• Q2 income of $97.3M pushed by buyer deliveries of 679 autos within the quarter

• Sturdy demand with over 37,000 reservations, representing potential gross sales of roughly $3.5B

• Manufacturing quantity outlook for 2022 revised to a variety of 6,000 to 7,000 autos

NEWARK, Calif., Aug. 3, 2022 /PRNewswire/ — Lucid Group, Inc. (NASDAQ: LCID), setting new requirements with the longest-range, fastest-charging electrical automotive in the marketplace, at the moment introduced monetary outcomes for its second quarter ended June 30, 2022. Lucid reported Q2 income of $97.Three million on deliveries of 679 autos. The Firm reported robust buyer demand for Lucid Air with reservations over 37,000 as of at the moment, representing potential gross sales of roughly $3.5 billion. Lucid revised its 2022 manufacturing quantity outlook to a variety of 6,000 to 7,000 autos. Lucid ended the quarter with $4.6 billion money, money equivalents, and investments, which is anticipated to fund the Firm nicely into 2023. As well as, Lucid reported first half manufacturing of 1,405 autos.

“Our revised manufacturing steering displays the extraordinary provide chain and logistics challenges we encountered,” stated Peter Rawlinson, Lucid’s CEO and CTO. “We have recognized the first bottlenecks, and we’re taking acceptable measures – bringing our logistics operations in-house, including key hires to the chief staff, and restructuring our logistics and manufacturing group. We proceed to see robust demand for our autos, with over 37,000 buyer reservations, and I stay assured that we will overcome these near-term challenges.”

“Our Q2 income was $97.Three million, primarily pushed by larger buyer deliveries of Lucid Air autos. We proceed to have a powerful stability sheet, closing the quarter with $4.6 billion money, money equivalents and investments, which we imagine is ample to fund the Firm nicely into 2023,” stated Sherry Home, Lucid’s CFO. “Regardless of our rapid challenges, we imagine that bringing our logistics heart on-site at our Arizona manufacturing unit will assist cut back complexity, lower down lead occasions, and cut back varied prices.”

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Lucid will host a convention name for analysts and buyers at 2:30 P.M. PT / 5:30 P.M. ET on August 3, 2022. The stay webcast of the convention name can be accessible on the Investor Relations web site at ir.lucidmotors.com. Following the completion of the decision, a replay can be accessible on the identical web site. Lucid makes use of its ir.lucidmotors.com web site as a way of revealing materials personal info and for complying with its disclosure obligations below Regulation FD.

About Lucid Group

Lucid’s mission is to encourage the adoption of sustainable vitality by creating superior applied sciences and essentially the most charming luxurious electrical autos centered across the human expertise. The Firm’s first automotive, Lucid Air, is a state-of-the-art luxurious sedan with a California-inspired design that options luxurious full-size inside area in a mid-size exterior footprint. Underpinned by race-proven battery expertise and proprietary powertrains developed completely in-house, Lucid Air was named the 2022 MotorTrend Automotive of the 12 months®. The Lucid Air Grand Touring options an official EPA estimated 516 miles of vary or 1,050 horsepower. Deliveries of Lucid Air, which is produced at Lucid’s manufacturing unit in Casa Grande, Arizona, are at present underway to U.S. clients.

Investor Relations Contact

investor@lucidmotors.com

Media Contact

media@lucidmotors.com

Logos

This communication incorporates logos, service marks, commerce names and copyrights of Lucid Group, Inc. and its subsidiaries and different corporations, that are the property of their respective house owners.

Ahead Wanting Statements

This communication consists of “forward-looking statements” throughout the that means of the “secure harbor” provisions of the USA Personal Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by way of phrases resembling “estimate,” “plan,” “undertaking,” “forecast,” “intend,” “will,” “shall,” “count on,” “anticipate,” “imagine,” “search,” “goal,” “proceed,” “may,” “might,” “may,” “potential,” “potential,” “predict” or different comparable expressions that predict or point out future occasions or tendencies or that aren’t statements of historic issues. These forward-looking statements embrace, however aren’t restricted to, statements relating to monetary and working outlook, quantity of reservations and associated potential gross sales, future capital expenditures and different working bills, expectations and timing associated to industrial product launches, together with the Venture Gravity SUV and the varied Air fashions, manufacturing and supply volumes, the vary and efficiency of Lucid’s autos, Lucid’s estimate of the size of time its present money, money equivalents and investments can be ample to fund deliberate operations, the timing of deliveries, future manufacturing capabilities and amenities, studio and repair heart openings, potential to mitigate provide chain and logistics dangers, advantages of relocating Lucid’s logistics operations heart, potential to vertically combine manufacturing processes, future gross sales channels and methods, future market launches and worldwide enlargement, together with Lucid’s launch plans for the European market and deliberate manufacturing facility in Saudi Arabia, Lucid Monetary Providers, the potential success of Lucid’s go-to-market technique and future car packages, and the promise of Lucid’s expertise. These statements are primarily based on varied assumptions, whether or not or not recognized on this communication, and on the present expectations of Lucid’s administration. These forward-looking statements aren’t supposed to function, and should not be relied on by any investor as, a assure, an assurance, or a definitive assertion of truth or likelihood. Precise occasions and circumstances are troublesome or inconceivable to foretell and will differ from these forward-looking statements. Many precise occasions and circumstances are past the management of Lucid. These forward-looking statements are topic to a lot of dangers and uncertainties, together with modifications in home and overseas enterprise, market, monetary, political and authorized situations, together with the continuing battle between Russia and Ukraine; dangers associated to costs and availability of commodities, Lucid’s provide chain, logistics, stock administration and high quality management, and Lucid’s potential to finish the tooling of its manufacturing amenities over time and scale manufacturing of the Lucid Air and different autos; dangers associated to the uncertainty of Lucid’s projected monetary info; dangers associated to the timing of anticipated enterprise milestones and industrial product launches, together with Lucid’s potential to mass produce the Lucid Air and full the tooling of its manufacturing facility; dangers associated to the enlargement of Lucid’s manufacturing facility, the development of recent manufacturing amenities and the rise of Lucid’s manufacturing capability; Lucid’s potential to handle bills; dangers associated to future market adoption of Lucid’s choices; the results of competitors and the tempo and depth of electrical car adoption typically on Lucid’s future enterprise; modifications in regulatory necessities, governmental incentives and gasoline and vitality costs; Lucid’s potential to quickly innovate; Lucid’s potential to enter into or preserve partnerships with authentic gear producers, distributors and expertise suppliers; Lucid’s potential to successfully handle its progress and recruit and retain key workers, together with its chief government officer and government staff; dangers associated to potential car remembers; Lucid’s potential to ascertain and broaden its model and seize extra market share, and the dangers related to unfavorable press or reputational hurt; Lucid’s potential to successfully make the most of zero emission car credit and acquire and make the most of sure tax and different incentives; Lucid’s potential to difficulty fairness or equity-linked securities sooner or later; Lucid’s potential to pay curiosity and principal on its indebtedness; future modifications to car specs which can affect efficiency, pricing and different expectations; the result of any potential litigation, authorities and regulatory proceedings, investigations and inquiries; and the affect of the worldwide COVID-19 pandemic on Lucid’s provide chain, together with COVID-related shutdowns of Lucid’s suppliers’ amenities in China, projected outcomes of operations, monetary efficiency or different monetary metrics, or on any of the foregoing dangers; and people elements mentioned below the heading “Threat Components” in Half II, Merchandise 1A of Lucid’s Quarterly Report on Kind 10-Q for the quarter ended June 30, 2022, in addition to different paperwork Lucid has filed or will file with the Securities and Trade Fee. If any of those dangers materialize or Lucid’s assumptions show incorrect, precise outcomes may differ materially from the outcomes implied by these forward-looking statements. There could also be extra dangers that Lucid at present doesn’t know or that Lucid at present believes are immaterial that might additionally trigger precise outcomes to vary from these contained within the forward-looking statements. As well as, forward-looking statements mirror Lucid’s expectations, plans or forecasts of future occasions and views as of the date of this communication. Lucid anticipates that subsequent occasions and developments will trigger Lucid’s assessments to alter. Nonetheless, whereas Lucid might elect to replace these forward-looking statements in some unspecified time in the future sooner or later, Lucid particularly disclaims any obligation to take action. These forward-looking statements shouldn’t be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance shouldn’t be positioned upon the forward-looking statements.

Non-GAAP Monetary Measures and Key Enterprise Metrics:

Condensed consolidated monetary info has been introduced in accordance with US GAAP (“GAAP”) in addition to on a non-GAAP foundation to complement our condensed consolidated monetary outcomes. Lucid’s non-GAAP monetary measures embrace Adjusted EBITDA and Free Money Move that are mentioned beneath.

Adjusted EBITDA is outlined as web loss earlier than (1) curiosity expense, (2) curiosity earnings, (3) provision for earnings taxes, (4) depreciation and amortization, (5) change in honest worth of ahead contracts, (6) change in honest worth of convertible most well-liked inventory warrant legal responsibility, (7) change in honest worth of widespread inventory warrant legal responsibility and (8) stock-based compensation. Adjusted EBITDA is a efficiency measure that Lucid believes gives helpful info to Lucid’s administration and buyers about Lucid’s profitability. Free Money Move is outlined as web money utilized in working actions decreased by capital expenditures. Free Money Move is a efficiency measure that Lucid believes gives helpful info to Lucid’s administration and buyers about the amount of money generated by the enterprise after vital capital expenditures.

These non-GAAP monetary measures facilitate administration’s inner comparisons to Lucid’s historic efficiency. Administration believes that it’s helpful to complement its GAAP monetary statements with this non-GAAP info as a result of administration makes use of such info internally for its working, budgeting, and monetary planning functions. Administration additionally believes that presentation of the non-GAAP monetary measures gives helpful info to Lucid’s buyers relating to measures of our monetary situation and outcomes of operations that Lucid makes use of to run the enterprise and subsequently permits buyers to raised perceive Lucid’s efficiency. Nonetheless, these non-GAAP monetary and key efficiency measures have limitations as analytical instruments and you shouldn’t take into account them in isolation or as substitutes for evaluation of our outcomes as reported below GAAP.

Non-GAAP info is just not ready below a complete set of accounting guidelines and subsequently, ought to solely be learn together with monetary info reported below GAAP when understanding Lucid’s working efficiency. As well as, different corporations, together with corporations in our business, might calculate non-GAAP monetary measures and key efficiency measures otherwise or might use different measures to guage their efficiency, all of which may cut back the usefulness of our non-GAAP monetary measures and key efficiency measures as instruments for comparability. A reconciliation between GAAP and non-GAAP monetary info is introduced beneath.

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SOURCE Lucid Group