Electric vehicle company Lucid Group LCID reported fourth-quarter financial results after the market close Wednesday. Here are the key highlights for investors.
What Happened: Lucid Group announced fourth-quarter revenue of $257 million, which came in shy of a Street estimate of $302.6 million, according to data from Benzinga Pro.
The company reported a loss of 28 cents per share in the fourth quarter, which beat a Street estimate of a loss of 40 cents per share.
In the fourth quarter, Lucid produced 3,493 vehicles, an increase of 53% from the third quarter.
Lucid posted full year revenue of $608 million.
The company produced 7,180 vehicles in 2022, which came in ahead of the company’s adjusted annual production guidance of 6,000 to 7,000 vehicles. The company delivered 4,369 vehicles in 2022.
Lucid said it ended the fourth quarter with $4.9 billion in total liquidity, which it said will fund the company until “at least” the first quarter of 2024.
“Last year was a challenging year for everyone, yet despite the extraordinary supply chain and logistics challenges, the team preserved with an unrelenting focus on delivering what we believe is the best luxury sedan on the market,” Lucid CEO Peter Rawlinson said.
Lucid Chief Financial Officer Sherry House said the company worked to scale its business while “keeping a sharp focus on execution.”
Related Link: Trading Strategies For Lucid Stock Before And After Q4 Earnings
What’s Next: Lucid said it has over 28,000 reservations as of Feb. 21, 2023, representing potential sales of $2.7 billion. The reservation total does not include up to 100,000 vehicles reserved by the government of Saudi Arabia.
The company announced 2023 production guidance of 10,000 to 14,000 vehicles.
“Lucid Air is the quintessential luxury sedan, and our goal in 2023 is to amplify our sales and marketing efforts to get this amazing product into the hands of even more customers around the world,” Rawlinson said.
House added that Lucid will focus on capital discipline and cost optimization in 2023.
“We’re gearing for growth, while simultaneously taking a comprehensive look at reducing costs, and I’m very excited about the opportunities that lie ahead of us,” House said.
LCID Price Action: Lucid shares are down 9% to $9.13 in after-hours trading Wednesday at the time of writing.
Read Next: Lucid Motors Q4 Earnings Preview: A look In The Rearview Mirror Shines LIght On The Road Ahead
Photo courtesy of Lucid.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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