1. 8月6日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.35%，标普500指数期货涨0.24%，纳指期货涨 0.23%。 2. 截至发稿，德国DAX指数涨0.02%，英国富时100指数涨0.20%，法国CAC40指数涨0.28%，欧洲斯托克50指数涨0.22%。 3. 截至发稿，WTI原油涨1.63%，报66.22美元/桶。布伦特原油涨1.52%，报68.67美元/桶。 | 瑞 伦敦布伦特原油 | 2025年10月 | 68.67 | 68.81 | 67.65 | +1.03 | +1.52% | | --- | --- | --- | --- | --- | --- | --- | | 雪 WTI原油 | 2025年9月 | 66.22 | 66.34 | 65.12 | +1.06 | +1.63% | 市场消息 降息预期凌乱，华尔街投行"吵"起来。美国"非农"数据暴雷令美联储降息预期飙升，但本周华尔街知名投行对降息分歧却在加 大。高盛、花旗均认为，9月或激进降息，摩根大通甚至认为今年可能降息125个基点。然而，美银认为今年美联储或按兵不 动，巴克莱和汇丰同样态度谨慎。未来几个月将 ...

Financial Performance - Uber reported earnings of $063 per share, matching estimates, with revenue of $1265 billion, exceeding expectations [1] - The company authorized a $20 billion share buyback [1] - Trip growth reached 18%, totaling 33 billion trips, and gross bookings grew by 18% in constant currency, amounting to $47 billion [3] - EBITDA increased by 35% to $21 billion, marking a record for the company [3] - Free cash flow in the past year amounted to $85 billion [4] Market Trends and Consumer Behavior - Consumer demand remains strong in both mobility and delivery sectors in the US [5] - Uber is modulating insurance cost increases and passing savings onto consumers, which doesn't affect profitability [6] - In the US, trip growth accelerated in July compared to Q2, and Q3 trip growth in the US mobility sector is expected to be faster than Q2 [7] - Uber employs a barbell strategy, offering savings to price-sensitive consumers while also catering to the premium demographic [9] - Premium business is up over $10 billion, with 30% growth, and the reserve business is up 50% [11] Autonomous Technology and Competition - The Baidu deal is primarily focused on autonomous technology, aiming to tap into a $1 trillion total addressable market (TAM) [12] - Uber is collaborating with Waymo in Austin and Atlanta, with Waymo in Atlanta being busier than 99% of drivers in Atlanta [13] - Tesla is viewed as both a potential competitor and partner in the autonomous vehicle market [15]

Market Overview - US stock index futures are all up ahead of the market opening, with Dow futures rising by 0.35%, S&P 500 futures up by 0.24%, and Nasdaq futures increasing by 0.23% [1] - European indices also show positive movement, with Germany's DAX up by 0.02%, UK's FTSE 100 up by 0.20%, France's CAC40 up by 0.28%, and the Euro Stoxx 50 up by 0.22% [2][3] - WTI crude oil prices increased by 1.63% to $66.22 per barrel, while Brent crude oil rose by 1.52% to $68.67 per barrel [3][4] Economic Insights - There is a growing divergence among Wall Street investment banks regarding interest rate cuts, with Goldman Sachs and Citigroup suggesting aggressive cuts in September, while Bank of America and Barclays remain cautious [4] - The upcoming months are critical for determining the Federal Reserve's interest rate decisions, especially if employment and inflation data continue to show weakness [4] - Concerns about the credibility of government data have arisen following President Trump's criticism of employment data, which could impact the TIPS market significantly [5] Company News - Supermicro (SMCI.US) reported a 7.5% year-over-year increase in Q4 sales to $5.76 billion, but this fell short of market expectations of $6.01 billion, leading to a nearly 17% pre-market drop [7][8] - AMD (AMD.US) saw a 32% year-over-year revenue increase to $7.7 billion in Q2, but its adjusted earnings per share of $0.48 fell below expectations, resulting in a nearly 6% pre-market decline [8] - Novo Nordisk (NVO.US) reported a 32% year-over-year increase in net profit for Q2, driven by strong sales of its semaglutide products, which generated $16.68 billion in revenue [9] - Honda (HMC.US) adjusted its full-year guidance upward despite a 1.2% year-over-year decline in Q1 revenue, anticipating a reduction in tariff-related losses [10] - McDonald's (MCD.US) reported a 5.4% year-over-year revenue increase in Q2, exceeding expectations, with same-store sales growth driven primarily by higher customer spending [11] - Uber (UBER.US) exceeded revenue expectations for Q2, reporting $12.65 billion, and provided a positive outlook for Q3 [11] - Disney (DIS.US) reported Q3 earnings that surpassed expectations, although traditional TV revenue fell short, overshadowing strong performance in theme parks and streaming [12] - Lucid (LCID.US) reported a Q2 adjusted loss of $0.24 per share, below expectations, and lowered its annual production guidance to 18,000-20,000 vehicles [13] - Snap (SNAP.US) experienced a significant drop in advertising revenue growth, leading to a nearly 18% pre-market decline following its Q2 earnings report [13]

Financial Performance - Uber's Q2 2025 revenue reached $12651 million, representing an 18% increase year-over-year[54] - Adjusted EBITDA for Q2 2025 was $2119 million, a 35% increase year-over-year[57] - Mobility gross bookings grew to $23762 million in Q2 2025, an 18% increase in constant currency year-over-year[63] - Delivery gross bookings increased to $21734 million in Q2 2025, reflecting a 20% growth in constant currency year-over-year[70] - Freight revenue remained relatively stable at $1261 million in Q2 2025, showing a (1%) change in constant currency year-over-year[75] Operational Metrics - Monthly Active Platform Consumers (MAPCs) increased by 15% year-over-year, reaching 180 million in Q2 2025[42] - Total trips grew by 18% year-over-year to 3268 million in Q2 2025[44] - Monthly trips per MAPC (Frequency) increased by 2% year-over-year to 61 in Q2 2025[43] Strategic Initiatives - Uber One membership program has 36 million members and accounts for over 40% of combined Delivery & Mobility bookings[31, 32] - Uber is expanding its AV technology commercialization, with deployments in 12 cities across 3 countries and plans for ~5 additional cities in 2025[35, 36]

Aspen Colorado along with Becky Quick and Joe Kernen. Second quarter results just out from Uber. Want to get straight to them.Earnings of $0.63% per share. It's in line with estimates. That's on revenue of $12.65% billion.That's ahead of expectations and trips during that quarter, growing 18% to $3.3% billion, 3.3% billion, not dollars, with monthly active platform consumers up 15%. That's over the prior year. Now, delivery revenue growing 20%.That also tops estimates and mobility. And we'll go through how ...

Uber announces $20 billion in new stock buybacks after sharing a better-than-expected third-quarter forecast https://t.co/6HBzV33LBy ...

[Executive Summary & Q2 2025 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q2%202025%20Highlights) This section provides an overview of Uber's strong Q2 2025 financial and operational performance, CEO/CFO commentary, and Q3 2025 outlook, including a new $20 billion share repurchase authorization [Q2 2025 Financial & Operational Performance Overview](index=1&type=section&id=Q2%202025%20Financial%20%26%20Operational%20Performance%20Overview) Uber reported strong Q2 2025 results with significant year-over-year growth across key metrics, including Trips, Gross Bookings, Revenue, and profitability, alongside a new $20 billion share repurchase authorization | Metric | Q2 2025 Value | YoY Growth | | :-------------------------------- | :---------------- | :--------- | | Trips | 3.3 billion | 18% | | Gross Bookings | $46.8 billion | 17% (18% CC) | | Revenue | $12.7 billion | 18% (18% CC) | | Income from operations | $1.5 billion | 82% | | Net income attributable to Uber | $1.4 billion | 33% | | Adjusted EBITDA | $2.1 billion | 35% | | Operating cash flow | $2.6 billion | 41% | | Free cash flow | $2.5 billion | 44% | | Share Repurchase Authorization | $20 billion | New | [CEO & CFO Commentary](index=1&type=section&id=CEO%20%26%20CFO%20Commentary) CEO Dara Khosrowshahi highlighted the success of Uber's platform strategy, achieving record audience, frequency, and profitability in Mobility and Delivery, with future potential in autonomous partnerships. CFO Prashanth Mahendra-Rajah emphasized confidence in the business through the new share repurchase program and strong financial performance, including a record high trailing twelve-month free cash flow - CEO Dara Khosrowshahi noted the platform strategy's success, achieving record audience, frequency, and profitability across Mobility and Delivery, with 20 autonomous partners globally[2](index=2&type=chunk) - CFO Prashanth Mahendra-Rajah announced a new **$20 billion share repurchase authorization**, reflecting confidence in the business after strong top and bottom-line performance[2](index=2&type=chunk) - Trailing twelve-month free cash flow reached a new all-time high of **$8.5 billion**, with a commitment to durable, profitable growth[2](index=2&type=chunk) [Q3 2025 Outlook](index=1&type=section&id=Outlook%20for%20Q3%202025) For Q3 2025, Uber anticipates continued strong growth in Gross Bookings and Adjusted EBITDA, with a neutral to modestly positive foreign exchange impact. The outlook includes contributions from the Trendyol Go acquisition | Metric | Q3 2025 Outlook | YoY Growth (Constant Currency) | | :---------------- | :-------------------- | :----------------------------- | | Gross Bookings | $48.25 billion - $49.75 billion | 17% - 21% | | Adjusted EBITDA | $2.19 billion - $2.29 billion | 30% - 36% | - The outlook includes the contribution from the Trendyol Go acquisition; excluding this, the growth outlook for Gross Bookings would be **16% to 20% YoY** on a constant-currency basis[4](index=4&type=chunk) [Detailed Financial and Operational Results (Q2 2025)](index=2&type=section&id=Detailed%20Financial%20and%20Operational%20Results%20(Q2%202025)) This section presents a comprehensive breakdown of Uber's Q2 2025 financial and operational metrics, highlighting robust growth across Mobility and Delivery segments [Key Financial and Operational Metrics](index=2&type=section&id=Financial%20and%20Operational%20Highlights%20for%20Second%20Quarter%202025%20(Table)) Uber's Q2 2025 saw robust growth in key operational and financial metrics, with Monthly Active Platform Consumers (MAPCs) increasing by 15% and Trips by 18%. Gross Bookings and Revenue both grew by 17% and 18% respectively, while profitability metrics like Income from operations and Adjusted EBITDA showed even stronger growth | Metric | Q2 2024 | Q2 2025 | % Change | % Change (Constant Currency) | | :------------------------------------ | :-------- | :-------- | :--------- | :----------------------------- | | Monthly Active Platform Consumers ("MAPCs") (in millions) | 156 | 180 | 15 % | | | Trips (in millions) | 2,765 | 3,268 | 18 % | | | Gross Bookings (in millions) | $39,952 | $46,756 | 17 % | 18 % | | Revenue (in millions) | $10,700 | $12,651 | 18 % | 18 % | | Income from operations (in millions) | $796 | $1,450 | 82 % | | | Net income attributable to Uber Technologies, Inc. (in millions) | $1,015 | $1,355 | 33 % | | | Adjusted EBITDA (in millions) | $1,570 | $2,119 | 35 % | | | Net cash provided by operating activities (in millions) | $1,820 | $2,564 | 41 % | | | Free cash flow (in millions) | $1,721 | $2,475 | 44 % | | [Results by Offering and Segment](index=2&type=section&id=Results%20by%20Offering%20and%20Segment) Uber's Mobility and Delivery segments demonstrated strong growth in Gross Bookings, Revenue, and Adjusted EBITDA, while the Freight segment experienced a slight decline in Gross Bookings and Revenue but improved its Adjusted EBITDA loss [Gross Bookings by Segment](index=2&type=section&id=Gross%20Bookings) Mobility Gross Bookings grew 16% (18% constant currency) to $23.8 billion, and Delivery Gross Bookings increased 20% (20% constant currency) to $21.7 billion. Freight Gross Bookings saw a marginal decrease of 1% | Gross Bookings (in millions) | Q2 2024 | Q2 2025 | % Change | % Change (Constant Currency) | | :--------------------------- | :-------- | :-------- | :--------- | :----------------------------- | | Mobility | $20,554 | $23,762 | 16 % | 18 % | | Delivery | $18,126 | $21,734 | 20 % | 20 % | | Freight | $1,272 | $1,260 | (1)% | (1)% | | Total | $39,952 | $46,756 | 17 % | 18 % | [Revenue by Segment](index=2&type=section&id=Revenue) Revenue growth was strong across Mobility (19% YoY, 18% constant currency) and Delivery (25% YoY, 23% constant currency), reaching $7.3 billion and $4.1 billion respectively. Freight revenue declined slightly by 1% | Revenue (in millions) | Q2 2024 | Q2 2025 | % Change | % Change (Constant Currency) | | :-------------------- | :-------- | :-------- | :--------- | :----------------------------- | | Mobility | $6,134 | $7,288 | 19 % | 18 % | | Delivery | $3,293 | $4,102 | 25 % | 23 % | | Freight | $1,273 | $1,261 | (1)% | (1)% | | Total | $10,700 | $12,651 | 18 % | 18 % | [Adjusted EBITDA by Segment](index=3&type=section&id=Adjusted%20EBITDA%20and%20Segment%20Adjusted%20EBITDA) Both Mobility and Delivery segments significantly improved their Adjusted EBITDA, with Mobility growing 22% to $1.9 billion and Delivery surging 48% to $873 million. The Freight segment reduced its Adjusted EBITDA loss by 50% | Segment Adjusted EBITDA (in millions) | Q2 2024 | Q2 2025 | % Change | | :------------------------------------ | :-------- | :-------- | :--------- | | Mobility | $1,567 | $1,905 | 22 % | | Delivery | $588 | $873 | 48 % | | Freight | $(12) | $(6) | 50 % | | Corporate G&A and Platform R&D | $(573) | $(653) | (14)% | | Adjusted EBITDA | $1,570 | $2,119 | 35 % | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section provides Uber's condensed consolidated balance sheets, statements of operations, and cash flows for Q2 2025, reflecting significant financial growth [Condensed Consolidated Balance Sheets](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Uber's total assets increased to $55.98 billion from $51.24 billion at year-end 2024, driven by increases in cash, accounts receivable, and goodwill. Total liabilities also rose to $32.35 billion, while total equity increased to $23.45 billion | Balance Sheet Item (in millions) | As of Dec 31, 2024 | As of Jun 30, 2025 | | :-------------------------------- | :----------------- | :----------------- | | Total assets | $51,244 | $55,982 | | Total liabilities | $28,768 | $32,352 | | Total Uber Technologies, Inc. stockholders' equity | $21,558 | $22,598 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q2 2025, Uber reported revenue of $12.65 billion, an 18% increase YoY. Income from operations significantly grew by 82% to $1.45 billion, and net income attributable to Uber Technologies, Inc. increased by 33% to $1.35 billion. Diluted EPS was $0.63 | Income Statement Item (in millions, except per share) | Q2 2024 | Q2 2025 | | :---------------------------------------------------- | :-------- | :-------- | | Revenue | $10,700 | $12,651 | | Total costs and expenses | $9,904 | $11,201 | | Income from operations | $796 | $1,450 | | Net income attributable to Uber Technologies, Inc. | $1,015 | $1,355 | | Diluted Net income per share | $0.47 | $0.63 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash provided by operating activities increased by 41% to $2.56 billion in Q2 2025. Net cash used in investing activities decreased to $1.46 billion, while net cash used in financing activities remained relatively stable at $195 million | Cash Flow Item (in millions) | Q2 2024 | Q2 2025 | | :--------------------------- | :-------- | :-------- | | Net cash provided by operating activities | $1,820 | $2,564 | | Net cash used in investing activities | $(1,676) | $(1,461) | | Net cash used in financing activities | $(191) | $(195) | | Net increase (decrease) in cash and cash equivalents | $(103) | $1,067 | [Company Information & Disclosures](index=4&type=section&id=Company%20Information%20%26%20Disclosures) This section outlines Uber's mission, investor relations details, forward-looking statement caveats, and definitions and reconciliations of non-GAAP financial measures [About Uber](index=4&type=section&id=About%20Uber) Uber's mission is to create opportunity through movement, evolving from a ride-hailing service to a comprehensive platform for moving people, food, and things - Mission: To create opportunity through movement[11](index=11&type=chunk) - Evolution: Started in 2010 to provide rides, now a platform for moving people, food, and things, enabling over **64 billion trips**[11](index=11&type=chunk) [Investor Information](index=4&type=section&id=Webcast%20and%20conference%20call%20information) Uber provides investor information through live audio webcasts, its investor relations website, and social media channels, adhering to Regulation FD for material disclosures - Live audio webcast of earnings calls available at https://investor.uber.com/[9](index=9&type=chunk) - Financial performance announcements, SEC filings, and investor events are disclosed on the investor relations website (https://investor.uber.com/) and blogs/X accounts (@uber, @dkhos)[10](index=10&type=chunk)[17](index=17&type=chunk) - Contacts for investors/analysts: investor@uber.com; Media: press@uber.com[17](index=17&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements subject to risks and uncertainties, and actual results may differ materially from predictions. Investors are cautioned against undue reliance on these statements - Statements regarding future business expectations involve risks and uncertainties, and actual results may differ materially from predictions[12](index=12&type=chunk) - Forward-looking statements are identified by terms such as "anticipate," "expect," "plan," "will," etc[12](index=12&type=chunk) - Risks include competition, growth management, financial performance, investments, ability to attract partners, brand reputation, legal/regulatory developments, and global economic impact[12](index=12&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) Uber uses non-GAAP financial measures like Adjusted EBITDA, Free cash flow, and constant currency revenue growth to supplement GAAP information, believing they provide meaningful insights into core business performance for management and investors [Key Terms for Metrics](index=9&type=section&id=Key%20Terms%20for%20Our%20Key%20Metrics) This section defines key operational metrics used by Uber to measure the scale and usage of its platform and segment performance - **Driver(s):** Independent providers of ride or delivery services who use the platform[25](index=25&type=chunk) - **Gross Bookings:** Total dollar value of Mobility rides, Delivery orders, and Freight revenue, indicating platform scale[26](index=26&type=chunk) - **Monthly Active Platform Consumers ("MAPCs"):** Unique consumers completing at least one Mobility ride or Delivery order per month, averaged quarterly[27](index=27&type=chunk) - **Segment Adjusted EBITDA:** Segment revenue less direct costs and expenses, with applicable exclusions from Adjusted EBITDA[28](index=28&type=chunk) - **Trips:** Number of completed consumer Mobility rides and Delivery orders, measuring platform scale and usage[29](index=29&type=chunk) [Definitions of Non-GAAP Measures](index=9&type=section&id=Definitions%20of%20Non-GAAP%20Measures) Uber defines Adjusted EBITDA by excluding specific non-cash and non-recurring items from net income, and Free Cash Flow as net cash from operating activities less capital expenditures. Constant currency growth rates are used to assess underlying revenue performance without foreign exchange fluctuations - **Adjusted EBITDA:** Defined as net income (loss) excluding items such as income/loss from discontinued operations, non-controlling interests, taxes, equity method investments, interest expense, other income/expense, depreciation & amortization, stock-based compensation, certain legal/tax/regulatory changes, impairments, acquisition/financing/divestiture expenses, restructuring charges, and other non-recurring items[30](index=30&type=chunk)[31](index=31&type=chunk)[34](index=34&type=chunk) - **Constant Currency:** Calculated by translating current period financial results using prior period's monthly exchange rates to assess underlying revenue performance excluding foreign currency fluctuations[35](index=35&type=chunk) - **Free Cash Flow:** Defined as net cash flows from operating activities less capital expenditures[36](index=36&type=chunk) - **Limitations of Adjusted EBITDA:** Excludes recurring non-cash charges (depreciation, amortization, stock-based compensation), certain cash-settled restructuring charges, and does not reflect changes in taxes or components of other income/expense[38](index=38&type=chunk) [Reconciliations of Non-GAAP Measures](index=10&type=section&id=Reconciliations%20of%20Non-GAAP%20Measures) This section provides detailed reconciliations of Adjusted EBITDA to net income attributable to Uber Technologies, Inc. and Free Cash Flow to net cash provided by operating activities for the reported periods Adjusted EBITDA Reconciliation (in millions) | Item | Q2 2024 | Q2 2025 | | :------------------------------------------ | :-------- | :-------- | | Net income attributable to Uber Technologies, Inc. | $1,015 | $1,355 | | Add (deduct): | | | | Net loss attributable to non-controlling interests, net of tax | (7) | (5) | | Loss from equity method investments | 12 | 12 | | Provision for (benefit from) income taxes | 57 | 142 | | Other (income) expense, net | (420) | (162) | | Interest expense | 139 | 108 | | Depreciation and amortization | 173 | 175 | | Stock-based compensation expense | 455 | 475 | | Legal, tax, and regulatory reserve changes and settlements | 134 | — | | Acquisition, financing and divestitures related expenses | 3 | 19 | | Restructuring and related charges | 9 | — | | **Adjusted EBITDA** | **$1,570** | **$2,119** | Free Cash Flow Reconciliation (in millions) | Item | Q2 2024 | Q2 2025 | | :-------------------------------- | :-------- | :-------- | | Net cash provided by operating activities | $1,820 | $2,564 | | Purchases of property and equipment | (99) | (89) | | **Free cash flow** | **$1,721** | **$2,475** |

Core Viewpoint - Tesla's Robotaxi service is significantly cheaper than Uber, with price differences reaching up to 84% in some cases, indicating a revolutionary shift in the ride-hailing cost structure rather than a mere price war [5][11][13]. Pricing Comparison - A user conducted tests comparing Tesla Robotaxi and Uber fares in Austin, revealing that Tesla consistently offered lower prices across various distances, with an average discount exceeding 50% [6][12]. - For example, a nearly 9-mile trip cost Tesla $9.92 compared to Uber's $30.38, a difference of 67% [7][11]. - In another instance, a short trip of 0.97 miles cost Tesla $1.97 while Uber charged $12.36, marking an 84% price difference [11][12]. Cost Structure Analysis - The cost advantage of Tesla's service stems from its elimination of human drivers and the integration of vehicle, platform, and driver into a single automated system [15][16]. - Traditional ride-hailing services like Uber incur high costs due to driver wages, fuel, and platform fees, with drivers typically receiving around 70% of the fare [15]. - Tesla's model allows for a much lower operational cost, estimated at around $0.4 to $0.6 per mile, compared to Uber's higher costs due to its reliance on human drivers and additional fees [16][17]. Future Projections - Elon Musk has stated that Tesla aims to cover half of the U.S. population with its Robotaxi service by the end of the year, potentially impacting traditional ride-hailing platforms significantly [17]. - If successful, this could lead to substantial profits for Tesla, with projections suggesting a profit of $48 billion annually from a fleet of 100,000 Robotaxis [17].

优步(UBER.US)美股盘前涨2.6%。消息上，优步计划在周三(今日)市场开盘前公布第二季度业绩。有机 构预计公司营收124.7亿美元入，高于去年同期的107亿美元；净利润13.4亿美元，而去年同期为10.2亿 美元。(格隆汇) | UBER 优步 | | | | --- | --- | --- | | 390 + +0.960 +1.09% | | 收盘价 08/05 15:59 美东 | | 91.740 + 2.350 +2.63% | | 盘前价 08/06 04:53 美东 | | 三 7 24 字 S 9 日 ♥ 白选 | | ● 快捷交易 | | 最高价 90.955 | 开盘价 89.370 | 成交量 2585.6万 | | 最低价 89.050 | 昨收价 88.430 | 成交额 23.29亿 | | 平均价 90.056 | 市盈率TTM 15.65 | 总市值 1869.3亿 (--) | | 振 幅 2.15% | 市盈率(静) 19.60 | 总股本 20.91亿 | | 换手率 1.24% | 市净率 8.506 | 流通值 1857.46亿 | | 52周最高 97.715 ...

Financial Data and Key Metrics Changes - The company reported revenue of $259 million in Q2 2025, a 29% increase year over year [30] - Vehicle deliveries reached 3,309 units, up 38% year over year, marking the sixth consecutive quarter of record deliveries [5][30] - Gross margin for the quarter was negative 105%, primarily due to a $54 million impact from tariffs, which accounted for a 21 percentage point decrease in gross margin [31] - Adjusted EBITDA was negative $632 million, down 12%, driven mainly by gross margin pressure [33] - The company ended the quarter with $3.6 billion in cash and investments, and total liquidity of $4.86 billion [34] Business Line Data and Key Metrics Changes - The company produced 3,863 vehicles in Q2 2025, an 83% increase year over year [6][30] - The Lucid Gravity vehicle is expected to be the majority of deliveries in the second half of the year, with production ramping up [61] Market Data and Key Metrics Changes - The company is navigating a volatile market environment, with ongoing challenges in the AAV sector, particularly in supply chain [30][34] - The company has updated its annual production guidance to a range of 18,000 to 20,000 vehicles for 2025 [36] Company Strategy and Development Direction - The company is focused on operational discipline, building a distinctive scalable brand, and maintaining a sustainable edge through technology [10] - A partnership with Uber was announced, involving a $300 million investment to support the development of a next-generation premium robotaxi [7][28] - The company plans to implement a one-for-ten reverse stock split to ensure equity remains accessible to institutional investors [29] Management Comments on Operating Environment and Future Outlook - Management acknowledged challenges in production due to supply chain issues but expressed confidence in overcoming these obstacles [12][13] - The company is committed to building a great business around its products, focusing on innovation, scaling responsibly, and maintaining capital discipline [25][37] Other Important Information - The company is expanding its brand awareness through partnerships with cultural figures, including Timothee Chalamet as a global brand ambassador [9][10] - The company is also working on enhancing its technology, including a software update for its advanced driver assist system [19] Q&A Session Questions and Answers Question: How many current Gravity orders are there? - The company does not disclose specific order numbers but noted a high conversion rate once customers experience the vehicle [39] Question: Is the midsize platform still on target for production in late 2026? - The midsize platform is still scheduled for production in late 2026, with deliveries expected to ramp up throughout 2027 [40][41] Question: How will the partnership with Uber aid in company growth? - The partnership is seen as an entry into a large market and validates the company's scalable platform [42] Question: Should we expect any changes to the midsize initial ASPs as they ramp up? - There are no expectations for changes to the initial ASPs of the midsize platform [44][46] Question: Can you provide an update on the Atlas powertrain? - The Atlas powertrain is on track to achieve the same efficiency or better at a lower cost [56] Question: How much do write-downs on inventories and losses on firm purchase commitments relate to tariffs? - The tariff impact in Q2 was approximately $55 million, with expectations for reimbursements later in the year [77][81]