Lucid Group, Inc. (NASDAQ:LCID) Q2 2024 Earnings Conference Call August 5, 2024 5:30 PM ET Company Participants Maynard Um - Senior Director of Investor Relations Peter Rawlinson - Chief Executive Officer and Chief Technology Officer Gagan Dhingra - Interim Chief Financial Officer and Principal Accounting Officer Conference Call Participants John Babcock - Bank of America Stephen Gengaro - Stifel Itay Michaeli - Citi Steven Fox - Fox Advisors Andres Sheppard - Cantor Fitzgerald Tobias Beith - Redburn Atlant ...

Revenue and Financial Performance - Revenue for the three months ended June 30, 2024, was $200,581 thousand, representing a 33% increase compared to $150,874 thousand for the same period in 2023[171]. - Revenue for the six months ended June 30, 2024, was $373,321 thousand, reflecting a 24% increase from $300,306 thousand in the same period last year[172]. - Total other income (expense), net increased by $69.9 million, or 94%, for the six months ended June 30, 2024, compared to the same period in the prior year[185]. - Interest income increased by $15.0 million, or 38%, for the three months ended June 30, 2024, compared to the same period in the prior year[192]. - As of June 30, 2024, the company had an accumulated deficit of $11.5 billion, reflecting significant losses from operations[218]. Cost Management - Cost of revenue decreased by $85,450 thousand or 15% for the three months ended June 30, 2024, compared to $555,805 thousand in the prior year[173]. - Selling, general, and administrative expense increased by $12.5 million, or 6%, for the three months ended June 30, 2024, compared to the same period in the prior year[181]. - Research and development expenses increased by $53,696 thousand or 23% for the three months ended June 30, 2024, compared to $233,474 thousand in the same period last year[176]. - Research and development expense increased by $108.5 million, or 23%, for the six months ended June 30, 2024, compared to the same period in the prior year[179]. Cash Flow and Liquidity - As of June 30, 2024, the company had $3.9 billion of cash, cash equivalents, and investments[195]. - Net cash used in operating activities decreased by $477.9 million to $1,023.7 million during the six months ended June 30, 2024, compared to the same period in the prior year[222]. - Net cash provided by investing activities was $6.3 million during the six months ended June 30, 2024, compared to $466.7 million of net cash used in investing activities for the same period in the prior year[223]. - Net cash provided by financing activities decreased by $2,008.3 million to $999.6 million during the six months ended June 30, 2024, compared to the same period in the prior year[224]. - The company had cash, cash equivalents, restricted cash, and investments totaling $3.9 billion as of June 30, 2024[243]. Inventory and Restructuring - The company recorded inventory write-downs of $154,200 thousand for the three months ended June 30, 2024, a decrease from $295,000 thousand in the same period last year[175]. - The company expects to record total restructuring charges of approximately $21 million to $25 million related to the 2024 Restructuring Plan[183]. Future Plans and Developments - The company expects to launch the Lucid Gravity SUV in late 2024 and the Midsize platform in late 2026, expanding its vehicle lineup[159]. - The company anticipates continued consumer demand for the Lucid Air due to its luxurious design and high-performance technology[165]. - The company anticipates cumulative capital expenditures of approximately $1.3 billion for the fiscal year 2024 to support growth objectives[196]. - The company selected King Abdullah Economic City in Saudi Arabia for its first international manufacturing plant, initially focusing on re-assembly of Lucid Air vehicle kits[199]. Financing and Debt - The Series B Subscription Agreement with Ayar will provide the company with $750 million in gross proceeds, enhancing its financial position[160]. - The company issued $2,012.5 million of the 2026 Notes with an interest rate of 1.25% per annum, maturing on December 15, 2026[198]. - The ABL Credit Facility provides for an initial aggregate principal commitment amount of up to $1.0 billion, with a stated maturity date of June 9, 2027[211]. - The DDTL Credit Facility provides for a delayed draw term loan credit facility in an aggregate principal amount of $750 million, maturing on August 4, 2029[214]. - The company had outstanding borrowings of SAR 256 million (approximately $68.2 million) under the GIB Credit Facility as of June 30, 2024[210]. Market and Economic Conditions - Inflationary pressures have impacted manufacturing costs, with potential increases in capital expenditures as construction progresses on AMP-1 and AMP-2 facilities[169]. - A hypothetical 100 basis point increase in interest rates would result in a $15.1 million incremental decline in the fair market value of the company's portfolio[243]. - The fair value of equity securities held by the company was $51.5 million as of June 30, 2024, with a hypothetical 10% decrease in stock price potentially decreasing the fair value by $5.2 million[244]. - The company is dependent on single-source suppliers, which could materially affect its operations if delivery schedules or quality levels are not met[246].

NEW YORK, Aug. 5, 2024 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company"), a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM), today announced that management will participate in the following upcoming investor conferences: 9th Annual Needham Virtual MedTech & Diagnostics 1x1 Conference Dates: August 12-13, 2024 Canaccord Genuity 44th Annual Growth Conference Fireside Chat: Tuesday, August 13, 2024, at 1:30 PM ET The ...

A recession could be very bad for the struggling maker of luxury EVs. Shares of Lucid Group (LCID -8.24%) were down sharply on Tuesday after new economic data raised fears of a recession. At 2:30 p.m. ET, Lucid's shares were down about 8.2% from Wednesday's closing price. New data suggests a recession could be looming Two fresh data points on Thursday suggested that the U.S. economy may be heading for a recession. First, initial jobless claims rose to 249,000 last week, higher than expected and the highest ...

The market is already boiling, with the S&P 500 already sitting on a near-record high, having jumped 15% in the first half of 2024. Much of this jump is attributed to the hyper-growth stocks propping up investors' faith in the stock market. Hyper-growth stocks are stocks that analysts expect to increase their revenue and earnings faster than the market growth rate. Pinduoduo Holdings (PDD) With the e-commerce industry expected to hit $8 trillion in revenue by 2027, PDD's disruptive business is sustainable a ...

Fundamentals Are Supportive of Lucid Stock away from the aforementioned negative trajectory. Options Traders Bid Up LCID Charts by TradingView Still, given the severe downside, Lucid stock has much to prove. Over the next few weeks, it's important for the equity to not fall below $3. By late September, LCID's floor must be near $3.50. Otherwise, if the stock falls below these key levels, the bearish cycle may resume again. The Takeaway: Both Fundamentals and Technicals Smile on Lucid Although the EV sector ...

NEW YORK, July 29, 2024 /PRNewswire/ -- Lucid Diagnostics Inc. (Nasdaq: LUCD) ("Lucid" or the "Company") a commercial-stage, cancer prevention medical diagnostics company and subsidiary of PAVmed Inc. (Nasdaq: PAVM), today announced that it will host a business update conference call and webcast on Monday, August 12, 2024, at 8:30 AM ET. During the call, Lishan Aklog, M.D., Lucid's Chairman and Chief Executive Officer, will provide a business update, including an overview of the Company's operations and con ...

VANCOUVER, BC, July 29, 2024 /PRNewswire/ - Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) ("Graphite One", "G1" or the "Company"), planning a complete domestic U.S. supply chain for advanced graphite materials, took part on July 25, 2024 in a briefing held at the U.S. Capitol announcing a non-binding supply agreement ("Supply Agreement") with Lucid (NASDAQ: LCID), maker of the world's most advanced electric vehicles, for anode active materials (AAM). "I'm pleased that Graphite One and Lucid Motors are partne ...

Lucid Group (NASDAQ:LCID) is riding a wave of anticipation that it may have finally turned the corner. After a second-quarter deliveries update, Lucid stock hit a level not seen since last December. Two weeks ahead of the luxury electric vehicle manufacturer's second-quarter earnings report, investors are hoping Lucid found the right combination of production, price and incentives to generate sustained sales growth. They are now looking for clues this is the turnaround they have been waiting for. Wall Stree ...

Did Tesla just issue very worrying signals for Lucid stock? While there wasn't any business-specific news pushing Lucid lower today, the company's valuation fell after high-profile earnings reports missed expectations. Yesterday, Alphabet and Tesla became the first two members of the "Magnificent Seven" to report quarterly earnings -- and Wall Street was not happy with the results. Tesla's report in particular may have some bearish implications for Lucid. It was a volatile day for the stock market. Notably, ...