Yahoo Finance Lucid earnings: EV-maker reports revenue, profit miss; targets 10,000 units produced this year
Lucid Motors (LCID) shares fell in extended trading as the pure-play electric vehicle maker reported a Q1 revenue and earnings miss, as concerns about profitability and production mount for the California-based company.
For the quarter, Lucid reported top-line revenue of $149.4 million, missing estimates of $197.8 million and below the $257 million Lucid reported last quarter, though it was significantly higher than the $57.7 million Lucid reported a year ago. In terms of profitability, Lucid reported an adjusted EPS loss of $0.43, wider than the $0.40 loss per share expected by Wall Street.
Lucid said it ended the quarter with approximately $4.1 billion total liquidity, which is expected to fund the company into at least Q2 of 2024.
"We are on track to produce over 10,000 vehicles in 2023, with company-wide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow," said Peter Rawlinson, Lucid's CEO in a statement. "We will unveil our Gravity SUV later this year ahead of its launch in 2024 and we cannot wait for everyone to experience it."
On a production standpoint, in Q1 Lucid produced 2,314 vehicles, delivering only 1,406 of those cars to customers. As noted by Lucid's CEO, the company is on track to produce over 10,000 vehicles in 2023, though that is on the low end of Lucid's 10,000 to 14,000 production forecast.
In Q1, Lucid announced its own $7,500 “credit” for certain Air sedans as a way to boost sales as its sole product doesn’t qualify for the $7,500 federal EV tax credit. Management will likely address on the call whether this incentive lifted pre-orders during the quarter and also any hit it may have taken on profitability. In mid-February Lucid said it had 28,000 pre-orders for the Air sedan (its only product for sale), but that figure dropped from 34,000 pre-orders it had in November.
Looking ahead, a big question that will likely be addressed on the earnings call is the future of the company’s ownership structure and its status as a public entity. Lucid’s stock shot up in January on speculation Saudi Arabia’s Public Investment Fund (PIF) would buy out the remainder of the company it doesn’t own and take it private. PIF’s stake in Lucid sits at approximately 65%.
The Lucid/PIF partnership goes beyond a financial agreement; last year Lucid announced it will be building a factory in Saudi Arabia, with a planned annual capacity of 155,000 EVs a year.
Lucid shares were down around 4% in after-hours trading.
"An earlier version of this post included full-year estimates for Lucid's Q1 revenue and earnings per share; these have been corrected to reflect the consensus estimates for Q1."
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Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
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