NEWARK, Calif. - Lucid Group, Inc. (NASDAQ: NASDAQ:LCID), a leader in electric vehicle technology, reported its first-quarter financial results, which fell short of Wall Street expectations.
The company posted an adjusted EPS of -$0.30 for the quarter, which was $0.05 below the analyst estimate of -$0.25. Revenue for the quarter was $172.7 million, slightly missing the consensus estimate of $173.57 million.
Lucid's vehicle deliveries showed a significant increase of 39.9% compared to the first quarter of the previous year, with 1,967 vehicles delivered. Despite this growth, the company's stock price declined by 4.2% following the earnings release, indicating investor concerns over the results miss.
CEO and CTO Peter Rawlinson highlighted Lucid's unique position in the market, citing its "superior, in-house technology and the partnership with the PIF." He expressed confidence in the company's sales momentum and cost control measures. Gagan Dhingra, Interim Chief Financial Officer, also emphasized the company's focus on growth and cost optimization.
Lucid's financial health appears robust, with the company successfully raising $1.0 billion through a private placement to an affiliate of the Public Investment Fund (PIF) and ending the quarter with approximately $5.03 billion in total liquidity.
The company is on track to produce approximately 9,000 vehicles in 2024.
The company's financial results and the subsequent stock price movement reflect investor reaction to the earnings miss, despite Lucid's progress in vehicle production and delivery growth. The company continues to focus on scaling up production and maintaining cost discipline as it navigates the competitive electric vehicle market.
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