Shares dropped 7.5% as investors reacted negatively to the cautious outlook and evident operational challenges highlighted during the call, particularly the slowdown in deliveries and elevated costs despite revenue growth and capital raises.

• Revenue increased to $282 million in Q1 2026, reflecting top-line growth.
• Delivered 3,093 vehicles, flat compared to Q1 2025, showing no delivery growth despite production ramp; production rose 149% YoY to 5,500 units, indicating inventory build-up.
• Temporary supplier issues impacted Gravity model deliveries, causing disruption and elevated costs.
• Launched aggressive cost reduction program to address execution and margin pressures.
• Raised over $1 billion in new capital and retained a pro forma liquidity position of $4.7 billion, bolstering financial flexibility amid ongoing challenges.