Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | C+ | C+ |
| Q2'25 → | C+ | C |
| Q3'25 → | B | B+ |
| Q1'26 → | D | D |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ❌ | Sequential gross margin improvement throughout 2026 Gross margin deteriorated 48 percentage points sequentially to -110.4% in Q1 | missed |
| Q1'26 | ⏳ | Commercial robotaxi deployment in San Francisco Bay area by late 2026 Still on track with production validation builds starting Q2, regular production in Q4 | pending |
| Q1'26 | ⏳ | Continue reducing cost per vehicle produced, targeting additional 20% reduction by Q4 2026 Unit costs spiked in Q1 but trending back toward targets by March - partial progress | pending |
| Q1'26 | ❌ | Operating cash flow to improve sequentially from Q4 2025 Cash flow deteriorated due to stop sale and inventory buildup - blamed on temporary factors | missed |
| Q1'26 | ⏳ | Start production of first midsize platform vehicle by end of 2026 Now under review by new CEO - timeline commitment withdrawn | pending |
| Q1'26 | ❌ | Produce between 25,000 to 27,000 vehicles for 2026 Suspended all guidance after just 10 weeks - suggests Q1 performance made this unachievable | missed |
| Q3'25 | ✅ | Launch Gravity brand campaign with Timothée in early September Campaign launched, achieved 7.2M YouTube views and 1B impressions | exceeded |
| Q3'25 | ✅ | Roll out hands-free highway driving for Air via OTA Delivered in early Q3, now coming to Gravity soon | exceeded |
| Q3'25 | ✅ | CapEx $1.1B-$1.2B for 2025 Lowered to $1.0B-$1.2B, showing capital discipline | delivered |
| Q3'25 | ✅ | Magnet supply issue behind us, secured for remainder of year Confirmed no magnet issues in Q3, but new chip supply problems emerged | delivered |
| Q3'25 | ⏳ | 18,000-20,000 vehicle production for 2025 Now guiding to ~18,000, effectively lowered to bottom of range | pending |
| Q3'25 | ⏳ | Significantly increase production in second half of 2025 Q3 production flat sequential, banking on Q4 ramp with Gravity majority | pending |
| Q2'25 | ⏳ | Tariff impact guidance of 8% to 15% on full year basis 21% hit in Q2 but claiming lower end of range for full year due to reversals | pending |
| Q2'25 | ❌ | Atlas drivetrain announcement in next few months or quarters No announcement made, now just saying 'on track' without timeline | missed |
| Q2'25 | ⏳ | We have made plans to ensure capability to produce the number of Lucid Gravities we initially expect for 2025 On track based on inventory build and production acceleration | pending |
| Q2'25 | ✅ | Gravity deliveries continue today and we expect to start ramping further soon Q2 production was 3,863 vs 2,212 in Q1, clear ramp delivered | delivered |
| Q2'25 | ⏳ | Production of approximately 20,000 vehicles in 2025 Converted to 18,000-20,000 range, clear confidence erosion but still achievable | pending |
| Q2'25 | ❌ | Line of sight that all supply chain bottlenecks are being resolved in Q2 Still discussing bottlenecks in Q2 call, only claiming 'most issues' overcome | missed |
| Q1'25 | ⏳ | Late Q1 marketing campaign for Gravity Mentioned New York event and 'something truly special' but nothing concrete delivered | pending |
| Q1'25 | ❌ | Technology licensing deals to close soon No new deals announced, now blaming OEM tariff preoccupation | missed |
| Q1'25 | ⏳ | Studios to have Gravity showroom and test drive cars Still rolling out, not all studios have them yet per management | pending |
| Q1'25 | ✅ | Significant gross margin improvement in 2024 GAAP gross margin improved from -225% to -114% year-over-year | delivered |
| Q1'25 | ✅ | Approximately 9,000 vehicle production for 2024 Produced 9,029 vehicles, slightly above guidance | delivered |
| Q1'25 | ✅ | Gravity deliveries starting Q4 2024 with gradual Q1 ramp Did start deliveries but had supply chain issues forcing HUD to be optional | delivered |
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