Churchill Capital Corp IV - Class A

Q1 performance: revenue up, but profitability heavily pressured (and impacted by a disruption) - Revenue increased ~20% YoY to $282M, driven mainly by Gravity mix/pricing and rebounding orders/deliveries in March. - Produced 5,500 vehicles vs delivered 3,093: the gap reflects a temporary “stop sale” that prevented finished vehicles from converting to revenue (inventory sat pending validation). - Gross margin was extremely negative at -110.4% (vs -80.7% in Q4 and -97.2% YoY in Q1 last year). Sequential worsening largely from lower volume under a fixed cost base, plus Q4 regulatory credit effects not repeating; partially offset by tariff refunds and lower inventory write-down. - Net loss ~ $1B (vs $366M in Q1’25), with a large portion driven by noncash derivative fair value changes tied to stock price movements and other financing-related items (not “core ops” alone).

Balance sheet and runway strengthened—management argues it reduces near-term dilution risk - Ended Q1 with ~$700M cash and ~$3.2B total liquidity. - After quarter end, added liquidity via: $550M PIF convertible preferred, $300M common stock offering, and $200M Uber equity investment, plus an amendment increasing DDTL flexibility after a $500M draw in April. - Pro forma liquidity at Q1 end: ~$4.7B, which management says extends funding runway into the second half of 2027 (for Gravity ramp, M2 buildout, Midsize, and autonomy stack). - No dividends or buybacks mentioned; capital allocation focus is on funding growth toward breakeven rather than returning cash.

Guidance: old guidance suspended; new guidance coming in Q2 (governance decision) - Management suspended prior guidance and stated it will provide a full updated outlook at the Q2 earnings call. - Rationale: uneven near-term demand and production cadence tied to maintaining discipline not to build inventory ahead of demand; also impact normalization from the stop sale. - Investors were told 2026 objective unchanged, with a back-end weighted delivery profile expected (stronger H2), driven by seasonality and other factors (gas prices, competitive dynamics, lease cycles, software updates, possible tariffs, macro/geopolitical improvements).