NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2022

The weighted-average number of shares of common stock outstanding prior to the Merger have been retroactively adjusted by the Exchange Ratio to give effect to the reverse recapitalization treatment of the Merger. Shares of common stock issued as a result of the conversion of Legacy Lucid convertible preferred stock in connection with the Closing have been included in the basic net loss per share calculation on a prospective basis.

Basic and diluted net loss per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net loss	$	(220,425)	$	(261,726)	$	(301,711)	$	(1,009,678)
Deemed dividend related to the issuance of Series E convertible preferred stock	—		—		—		(2,167,332)
Net loss attributable to common stockholders, basic	(220,425)		(261,726)		(301,711)		(3,177,010)
Change in fair value of dilutive warrants	(334,843)		—		(858,173)		—
Net loss attributable to common stockholders, diluted	$	(555,268)	$	(261,726)	$	(1,159,884)	$	(3,177,010)

Weighted-average shares outstanding, basic	1,669,303,813		36,298,508		1,661,960,471		34,484,767
Private Placement Warrants using the treasury stock method	17,511,591		—		22,367,536		—
Weighted-average shares outstanding, diluted(1)	1,686,815,404		36,298,508		1,684,328,007		34,484,767

Net loss per share:
Basic	$	(0.13)	$	(7.21)	$	(0.18)	$	(92.13)
Diluted(1)	$	(0.33)	$	(7.21)	$	(0.69)	$	(92.13)

(1) The presentation of our diluted loss per share for the six months ended June 30, 2022 reflects correction of an immaterial error in our previously reported diluted loss per share for the three months ended March 31, 2022 for the inclusion of the dilutive effect of our Private Placement Warrants. The adjustment resulted in a change in diluted loss per share from $(0.05) to $(0.36) and the diluted weighted average shares outstanding from 1,654,322,379 to 1,681,545,859 for the three months ended March 31, 2022.

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	June 30,
Excluded Securities	2022	2021
Convertible preferred stock (on an as-converted basis)	—	1,155,909,367
Options outstanding to purchase common stock	46,268,897	69,006,644
RSUs outstanding	39,884,884	41,678,953
Employee stock purchase plan	4,482,280	—
If-converted common shares from convertible note	36,737,785	—
Total	127,373,846	1,266,594,964

The 2,090,140 shares of common stock equivalents subject to RSUs are excluded from the anti-dilutive table above as the underlying shares remain contingently issuable since the market conditions have not been satisfied as of June 30, 2022.