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STOCKHOLDERS’ EQUITY (DEFICIT) | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
STOCKHOLDERS’ EQUITY (DEFICIT) | STOCKHOLDERS’ EQUITY (DEFICIT) Common Stock In July 2025, the Company entered into a Vehicle Production Agreement (the “First VPA”) with Uber and the 2025 Subscription Agreement with SMB, a subsidiary of Uber. Under the First VPA, Uber and its designated fleet operators have agreed to purchase a minimum commitment of 20,000 Lucid Gravity vehicles that have been modified to include certain autonomous driving hardware and other features (the “Lucid Gravity Plus vehicles”). Under the 2025 Subscription Agreement, the Company agreed to issue and SMB agreed to purchase, in a private placement, the Company’s common stock equal to (i) $300.0 million in cash divided by (ii) an amount equal to the arithmetic average of the daily volume-weighted average price of the common stock over a period of 30 consecutive trading days ending on, and including, July 15, 2025. In September 2025, the Company and SMB entered into an amendment to the 2025 Subscription Agreement to reflect the adjustments made to the number of placement shares and purchase price per placement share therein due to the Reverse Stock Split. The Company also consummated the private placement of shares to SMB and issued 13,715,121 shares at a price per share of $21.87, for aggregate net proceeds of $299.7 million after deducting issuance costs of $0.3 million in September 2025. In April 2026, the Company entered into a Second Vehicle Production Agreement (as amended by the Amendment No. 1 to the Second Vehicle Production Agreement dated July 10, 2026, the “Second VPA”, together with the First VPA, the “VPAs”) with Uber and the 2026 Subscription Agreement with SMB. Under the Second VPA, Uber and its designated fleet operators have agreed to purchase a minimum commitment (the “Minimum Quantity Guarantee”) of 25,000 Lucid Midsize platform vehicles for use as robotaxis that have been modified to include certain autonomous driving hardware and other features (the “Lucid Midsize Plus vehicles”) over a six-year period following the start of production. Start of production of Lucid Midsize Plus vehicles is targeted to occur in late 2028. Pursuant to the offset provisions under the First VPA the Company entered into with Uber in July 2025, the Minimum Quantity Guarantee increased the aggregate number of Lucid Gravity Plus and Lucid Midsize Plus vehicles Uber is committed to purchase to at least 35,000 units. Under the 2026 Subscription Agreement, the Company agreed to issue and SMB agreed to purchase, in a private placement, $200.0 million of its common stock. The Company also consummated the private placement of shares to SMB and issued 24,038,462 shares at a price per share of $8.32, for aggregate net proceeds of $199.8 million after deducting issuance costs of $0.2 million in April 2026. The shares of common stock sold to SMB pursuant to the 2025 Subscription Agreement and the 2026 Subscription Agreement were sold based upon reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act. SMB may not transfer the shares of common stock acquired under the 2025 Subscription Agreement and the 2026 Subscription Agreement for a period of 18 months after the closing of the private placement. In April 2026, the Company entered into the 2026 Underwriting Agreement with the Underwriter, under which the Underwriter agreed to purchase 36,057,692 shares of the Company’s common stock. In April 2026, the Company issued the shares to the Underwriter pursuant to the 2026 Underwriting Agreement at a price per share of $8.11, and received aggregate net proceeds of $291.5 million after deducting issuance costs of $1.0 million. Issuance costs incurred were recorded as a reduction of the gross proceeds received from the equity offerings within additional paid-in capital in the consolidated balance sheets. Treasury Stock During the year ended December 31, 2021, the Company repurchased an aggregate of 85,782 shares of its common stock, including 71,274 shares from certain employees and 14,508 shares from board of directors of the Company’s predecessor, Atieva, Inc. at $241.50 per share. No common stock was repurchased during the three and six months ended June 30, 2026 and 2025. Common Stock Reserved for Issuance The Company’s common stock reserved for future issuances as of June 30, 2026 was as follows:
| June 30, 2026
Private Placement Warrants to purchase common stock | 4,435,000 |
Stock options outstanding | 2,617,550 |
Restricted stock units outstanding | 16,437,935 |
Shares available for future grants under equity plans | 23,118,397 |
If-converted common shares from 2026 Notes | 372,950 |
If-converted common shares from 2030 Notes | 36,666,630 |
If-converted common shares from 2031 Notes | 46,846,313 |
If-converted common shares from Series A redeemable convertible preferred stock | 34,006,758 |
If-converted common shares from Series B redeemable convertible preferred stock | 20,239,798 |
If-converted common shares from Series C redeemable convertible preferred stock | 51,651,489 |
Total shares of common stock reserved | 236,392,820 |

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