LCID

At the June 4, 2026 Annual Meeting, stockholders approved an amendment to the 2021 Stock Incentive Plan adding 23,500,000 shares of Class A common stock available for issuance, representing meaningful incremental dilution. All nine director nominees were elected and KPMG was ratified as auditor for fiscal 2026.

Lucid appointed Silvio Napoli as CEO and principal executive officer effective June 1, 2026, replacing the interim arrangement; Marc Winterhoff simultaneously reverted to his prior role as Chief Operating Officer.

Q1 2026 net loss was $1.03 billion, bringing the accumulated deficit to $16.6 billion since inception. Revenue remains concentrated in two models, the Lucid Air and Lucid Gravity, with no meaningful diversification on the near-term horizon beyond the upcoming Midsize platform. A 29-day delivery disruption for the Lucid Gravity during Q1 due to a supplier seat quality issue directly constrained unit volume and revenue in the quarter, illustrating the fragility of a single-source supplier base that management explicitly acknowledges as a persistent structural risk. Margin trajectory remains deeply negative and is expected to worsen before improving. The cost structure is burdened by underutilized purchase commitments with suppliers, inventory write-down risk from low production volumes, and scaling expenses across Arizona and Saudi Arabia manufacturing facilities. The recently enacted OBBBA eliminates or phases out EV tax credits that previously supported demand from lessees and purchasers, adding a direct headwind to the demand side precisely when Lucid needs volume to drive fixed-cost absorption. Tariff uncertainty compounds input cost risk given heavy reliance on imported components. The Saudi Arabia EV Purchase Agreement, covering a minimum of 50,000 vehicles over ten years with the Ministry of Finance as buyer, remains a critical revenue backstop, but execution risk is real: delays in delivery, non-compliance with Saudi regulations, or failure to price competitively could trigger reductions in the minimum purchase quantity. Management frames the path to profitability as contingent on scaling volume, controlling capex, and achieving sufficient pricing power, none of which are near-term certainties given the premium positioning, competitive EV landscape, and the company's own admission that losses will increase for the foreseeable future.

Lucid Group reported Q1 2026 earnings results via press release on May 5, 2026, covering the quarter ended March 31, 2026; the actual financial details are in the attached Exhibit 99.1 press release, not in the 8-K body itself.

Lucid closed a $550 million private placement on April 28, 2026, issuing 55,000 shares of Series C Convertible Preferred Stock to Ayar Third Investment Company, the PIF-affiliated majority shareholder, under the subscription agreement announced April 14. Lucid also filed a Certificate of Designations for the new preferred series and executed a seventh amendment to its Investor Rights Agreement granting Ayar piggyback and shelf registration rights on the preferred shares and any common stock issued upon conversion.

Lucid entered into an underwriting agreement with BofA Securities on April 14, 2026 to sell shares of Class A common stock off its S-3ASR shelf, generating approximately $291.5 million in net proceeds; shares will be sold at prevailing market prices on Nasdaq or through negotiated transactions.

Lucid raised $750M in two concurrent private placements: PIF/Ayar investing $550M in Series C Convertible Preferred Stock (9% PIK dividend, senior to common) and Uber subsidiary SMB Holding investing $200M in common stock, the latter tied to a Second Vehicle Production Agreement committing Uber to purchase a minimum 25,000 Lucid Midsize Plus robotaxi vehicles over six years starting late 2028, bringing total Uber unit commitments to 35,000 across both VPAs. Separately, preliminary Q1 2026 results show revenue of $280-284M against an operating loss of $985M-$1.005B, with $3.16B total liquidity remaining.

Summary generating — check back in a moment.

Lucid Group released its Q1 2026 production and delivery totals via press release on April 3, 2026; the actual figures are in the attached Exhibit 99.1, which is not reproduced in this filing's body text.

Lucid hosted an Investor Day on March 12, 2026, presenting strategic priorities, operational execution, long-term growth roadmap, and financial outlook to investors and media; the accompanying press release and full presentation deck are furnished as exhibits under Reg FD.