Electric vehicle company Lucid Group LCID reported second-quarter financial results after the market close Monday.
Here are the key highlights.
What Happened: Lucid Group reported second-quarter revenue of $200.6 million, beating a Street consensus estimate of $192.06 million, according to data from Benzinga Pro.
The company reported a loss of 29 cents per share in the quarter, missing a Street consensus estimate for a loss of 26 cents per share.
In the second quarter, Lucid produced 2,110 vehicles and delivered 2,394 vehicles.
"I'm very encouraged by our sales and market share momentum we're experiencing, the benefits we're realizing from our cost optimization programs, and the excitement that's been building into the Lucid Gravity launch, setting a strong foundation for the rest of the year," Lucid CEO Peter Rawlinson said.
Lucid ended the second quarter with $4.28 billion in total liquidity.
Read Also: Tesla Rival Lucid Motors Prepares For Q2 Earnings: Is LCID Poised For A Rebound?
What's Next: Lucid said it expects to manufacture around 9,000 vehicles in 2024.
"The tremendous financial value potential our technology enables is now becoming better recognized, and our achievement of a landmark efficiency of 5.0 miles per kilowatt hour, ahead of where we anticipated is a further proof point of our leadership as a technology company," Rawlinson said.
Along with the quarterly financial results, Lucid announced a $1.5-billion commitment from an affiliate of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. The deal calls for the purchase of $750 million of convertible preferred stock and a $750-million unsecured delayed draw term loan facility, subject to certain terms and conditions.
Lucid has not borrowed under the delayed draw term loan facility, the company said in the press release.
The company said the net proceeds from the private placement and any proceeds from the term loan will be used for general corporate purposes.
Chief Financial Officer Gagan Dhingra said the second-quarter results showed "positive momentum" with increased sales of Lucid Air and ongoing cost reduction efforts.
"The additional $1.5 billion commitment by an affiliate of the PIF announced today is expected to provide sufficient liquidity into at least the fourth quarter of 2025," Dhingra said.
LCID Price Action: Lucid shares are up 8% to $3.25 in after-hours trading Monday versus a 52-week trading range of $2.29 to $7.30.
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Photo courtesy of Lucid Group.
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