Peter, to XXXX, on you, taking production East. touring, every and of the you began the thank We to U.S. in and made initiated and our execution. strides a Europe today. Canada, who ramp are part the scaled deliveries tremendous keeping in we grand us delivering and touring those air Middle join virtually Thank sharp focus into our business time while In
Financial We upgrade our our to in lease of products name loan customer our over-the-air Lucid a to X.X, base few just to had Services and launched achievements. most US also many and significant software provide
of despite quality the throughout production and above a this in were strong production the and We issues accomplish supply finished we parts our guidance. able on logistics year, note coming year previous chain, to annual supplier,
not to gratitude to this partners my suppliers our and the of All would perseverance whom without was entire extend of and achieved possible. like our the team. been customers, through them this collaboration sincere I'd to and Lucid have our
results. to our financial quarter fourth Now turning and XXXX
our EBITDA revenue million, billion and so liquidity In XXXX achieved loss balance $X.XX over XXXX XXXX, in of investments $X.X while we just versus in a from future an in the XXXX. and an with throughout over year loss important sheet average healthy XXXX, recorded balance of just over $XXX adjusted billion. For in million we made ensuring up $XX million of $XXX a did of
million Cost the to X,XXX results. moving $XXX.X We produced was revenue Now generated X,XXX quarter. fourth delivered fourth of of the vehicles, million. and $XXX.X quarter revenue for
volumes, experience on overhead lines negative As we production produce vehicles at and to labor have low we volumes related gross to will higher costs. designed profit continue for we and
However, as we scale production, we would expect to see economy of scale benefits.
refer of lower inventory also sale we on or considering necessary which contemplates amount upon net value into the a recorded we cost receiving NRV Additionally, to realizable value, adjustment costs as after LC million hand This anticipate to a $XXX.X product. vehicle of QX. we finished the convert in
levels of basis, increased impairment production NRV in on primarily increase an the LC an the due absolute production. inventory multiple Our of variants XX% to associated in and air ramp with
and impact. The to calculation levels various on questions of how has We complexity. investment normalize from several impairment NRV LC community typically receive the this
done. to the it's assessing an in far When back margin And is margin QX in adjusting average gross QX to QX of What we say average difficult X.Xx LC went out margin. the I gross we're XXX% of improvements period. from for gross improvement from negative throughout that negative when very gross And a in seen year. NRV, would so over margin and XX% and total an have understandably, QX, we for
in many moment. I'll identified additional that have We opportunities illustrate a
expense. sequential revenue primarily R&D while million, gravity We've was $XXX.X increasing lower approximately sequentially. stock-based sequential line increase was sequentially. down million, X% compensation operating up The by related stock-based totaled expense SG&A able expense due X% professional payroll XX% partially to decrease specific to and to lower of was to external flat expenses primarily Moving reduction $XXX.X expenses, been compensation operating The and services. offset essentially quarter-over-quarter. hold expenses. the approximately expense
to change of million other of compensation was in approximately of in was SG&A. $XX.X income, $XX.X a in revenue, based in stock cost million, value million million Staff warrant in and liability. gain research million a $XX.X related and recognized we a quarter $XX.X common $XXX was fair noncash development In the
quarter-to-quarter noncash impact to the as of true at one each larger key factors, Lucid end of Group's for related price of of quarter. some number highlight, an build can gain. forecasts should reasons a though, that at the factors price the of inverse $XXX.X EBITDA something to but you is The consider by decrease I'd the like the noncash influenced we one million. The hold that's this achieved warrant the of be share quarter. in share our end adjusted was loss so In QX, also of
the to facilities. a comprised $X.X just of of the our net investments balance total the cash, consummation completion million proceeds when $XXX.X to over a proceeds quarter offering This $X.X $X.X was approximately PIF and placement and which credit the ended $XXX sheet. cash of QX, considering shares global Moving included for the with of of of billion billion equivalents in We liquidity capital raise billion with private aftermarket of for also in successful an million. aggregate
affiliate XXXX significant partnerships and to Saudi instrumental the of our through of in East. launch us Middle in PIS. resulted operations those international been The throughout has and the administrative Lucid through a strategic partnership for investor has QX fund the many their billion, placement been PIF Saudi a its private including and partner XXXX, support. public we're for have They've so we IAR, relationships of $XXX in investment in introducing Arabia million Since invested support years, as and many and ministries committed grateful also $X.X an for the Arabia economic and
of we've sustain over consistently sheet been Back time. to very to balance the strength proud that able the balance sheet, we're
access the $X placement bond the Saudi a seen of believe from We'll as variety of holistic variety and markets in a over large to and ABL place in we billion of green put market to a syndicate. a to debt options as opportunistic towards with XXXX the Arabia support funding As billion end world-class $X.X in have have with XXXX, months, banking available access programs. options private of coupled last GAAP to the funding offering $X we take facility the continue end equity you've access we well to government to We low-cost and at XX and approach convertible billion the government business.
Inventory ramp and of to quarter are to of $X.X lower number we XX% volume QX. the due billion, variants X Capital than of guidance at it was our the in costs our Turning to AMP cut producing. increased to a of million in were in CapEx fully production now which to in billion, the Year-to-date slightly inventory. approximately Phase payments Arizona X Phase usage $X.X vehicle is that $XXX.X use time in for over of expenditures and Arizona. period reconfiguring order we longer certain due timing deferment by X before of
consumers' XXXX Before growth our the particularly top difficult to number of priorities spoke cost. market the the talked strategic want our two our number higher we're and XXXX into Peter two priority. providing rates about priorities We action. Company. being: impact in speak uncertainty growth; environment we one, has recognize XXXX, and purchase, to and market and on Heading taking inclination outlook, to our to I two, interest
one doing largely to like cost. on so, before comment I'd But I'll growth. our So make address
number XXXX. opportunities, additional have a many which to Beyond to are our become I additive growth, of vehicle believe focus of already we beginning on
efficiency, motorsports technology. times, these Our question. for our creating our our is We revenue longer electric drive in strong recognized in-house opportunities. range, charge we're unit from QX. technology being in increasingly performance, no generated our And are our our advantage
award prototypes discussion for have licensing U.S. small of a amount a others from or module of technology. to number a recognize to expect purchasing out reached revenue We and for battery government us on our
parts we we a our around first amount to of as deal the of Titan. deal, in and world's opportunity many small the recognize credit the we more see a U.S. addition, here signed expect in and In regulatory vehicle environment emission multiyear revenue XXXX, considerably starting It's
of to that cost Turning are in zeroing on. are costs, areas we there two
is The vehicle. down cost the driving first per
of through The each. And second optimization me cost is go expenses. operating let
On reducing sold been we've the manufacturing focused on and costs. cost intensely side, of goods
were various in daily more material across supply cost input We chain. of we form improvement the year, areas manufacturing, to costs. have than meetings and able to raw Last headwinds engineering battery costs cover reduce of the
This have to are here ideas we February, end surfacing internal of meetings sitting vehicle. in dollars with the year level cost as engineering before to much already which couple value year. contribute implement identified thousand considering expect a similar we opportunities the by as last of are innovative this to Inflation base. impact cross-functional is And expect of the a supply workshops As we at and we more Reduction our Act in we that per
of ahead with to we've air. Gravity approximately we very look already sourced from of a XX% As components suppliers carryover Gravity, strong
happy with I'm to And target alignment an to in aggregate basis to report stay Gravity. that able been we've for our date, on cost
freight. area is We've year is our transit inbound we air for of we've this another Xx possible. last year reductions identified by sea, freight moving Xx to Another that from savings but believe to significant focused achieved international COGS
We us this the cost have opportunities of to available is we this task and reduction fastest year. assigned, think realizable a team one
we're same the the a of facets instilling of expect We're expense on SG&A, the ideas spending in table. In couple side, approach. a On with multitude growth we at key do operating looking areas. all of
and delivery throughout Middle the footprint to continue we and service to Europe needs we'll and our out customer as customer our our base the care. strategically growing U.S., meet commitment one, the build of Number East
information this ways to simultaneously our increased center we're However, service and efficiencies and studio were drive assets of planning. into future our out studying feeding existing
increasing for cloud we're cybersecurity improvement continuous increasing fleet expansion, customer and active resources support R&D our data delivery our investment the volume, IT systems our and production enterprise and in growth in in initiatives. second, both to internal global And
opportunities. and cost consciousness efficiency cost working execute of the Company on and culture a to instilling identify are we're We numerous across
Now outlook. our to
have production we're of range for while vehicles. a greater we capacity XXXX, XX,XXX XX,XXX believe to forecasting For production, we
we that's what under think provide prudent macro the Given than environment, it's would to provide a guidance larger we uncertain range normal circumstances.
highlight provide don't want quarterly guidance, to linearity throughout the the we about things While you some as consider year. to think I
factory QX, vehicles seven inventory count. production was the in January due planned production earnest a days also reduced Europe We'll part of In building and for the of start physical Middle in by to early year-end East shortly.
so associated some will transit there time And with be that.
addition, in due look chain buildable so supply some In production on unable a stealth resulting configurations transition to as were a to deliver popular option we of buildable moderate challenges, reduction to and decision we the configuration. to made heading strategic into we QX,
ramp Thus, deliveries to to total expect QX. on on QX to increase QX. we Middle significantly we corresponding sequential impact margins QX, will a expect be so East Europe, with and the in would in down In we a basis shipments
configurations We higher will across very pure strong. vehicle several build also begin which variants, popular demand to and including volumes for remains
downtime X, and year. transitional we at we AMP the Starting X with shops of activating expect begin efficiencies and would X, occur. manufacturing the of In we parts higher some online rest come hence, specific QX, Phase in potential versus greater could Phase output expect as may QX,
While I wanted to direction that affect are controllable gross uncontrollable gross the and many that can some caution variables I of would color margin, margin. on our provide there
material down a cost opportunities but to expect ago. I supported inbound should gross of freight lower and mentioned bill volumes improvement be of moment year, the sequential impact margin the in QX throughout just We a by expected which that expect some
XXXX. we quarter with $X.X total capital we believe billion approximately the position, liquidity of into at ended our liquidity, provides least quarter Regarding the first sufficient in which
Moving to CapEx.
$X.XX our outlay, the CapEx billion We expect of for some XXXX. that than beginning be provided deferrals we the annual between reflecting and is billion in which lower efficiencies expenditures capital to capital XXXX at $X billion, and $X.X
staffing We cost are plant bringing moving X logistics Phase a forward as believe fully with in benefit including efficiencies, of in-house as we from more efficiency. number as on bringing parts well will of Arizona site,
allow to we expenditures X which also a timing. without on XXXX looking are basis, will estimated expect at We delay defer a us in capital activating online Gravity some the in shop-by-shop stages until Phase
we more Lastly, and XX,XXX XXX,XXX had counting be before as reservations potential the from up mentioned, is of vehicles to 'XX, this to as February KSA. Peter impact than
At we as we started we have the proxy providing provided a estimate production started this first figure future revenue. not and potential delivery, or time reservation, to
and of the our business, production of progression better With representation the our are business. a deliveries progress we believe of
plan And we no an longer so reservation going number. provide updated to quarterly will forward,
to provide we production the each figures to continue plan and However, quarterly end delivery shortly quarter. following of
we continue to no elimination into or focus every cost XXXX, unturned look capital As discipline, opportunity. stone strong leaving we'll optimization for on
gearing us. and our the We am and technology I of while that of product and a reducing growth proud taking are We're lie at very about ahead achievements. for costs, look simultaneously opportunities vigorous comprehensive excited
With questions. Maynard me it back that, let turn to to get your Maynard?
