EV maker Lucid (LCID) said its bigger-than-expected loss was more about mixed first-quarter results than confirmation that its Gravity SUV is on track for a 2024 debut. reported.
For the quarter, Lucid reported revenue of $172.7 million, beating expectations of $150.1 million and increasing nearly 16% year-over-year. However, Lucid's loss per share was $0.30, higher than expected by $0.25, and its adjusted EBITDA loss was $598.4 million, compared to the $505.1 million expected by analysts according to Bloomberg.
“With sales momentum increasing and cost focus remaining unrelenting, we believe the Gravity is on track to become the world's best SUV,” Lucid CEO Peter Rawlinson said in a statement. ” he said. Lucid has confirmed that its Gravity SUV is scheduled to go into production in “the second half of 2024,” and announced that its next midsize vehicle is scheduled to go on sale in the second half of 2026.
Lucid stock fell 5% in after-hours trading.
Last month, Lucid announced it produced 1,728 vehicles and delivered 1,967 vehicles in the first quarter. In contrast, in the fourth quarter, 2,391 vehicles were produced and 1,734 vehicles were delivered. The continued increase in deliveries is good news for investors, with the company saying 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 EV price cuts announced in February likely boosted sales, but the company's profit margins declined. This was likely also influenced by capital expenditures incurred in Gravity's production activities. According to Lucid, capital expenditures in the quarter amounted to $198.2 million and are expected to reach $1.5 billion in 2024.
Regarding its cash position, Lucid said it has $4.62 billion in cash and cash equivalents on hand, giving it sufficient liquidity through the second quarter of 2025. Lucid announced in late March that it had signed a financing agreement with major shareholder Ayar Saad Investment Company. For a billion dollar investment. Ayar is an affiliate of Saudi Arabia's Public Investment Fund (PIF).
“We believe two things set Lucid apart: our superior in-house technology and our partnership with PIF,” Rawlinson said in the release.
Including Monday's post-market action, Lucid stock is down more than 32% year-to-date.
Pras Subramanian is a reporter for Yahoo Finance.you can follow him twitter And even more Instagram.
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