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STOCKHOLDERS’ EQUITY (DEFICIT)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY (DEFICIT) STOCKHOLDERS’ EQUITY (DEFICIT)
Common Stock
On July 16, 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.
The shares of common stock sold to SMB pursuant to the 2025 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 for a period of 18-months after the closing of the private placement.
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 months ended March 31, 2026 and 2025.
Common Stock Reserved for Issuance
The Company’s common stock reserved for future issuances as of March 31, 2026 was as follows:
March 31, 2026
Private Placement Warrants to purchase common stock4,435,000 
Stock options outstanding1,640,548 
Restricted stock units outstanding17,696,754 
Shares available for future grants under equity plans3,343,576 
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
33,258,443 
If-converted common shares from Series B redeemable convertible preferred stock
19,794,423 
Total shares of common stock reserved164,054,637