Electric vehicle maker Lucid (LCID) reported mixed first-quarter results as a bigger-than-expected loss trumped the company’s confirmation that its Gravity SUV is still on track for a 2024 debut.
For the quarter, Lucid reported revenue of $172.7 million, beating expectations of $150.1 million and up nearly 16% from a year ago. However, Lucid’s loss per share came in at $0.30, beating estimates of $0.25. Adjusted EBITDA loss was $598.4 million, compared to the $505.1 million forecast by analysts, according to Bloomberg.
“Our sales momentum is increasing, our focus on cost remains relentless and we believe Gravity is on track to become the best SUV in the world,” Lucid CEO Peter Rawlinson said in a statement. Lucid confirmed that production of its Gravity SUV is scheduled to begin in “late 2024” and that its upcoming midsize vehicle is scheduled to launch in late 2026.
Lucid shares fell 5% in after-hours trading.
Last month, Lucid said it produced 1,728 vehicles and delivered 1,967 vehicles in the first quarter, compared to 2,391 vehicles produced and 1,734 vehicles delivered in the fourth quarter. The sequentially higher delivery numbers were positive news for investors, and the company said it is targeting production of 9,000 vehicles in 2024. Last year, Lucid produced 8,428 vehicles and delivered 6,001 to customers.
Lucid’s latest round of electric vehicle price cuts, announced in February, likely boosted sales but squeezed the company’s margins, which were also likely hurt by capital expenditures for its gravity production operations. Lucid said capital spending reached $198.2 million in the quarter, with spending expected to reach $1.5 billion in 2024.
Regarding its liquidity, Lucid said it has $4.62 billion in cash and cash equivalents, enough liquidity to last through the second quarter of 2025. Lucid announced in late March that it had reached a financing agreement with its majority shareholder Ayar Third Investment Company for a $1 billion investment. Ayar is a subsidiary of Saudi Arabia’s Public Investment Fund (PIF).
“I believe there are two factors that set Lucid apart – our superior internal technology and the partnership with the PIF,” Rawlinson said in the press release.
Including Monday’s post-market move, Lucid shares are down over 32% year to date.
Pras Subramanian is a reporter for Yahoo Finance. You can keep following him Twitter and further Instagram.
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