857,825 and 0 shares at December 31, 2021 and 2020,
respectively
|
|
(20,716)
|
|
—
|
Accumulated
deficit
|
|
(6,065,872)
|
|
(1,356,893)
|
Total stockholders'
equity (deficit)
|
|
3,909,355
|
|
(1,318,777)
|
TOTAL LIABILITIES,
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS'
EQUITY (DEFICIT)
|
|
$
7,881,713
|
|
$
1,402,681
|
LUCID GROUP,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS1
|
(in thousands,
except share and per share data)
|
|
|
Three Months
Ended
December 31,
|
Twelve
Months Ended
December 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue
|
$
26,392
|
|
$
3,634
|
|
$
27,111
|
|
$
3,976
|
|
|
|
|
|
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
Cost of
revenue
|
151,473
|
|
2,520
|
|
154,897
|
|
3,070
|
Research and
development
|
163,606
|
|
169,521
|
|
750,185
|
|
511,110
|
Selling, general and
administrative
|
196,997
|
|
31,304
|
|
652,475
|
|
89,023
|
Total cost and
expenses
|
512,076
|
|
203,345
|
|
1,557,557
|
|
603,203
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(485,684)
|
|
(199,711)
|
|
(1,530,446)
|
|
(599,227)
|
|
|
|
|
|
|
|
|
Other income
(expense), net:
|
|
|
|
|
|
|
|
Change in fair value of
forward contracts
|
—
|
|
(109,663)
|
|
(454,546)
|
|
(118,382)
|
Change in fair value of
convertible preferred stock warrant liability
|
—
|
|
(1,034)
|
|
(6,976)
|
|
(1,205)
|
Change in fair value of
common stock warrant liability
|
(557,973)
|
|
—
|
|
(582,760)
|
|
—
|
Transaction costs
expensed
|
—
|
|
—
|
|
(2,717)
|
|
—
|
Interest
expense
|
(1,263)
|
|
(44)
|
|
(1,374)
|
|
(64)
|
Other (expense) income,
net
|
(742)
|
|
(766)
|
|
(893)
|
|
(690)
|
Total other expense,
net
|
(559,978)
|
|
(111,507)
|
|
(1,049,266)
|
|
(120,341)
|
Loss before provision
for (benefit from) income taxes
|
(1,045,662)
|
|
(311,218)
|
|
(2,579,712)
|
|
(719,568)
|
Provision for
(benefit from) income taxes
|
18
|
|
57
|
|
49
|
|
(188)
|
Net loss and
comprehensive loss
|
(1,045,680)
|
|
(311,275)
|
|
(2,579,761)
|
|
(719,380)
|
Deemed contribution
related to repurchase of Series B convertible preferred
stock
|
—
|
|
1,000
|
|
—
|
|
1,000
|
Deemed contribution
related to repurchase of Series C convertible preferred
stock
|
—
|
|
12,784
|
|
—
|
|
12,784
|
Deemed dividend related
to the issuance of Series E convertible preferred stock
|
—
|
|
—
|
|
(2,167,332)
|
|
—
|
Net loss
attributable to common stockholders
|
$
(1,045,680)
|
|
$
(297,491)
|
|
$
(4,747,093)
|
|
$
(705,596)
|
Weighted average
shares outstanding used in computing net loss per share
attributable to common stockholders, basic and diluted
|
1,636,215,509
|
|
26,764,864
|
|
740,393,759
|
|
24,825,944
|
Net loss per share
attributable to common stockholders, basic and diluted
|
$
(0.64)
|
|
$
(11.11)
|
|
$
(6.41)
|
|
$
(28.42)
|
LUCID GROUP,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS1
|
(In
thousands)
|
|
|
Year Ended
December 31,
|
|
2021
|
|
2020
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
(2,579,761)
|
|
$
(719,380)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
62,907
|
|
10,217
|
Amortization of
insurance premium
|
18,474
|
|
—
|
Non-cash operating
lease cost
|
12,563
|
|
—
|
Stock-based
compensation
|
516,757
|
|
4,614
|
Loss on disposal of
property and equipment
|
52
|
|
139
|
Amortization of debt
discount
|
237
|
|
—
|
Write-down of
inventory
|
48,884
|
|
—
|
Change in fair value
of contingent forward contract liability
|
454,546
|
|
118,382
|
Change in fair value
of preferred stock warrant liability
|
6,976
|
|
1,205
|
Change in fair value
of common stock warrant liability
|
582,760
|
|
—
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(2,888)
|
|
148
|
Inventory
|
(175,091)
|
|
(359)
|
Financed insurance
premium
|
(41,935)
|
|
—
|
Prepaid
expenses
|
(25,045)
|
|
7,770
|
Other current
assets
|
(14,704)
|
|
7,360
|
Other noncurrent
assets and security deposit
|
5,889
|
|
2,866
|
Accounts
payable
|
4,354
|
|
(69,861)
|
Accrued
compensation
|
16,167
|
|
13,249
|
Operating lease
liability
|
(10,019)
|
|
—
|
Other liabilities and
accrued liabilities
|
65,456
|
|
53,454
|
Other long-term
liabilities
|
(4,712)
|
|
—
|
Net cash used in
operating activities
|
(1,058,133)
|
|
(570,196)
|
Cash flows from
investing activities:
|
|
|
|
Purchases of property,
equipment, and software
|
(421,220)
|
|
(459,582)
|
Proceeds from sale of
short term investments
|
505
|
|
—
|
Proceed from sale of
property, equipment, and software
|
22
|
|
—
|
Net cash used in
investing activities
|
(420,693)
|
|
(459,582)
|
Cash flows from
financing activities:
|
|
|
|
Proceed from issuance
of convertible notes, net of issuance costs
|
2,002,437
|
|
—
|
Payment of transaction
costs for the issuance of convertible notes
|
(15,883)
|
|
—
|
Payment for short-term
insurance financing note
|
(27,887)
|
|
—
|
Payment for capital
lease liabilities
|
—
|
|
(364)
|
Payment for finance
lease liabilities
|
(3,088)
|
|
—
|
Proceeds from
short-term insurance financing note
|
41,935
|
|
—
|
Repurchase of Series B
convertible preferred stock
|
(3,000)
|
|
—
|
Repurchase of Series C
convertible preferred stock
|
—
|
|
(12,101)
|
Proceeds from issuance
of Series D convertible preferred stock
|
3,000
|
|
400,000
|
Proceeds from issuance
of Series E convertible preferred stock
|
600,000
|
|
899,725
|
Proceeds from exercise
of stock options
|
8,132
|
|
3,285
|
Proceeds from the
exercise of public warrants
|
173,273
|
|
—
|
Proceeds from the
reverse recapitalization
|
4,439,153
|
|
—
|
Payment of transaction
costs related to the reverse recapitalization
|
(38,865)
|
|
—
|
Treasury stock
repurchase
|
(20,716)
|
|
—
|
Stock repurchases from
employees for tax withholdings
|
(22,063)
|
|
—
|
Net cash provided by
financing activities
|
7,136,428
|
|
1,290,545
|
Net increase in cash,
cash equivalents, and restricted cash
|
5,657,602
|
|
260,767
|
Beginning cash, cash
equivalents, and restricted cash
|
640,418
|
|
379,651
|
Ending cash, cash
equivalents, and restricted cash
|
$
6,298,020
|
|
$
640,418
|
LUCID GROUP,
INC.
|
Reconciliation of
GAAP to Non-GAAP Financials Measures1
|
Unaudited
|
(in
thousands)
|
|
Adjusted
EBITDA
|
|
|
Three Months
Ended December
31,
|
|
Twelve Months
Ended
December 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net loss and
comprehensive loss
|
$
(1,045,680)
|
|
$
(311,275)
|
|
$
(2,579,761)
|
|
$
(719,380)
|
Interest
expense
|
1,263
|
|
44
|
|
1,374
|
|
64
|
Provision for
(benefit from) income taxes
|
18
|
|
57
|
|
49
|
|
(188)
|
Depreciation and
amortization
|
36,286
|
|
4,770
|
|
62,907
|
|
10,217
|
Change in fair value
of forward contracts
|
—
|
|
109,663
|
|
454,546
|
|
118,382
|
Change in fair value
of convertible preferred stock warrant liability
|
—
|
|
1,034
|
|
6,976
|
|
1,205
|
Change in fair value
of common stock warrant liability
|
557,973
|
|
—
|
|
582,760
|
|
—
|
Transaction costs
expensed
|
—
|
|
—
|
|
2,717
|
|
—
|
Stock-based
compensation
|
150,557
|
|
1,357
|
|
516,757
|
|
4,614
|
Adjusted
EBITDA
|
$
(299,583)
|
|
$
(194,350)
|
|
$
(951,675)
|
|
$
(585,086)
|
Free Cash
Flow
|
|
|
|
Three Months
Ended December
31,
|
|
Twelve Months
Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net cash used in
operating activities (GAAP)
|
|
(312,732)
|
|
$
(192,789)
|
|
$
(1,058,133)
|
|
$
(570,196)
|
Capital
expenditures
|
|
(121,907)
|
|
(103,722)
|
|
(421,220)
|
|
(459,582)
|
Free cash flow
(non-GAAP)
|
|
$
(434,639)
|
|
$
(296,511)
|
|
$
(1,479,353)
|
|
$
(1,029,778)
|
___________________________________
1 The business combination (the "Merger") between
Lucid Group Inc.'s predecessor, Atieva, Inc. ("Legacy Lucid"), and
Churchill Capital Corp IV ("CCIV"), which closed on July 23, 2021, is accounted for as a reverse
recapitalization under U.S. GAAP. Under this method of accounting,
CCIV has been treated as the acquired company for financial
reporting purposes. Accordingly, for accounting purposes, the
financial statements of Lucid represent a continuation of the
financial statements of Legacy Lucid with the Merger being treated
as the equivalent of Legacy Lucid issuing shares for the net assets
of CCIV, accompanied by a recapitalization. The net assets of CCIV
were recognized as of the closing of the Merger at historical cost,
with no goodwill or other intangible assets recorded. Operations
prior to the Merger are presented as those of Legacy Lucid and the
accumulated deficit of Legacy Lucid has been carried forward after
the closing of the Merger. All periods prior to the Merger
have been retrospectively adjusted using the applicable exchange
ratio for the equivalent number of shares outstanding immediately
after the closing of the Merger to effect the reverse
recapitalization. See our Form 10-K for the year ended
December 31, 2021 for additional information.
View original
content:https://www.prnewswire.com/news-releases/lucid-announces-fourth-quarter-and-full-year-2021-financial-results-updates-2022-outlook-301491985.html
SOURCE Lucid Motors