you the today. who those Thank are you, thank to and taking join to us Peter, time
Before our partners and I'd as customers my to like well sharing to Lucid also QX our our extend gratitude suppliers. our members, as our entire results, sincere team
ramp. scaled and Sapphire we product G&A, our our our worked strides our sales across new and features from customer experience to production manufacturing additional of introduced QX, brand, enhance our service. and We We've every network. and made sales In business, expanding tremendous service through to engineering corner in launched
strong collaboration you, and this proud and the only one you. work progress to of every All alongside incredibly possible of each I'm and was perseverance of through
Now, turning results. quarter to financial our third
vehicles vehicles our double As function than triple which X,XXX across distributed vehicles than more and of we awaiting inspection production between pre-delivery Peter customer. vehicles, deliveries was QX. QX produced and transit, three production delivery primarily mentioned, process, delivery the a a X,XXX and areas more delivered awaiting The to numbers was vehicles variance of vehicles, in
processes. we'll continue as As in-transit learn and we mature to inspection a delivery business, and refine our
production our international near produced latter to to volume medium quarter, which longer a we the So term, deliveries times. vehicles at deliveries higher expect as vehicle we in than and placed fourth accelerate initiate in-transit the in we requires the
and reservation We AMP-X. capacity more the with number this the continue value current equates put in to reservation This to than we The the reservations annual new have X. nets and had in also strong over all of reservations in our includes calculation QX also as XX,XXX cancellations. out deliveries reservation, amount of to out QX. context, compares XX,XXX that demand tool in to-date November we To accomplished QX net
of vehicles XXX,XXX up note the It's not important Saudi agreement to does government this with to Arabia. that under include number the the
We expect the deliveries to deliveries. been actively scheduling have of with ongoing first working and year. Meetings start next on government, the we're
for also not Project opened Gravity We up SUV. have reservations
reservations XXXX for will be opening to start in large incremental believe and we addressable market expect a taking up We early what very us.
to Our supply ultimate wait deliveries reservation increases bank, goal expanding our sustain times with healthy balancing and until is footprint. a factory our
revenue quarter-over-quarter to in a just ramp. our was scaling delivery $XXX increase continue focused growth revenue intently We expect as remain of which over XXX%. see significant P&L. volumes QX to Turning and represented business to million, the on
We're also launch vehicle vehicle entire serve stylish that excited line Air about of our the an lineup. expanding Lucid accessories recent accessories, the Lucid complement as to of
also capsule number other In mentioned, addition that Peter to connected including asking customers home been Lucid announced a we many have charging the station cargo a that of accessories, for.
material, was overhead, part, shipping including and cost wages and of Cost revenue. related to stock-based $XXX.X comp, to direct costs, million, personnel inventory primarily handling, net inventories cost Turning reducing which to includes estimated realizable their costs, warranty write-down, and value. of IT our revenue
ability Similar air shift to was primarily of to international freight to to quarter-over-quarter, expected ocean as we production, freight. quarter, from this our the due to costs last related by majority personnel vast overhead lower increase shipments offset ramp our up and costs
line As related experience labor to overhead and volumes, have on gross produce continue negative at vehicles profit production we low volumes to for designed higher will costs. we and
$XXX.X value recorded Additionally, of we or lower in adjustment a net QX. cost realizable of million
the necessary the upon a receiving amount into contemplates product. on after considering value convert finished This hand anticipate vehicle cost sale to inventory we
increased to mix due product impairment [ph] commitments. levels, in increase NRB primarily LC our inventory an firm and quarter, this including During
still manner. prudent our company strategic a We're our the expenses. operating investing and but and we're to stages in Moving this growth of behind priorities, in methodical doing
cost last instilling company we're a the said on to cost I efficiency and As execute identify consciousness opportunities. working culture of across we're quarter, and
growth related increase as investment ramp-up further cutting-edge well approximately up was offset tech lower sequential into our partially X% expense Gravity expense. stock-based $XXX.X to compensation the million, to as R&D the totaled sequentially. continued of The headcount program Sapphire and products, and support by
approximately consists other costs allocated was facility $XXX.X of general corporate expense expenses. SG&A X% million, SG&A personnel-related and sequentially. primarily expenses, up
force As sales to planned of and as grow generations company, out the and the vehicles. we build future continue our our commercialize Air electric Lucid
We expect increase. costs that SG&A our will
expect studio as QX. of October the We North ended with strategically our Arabia, a opened XX studio in and the centers, of studio to the Saudi from expand of quarter Plano. we this We studio Texas service of and remainder in And America at service and through number centers first number with end new year. across first well our the openings Europe flat as
grow. element nearly We the as an QX, mobile in our increased ensuring Lucid by XX% is satisfaction vehicles in customer which important of to fleet fleet continues high
of Our center. the mobile vans service over in can XX% be services can perform that done a
income cost $XX.X SG&A. of favorably $XXX.X impact, Other was Stock-based of a compensation mark-to-market amount development million. the in value within $XX.X million, and million in research the and million in quarter within by approximately warrants private non-cash revenue, of million was $XX.X $XX.X impacted
of value price. be Lucid's quarter-to-quarter can influenced number warrant of quarter Group's including The end factors, a the share of by
the Our of overall performance quarter was $XXX.X net negative a in million. loss
to the cash, equivalents Moving $X.XX facilities. when liquidity global billion investments credit with the considering we sheet, quarter just billion $X.X ended with of balance and our in total over cash
capture the we we and plan capital. flexibility to drive see, growth significant To additional want do to our maintain continue market raise opportunity to
willingness the rata a support fund, expressed pro Our us capital basis. has in public a future raise major shareholder, investment a to on
grateful to strategic as incredibly investor such a strong We have partner. are our
us program create in for new flexibility putting raise equity $XXX million a third-party will We to at-the-market which are capital. place,
continue Investment net opportunistic the approach allow to will to by $X.X the would raise to to to option up but Public participation, operating this Fund, fees and an rata pro program, billion us and a other our raise provides no obligation we have with of be we program us execute with capital, in expenses. to approximately ATM financing. attractive Combined The on
consistent actions, facility. year ABL bond our funding a this with year historical securing including billion and funds This with a green raising earlier $X is convertible last
towards take to is a holistic strategy the business. Our approach funding
We We'll tool low-cost have raising available government a in well our and as capital, to believe markets debt ATM programs. and is program continue be to funding this equity in we variety to of broader one in opportunistic options as access access strategy. incremental
Turning increased to inventory, of Inventory in quarter the a our in-transit ramp due combination production volume to vehicles customers. to and
progress as than quarter, on made production However, relative reduced half inventory work-in-progress in-process more completing of we QX. last by vehicles we from to
situated facility, and entered land future In to factory, additional existing an around option acres QX, AMP-X XXX also securing needs. our approximately we purchase we land, our of into secured underneath further our
expenditures was Year-to-date $XXX.X close to were CapEx million Capital in million. QX. $XXX
is ongoing, X installing production south and the we logistics. some building year. Phase of and started we to discussed Air our portion we're first equipment half but in at expansion quarter, expanded Our for of using progressing, the moving expect next a last to begin AMP-X footprint as is we've Construction
moving our Now, expansion international to efforts.
of some the realize Kingdom support. Just recently, already billion meeting opening and I, of partners Peter government Riyadh. of to starting and We're went with banking $X.X economic studio our in the in conjunction KSA benefits of Arabia, team the relationship with in the and to Saudi Lucid the
over million the Fund, resulting more US$ costs estimated support of Development employees, which contribution an as HRDF, will the of signing of happy Saudi than five-year the of grant of from part a first Development as the Arabia, period. to understanding with Human HRDF and of is salary of more a for Arabia were XX announce Fund Ministry known the in in the also receipt X,XXX National of Saudi Resources as We than memorandum MISA. contribute Investment for the well training XX%
sure and for of will opportunities to training EV will internal HRDF investment launch be previously fruition. manufacturing National, and manufacturing as in in essential and -- international making collaboration strong the from for not worked Saudi region we provide have coming the all Lucid's first Lucid in and the thankful see We're we meaningful to whom glad it to well-trained support and have professionals allow locations. This space many instrumental collaboration
outlook. and of and had billion achieving our into in We over believe we're $X,XXX. strong least continue fourth the believe a production liquidity to we track to on of $X.XX $X,XXX XXXX to outlook. this with to in ended XXXX. We're sufficient guidance we is at cash QX, production the Turning the little reiterating quarter investments, quarter which We
accordance assumes in and investing includes prototyping This expansion continued East of forward AMP-X associated which of Gravity, engineering and build-out spend the we market. America, fully Phase service centers the early are with China and Asia-Pac the the with of studios and our and Europe North Middle plan, in entering in X Arizona, some
Moving to CapEx.
guidance for end in function We in expenditures corresponding billion. in reduction $X.X is XXXX to for of XXXX are reduction be likely budget. dollars spent expect occur. and Any XXXX capital to shift XXXX around does timing anticipated a from of CapEx be is largely represent an the not the to and XXXX The overall spent not a in XXXX into
have our Sapphire this the Touring, and excited Air we're coming closing, the are Touring, of on many map. our variant: Lucid end the will Grand four introduced of Pure Gravity Air milestones road in in Performance, progress year, our and By Touring vehicle about Grand horizon. we In exciting
realize well including that Event benefits on also great the Saudi XX. team November our that on, you with We about working share is projects the Launch starting we're Lucid can't some of the is can and to strong more underway, government expansion Lucid's international of our partnership to these Arabia. of Our wait see
questions. back With to let that, it turn to your get Maynard Maynard? me
