Lucid Group reported Q2 2024 revenue of $200.6 million, up 33% year-over-year, driven by higher vehicle deliveries and increased regulatory credit sales of $12.1 million. However, the company continued to face significant losses with a net loss of $643.4 million, while cost of revenue decreased 15% to $470.4 million due to lower inventory write-downs.The company strengthened its financial position by issuing Series A Redeemable Convertible Preferred Stock to Ayar for $1.0 billion in March 2024. Operating expenses increased 20% to $517.6 million, primarily due to higher R&D costs and personnel expenses. The company announced a restructuring plan in May 2024 aimed at optimizing operating expenses through workforce reduction.Looking ahead, Lucid faces ongoing production and demand challenges while expanding its manufacturing capabilities. The company maintains $3.9 billion in cash and investments as of June 30, 2024, and expects capital expenditures of approximately $1.3 billion for fiscal 2024 to support continued commercialization and growth initiatives, including expansion of AMP-1 and construction of AMP-2 facilities.

Lucid Group reported Q2 2024 revenue of $200.6 million, up 33% year-over-year, driven by higher vehicle deliveries and increased regulatory credit sales of $12.1 million. However, the company continued to face significant losses with a net loss of $643.4 million, while cost of revenue decreased 15% to $470.4 million due to lower inventory write-downs.The company strengthened its financial position by issuing Series A Redeemable Convertible Preferred Stock to Ayar for $1.0 billion in March 2024. Operating expenses increased 20% to $517.6 million, primarily due to higher R&D costs and personnel expenses. The company announced a restructuring plan in May 2024 aimed at optimizing operating expenses through workforce reduction.Looking ahead, Lucid faces ongoing production and demand challenges while expanding its manufacturing capabilities. The company maintains $3.9 billion in cash and investments as of June 30, 2024, and expects capital expenditures of approximately $1.3 billion for fiscal 2024 to support continued commercialization and growth initiatives, including expansion of AMP-1 and construction of AMP-2 facilities.