Lucid Group, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Lucid Group first quarter 2026 earnings conference call. Please be advised that today's conference call is being recorded. Later, we will conduct a question and answer session. To ask the question during that time, please press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. I would now like to turn the conference over to your speaker for today, Nick Twork, Vice President of Communications. Please go ahead.

Thank you, and welcome to LUCID Group's first quarter 2026 earnings call. Joining me today are Silvio Napoli, incoming CEO, Mark Winterhoff, our interim CEO, and Tawfiq Buseed, our CFO. Before handing the call over to Silvio, let me remind you that some of the statements on this call include forward-looking statements under federal securities laws. These include, without limitation, statements regarding the future financial performance of the company, production and delivery volumes, vehicles and products, studios and service networks, financial and operating outlook and guidance, macroeconomic, geopolitical, policy and industry trends, tariffs and trade policy, company initiatives, leadership changes, and other future events. These statements are based on various assumptions, whether or not identified in this communication, and on the predictions and expectations of our management as of today. Actual events or results are difficult or impossible to predict and may differ due to a number of risks and uncertainties. We refer you to the cautionary language and the risk factors in our annual report on Form 10-K for the year ended December 31st, 2025, subsequent quarterly reports on Form 10-Q, current reports on our Form 8-K and other SEC filings, and the forward-looking statements on page two of our quarterly earnings presentation available on the investor relations section of our website at ir.lucidmotors.com. We undertake no obligation to revise or update publicly any forward-looking statement for any reason except as required by law. In addition, management will make reference to non-GAAP financial measures during this call. A discussion of why we use non-GAAP financial measures and information regarding reconciliation of our GAAP versus non-GAAP results is available in our earnings press release issued earlier this afternoon as well as in the earnings presentation. With that, I'd like to turn the call over to Lucid's incoming CEO, Silvio Napoli. Silvio, please go ahead.

Thank you, Nick. Good morning, everyone, and thank you for joining. This is my first earnings call with Lucid and I've already had the opportunity to share with many of you. I'm extremely pleased to be here and part of the Lucid team. With not even a month with the company, I'm still at a very early stage, so I'll keep my remarks brief. Let me start by reiterating why I'm here. Lucid brings together state-of-the-art technology, a premium product platform, and a unique opportunity to build a strong, enduring position in a transforming industry. And that combination is compelling. That is the reason that brought me here. Today, three weeks into the journey, I'm even more convinced that this is the case. In my first days, I've had the opportunity to meet with our teams in Newark, headquarters, and in some of our key markets. In fact, on the very first day, I traveled to build a factory in Arizona, the heart of Lucid. Last week, I traveled to Saudi Arabia, to witness a strong brand recognition in this fast-growing market and to see firsthand the progress of a new factory under construction. As you know, this manufacturing center is an essential part of our commitment to drive scale, profitability, and to position Lucid on the world stage. While there, I've also been meeting with employees, shareholders, and with local stakeholders. And everywhere I go and focus on listening and beginning to understand where we are strongest and where we need to improve. And what stands out immediately is the incredible domain competence and outstanding motivation of the Lucid team and the strength of our project. At the same time, it's clear that realizing Lucid's full potential will require sharper focus and consistent execution. particularly around simplification, prioritization, and speed. Many at-term priorities are straightforward. Recenter all our activities around the customers, ensure the organization operates with clarity and accountability, focus resources on the highest impact areas, and embed a stronger culture of cost and capital discipline across the business. A central objective over time is to build a more self-sufficient company, one that progresses towards funding its own growth. And that means being rigorous in delivering on our commitments and how we allocate capital to few vital priorities. In simple words, this means making clear choices on where to invest and, just as important, where not to. at the risk of stating the obvious and not in the position to comment on results reached prior to my joining. Accordingly, I trust you will understand that today I will not comment on any specifics, including the outlook. My goal over the coming weeks is to deepen my understanding of the business so I can engage more fully with you in the future discussions. With that, I'll turn the call over to the team to watch you through the Q1 results.