What happened
Lucid Group (LCID) builds the Air electric sedan and the Gravity SUV; its controlling stockholder is Ayar, an affiliate of Saudi Arabia's Public Investment Fund (PIF).
LCIDLucid Group·2026Q2 10-QPaidFiling score 75 · Large change
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Lucid spends $2.05 to make every $1 of sales
Q2 2026 10-Q: revenue $405.3m (+56%), gross loss $426.7m, net loss $1,035m. Cash and investments are less than one quarter's operating cash outflow. Controlling holder Ayar (PIF) put in preferred stock and loans in April and lent again in July, and Uber added $200m in April; related-party revenue $96m
Lucid Group (LCID) reported revenue of $405,347k for the second quarter of 2026, up 56% from a year earlier — and cost of revenue of $832,072k. Making the cars cost more than twice what they sold for: a gross loss of $426.7m and a net loss of $1,034.9m. The liquidity section of the 10-Q filed on August 4 lists, in date order, whose money is covering the gap.
In plain terms
For every car Lucid sells, it spends more than twice what it receives. Selling more therefore makes the loss larger. Cash again drained out of the core business this quarter.
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75 Filing score · Large change
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FAQ
Is it true that less than a quarter of cash remains?
Set the cash held at the end of June beside this quarter's operating outflow and capital spending. All three are tabled in the subscriber section.
Why is the gross loss so large?
The company says Q2 gross margin 'remained flat' versus a year earlier: higher deliveries and a favorable mix were offset by higher inventory write-downs.
Why is Uber investing?
The 10-Q records two private placements by Uber through a subsidiary and the stake held at the end of June. The amounts and the percentage are in the subscriber section.
Where can I verify these numbers?
On SEC EDGAR: Lucid's Q2 2026 Form 10-Q (accession 0001628280-26-052606), statement of operations, the liquidity section, Note 6 debt, Note 15 related parties, Note 17 subsequent events and the market-risk section.
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.
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Lucid Group Form 10-Q for Q2 2026: statement of operations (related-party revenue and interest shown separately), cash-flow statement, 'Liquidity' (Ayar Series C, DDTL draws, Uber investment), Note 6 'Debt' (DDTL), Note 8 'Stockholders' Equity' (Uber 2026 placement), Note 15 'Related Party Transactions', Note 17 'Subsequent Events' (July $800m draw), MD&A cost of revenue and gross margin, market risk (cash and investments $775.5m) · SEC EDGAR · This article is not investment advice. Disclaimer