Lucid's December 15 maturity is down to $204.0m — against $732.6m of cash
The 2026 convertible notes were issued at $2,012.5m in 2021 and mostly bought back since; $204.0m is left. From September 15 holders may convert at any time, at a conversion price of $547.80 a share. Cash and short-term investments were $761.3m at the end of June, against $707.1m of debt due within a year
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Published
Lucid Group Form 10-Q (Q2 2026, filed 2026-08-04), convertible notes note (balances for the 2026, 2030 and 2031 notes, conversion terms), MD&A liquidity, balance sheet and cash-flow statement
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Lucid Group (LCID) filed its Q2 2026 quarterly report (10-Q) on August 4, and the convertible notes note carries a date three months out. The 1.25% notes issued in December 2021 mature on December 15, 2026. They were issued at $2,012.5m, but the company has bought back most of them: $204.0m was left on the books at June 30.
In plain terms
Lucid borrowed $2.0125bn in 2021 and agreed to repay it by December 15, 2026. It has bought most of that debt back early, so $204.0m is left. At the end of June the company held $732.6m of cash, and $707.1m of its debt falls due within a year. Operating activities took $2.408bn of cash out of the business in the first half.
What happened
Lucid Group (LCID) builds electric vehicles in the United States, and an affiliate of Saudi Arabia's Public Investment Fund is its controlling stockholder.
The convertible notes note in its Q2 2026 quarterly report (10-Q) carries a date three months out. The 1.25% notes issued in December 2021 mature on December 15, 2026. They were issued at $2,012.5m.
What is left is far smaller. The balance table shows $204.0m at June 30, 2026, against $203.7m at December 31, 2025. The company bought back most of the issue before maturity.
The conversion terms are split by date too. Before September 15, 2026 holders may convert only on certain events; from September 15 they may convert at any time until shortly before maturity. The conversion rate is 1.8255 shares per $1,000, a conversion price of about $547.80 a share. Settlement may be in cash, in shares or in a mix, at the company's election.
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It is the maturity date of the 2026 convertible notes. Whatever has not converted by then must be settled. The filing says the company may settle in cash, in shares, or in a combination, at its election.
Could they convert into stock instead?
The conversion price is about $547.80 a share. Whether converting is worthwhile depends on the share price at the time, which the filing does not address. From September 15, 2026 holders may convert at any time without needing a triggering event.
Does the company have the money?
At June 30 it held $732.6m of cash and $28.7m of short-term investments. Debt falling due within a year was $707.1m on the same date. How those figures relate is set out in the subscriber section of this article.
Where can I check this myself?
On SEC EDGAR, open Lucid Group, Inc.'s Q2 2026 10-Q (accession 0001628280-26-052606) and read the convertible notes note — the balance table and the conversion terms — with the liquidity part of MD&A.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
Lucid Group Form 10-Q (Q2 2026, filed 2026-08-04), convertible notes note (balances for the 2026, 2030 and 2031 notes, conversion terms), MD&A liquidity, balance sheet and cash-flow statement · SEC EDGAR · This article is not investment advice. Disclaimer
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aiSwingX™ analyzes US filings and reports them as news investors can read.
