LCID Q2 2026 - Preliminary Earnings Alert

Event: Quartr Q2 2026 event Retrieved: 2026-08-04T21:50:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available (Form 10-Q and earnings presentation; no separate earnings-release document attached) | financials=release documents only | transcript=live, not read

Consensus scorecard

Reported results and guidance

No formal financial guidance was issued. The company withdrew to qualitative second-half commentary pending completion of its business review:

• Scorecard recap: revenue beat consensus by 3.1% ($405.3m vs. $393.0m) while adjusted diluted EPS missed by 20.9% ($(2.78) vs. $(2.30)).
• The company says it has identified $1.4bn of 2026 cash-flow improvement: roughly $600–800m from inventory, about $500m from capital expenditure and about $200m from operating expense.
• Implemented actions carry $158m of projected annual savings, including a June U.S. headcount reduction of approximately 18% and elimination of the second shift at AMP-1.

Key bullish aspects

• Revenue of $405.3m grew 56.2% year over year and 44% sequentially, and beat the consensus estimate. The company attributes the increase to higher deliveries, improved product mix and pricing, and regulatory credits.
• Deliveries of 3,953 rose 19% year over year and 28% sequentially even as production was deliberately cut, so deliveries fell only 821 units short of production against a gap of 2,407 units in the prior quarter. That narrowing is the working-capital conversion the plan calls for.
• Gross margin improved 500 basis points sequentially to (105)% despite absorbing roughly $300m of inventory impairment, which the company quantifies as a 74-percentage-point drag in the quarter. Excluding that charge the sequential improvement would have been substantially larger.
• Inventory mix is moving toward cash: raw materials fell $88m and work in process fell $54m sequentially while finished goods rose $51m, consistent with converting build into deliverable vehicles.
• Cost actions are specific and already implemented rather than proposed: an 18% U.S. headcount reduction and the elimination of the AMP-1 second shift, together carrying $158m of projected annualized savings and $33.7m of charges taken this quarter.
• Liquidity of approximately $3.0bn at 30 June 2026 was supplemented by an $800m delayed-draw term loan drawn in July, and the company states this supports operations and key investments well into 2027.
• The Uber/Nuro robotaxi program has hit each disclosed milestone on or ahead of schedule, with the commitment raised to 35,000 vehicles and a further $200m Uber investment in April 2026, production of commercial launch vehicles beginning in Q4 and launch targeted for late 2026.
• Middle East demand strengthened against the Saudi commitment to purchase 4,000 or more vehicles annually through 2032, and related-party revenue rose to $96.2m from $30.2m a year earlier.

Key bearish aspects

• The quarter's loss deepened sharply. Net loss widened 91.8% to $(1,034.9)m and loss from operations widened 34.8% to $(1,082.2)m, so operating losses now exceed 2.7 times revenue.
• Gross margin remains (105)%: cost of revenue of $832.1m is more than double the $405.3m of revenue, and the year-over-year margin is flat despite 56% revenue growth, so scale has not yet moved unit economics.
• The revenue beat came alongside a $300m gross inventory impairment provision reflecting, in the company's words, a reassessment of inventory carrying values and expected demand — a write-down of what was built but is not expected to sell at carrying value.
• Free cash flow of $(1,476.1)m was the worst of the five quarters shown and 45.7% worse than a year ago; six-month free cash flow was $(2,914.9)m against $687.8m of six-month revenue.
• Cash, cash equivalents and investments fell to $775.5m from $2,141.2m at 31 December 2025. The $3.0bn liquidity figure is mostly undrawn facility capacity: a $2.0bn DDTL, a $270m ABL subject to borrowing-base availability, and $2m of GIB.
• The balance sheet is now in stockholders' deficit of $(1,058.0)m versus positive equity of $717.3m at year-end. Total debt rose to $3,253.7m from $2,718.3m, and interest expense doubled to $47.8m while interest income fell 78% to $9.6m.
• Dilution and preferred accretion continue to compound the loss to common holders: shares outstanding rose to 394.1m from 327.4m at year-end, a new $404.3m Series C preferred was issued to the controlling stockholder in April 2026, and $224.4m of preferred accretion turned a $(1,034.9)m net loss into $(1,259.3)m attributable to common.
• Production was cut 13% sequentially to 4,774 units and is guided lower again in both Q3 and Q4, so the deliveries growth is being fed from finished-goods inventory rather than from throughput.
• No formal guidance was issued; the company deferred it pending a business review, with 2027 guidance and a midterm plan pushed to year-end results.

Key uncertainties

• The scorecard EPS row uses the company's headline adjusted non-GAAP diluted figure of $(2.78) under the adjusted-EPS-first rule. The provider's own prior-year actual for this ticker, $(2.80), matches the prior-year GAAP diluted figure rather than the prior-year adjusted figure of $(2.35), so the basis of the $(2.30) consensus is not confirmed. Measured against GAAP diluted EPS of $(3.30) the miss would be $(1.00), or 43.5%.
• The $1.4bn cash-flow improvement target is stated for 2026 as a whole with component ranges, but the release does not say how much has already been realized in the first half, so the amount still to be delivered in the remaining two quarters is unknown.
• The $300m inventory impairment reflects a reassessment of expected demand that the release does not quantify in units or models, so whether further write-downs follow depends on demand assumptions not disclosed here.
• Liquidity is described as sufficient "well into 2027" without a stated month or an assumed burn rate. At the first-half free-cash-flow pace of roughly $1.46bn per quarter, the $3.0bn total liquidity plus the July $800m draw does not obviously reach a full year.
• The absence of formal guidance means production, delivery, revenue and margin for the second half rest on directional commentary only, and the business review that would replace it has no stated completion date.
• Midsize is described as launching "when every process and quality requirement is met" with additional resources allocated and a comprehensive review underway; no start-of-production date is given.
• AMP-2 is preparing for a 2027 production ramp while the company says it is monitoring supplier localization timelines and identifying actions to mitigate potential delays. The scale of that risk is not quantified.
• The robotaxi program's revenue model is not disclosed. Vehicle commitments of 35,000 units and a late-2026 launch are stated, but pricing, delivery schedule and margin are not.
• Derivative liabilities associated with the preferred stock rose to $163.7m from $16.2m at year-end while the quarter recorded a $102.8m fair-value gain on those same instruments, so a meaningful share of "other income" is non-cash mark-to-market that can reverse.
• Executive turnover is broad: new CFO, CTO, Chief Customer Officer, Chief Transformation Officer and Chief Digital Officer are all named as recent hires or promotions, which is relevant to execution risk on a plan whose value depends on execution.

Market context

• API Ninjas snapshot: LCID $7.78 on NASDAQ, volume 10,108,698, retrieved 2026-08-04T21:41:58Z. The Form 10-Q was published at approximately 2026-08-04T20:20Z and the presentation at approximately 2026-08-04T20:42Z, after the 4:00 p.m. ET close, and the earnings call was in progress at the snapshot time. This is a single quote of unstated session basis, not a measured reaction to the release.

Source limitations

• Quartr attached a Form 10-Q and an earnings presentation to this event but no separate earnings-release document. Every actual above comes from those two Quartr documents; Quartr standardized financials for this event are not yet populated.
• API Ninjas supplied no actual or difference fields for this event, so each beat/miss is calculated locally as Quartr actual minus API Ninjas estimate. The API row carried no fiscal year or quarter, so the exact ticker-and-event-date match path was used.
• Per-share figures for prior periods are as presented by the company, adjusted for the one-for-ten reverse stock split effected on 29 August 2025.
• Prior-period inventory component balances are not in this release; only the Q2 2026 balances and the company's own stated sequential movements are shown.
• Year-over-year percentage changes not printed in the release are calculated from the release's own three-month columns.
• Quartr marks the transcript for this event as available and live; it has not been read for this preliminary report. A post-call update will follow once the transcript is complete.

Source links

• Quartr Q2 2026 Form 10-Q
• Quartr Form 10-Q statements of operations page
• Quartr Q2 2026 earnings presentation
• Quartr presentation non-GAAP reconciliation page