EV maker Lucid (LCID) reported combined first quarter outcomes as a wider-than-expected loss trumped the corporate’s affirmation that its Gravity SUV remains to be on monitor for a 2024 debut.
For the quarter, Lucid reported income of $172.7 million, topping expectations of $150.1 million and almost 16% larger than a 12 months in the past. Lucid’s loss per share, nevertheless, got here in at $0.30, larger than estimates of $0.25, with its adjusted EBITDA loss coming in at $598.Four million in comparison with the $505.1 million forecast by analysts per Bloomberg.
“Our gross sales momentum is constructing, our focus upon value stays relentless, and we consider Gravity is on monitor to develop into one of the best SUV on the earth,” Lucid CEO Peter Rawlinson stated in an announcement. Lucid confirmed its Gravity SUV was set for a “late 2024” manufacturing begin, and its upcoming midsize car was slated for a late 2026 launch.
Final month, Lucid introduced that it produced 1,728 autos and delivered 1,967 autos within the first quarter, in comparison with 2,391 autos produced and 1,734 autos delivered in This autumn. The sequentially larger supply numbers had been optimistic information for traders, and the corporate stated that it’s focusing on 9,000 autos produced in 2024. Final 12 months, Lucid produced 8,428 autos and delivered 6,001 to purchasers.
Lucid’s newest spherical of EV worth cuts introduced in February probably boosted gross sales however harm the corporate’s margins, which had been additionally probably impacted by capital bills incurred for its Gravity manufacturing actions. Lucid stated capital expenditures hit $198.2 million within the quarter, with expenditures anticipated to tally $1.5 billion in 2024.
When it comes to its money place, Lucid stated it had $4.62 billion in money and money equivalents available, sufficient liquidity to final into the Q2 of 2025. Lucid introduced in late March that it struck a funding settlement with its majority shareholder Ayar Third Funding Firm for a $1 billion funding. Ayar is an affiliate of Saudi Arabia’s Public Funding Fund (PIF).
“I consider there are two components that set Lucid aside — our superior, in-house know-how and the partnership with the PIF,” Rawlinson stated within the launch.
Together with Monday’s post-market transfer, Lucid shares at the moment are down over 32% 12 months up to now.
Pras Subramanian is a reporter for Yahoo Finance. You may comply with him on Twitter and on Instagram.
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