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LCID Lucid

Churchill Capital Corp IV was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Company profile

Ticker
LCID, LCIDW
Exchange
Employees
Incorporated
Location
Fiscal year end
Former names
Annetta Acquisition Corp, Churchill Capital Corp IV
SEC CIK
IRS number
850891392

LCID stock data

(
)

Calendar

16 Aug 21
25 Sep 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Lucid earnings reports.

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

0.0% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 1 0 NEW
Opened positions 1 0 NEW
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 3.18M 0 NEW
Total shares 110.32K 0 NEW
Total puts 0 0
Total calls 599.2K 0 NEW
Total put/call ratio
Largest owners
Shares Value Change
Marshall Wace 110.32K $3.18M NEW
Largest transactions
Shares Bought/sold Change
Marshall Wace 110.32K +110.32K NEW

Financial report summary

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Risks
  • The ongoing COVID-19 pandemic has adversely affected our business, results of operations and financial condition.
  • Our limited operating history makes evaluating our business and future prospects difficult and may increase the risk of our investors’ investment.
  • Lucid has incurred net losses each year since its inception and we expect to incur increasing expenses and substantial losses for the foreseeable future.
  • We may be unable to adequately control the substantial costs associated with our operations.
  • We have received only a limited number of reservations for the Lucid Air, all of which may be cancelled.
  • The automotive industry has significant barriers to entry that we must overcome in order to manufacture and sell electric vehicles at scale.
  • The automotive market is highly competitive, and we may not be successful in competing in this industry.
  • We will initially depend on revenue generated from a single model and in the foreseeable future will be significantly dependent on a limited number of models.
  • We will not have a third-party retail product distribution network.
  • Our sales will depend in part on our ability to establish and maintain confidence in our long-term business prospects among consumers, analysts and others within our industry.
  • Our ability to generate meaningful product revenue will depend on consumer adoption of electric vehicles.
  • Developments in electric vehicle or alternative fuel technology or improvements in the internal combustion engine may adversely affect the demand for our vehicles.
  • Extended periods of low gasoline or other petroleum-based fuel prices could adversely affect demand for our vehicles, which would adversely affect our business, prospects, results of operations and financial condition.
  • The unavailability, reduction or elimination of certain government and economic programs could have a material adverse effect on our business, prospects, financial condition and results of operations.
  • We may not be able to obtain or agree on acceptable terms and conditions for all or a significant portion of the government grants, loans and other incentives for which we may apply. As a result, our business and prospects may be adversely affected.
  • If we fail to manage our future growth effectively, we may not be able to develop, manufacture, distribute, market and sell our vehicles successfully.
  • We may be unable to offer attractive leasing and financing options for the Lucid Air and future vehicles, which would adversely affect consumer demand for the Lucid Air and our future vehicles. In addition, offering leasing and financing options to customers could expose us to credit risk.
  • We are subject to risks associated with autonomous driving and advanced driver assistance system technology, and we cannot guarantee that our vehicles will achieve our targeted assisted or autonomous driving functionality within our projected timeframe, if ever.
  • Our business and prospects depend significantly on our brand.
  • We face risks associated with international operations, including unfavorable regulatory, political, tax and labor conditions, which could harm our business.
  • Uninsured losses could result in payment of substantial damages, which would decrease our cash reserves and could harm our cash flow and financial condition.
  • We have experienced and may in the future experience significant delays in the design, manufacture, launch and financing of the Lucid Air, which could harm our business and prospects.
  • If our vehicles fail to perform as expected, our ability to develop, market and sell or lease our products could be harmed.
  • We face challenges providing charging solutions for our vehicles.
  • We have no experience servicing our vehicles and their integrated software. If we or our partners are unable to adequately service our vehicles, our business, prospects, financial condition and results of operations may be materially and adversely affected.
  • Insufficient reserves to cover future warranty or part replacement needs or other vehicle repair requirements, including any potential software upgrades, could materially adversely affect our business, prospects, financial condition and results of operations.
  • We have no experience to date in high volume manufacture of our vehicles.
  • If we fail to successfully tool our manufacturing facilities or if our manufacturing facilities become inoperable, we will be unable to produce our vehicles and our business will be harmed.
  • Our ability to start production and our future growth depends upon our ability to maintain relationships with our existing suppliers and source suppliers for our critical components, and to complete building out our supply chain, while effectively managing the risks due to such relationships.
  • We are dependent on our suppliers, the majority of which are single-source suppliers, and the inability of these suppliers to deliver necessary components of our products according to our schedule and at prices, quality levels and volumes acceptable to us, or our inability to efficiently manage these components, could have a material adverse effect on our results of operations and financial condition.
  • We may not be able to accurately estimate the supply and demand for our vehicles, which could result in a variety of inefficiencies in our business and hinder our ability to generate revenue. If we fail to accurately predict our manufacturing requirements, we could incur additional costs or experience delays.
  • Increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors, could harm our business.
  • We must develop complex software and technology systems, including in coordination with vendors and suppliers, in order to produce our electric vehicles, and there can be no assurance such systems will be successfully developed.
  • Our facilities or operations could be adversely affected by events outside of our control, such as natural disasters, wars, health epidemics or pandemics, or security incidents.
  • If we update or discontinue the use of our manufacturing equipment more quickly than expected, we may have to shorten the useful lives of any equipment to be retired as a result of any such update, and the resulting acceleration in our depreciation could negatively affect our financial results.
  • Our vehicles will make use of lithium-ion battery cells, which have been observed to catch fire or vent smoke and flame.
  • Any unauthorized control, manipulation, interruption or compromise of or access to our products or information technology systems could result in loss of confidence in us and our products, harm our business and materially adversely affect our financial performance, results of operations or prospects.
  • We are subject to evolving laws, regulations, standards, policies, and contractual obligations related to data privacy and security, and any actual or perceived failure to comply with such obligations could harm our reputation and brand, subject us to significant fines and liability, or otherwise adversely affect our business.
  • The loss of key personnel or an inability to attract, retain and motivate qualified personnel may impair our ability to expand our business.
  • We are highly dependent on the services of Peter Rawlinson, our Chief Executive Officer and Chief Technology Officer.
  • We will need to hire and train a significant number of employees to engage in full-scale commercial manufacturing operations, and our business could be adversely affected by labor and union activities.
  • Misconduct by our employees and independent contractors during and before their employment with us could expose us to potentially significant legal liabilities, reputational harm and/or other damages to our business.
  • We are subject to substantial laws and regulations that could impose substantial costs, legal prohibitions or unfavorable changes upon our operations or products, and any failure to comply with these laws and regulations, including as they evolve, could substantially harm our business and results of operations.
  • We may face regulatory limitations on our ability to sell vehicles directly, which could materially and adversely affect our ability to sell our vehicles.
  • We may choose to or be compelled to undertake product recalls or take other actions, which could adversely affect our business, prospects, results of operations, reputation and financial condition.
  • We may in the future be subject to legal proceedings, regulatory disputes and governmental inquiries that could cause us to incur significant expenses, divert our management’s attention, and materially harm our business, results of operations, cash flows and financial condition.
  • We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims.
  • We may be exposed to delays, limitations and risks related to the environmental permits and other operating permits required to operate our manufacturing facilities.
  • We are subject to various environmental, health and safety laws and regulations that could impose substantial costs on us and cause delays in expanding our production facilities.
  • AD/ADAS technology is subject to uncertain and evolving regulations.
  • We are subject to U.S. and foreign anti-corruption, anti-money laundering and anti-boycott laws and regulations. We can face criminal liability and other serious consequences for violations, which can harm our business.
  • We are subject to governmental export and import controls and laws that could subject us to liability if we are not in compliance with such laws.
  • Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, could adversely affect our business, prospects, results of operations and financial condition.
  • A failure to properly comply with foreign trade zone laws and regulations could increase the cost of our duties and tariffs.
  • We may fail to adequately obtain, maintain, enforce and protect our intellectual property and may not be able to prevent third parties from unauthorized use of our intellectual property and proprietary technology. If we are unsuccessful in any of the foregoing, our competitive position could be harmed and we could be required to incur significant expenses to enforce our rights.
  • We may be sued by third parties for alleged infringement, misappropriation or other violation of their intellectual property, which could be time-consuming and costly and result in significant legal liability.
  • Some of our products contain open source software, which may pose particular risks to our proprietary software, products and services in a manner that could harm our business.
  • We will require additional capital to support business growth, and this capital might not be available on commercially reasonable terms, or at all.
  • We will have broad discretion over the use of proceeds from the exercise of our warrants, and we may invest or spend the proceeds in ways with which investors do not agree and in ways that may not yield a return.
  • We may not be able to identify adequate strategic relationship opportunities or form strategic relationships, in the future.
  • We may acquire other businesses, which could require significant management attention, disrupt its business, dilute stockholder value and adversely affect our results of operations.
  • Our financial results may vary significantly from period to period due to fluctuations in our operating costs, product demand and other factors.
  • Our ability to use net operating loss carryforwards and certain other tax attributes may be limited.
  • Unanticipated tax laws or any change in the application of existing tax laws to us or our customers may adversely impact our profitability and business.
  • Our warrants are accounted for as liabilities and the changes in value of our warrants could have a material effect on our financial results.
  • Our management team has limited experience managing a public company.
  • The JOBS Act permits “emerging growth companies” like us to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies.
  • The requirements of being a public company may strain our resources and distract our management, which could make it difficult to manage our business, particularly after we are no longer an “emerging growth company.”
  • We have identified material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses, or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and the value of our common stock.
  • Legal proceedings in connection with the Transactions, the outcomes of which are uncertain, could divert management’s attention and adversely affect our daily operations.
  • We may be required to take writedowns or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and stock price, which could cause our investors to lose some or all of their investment.
  • If the benefits of the Transactions do not meet the expectations of investors, stockholders or financial analysts, the market price of our securities may decline.
  • There is no guarantee that an active and liquid public market for our securities will develop.
  • The price of our Class A common stock and warrants may be volatile.
  • Nasdaq may not continue to list our securities, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.
  • A significant portion of our Class A common stock is restricted from immediate resale, but may be sold into the market in the future. This could cause the market price of our Class A common stock to drop significantly, even if our business is doing well.
  • We are a “controlled company” within the meaning of the applicable rules of Nasdaq and, as a result, qualify for exemptions from certain corporate governance requirements. Our stockholders will not have the same protections afforded to stockholders of companies that are not controlled companies.
  • The Sponsor, Ayar and the PIPE Investors beneficially own a significant equity interest in us and may take actions that conflict with our investors’ interests.
  • We may issue additional shares of our Class A common stock or other equity securities without our investors’ approval, which would dilute their ownership interests and may depress the market price of their shares.
  • There is no guarantee that our warrants will be in the money, and they may expire worthless and the terms of our warrants may be amended.
  • We may redeem unexpired warrants prior to their exercise at a time that is disadvantageous to the warrant holders, thereby making their warrants worthless.
  • Our only significant asset is our ownership interest in the Lucid business, and such ownership may not be sufficiently profitable or valuable to enable us to satisfy our other financial obligations. We do not anticipate paying any cash dividends for the foreseeable future.
  • Our current bylaws designate a state court within the State of Delaware, to the fullest extent permitted by law, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit the ability of our stockholders to obtain a favorable judicial forum for disputes with us or with our directors, officers or employees and may discourage stockholders from bringing such claims.
  • Some provisions of Delaware law and our current certificate of incorporation and our current bylaws may deter third parties from acquiring us and diminish the value of our common stock.
  • Securities or industry analysts may not publish or cease publishing research or reports about us, our business, our market, or change their recommendations regarding our Class A common stock adversely, which could cause the price and trading volume of our Class A common stock to decline.
Management Discussion
  • We have neither engaged in any operations nor generated any revenues to date. Our only activities through June 30, 2021 were organizational activities, those necessary to prepare for the Initial Public Offering, identifying a target for our Business Combination, and activities in connection with the proposed acquisition of Lucid. We do not expect to generate any operating revenues until after the completion of our Business Combination. We generate non-operating income in the form of interest income on marketable securities held in the Trust Account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
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H.S. senior Avg
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Removed: investing

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