Electric vehicle manufacturer Lucid (LCID) reported mixed first-quarter results as the larger-than-expected loss beat the company’s confirmation that the 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 per-share loss was $0.30, wider than the $0.25 estimate, and its adjusted EBITDA loss was $598.4 million, compared with the $505.1 million forecast by analysts, according to Bloomberg.
“Our sales momentum is increasing, we remain focused on costs and we believe Gravity is well on its way to becoming the best SUV in the world,” Lucid CEO Peter Rawlinson said in a statement. Lucid confirmed that production of the Gravity SUV is scheduled to begin in overdue 2024, with the upcoming mid-size vehicle scheduled to launch in overdue 2026.
Last month, Lucid announced that 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 consecutively higher delivery numbers were positive news for investors, and the company said it was targeting 9,000 vehicles produced 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 hurt the company’s margins, which were also likely impacted by capital expenditures incurred in connection with Gravity’s manufacturing operations. Lucid said capital expenditures reached $198.2 million in the quarter and are expected to reach $1.5 billion in 2024.
On its cash position, Lucid said it had $4.62 billion in cash and cash equivalents, which is sufficient liquidity through the second quarter of 2025. Lucid announced in overdue March that it had entered into a financing agreement with its majority shareholder Ayar Third Investment Company for an investment worth USD 1 billion. Ayar is an affiliate of the Public Investment Fund of Saudi Arabia (PIF).
“I believe there are two things that set Lucid apart – our superior proprietary technology and our partnership with PIF,” Rawlinson said in the release.
Taking into account Monday’s stock market moves, Lucid shares are now down more than 32% since the beginning of the year.
Press Subramanian is a reporter for Yahoo Finance. You can follow him further Twitter and next Instagram.
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