LCID — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-04

• In June 2026, we announced the June 2026 Plan that was designed to advance our path toward profitability and positive cash flow generation by streamlining our organizational structure, optimizing operating expenses, and aligning production plans with anticipated demand. We expect to substantially co…

• We identified approximately $1.4 billion in cash flow improvements for 2026. These opportunities span inventory, capital expenditures, and operating expenses, and together are intended to improve liquidity, reduce cash burn, and increase capital efficiency while preserving key growth programs, inclu…

• During the quarter, we continued to make steady progress toward the start of production of our Midsize platform. The next major phases of the program include additional prototype and quality-launch builds, completion of regulatory and homologation activities, expanded manufacturing validation, and p…

• Effective as of June 1, 2026, Mr. Silvio Napoli has been appointed as our Chief Executive Officer and principal executive officer. Mr. Marc Winterhoff resumed his previous role of our Chief Operating Officer effective as of the same day, and subsequently departed our company following the eliminatio…

• On July 2, 2026, the Board appointed Alexander De Bock as our incoming Chief Financial Officer. Mr. De Bock will join the Company as its Chief Financial Officer, effective August 5, 2026. Taoufiq Boussaid, the Company’s current Chief Financial Officer, will take on an advisory role for a period of t…

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• In April 2026, we entered into the Series C Subscription Agreement with Ayar. Pursuant to the Series C Subscription Agreement, we issued to Ayar 55,000 shares of our Series C Redeemable Convertible Preferred Stock, par value $0.0001 per share, for an aggregate purchase price of $550.0 million in a p…

• The Series C Redeemable Convertible Preferred Stock sold to Ayar pursuant to the Series C Subscription Agreement was issued pursuant to the Series C Certificate of Designations filed with the Secretary of State of the State of Delaware in April 2026 and was sold in reliance on the exemption from reg…

• In April 2026, we announced the entry into the Second VPA with Uber, under which Uber and its designated fleet operators have agreed to the Minimum Quantity Guarantee of 25,000 Lucid Midsize platform vehicles for use as robotaxis that have been modified to include certain autonomous driving hardware…

• Pursuant to the offset provisions under the first VPA we entered into with Uber on July 16, 2025, the Minimum Quantity Guarantee increased the aggregate number of Lucid Gravity Plus and Lucid Midsize Plus vehicles Uber is committed to purchase to at least 35,000 units.

• In April 2026, in connection with the Second VPA, we and a subsidiary of Uber, SMB, entered into a subscription agreement, under which we issued to SMB, in a private placement, $200.0 million of our common stock.

Text added vs the prior filing · source: 10-Q · 2026-08-04

• We are exposed to market risk for changes in interest rates applicable to our cash and cash equivalents, and investments. We had cash, cash equivalents, and investments totaling approximately $775.5 million as of June 30, 2026. Our investment policy is focused on the preservation of capital and supp…

• We hold equity securities of Aston Martin. The fair value of these equity securities was $14.2 million as of June 30, 2026. Changes in fair value of these equity securities are impacted by the volatility of the stock market and changes in general economic conditions, among other factors. A hypotheti…

• We are dependent on our suppliers, the majority of which are single-source suppliers. The inability or unwillingness of these suppliers to deliver necessary components of our products according to the schedule and at prices, quality levels and volumes acceptable to us, whether due to changes or unce…

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• We hold equity securities of Aston Martin. The fair value of these equity securities was $13.6 million as of March 31, 2026. Changes in fair value of these equity securities are impacted by the volatility of the stock market and changes in general economic conditions, among other factors. A hypothet…

• We are dependent on our suppliers, the majority of which are single-source suppliers. The inability of these suppliers to deliver necessary components of its products according to the schedule and at prices, quality levels and volumes acceptable to us, whether due to changes or uncertainties in trad…

Text added vs the prior filing · source: 10-Q · 2026-08-04

• •Our distribution model primarily relies on a direct-to-consumer strategy domestically, and we are pursuing alternative distribution models internationally where we have less experience.

• Our distribution model relies on a direct-to-consumer strategy domestically, and we are pursuing alternative distribution models internationally where we have less experience.

• •developing and marketing EV-related products and technologies, including robotaxis;

• •increases in energy, freight, logistics and other operating costs arising from geopolitical developments may contribute to inflationary pressures, which could reduce consumer purchasing power and adversely affect demand for our vehicles;

• •indirect effects of geopolitical events across regions, including through commodity price volatility, trade restrictions, regulatory changes or supply chain interdependencies, which could adversely affect our operations even in markets not directly impacted;

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• •Our distribution model primarily relies on a direct-to-consumer strategy.

• •expand our general and administrative functions to support operations as a public company.

• Our distribution model primarily relies on a direct-to-consumer strategy.

• We are dependent on our suppliers, the majority of which are single-source suppliers, and the inability of these suppliers to deliver necessary components of our products according to our schedule and at prices, quality levels and volumes acceptable to us, or our inability to efficiently manage thes…

• We rely on hundreds of third-party suppliers for the provision and development of many key components and materials used in our vehicles. While we seek to obtain components from multiple sources whenever possible, many components used in our vehicles will be custom-designed and purchased by us from …

Text added vs the prior filing · source: 10-Q · 2026-08-04

• Alexander De Bock will join the Company as its Chief Financial Officer, effective August 5, 2026. Taoufiq Boussaid, the Company’s current Chief Financial Officer, will take on an advisory role for a period of time to help ensure a smooth transition.

• Gagan Dhingra, the Company's Senior Vice President of Finance and Accounting and principal accounting officer, has decided to leave the Company to pursue another opportunity, effective August 14, 2026. Mr. Dhingra’s departure is not related to any disagreements with the Company on any matter relatin…

• During the quarter ended June 30, 2026, none of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined under Item 408(a) of Regulation S-K.

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• On March 2, 2026, Ori Winitzer, a member of the Company’s board of directors, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, for the sale of up to 25,393 shares of Common Stock. Mr. Winitzer’s Rule 10…