Lucid Group (LCID) Financials

Lucid Group (NASDAQ: LCID) has demonstrated substantial operational activity over the last four years, with noteworthy trends observed in its revenue, expenses, cash flow, and equity positions.

• Cash and cash equivalents have generally increased, reaching $1.85 billion in Q1 2025 compared to $900 million in Q1 2023, showcasing improved liquidity.
• The company has successfully raised capital via equity issuances, notably in 2023 and early 2024, which boosted cash inflows from financing activities and strengthened the equity base.
• Depreciation and amortization expenses have been consistently recorded, reflecting ongoing capital investments and asset utilization supporting long-term growth.
• Revenue streams vary significantly, with total revenue ranging from negative values in late 2023 and early 2024 to positive contributions of about $52 million in Q1 2025, indicating operational volatility and potential restructuring.
• Marketing and other operating expenses continue to be substantial, often exceeding $200 million and $600 million respectively per quarter, appropriate for a growth-stage company expanding its market presence.

• Net income remains deeply negative throughout all quarters, with Q1 2025 recording a loss of approximately $366 million, consistent with previous heavy quarterly losses of upwards of $600 million to nearly $1 billion, highlighting ongoing profitability challenges.
• Total non-interest expenses are very high, with values around $690 million in Q1 2025, indicative of significant structural costs weighing on the company’s earnings.
• Preferred stock dividends declared are considerable and have fluctuated, with a notable $365 million declared in Q1 2025, which further strains net income available to common shareholders.
• Operating cash flows remain negative consistently, with Q1 2025 showing net cash used in operating activities of $429 million, indicating that the business is consuming cash rather than generating it operationally.
• Long-term debt has remained fairly stable but sizable, around $2 billion, imposing fixed obligations that the company must service despite ongoing losses.

Summary: Lucid Group continues to experience heavy losses and negative operating cash flow, reflecting the capital-intensive nature and the evolving nature of its business in electric vehicles or related sectors. However, the increasing cash balances, consistent capital raises, and stable investment in assets indicate potential for growth. Retail investors should weigh the company's operational losses and cash burn against its liquidity improvement and market opportunities. Caution is advised as the path to profitability remains uncertain.