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 observe for a 2024 debut.
For the quarter, Lucid reported income of $172.7 million, topping expectations of $150.1 million and almost 16% increased than a yr in the past. Lucid’s loss per share, nevertheless, got here in at $0.30, increased than estimates of $0.25, with its adjusted EBITDA loss coming in at $598.4 million in comparison with the $505.1 million forecast by analysts per Bloomberg.
“Our gross sales momentum is constructing, our focus upon price stays relentless, and we imagine Gravity is on observe to turn into the very best SUV on the planet,” Lucid CEO Peter Rawlinson mentioned in a press release. Lucid confirmed its Gravity SUV was set for a “late 2024” manufacturing begin, and its upcoming midsize automobile was slated for a late 2026 launch.
Final month, Lucid introduced that it produced 1,728 automobiles and delivered 1,967 automobiles within the first quarter, in comparison with 2,391 automobiles produced and 1,734 automobiles delivered in This fall. The sequentially increased supply numbers had been constructive information for traders, and the corporate mentioned that it’s concentrating on 9,000 automobiles produced in 2024. Final yr, Lucid produced 8,428 automobiles and delivered 6,001 to purchasers.
Lucid’s newest spherical of EV value 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 mentioned capital expenditures hit $198.2 million within the quarter, with expenditures anticipated to tally $1.5 billion in 2024.
By way of its money place, Lucid mentioned 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 imagine there are two elements that set Lucid aside — our superior, in-house expertise and the partnership with the PIF,” Rawlinson mentioned within the launch.
Together with Monday’s post-market transfer, Lucid shares are actually down over 32% yr thus far.
Pras Subramanian is a reporter for Yahoo Finance. You may comply with him on Twitter and on Instagram.
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