Financial Performance - Lucid achieved record quarterly revenue of $259.4 million in Q2 2025[16] - Q2 2025 GAAP diluted net loss per share was $(0.28), while non-GAAP diluted net loss per share was $(0.24)[16] - The company ended Q2 2025 with approximately $4.86 billion in total liquidity[16] - Free cash flow for the quarter was $(1,012.9) million[61] - Lucid recorded a net loss of $(539.4) million for the quarter[61] Production and Deliveries - Production reached 3,863 vehicles in Q2 2025, an increase of 83% year-over-year, including the start of Lucid Gravity production[27] - Deliveries totaled 3,309 vehicles in Q2 2025, representing a 38% year-over-year growth and the sixth consecutive quarter of record deliveries[16, 27] Strategic Initiatives - Lucid announced a global robotaxi partnership with Uber and Nuro, with Uber planning to deploy a minimum of 20,000 Lucid Gravity vehicles[16, 55] - Uber will invest $300 million in Lucid as part of the robotaxi partnership[55] - The company revealed Timothée Chalamet as Lucid's first global ambassador[16] - Lucid Air Grand Touring won a GUINNESS WORLD RECORDS title with 1,205 kilometers on a single charge[16] Outlook - Lucid updated its 2025 production volume guidance to a range of 18,000 to 20,000 vehicles[57] - The company anticipates sufficient liquidity into the second half of 2026[57]

Core Insights - Lucid Motors has achieved a significant milestone with its Lucid Air Grand Touring, showcasing its technological edge in electric vehicle efficiency and performance [1][2] - The Lucid Air Grand Touring boasts a WLTP range of 960 kilometers, making it the leader in range among electric vehicles, with a consumption rate of 13.5 kWh/100km [2][4] - The vehicle is equipped with an advanced electric powertrain, delivering 831 PS and a top speed of 270 kilometers per hour, along with ultra-fast charging capabilities [2][4] Company Overview - Lucid Group, based in Silicon Valley, focuses on creating advanced electric vehicles, including the award-winning Lucid Air and the new Lucid Gravity, emphasizing performance, design, and energy efficiency [5] - The company assembles its vehicles in a vertically integrated factory located in Arizona, which enhances its production capabilities and technological advancements [5] Record Achievement - Lucid Motors has collaborated with entrepreneur Umit Sabanci to set a new GUINNESS WORLD RECORDS title for the most countries visited on a single charge in a production battery electric vehicle, further establishing its reputation in electric endurance achievements [3][4] - This record follows Sabanci's previous achievement in 2024, where he visited nine countries in a Lucid Air Grand Touring, highlighting the vehicle's capabilities [3][4]

Core Insights - Mullen Automotive reported a significant increase in revenue for Q2 2025, achieving $5 million compared to $33,000 in Q2 2024, marking a growth of over 143 times [2][5] - The company's net loss decreased substantially from $132.4 million in Q2 2024 to approximately $47.1 million in Q2 2025 [5][23] - Mullen's total revenue for the six months ending March 31, 2025, was $7.9 million, with a notable reduction in cash spending from $120.9 million to $52.4 million during the same period [5][11] Financial Performance - The net loss attributable to common shareholders for the six months ended March 31, 2025, was $162.0 million, or $3,338.65 per share, compared to a net loss of $193.9 million, or $21,493,370.73 per share, for the same period in 2024 [5][12] - Non-cash expenses accounted for $118.5 million, or 73% of the total loss for the six months ended March 31, 2025, compared to $135.1 million (70%) in the previous year [6][12] - The company reported a gross loss of $5.7 million for the six months ended March 31, 2025, with operating expenses totaling $77.9 million [22] Operational Highlights - Mullen has secured orders for its commercial electric vehicles, including a $1.4 million order for 20 Class 3 vehicles from Cashflow on Wheels and additional orders from local governments and universities [3][8] - The company has entered a strategic partnership with EO Charging to provide electrification solutions for its commercial fleet customers [8] - Mullen's production of advanced lithium-ion batteries is set to begin in early 2026, with plans to integrate these batteries into its existing vehicle programs [8] Liquidity and Cash Flow - As of March 31, 2025, Mullen had total cash (including restricted cash) of $2.3 million, down from $10.7 million on September 30, 2024 [10] - The company reported a negative working capital of $156.1 million, which improves to $56.7 million when adding back derivative liabilities [10] - Cash spent on operating and investing activities decreased by 56.6%, from $120.9 million in 2024 to $52.4 million in 2025 [11] Recent Developments - Bollinger Motors, a majority-owned subsidiary of Mullen, was placed into court-appointed receivership on May 7, 2025, following a legal complaint regarding a breach of contract [13][14] - Mullen is exploring options to challenge this receivership and has engaged litigation counsel [13][15] - The company continues to expand its commercial dealer network and has received IRS approval for federal EV tax credits on its commercial vehicles [27]

Financial Data and Key Metrics Changes - In Q1 2025, the company produced 2,212 vehicles, a 28% year-over-year increase, and delivered 3,109 vehicles, up more than 58% year-over-year, marking the fifth consecutive quarter of record deliveries [6][32] - Total revenue for the quarter was $235 million, representing a 36% growth year-over-year [33] - Gross margin improved significantly, with Q1 gross margin at negative 97.2%, up from negative 134.3% in the prior year quarter [33] - Adjusted EBITDA in Q1 was negative $563 million, an improvement of 2% versus Q4 [36] - The company ended Q1 with approximately $4.56 billion in cash and investments, and total liquidity of $5.76 billion [36][40] Business Line Data and Key Metrics Changes - The Lucid Air remained the number one best-selling EV and the third best-selling sedan overall in its segment in the U.S. [8] - The Lucid Gravity is generating strong interest, with over three-quarters of orders coming from new customers [12] Market Data and Key Metrics Changes - The company experienced significant year-over-year improvements in gross margin, driven by higher regulatory credit revenue and cost management [7][33] - The Lucid Gravity campaign reached over 11 million people on social media, significantly increasing brand awareness [10] Company Strategy and Development Direction - The company is focused on building a vertically integrated enterprise designed to lead in the next era of mobility, emphasizing technology-driven and capital-disciplined growth [42] - The company plans to ramp up marketing campaigns throughout 2025 and has signed a global ambassador to enhance brand visibility [12] - The company is exploring strategic adjustments to align with changing market conditions, including vehicle price changes and tariff risk mitigation [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased uncertainty in the market due to tariffs and supply chain challenges but expressed confidence in the company's ability to navigate these issues [21][39] - The company forecasts production of approximately 20,000 vehicles in 2025, despite market uncertainties [40] - Management emphasized the importance of maintaining balance sheet strength while minimizing shareholder dilution [32] Other Important Information - The company completed a convertible notes offering with strong support from the public investment fund, extending liquidity into the second half of 2026 [32] - The company is in advanced discussions with partners regarding technology access and licensing, indicating a growing interest in its EV technology [14] Q&A Session Summary Question: Can the midsize rollout and ramp be accelerated due to the acquisition of the Nikola factory? - Management clarified that while the acquisition was financially attractive, accelerating the midsize rollout is not feasible due to the complexities involved [45][48] Question: Are there plans for Lucid to sell or lease its technology to other car manufacturers? - Management confirmed that discussions are ongoing with various OEMs regarding technology licensing, emphasizing the strategic intent behind the company's name change to Lucid Group [49] Question: What is the impact on Lucid's supply chain due to Chinese curbs on rare earth material exports? - Management reiterated the importance of vertical integration, which allows the company to have more control over components and mitigate supply chain risks [50] Question: Is it fair to say that Lucid lacks urgency regarding production ramp and deliveries? - Management emphasized the importance of quality over speed, stating that they are focused on delivering high-quality vehicles rather than rushing production [52] Question: Can you provide an update on test drives and order perspectives for the Gravity? - Management reported strong order inflow and plans to roll out test drives as vehicles meet quality standards [56] Question: What is the plan to address the convertible bonds maturing in 2026? - Management indicated that they will remain opportunistic regarding financing and timing for addressing convertible bonds [71]

Core Insights - Lucid Group has strengthened its executive leadership team to drive future growth and enhance its position in the electric vehicle market [1][2] Leadership Appointments - Akerho "AK" Oghoghomeh has been appointed as Senior Vice President of Marketing, bringing experience from building brands like Red Bull to enhance Lucid's marketing initiatives and global growth [2] - Jason Ryska joins as Vice President of Global Manufacturing Engineering, with over 30 years of experience in automotive manufacturing from companies like Fiat Chrysler and Ford [3] - Dr. Kay Stepper, with over 30 years in the automotive sector, has been appointed Vice President of Advanced Driver-Assistance Systems and Autonomous Driving, previously serving at Qualcomm and Bosch [4] - Adrian Price, also with over 30 years of experience, joins as Senior Vice President of Operations from Ford, focusing on production ramp-up and manufacturing efficiencies [5] - Erwin Raphael, Vice President of Revenue, has extensive automotive experience and previously worked at Amazon and Genesis Motor North America [6] - Gemma Parker, Vice President of Program Management, has a background in vehicle line direction at Rivian and experience at McLaren and DRÄXLMAIER Group [7] Company Overview - Lucid Group is a technology company based in Silicon Valley, focused on creating advanced electric vehicles, including the award-winning Lucid Air and the new Lucid Gravity, known for their performance, design, and energy efficiency [8]

Core Insights - Lucid Group has announced a strategic partnership with King Abdullah University of Science and Technology (KAUST) to enhance electric vehicle (EV) technology and support Saudi Arabia's vision for sustainable mobility [1][3]. Group 1: Partnership Details - The partnership aims to leverage KAUST's research capabilities and Lucid's expertise in EVs to drive innovation in areas such as advanced driver-assistance systems (ADAS) and autonomous driving (AD) [3][4]. - Lucid will gain access to KAUST's supercomputing resources, which will significantly enhance its ability to develop advanced materials, optimize vehicle efficiency, and accelerate AI training for various applications [4][5]. Group 2: Research Focus - Collaborative efforts will include the design and prototyping of next-generation components, integrating various engineering disciplines to improve vehicle performance and durability [4]. - Research will focus on high-performance materials, including metallic and polymer-based composites, heat-reflective coatings, and innovative laminates, aimed at optimizing vehicle efficiency [4]. Group 3: Company Background - Lucid Group is recognized for producing advanced electric vehicles, including the award-winning Lucid Air and the new Lucid Gravity, which are noted for their performance and energy efficiency [6]. - The company operates a vertically integrated factory in Arizona, emphasizing its commitment to innovation in the EV sector [6].