LCIDLucid Group, Inc.

Motor Vehicles & Passenger Car Bodies

Revenue: $1.4B; 68% YoY
Operating margin: -258.7%; 31% YoY
EBITDA: −$3.1B; 12% YoY
Market cap: $1.2B
Employees: 9,000; $150K revenue each
Net debt / EBITDA: —; $2.5B net debt
AI in 10-K: 1.2; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
20% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
86% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$150K · 13th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 39th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$550M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$27M	$608M	$595M	$808M	$1.4B	68%
Operating income	−$1.5B	−$2.6B	−$3.1B	−$3.0B	−$3.5B	16%
Net income	−$2.6B	−$1.3B	−$2.8B	−$2.7B	−$2.7B	0.6%
Operating cash flow	−$1.1B	−$2.2B	−$2.5B	−$2.0B	−$2.9B	45%
Capex	$421M	$1.1B	$911M	$884M	$868M	1.8%
Stock-based comp	$517M	$424M	$257M	$286M	$271M	5.1%
Buybacks	$21M	$0	$0	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 30, 2026	Ayar Third Investment Co	SCHEDULE 13D/A	56.7%	Passive
Nov 28, 2025	Ayar Third Investment Co	SCHEDULE 13D/A	60.6%	Passive
Apr 10, 2025	Ayar Third Investment Co	SCHEDULE 13D/A	63.6%	Passive
Nov 4, 2024	Ayar Third Investment Co	SC 13D/A	64.3%	Passive
Aug 20, 2024	Ayar Third Investment Co	SC 13D/A	66.0%	Passive
Apr 2, 2024	Ayar Third Investment Co	SC 13D/A	64.0%	Passive
Jun 26, 2023	Ayar Third Investment Co	SC 13D/A	60.5%	Passive
Dec 28, 2022	Ayar Third Investment Co	SC 13D/A	60.7%	Passive
Nov 15, 2022	Ayar Third Investment Co	SC 13D/A	60.4%	Passive
Jul 27, 2021	Ayar Third Investment Co	SC 13D	62.7%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $23K · 4
Net: −$23K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	4	237
FY2024	—	—	12	224
FY2023	—	—	17	162
FY2022	—	—	28	79
FY2021	—	—	157	110