Lucid Q3 Earnings: Revenue Beat, EPS Beat, On Track To Produce 9K Vehicles In 2024

Lucid Group Inc LCID reported third-quarter financial results after the market close on Thursday. Here’s a look at the key metrics from the electric vehicle company’s quarter.

Q3 Earnings: Lucid reported third-quarter revenue of $200.04 million, beating the consensus estimate of $197.97 million, according to Benzinga Pro. The EV company reported an adjusted quarterly loss of 28 cents per share, beating analyst estimates for a loss of 30 cents per share.

Lucid said it produced 1,805 vehicles in the third quarter and delivered 2,781. The company ended the quarter with approximately $5.16 billion in total liquidity.

“Our momentum continues with our third consecutive quarter of record deliveries,” said Peter Rawlinson, CEO and CTO of Lucid.

“Additionally, today we are delighted to open the order book for the much-anticipated Lucid Gravity SUV, a landmark product, which remains on track for start of production this year. Furthermore, our recent capital raise of approximately $1.75 billion serves to further secure the future of the company by extending its financial runway well into 2026.”

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Outlook: Lucid said it remains on track to produce approximately 9,000 vehicles in 2024.

The company announced Thursday morning that its Gravity Grand Touring SUV became available to order. Lucid expects production to start at the end of the year.

“We continue to see improvements to gross margin performance as our cost reduction efforts are gaining momentum,” said Gagan Dhingra, interim CFO and principal accounting officer at Lucid. 

Management will hold a conference call to further discuss the company’s quarterly results at 5:30 p.m. ET.

LCID Price Action: Lucid shares were up 8.09% in after-hours, trading at $ 2.39 at the time of publication, according to Benzinga Pro.

Photo: Courtesy of Lucid.