# Lucid spends $2.05 to make every $1 of sales — Q2 revenue $405m, cost of revenue $832m — and Saudi Arabia's PIF has put in another $1.85bn since April

![Lucid spends $2.05 to make every $1 of sales — Q2 revenue $405m, cost of revenue $832m — and Saudi Arabia's PIF has put in another $1.85bn since April](https://aiswingx.com/static/covers/lcid-2026q2_cover.jpg?v=1790018313)

**Q2 2026 10-Q: revenue $405.3m (+56%), gross loss $426.7m, net loss $1,035m. Cash and investments of $775.5m are less than one quarter's operating cash outflow ($1.22bn). Controlling holder Ayar (PIF) bought $550m of preferred stock and lent $500m in April and a further $800m in July ($1.18bn undrawn). 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.

- 종목: LCID (Lucid Group)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-21 19:19 UTC
- 원문: https://aiswingx.com/p/lcid-2026q2

## 숫자 하나
Cost of revenue / revenue = 832.1 / 405.3 = 2.05. Gross loss $426.7m. Q2 operating cash flow −$1.22bn vs cash and investments $775.5m at June 30. Ayar (PIF): Series C preferred $550m plus DDTL draw $500m in April, DDTL draw $800m in July, about $1.18bn undrawn. Uber: $199.8m in April, 9.6% stake. Related-party revenue $96.2m (24% of total).

## 비유 하나
(구독자 전용)

## 출처 하나
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)

## 다음 분기에 볼 것
(구독자 전용)

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## 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).

Its Q2 2026 quarterly report (10-Q) shows revenue of **$405,347k**, up 56% from $259,432k a year earlier — and cost of revenue of **$832,072k**. Each dollar of sales cost $2.05 to produce, for a gross loss of **$426.7m**. Add R&D of $321.3m, SG&A of $300.4m and workforce-reduction charges of $33.7m, and the operating loss was $1,082.2m and the net loss **$1,034.9m** ($539.4m a year earlier). After $224.4m of preferred-stock accretion, the net loss attributable to common stockholders was $1,259.3m.

The liquidity section of the same 10-Q records, in date order, the money that covered it. **On April 14 Ayar agreed to buy $550m of Series C convertible preferred stock**; **in April it lent $500m under the DDTL facility**; after raising the facility's size, **it lent a further $800m in July**. Uber invested $199.8m in April. Cash, cash equivalents and investments at June 30 were **$775.5m**.

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

## 관련 뉴스
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- [Lucid Just Struck a Partnership With Bolt on Mobility. What This Means for LCID Stock.](https://news.google.com/rss/articles/CBMixwFBVV95cUxQSGtpS1Fkdm1WOTZRN3d5dUV2QVA2SFVPNGE4U1dUVVk5S2w2b3NMUEV6UmJKMDZqdWV5aC1TUFRTZEFYMkZoVFJwV3phaHhla1ZJRkpoZjR1RXUyZDVxNURHeWVYbWoydDNMWUcyTV8xWDQyV2xKRWh0ZXJwOXkzcmRPeHVXMHoyRDdaVUhjbFFmbFJVa29HMjUyLXdDaVpTaG9MdE1KT1FKTVEyOTlBVjd0NnZvWFVUNEc3VlpIUkpxNmhSM3U0?oc=5) — Barchart.com
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- [Lucid stock could double in 12 months amid new CEO, Saudi factory, and robotaxi deals.](https://news.google.com/rss/articles/CBMilgFBVV95cUxPX1FHRjlRNzdPaDJ6dkd4OXAtTkdqSXQzbUhVMXgxN2ZsZG1Dd3k0S2RBTUdaZ2RpTVdGY1NBcFRjY3R6Nm1EZS13aUphdS1NcEpDWTZ0d25hcWd2M290ZUhMdWpRRWNQakZwWVlzcWdHelJ6UDV6cXkwLWtkTkkxYlk2OS1ZbG1xSmdSZWFHRmRieTdtWXc?oc=5) — Pluang

## FAQ

**Q. Is it true that less than a quarter of cash remains?**

Cash, cash equivalents and investments were about $775.5m at June 30; Q2 operating cash outflow was about $1.22bn and capex $254m. In July the company drew a further $800m under the DDTL and about $1.18bn remains undrawn. The risk factors state that Lucid will continue to raise equity, equity-linked or debt financing and that success cannot be assured. What this structure means for shareholders is explained in the subscriber section.

**Q. 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. A year earlier, revenue of $259m carried cost of revenue of $532m. The figures are as reported on the statement of operations.

**Q. Why is Uber investing?**

The 10-Q says Uber, through its subsidiary SMB, invested $299.7m in September 2025 and $199.8m in April 2026 in private placements, held about 9.6% of common stock at June 30, and that Lucid's board chair also sits on Uber's board. The purpose of the investment is outside this article's scope.

**Q. 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.