2022 Q4 Form 10-Q Financial Statement

#000162828022028925 Filed on November 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $257.7M $195.5M
YoY Change 876.48% 84148.71%
Cost Of Revenue $615.3M $492.5M
YoY Change 306.21% 14733.83%
Gross Profit -$357.6M -$297.0M
YoY Change 185.88% 9518.72%
Gross Profit Margin -138.75% -151.96%
Selling, General & Admin $170.9M $176.7M
YoY Change -13.26% -29.74%
% of Gross Profit
Research & Development $221.3M $213.8M
YoY Change 35.26% -11.82%
% of Gross Profit
Depreciation & Amortization $55.24M $50.65M
YoY Change 52.24% 239.95%
% of Gross Profit
Operating Expenses $392.2M $390.5M
YoY Change 8.75% -20.95%
Operating Profit -$749.7M -$687.5M
YoY Change 54.37% 38.32%
Interest Expense $21.40M $7.613M
YoY Change -1794.14% 9917.11%
% of Operating Profit
Other Income/Expense, Net $255.5M $157.6M
YoY Change -145.74% -676.53%
Pretax Income -$472.8M -$530.0M
YoY Change -54.78% 1.06%
Income Tax -$161.0K $100.0K
% Of Pretax Income
Net Earnings -$472.6M -$530.1M
YoY Change -54.8% 1.09%
Net Earnings / Revenue -183.4% -271.21%
Basic Earnings Per Share -$0.32
Diluted Earnings Per Share -$0.28 -$0.40
COMMON SHARES
Basic Shares Outstanding 1.680B shares 1.673B shares
Diluted Shares Outstanding 1.691B shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.913B $3.342B
YoY Change -37.52% -30.33%
Cash & Equivalents $1.736B $1.264B
Short-Term Investments $2.177B $2.078B
Other Short-Term Assets $81.54M $69.01M
YoY Change 88.19% 241.4%
Inventory $834.4M $685.3M
Prepaid Expenses $63.55M $57.26M
Receivables $19.54M $2.659M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.912B $4.156B
YoY Change -24.51% -16.65%
LONG-TERM ASSETS
Property, Plant & Equipment $2.382B $2.166B
YoY Change 77.21% 124.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $530.0M $513.7M
YoY Change
Other Assets $55.30M $51.49M
YoY Change 80.67% 20.59%
Total Long-Term Assets $2.967B $2.731B
YoY Change 115.84% 137.02%
TOTAL ASSETS
Total Short-Term Assets $4.912B $4.156B
Total Long-Term Assets $2.967B $2.731B
Total Assets $7.879B $6.888B
YoY Change -0.03% 12.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $229.1M $79.78M
YoY Change 454.12% 795.01%
Accrued Expenses $63.32M $56.82M
YoY Change 45.84% 30.45%
Deferred Revenue
YoY Change
Short-Term Debt $9.595M $13.58M
YoY Change -37.21% -44.98%
Long-Term Debt Due $10.59M $9.780M
YoY Change 153.07% 199.27%
Total Short-Term Liabilities $937.6M $825.1M
YoY Change 136.7% 206.27%
LONG-TERM LIABILITIES
Long-Term Debt $1.992B $1.991B
YoY Change 0.25% 42370.04%
Other Long-Term Liabilities $378.2M $365.0M
YoY Change 100.56% 99.35%
Total Long-Term Liabilities $2.370B $2.356B
YoY Change 8.95% 1186.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $937.6M $825.1M
Total Long-Term Liabilities $2.370B $2.356B
Total Liabilities $3.530B $3.657B
YoY Change -11.15% 182.57%
SHAREHOLDERS EQUITY
Retained Earnings -$7.400B -$6.900B
YoY Change 21.99% 38.0%
Common Stock $183.0K $168.0K
YoY Change 10.91% 2.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.350B $3.231B
YoY Change
Total Liabilities & Shareholders Equity $7.879B $6.888B
YoY Change -0.03% 12.19%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$472.6M -$530.1M
YoY Change -54.8% 1.09%
Depreciation, Depletion And Amortization $55.24M $50.65M
YoY Change 52.24% 239.95%
Cash From Operating Activities -$648.5M -$569.5M
YoY Change 107.37% 95.29%
INVESTING ACTIVITIES
Capital Expenditures $289.9M -$290.1M
YoY Change -337.79% 212.64%
Acquisitions
YoY Change
Other Investing Activities -$102.8M -$1.085B
YoY Change -20329.92%
Cash From Investing Activities -$392.7M -$1.375B
YoY Change 223.44% 1381.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.513B 17.64M
YoY Change -20.36% -99.62%
NET CHANGE
Cash From Operating Activities -648.5M -569.5M
Cash From Investing Activities -392.7M -1.375B
Cash From Financing Activities 1.513B 17.64M
Net Change In Cash 471.6M -1.927B
YoY Change -67.82% -145.44%
FREE CASH FLOW
Cash From Operating Activities -$648.5M -$569.5M
Capital Expenditures $289.9M -$290.1M
Free Cash Flow -$938.4M -$279.4M
YoY Change 391.76% 40.53%

Facts In Submission

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DESCRIPTION OF BUSINESS<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Overview</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lucid Group, Inc. (“Lucid”) is a technology and automotive company focused on designing, developing, manufacturing, and selling the next generation of EV, EV powertrains and battery systems.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lucid was originally incorporated in Delaware on April 30, 2020 under the name Churchill Capital Corp IV (formerly known as Annetta Acquisition Corp) (“Churchill”) as a special purpose acquisition company with the purpose of effecting a merger with one or more operating businesses. On February 22, 2021, Churchill entered into a definitive merger agreement (the “Merger Agreement”) with Atieva, Inc. (“Legacy Lucid”) in which Legacy Lucid would become a wholly owned subsidiary of Churchill (the “Merger”). Upon the closing of the Merger on July 23, 2021 (the “Closing”), Churchill was immediately renamed to “Lucid Group, Inc.” The Merger between Churchill and Legacy Lucid was accounted for as a reverse recapitalization. See Note 3 “Reverse Recapitalization” for more information.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Throughout the notes to the condensed consolidated financial statements, unless otherwise noted, the “Company,” “we,” “us” or “our” and similar terms refer to Legacy Lucid and its subsidiaries prior to the consummation of the Merger, and Lucid and its subsidiaries after the consummation of the Merger.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Liquidity</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company devotes its efforts to business planning, research and development, recruiting of management and technical staff, acquiring operating assets, and raising capital.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From inception through September 30, 2022, the Company has incurred operating losses and negative cash flows from operating activities. For the nine months ended September 30, 2022 and 2021, the Company has incurred operating losses, including net losses of $831.8 million and $1.5 billion, respectively. The Company has an accumulated deficit of $6.9 billion as of September 30, 2022. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the quarter ended June 30, 2021, the Company completed the first phase of the construction of its Advanced Manufacturing Plant 1 in Casa Grande, Arizona (“AMP-1”). The Company began commercial production of its first vehicle, the Lucid Air, in September 2021 and delivered its first vehicles in late October 2021. The Company continues to expand AMP-1, construct its planned Advanced Manufacturing Plant 2 in the Kingdom of Saudi Arabia (“AMP-2”), and build a network of retail sales and service locations. The Company has plans for continued development of additional vehicle model types for future release. The aforementioned activities will require considerable capital, above and beyond the expected cash inflows from the initial sales of the Lucid Air. As such, the future operating plan involves considerable risk if secure funding sources are not identified and confirmed.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s existing sources of liquidity include cash, cash equivalents and investments. Historically, the Company funded operations primarily with issuances of convertible preferred stock and convertible notes. Upon the completion of the Merger, the Company received $4,400.3 million in cash proceeds, net of transaction costs. In December 2021, the Company issued an aggregate of $2,012.5 million principal amount of 1.25% convertible senior notes due in December 2026. In addition, during the nine months ended September 30, 2022, the Company entered into a loan agreement with the Saudi Industrial Development Fund (“SIDF”) with an aggregate principal amount of up to approximately $1.4 billion, revolving credit facilities with Gulf International Bank (“GIB”) in an aggregate principal amount of approximately $266.2 million and a new five-year senior secured asset-based revolving credit facility (“ABL Credit Facility”) with an initial aggregate principal commitment amount of up to $1.0 billion. See Note 6 “Debt” for additional information.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Certain Significant Risks and Uncertainties</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s current business activities consist of (i) generating sales from the deliveries and service of vehicles, (ii) research and development efforts to design, engineer and develop high-performance fully electric vehicles and advanced electric vehicle powertrain components, including battery pack systems, (iii) production and manufacturing ramps at existing manufacturing facilities in Casa Grande, Arizona, (iv) phase 2 of construction at AMP-1 in Casa Grande, Arizona, (v) the construction of AMP-2, and (vi) expansion of its retail studios and service centers capabilities throughout North America and across the globe. The Company is subject to the risks associated with such activities, including the need to further develop its technology, its marketing, and distribution channels; further develop its supply chain and manufacturing; and hire additional management and other key personnel. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations are dependent upon future events, including our ability to access potential markets, and secure long-term financing.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company participates in a dynamic high-technology industry. Changes in any of the following areas could have a material adverse impact on the Company’s future financial position, results of operations, and/or cash flows: advances and trends in new technologies; competitive pressures; changes in the overall demand for its products and services; acceptance of the Company’s products and services; litigation or claims against the Company based on intellectual property (including patents), regulatory, or other factors; and the Company’s ability to attract and retain employees necessary to support its growth.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A global economic recession or other downturn, whether due to inflation, ongoing conflict in Ukraine or other geopolitical events, COVID-19 or other public health crises, interest rate increases or other policy actions by major central banks, or other factors, may have an adverse impact on the Company’s business, prospects, financial condition and results of operations. Adverse economic conditions as well as uncertainty about the current and future global economic conditions may cause the Company’s customers to defer purchases or cancel their reservations and orders in response to tighter credit, decreased cash availability, fluctuations in foreign currency exchange rates, and weakened consumer confidence. Reduced demand for the Company’s products may result in significant decreases in product sales, which in turn would have a material adverse impact on the Company’s business, prospects, financial condition and results of operations. Because of the Company’s premium brand positioning and pricing, an economic downturn is likely to have a heightened adverse effect on the Company compared to many of its electric vehicle and traditional automotive industry competitors, to the extent that consumer demand for luxury goods is reduced in favor of lower-priced alternatives. In addition, any economic recession or other downturn could also cause logistical challenges and other operational risks if any of the Company’s suppliers, sub-suppliers or partners become insolvent or are otherwise unable to continue their operations, fulfill their obligations to the Company, or meet the Company’s future demand. In addition, the deterioration of conditions in global credit markets may limit the Company’s ability to obtain external financing to fund its operations and capital expenditures on terms favorable to the Company, if at all. See “Risk Factors” in Part II, Item 1A of this </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Quarterly Report </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">on Form 10-Q (the “Quarterly Report”) for additional information regarding risks associated with a global economic recession, including under the caption “</span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">A global economic recession or other downturn may have a material adverse impact on our business, prospects, results of operations and financial condition</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">”</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID-19 pandemic continues to impact the global economy and cause significant macroeconomic uncertainty. Infection rates vary across the jurisdictions in which the Company operates. Governmental authorities have continued to implement numerous and constantly evolving measures to attempt to contain the virus, such as travel bans and restrictions, masking recommendations and mandates, vaccine recommendations and mandates, limits on gatherings, quarantines, shelter-in-place orders and business shutdowns. The Company has taken proactive action to protect the health and safety of its employees, customers, partners and suppliers, consistent with the latest and evolving governmental guidelines. Until the COVID-19 pandemic is adequately contained, the Company expects to continue to implement appropriate measures. The Company continues to monitor the rapidly evolving situation and guidance from international and domestic authorities, including federal, state and local public health authorities, and may take additional actions based on their recommendations and requirements or as the Company otherwise sees fit to protect the health and safety of its employees, customers, partners and suppliers.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While certain of the Company and its suppliers’ operations have from time-to-time been temporarily affected by government-mandated restrictions, the Company was able to commence and continue deliveries of the Lucid Air to customers and to proceed with the construction of AMP-1 and AMP-2. Broader impacts of the pandemic have included inflationary pressure as well as ongoing, industry-wide challenges in logistics and supply chains, such as increased port congestion, intermittent supplier delays and a shortfall of semiconductor supply. Because the Company relies on third party suppliers for the development, manufacture, and/or provision and development of many of the key components and materials used in its vehicles, as well as provisioning and servicing equipment in its manufacturing facilities, the Company has been affected by inflation and such industry-wide challenges in logistics and supply chains. While the Company continues to focus on mitigating risks to its operations and supply chain in the current industry environment, the Company expects that these industry-wide trends will continue to impact its cost structure as well as its ability and the ability of its suppliers to obtain parts, components and manufacturing equipment on a timely basis for the foreseeable future.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the current circumstances, given the dynamic nature of the situation, any impact on the Company’s financial condition, results of operations or cash flows in the future continues to be difficult to estimate and predict, as it depends on future events that are highly uncertain and cannot be predicted with accuracy, including, but not limited to, the duration and continued spread of the outbreak, its severity, potential additional waves of infection, the emergence of more virulent or more dangerous strains of the virus, the actions taken to mitigate the virus or its impact, the development, distribution, efficacy and acceptance of vaccines worldwide, how quickly and to what extent normal economic and operating conditions can resume, the broader impact that the pandemic is having on the economy and our industry and specific implications the pandemic may have on the Company’s suppliers and on global logistics. See “Risk Factors” in Part II, Item 1A of this </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Quarterly Report </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">for additional information regarding risks associated with the COVID-19 pandemic, including under the caption “</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">The ongoing COVID-19 pandemic has adversely affected, and we cannot predict its ultimate impact on, our business, prospects, results of operations and financial condition.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">”</span></div>
us-gaap Net Income Loss
NetIncomeLoss
-831800000 usd
us-gaap Net Income Loss
NetIncomeLoss
-1500000000 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-6900000000 usd
CY2021Q3 lcid Proceeds From Reverse Recapitalization Net Of Transaction Costs
ProceedsFromReverseRecapitalizationNetOfTransactionCosts
4400300000 usd
CY2021Q3 lcid Proceeds From Reverse Recapitalization Net Of Transaction Costs
ProceedsFromReverseRecapitalizationNetOfTransactionCosts
4400300000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, assumptions and judgments made by management include, among others, inventory valuation, warranty reserve, the determination of the useful lives of property, plant and equipment, fair value of preferred stock warrants, fair value of common stock warrants, fair value of contingent forward contracts liability, estimates of residual value guarantee (“RVG”), valuation of deferred income tax assets and uncertain tax positions, fair value of common stock and other assumptions used to measure stock-based compensation expense, and estimated incremental borrowing rates for assessing operating and financing leases. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes.</span></div>
CY2022Q3 us-gaap Cash
Cash
1264136000 usd
CY2021Q4 us-gaap Cash
Cash
6262905000 usd
CY2021Q3 us-gaap Cash
Cash
4796880000 usd
CY2020Q4 us-gaap Cash
Cash
614412000 usd
CY2022Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
1554000 usd
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
10740000 usd
CY2021Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
10970000 usd
CY2020Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
11278000 usd
CY2022Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0 usd
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
24375000 usd
CY2021Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
24716000 usd
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
14728000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1265690000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6298020000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4832566000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
640418000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, and investments. The Company places its cash primarily with domestic financial institutions that are federally insured within statutory limits, but at times its deposits may exceed federally insured limits.</span></div>
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Vehicle Sales with Residual Value Guarantee</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company provides an RVG to its commercial banking partner in connection with its vehicle leasing program. Under the vehicle leasing program, the Company generally receives full payment for the vehicle sales price at the time of delivery, does not bear casualty and credit risks during the lease term, and is contractually obligated (or entitled) to share a portion of the shortfall (or excess) between the resale value realized by the commercial banking partner and a predetermined resale value. During the three and nine months ended September 30, 2022, vehicle sales with RVG totaled $10.1 million. At the lease inception, the Company is required to deposit cash collateral equal to a contractual percentage of the residual value of the leased vehicles with the commercial banking partner. The cash collateral is held in a restricted bank account owned by the commercial banking partner until it is used, as applicable, in settlement of the RVG at the end of the lease term. Cash collateral is recorded in other long-term assets, subject to asset impairment review at each reporting period. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company accounts for the vehicle leasing program in accordance with ASC 842, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ASC 460, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Guarantees</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and ASC 606, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue from Contracts with Customers</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Company is the lessor at inception of a lease and immediately transfers the lease as well as the underlying vehicle to its commercial banking partner, with the transaction being accounted for as a sale under ASC 606. The Company recognizes revenue when control transfers upon delivery when the consumer-lessee takes physical possession of the vehicle, and bifurcates the RVG at fair value and accounts for it as a guarantee liability. The remaining amount of the transaction price is allocated among the performance obligations, including the vehicle, the unspecified over-the-air (“</span><span style="color:#333333;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">OTA”)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> software updates and remarketing activities, in proportion to the standalone selling price of the Company’s performance obligations. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The guarantee liability represents the estimated amount the Company expects to pay at the end of the lease term. The Company is released from residual risk upon either expiration or settlement of the RVG. The Company evaluates variables such as third-party residual value publications, risk of future price deterioration due to changes in market conditions and reconditioning costs to determine the estimated residual value guarantee liability. As we accumulate more data related to the resale value of our vehicles or as market conditions change, there could be material changes to the estimated guarantee liabilities. As of September 30, 2022, the RVG liability was immaterial.</span></div>
CY2022Q3 lcid Revenue Of Vehicle Sales With Residual Value Guarantee
RevenueOfVehicleSalesWithResidualValueGuarantee
10100000 usd
lcid Revenue Of Vehicle Sales With Residual Value Guarantee
RevenueOfVehicleSalesWithResidualValueGuarantee
10100000 usd
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
16418321 shares
CY2021Q3 lcid Reverse Recapitalization Contingent Consideration Warrants
ReverseRecapitalizationContingentConsiderationWarrants
14783333 shares
CY2021Q3 lcid Proceeds From Reverse Recapitalization
ProceedsFromReverseRecapitalization
4439200000 usd
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
451295965 shares
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
451295965 shares
CY2021Q3 lcid Reverse Recapitalization Conversion Price
ReverseRecapitalizationConversionPrice
10.00
CY2021Q3 lcid Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
2.644
CY2021Q3 lcid Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments And Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsAndOptionsOutstandingNumber
42182931 shares
CY2021Q3 lcid Share Based Payment Award Equity Instruments And Options Converted Reverse Recapitalization
ShareBasedPaymentAwardEquityInstrumentsAndOptionsConvertedReverseRecapitalization
111531080 shares
CY2021Q3 lcid Reverse Recapitalization Conversion Price
ReverseRecapitalizationConversionPrice
10.00
CY2021Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
437182072 shares
CY2021Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
437182072 shares
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
451295965 shares
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
451295965 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
25764610 shares
CY2021Q3 lcid Share Based Payment Award Options Converted
ShareBasedPaymentAwardOptionsConverted
68121210 shares
CY2021Q3 lcid Share Based Payment Award Non Option Equity Instruments Converted Reverse Recapitalization
ShareBasedPaymentAwardNonOptionEquityInstrumentsConvertedReverseRecapitalization
43409870 shares
CY2021Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
2500000000 usd
CY2021Q3 lcid Reverse Recapitalization Working Capital Loan Converted Amount
ReverseRecapitalizationWorkingCapitalLoanConvertedAmount
1500000 usd
CY2021Q3 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
1500000 shares
CY2021Q3 lcid Debt Conversion Converted Instrument Warrants Or Options Issued Price Per Warrant
DebtConversionConvertedInstrumentWarrantsOrOptionsIssuedPricePerWarrant
1.00
CY2021Q3 lcid Reverse Recapitalization Contingent Consideration Shares
ReverseRecapitalizationContingentConsiderationShares
17250000 shares
CY2021Q3 lcid Reverse Recapitalization Contingent Consideration Warrants
ReverseRecapitalizationContingentConsiderationWarrants
14783333 shares
CY2021Q3 lcid Reverse Recapitalization Conversion Price
ReverseRecapitalizationConversionPrice
10.00
CY2021Q3 lcid Stock Issued During Period Shares Reverse Recapitalization
StockIssuedDuringPeriodSharesReverseRecapitalization
425395023 shares
CY2021Q3 lcid Stock Converted Reverse Recapitalization
StockConvertedReverseRecapitalization
1193226511 shares
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1618621534 shares
CY2021Q3 lcid Share Based Payment Award Equity Instruments And Options Converted Reverse Recapitalization
ShareBasedPaymentAwardEquityInstrumentsAndOptionsConvertedReverseRecapitalization
111531080 shares
CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
85750000 shares
CY2021Q3 lcid Cash Acquired Through Reverse Recapitalization
CashAcquiredThroughReverseRecapitalization
2070100000 usd
CY2021Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
2500000000 usd
CY2021Q3 us-gaap Cash
Cash
400000 usd
CY2021Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
200000 usd
CY2021Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
21644 shares
CY2021Q3 lcid Reverse Recapitalization Transaction Costs Incurred
ReverseRecapitalizationTransactionCostsIncurred
38900000 usd
CY2021Q3 lcid Adjustments To Additional Paid In Capital Reduction For Reverse Recapitalization Transaction Costs
AdjustmentsToAdditionalPaidInCapitalReductionForReverseRecapitalizationTransactionCosts
36200000 usd
CY2021Q3 lcid Reverse Recapitalization Transaction Costs Expensed
ReverseRecapitalizationTransactionCostsExpensed
2700000 usd
CY2021Q3 lcid Proceeds From Reverse Recapitalization Net Of Transaction Costs
ProceedsFromReverseRecapitalizationNetOfTransactionCosts
4400300000 usd
CY2021Q3 lcid Proceeds From Reverse Recapitalization Net Of Transaction Costs
ProceedsFromReverseRecapitalizationNetOfTransactionCosts
4400300000 usd
CY2022Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
464854000 usd
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
87646000 usd
CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
49375000 usd
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
30641000 usd
CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
171092000 usd
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
8963000 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
685321000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
127250000 usd
CY2022Q3 us-gaap Inventory Write Down
InventoryWriteDown
186500000 usd
us-gaap Inventory Write Down
InventoryWriteDown
364600000 usd
us-gaap Inventory Write Down
InventoryWriteDown
0 usd
CY2021Q3 us-gaap Inventory Write Down
InventoryWriteDown
0 usd
CY2022Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
2171720000 usd
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
1268166000 usd
CY2022Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
217410000 usd
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
86013000 usd
CY2022Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
1954310000 usd
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
1182153000 usd
CY2022Q3 lcid Depreciation And Amortization Excluding Debt Discounts And Insurance Premiums
DepreciationAndAmortizationExcludingDebtDiscountsAndInsurancePremiums
50600000 usd
lcid Depreciation And Amortization Excluding Debt Discounts And Insurance Premiums
DepreciationAndAmortizationExcludingDebtDiscountsAndInsurancePremiums
131300000 usd
CY2021Q3 lcid Depreciation And Amortization Excluding Debt Discounts And Insurance Premiums
DepreciationAndAmortizationExcludingDebtDiscountsAndInsurancePremiums
14900000 usd
lcid Depreciation And Amortization Excluding Debt Discounts And Insurance Premiums
DepreciationAndAmortizationExcludingDebtDiscountsAndInsurancePremiums
26600000 usd
CY2022Q3 lcid Engineering Design And Testing Liability Current
EngineeringDesignAndTestingLiabilityCurrent
26925000 usd
CY2021Q4 lcid Engineering Design And Testing Liability Current
EngineeringDesignAndTestingLiabilityCurrent
33950000 usd
CY2022Q3 us-gaap Construction Payable Current
ConstructionPayableCurrent
213551000 usd
CY2021Q4 us-gaap Construction Payable Current
ConstructionPayableCurrent
92590000 usd
CY2022Q3 lcid Accrued Unbilled Inventory Purchases
AccruedUnbilledInventoryPurchases
173889000 usd
CY2021Q4 lcid Accrued Unbilled Inventory Purchases
AccruedUnbilledInventoryPurchases
12225000 usd
CY2022Q3 lcid Tenant Improvement Liability Current
TenantImprovementLiabilityCurrent
11578000 usd
CY2021Q4 lcid Tenant Improvement Liability Current
TenantImprovementLiabilityCurrent
15796000 usd
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
33643000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
13944000 usd
CY2022Q3 lcid Tooling Liability Current
ToolingLiabilityCurrent
13708000 usd
CY2021Q4 lcid Tooling Liability Current
ToolingLiabilityCurrent
23966000 usd
CY2022Q3 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
2141000 usd
CY2021Q4 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
15281000 usd
CY2022Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
13575000 usd
CY2021Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
0 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7815000 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
11056000 usd
CY2022Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
189730000 usd
CY2021Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
99404000 usd
CY2022Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
686555000 usd
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
318212000 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
239173000 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
185323000 usd
CY2022Q3 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
125836000 usd
CY2021Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
3252000 usd
CY2022Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
365009000 usd
CY2021Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
188575000 usd
CY2022Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
8311000 usd
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1282000 usd
CY2022Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3501000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
5256000 usd
CY2022Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
8815000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
17599000 usd
CY2022Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
13625000 usd
CY2022Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
13625000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
5700000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
0 usd
CY2022Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
2082767000 usd
CY2022Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
2078045000 usd
CY2022Q3 lcid Debt Securities Available For Sale Amortized Cost Maturity Allocated And Single Maturity Date After Year One Through Three
DebtSecuritiesAvailableForSaleAmortizedCostMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughThree
522262000 usd
CY2022Q3 lcid Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date After Year One Through Three
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughThree
513735000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss
2605029000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
2591780000 usd
lcid Fair Value Adjustment Of Forward Contracts Indexed To Issuers Equity
FairValueAdjustmentOfForwardContractsIndexedToIssuersEquity
454500000 usd
CY2021Q2 us-gaap Share Price
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23.78
CY2017Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2 shares
CY2017Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1546799 shares
CY2017Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.94
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.94
CY2021Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
3000000 usd
CY2021Q1 lcid Temporary Equity Stock Issued During Period Value Warrant Exercises
TemporaryEquityStockIssuedDuringPeriodValueWarrantExercises
12900000 usd
CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants
ReverseRecapitalizationContingentConsiderationWarrants
14783333 shares
CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants
ReverseRecapitalizationContingentConsiderationWarrants
14783333 shares
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2021Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0 shares
CY2022Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2022Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0 shares
CY2020Q3 lcid Number Of Milestone Conditions Required To Receive Funding
NumberOfMilestoneConditionsRequiredToReceiveFunding
2 condition
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1316758889 shares
CY2021Q1 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
1155909398 shares
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q3 lcid Stock Issued During Period Shares Reverse Recapitalization
StockIssuedDuringPeriodSharesReverseRecapitalization
425395023 shares
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1618621534 shares
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 lcid Common Stock Voting Rights Number Of Votes Allowed For Each Share
CommonStockVotingRightsNumberOfVotesAllowedForEachShare
1 vote
CY2021Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1 shares
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2021 lcid Class Of Warrant Or Right Number Of Warrants Exercised
ClassOfWarrantOrRightNumberOfWarrantsExercised
41034197 shares
CY2021 lcid Class Of Warrant Or Right Number Of Warrants Exercised In Noncash Transaction
ClassOfWarrantOrRightNumberOfWarrantsExercisedInNoncashTransaction
25966976 shares
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
173300000 usd
CY2021 lcid Class Of Warrant Or Right Warrants Redeemed Or Called During Period Shares
ClassOfWarrantOrRightWarrantsRedeemedOrCalledDuringPeriodShares
365803 shares
CY2021Q4 lcid Class Of Warrant Or Right Redemption Price
ClassOfWarrantOrRightRedemptionPrice
0.01
CY2021 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
857825 shares
CY2021 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
24.15
CY2021Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2022Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
194894204 shares
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
210204258 shares
CY2021 lcid Reverse Recapitalization Contingent Consideration Contingency Period
ReverseRecapitalizationContingentConsiderationContingencyPeriod
P5Y
CY2021 lcid Reverse Recapitalization Contingent Consideration Shares Vested
ReverseRecapitalizationContingentConsiderationSharesVested
17250000 shares
CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants Vested
ReverseRecapitalizationContingentConsiderationWarrantsVested
14783333 shares
CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants Target Share Price Threshold Trading Days
ReverseRecapitalizationContingentConsiderationWarrantsTargetSharePriceThresholdTradingDays
40 day
CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants Target Share Price Threshold Consecutive Trading Days
ReverseRecapitalizationContingentConsiderationWarrantsTargetSharePriceThresholdConsecutiveTradingDays
60 day
CY2021 lcid Reverse Recapitalization Contingent Consideration Shares Vested
ReverseRecapitalizationContingentConsiderationSharesVested
17250000 shares
CY2021 lcid Reverse Recapitalization Contingent Consideration Warrants Vested
ReverseRecapitalizationContingentConsiderationWarrantsVested
14783333 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y2M26D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.08
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2370666000 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
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18698664 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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0.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
2289081 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.71
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
43132157 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.17
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M8D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
554954000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
31474979 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.97
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
410294000 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
48234611 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
2133132 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
39391043 shares
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
83302000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
236956000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
352245000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
366200000 usd
CY2022Q3 lcid Proceeds From Failed Sale Leaseback Transaction
ProceedsFromFailedSaleLeasebackTransaction
31700000 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
211844000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
161974000 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7815000 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
11056000 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
239173000 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
185323000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
246988000 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
196379000 usd
CY2022Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
88751000 usd
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
10567000 usd
CY2022Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
88751000 usd
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
10567000 usd
CY2022Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
9780000 usd
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
4183000 usd
CY2022Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
79371000 usd
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
6083000 usd
CY2022Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
89151000 usd
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
10266000 usd
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
11888000 usd
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
8261000 usd
lcid Finance Lease Cost
FinanceLeaseCost
2360000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
14908000 usd
lcid Finance Lease Cost
FinanceLeaseCost
4632000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
32215000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
21811000 usd
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
906000 usd
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
595000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
2581000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
1754000 usd
CY2022Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
1217000 usd
CY2021Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
800000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
3446000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2032000 usd
CY2022Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
897000 usd
CY2021Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
115000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1186000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
328000 usd
CY2022Q3 lcid Finance Lease Cost
FinanceLeaseCost
2114000 usd
CY2021Q3 lcid Finance Lease Cost
FinanceLeaseCost
915000 usd
CY2021Q3 us-gaap Lease Cost
LeaseCost
9771000 usd
us-gaap Lease Cost
LeaseCost
39428000 usd
us-gaap Lease Cost
LeaseCost
25925000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y9M18D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y9M18D
CY2022Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y6M
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1045
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1098
CY2022Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0567
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0558
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
5996000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
1292000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
40795000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
9941000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
51915000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
7344000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
51301000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
5825000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
47862000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
82440000 usd
CY2022Q3 lcid Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
181496000 usd
CY2022Q3 lcid Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
114000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
379365000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
106956000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
132377000 usd
CY2022Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
17805000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
246988000 usd
CY2022Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
89151000 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7815000 usd
CY2022Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
9780000 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
239173000 usd
CY2022Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
79371000 usd
CY2022Q3 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
37551000 usd
CY2022Q3 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
193238000 usd
CY2022Q3 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
58939000 usd
CY2022Q3 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
1451000 usd
CY2022Q3 us-gaap Purchase Obligation
PurchaseObligation
291179000 usd
us-gaap Net Income Loss
NetIncomeLoss
-1534081000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
500000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.001
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 usd
CY2021Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 usd
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 usd
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
2167332000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-530101000 usd
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-524403000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2022Q3 us-gaap Dilutive Securities
DilutiveSecurities
-140146000 usd
CY2021Q3 us-gaap Dilutive Securities
DilutiveSecurities
0 usd
us-gaap Dilutive Securities
DilutiveSecurities
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us-gaap Dilutive Securities
DilutiveSecurities
0 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1830131000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-3701413000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1676048504 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1217032285 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1666693217 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
432654607 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
14915044 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
19883372 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1690963548 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1217032285 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1686576589 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
432654607 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.50
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-8.56
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-8.56
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
122239268 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
137984401 shares
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1
CY2021Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0 usd
CY2022Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0 usd

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