Lucid reports 16% revenue growth for Q1: find out more

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on May 6, 2024
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  • Lucid reported its financial results for the first quarter on Monday.
  • Here's what its CEO Peter Rawlinson said in a press release today.
  • Lucid stock is down about 7.0% following the Q1 earnings report.

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Lucid Group Inc (NASDAQ: LCID) is down 7.0% after the bell on Monday even though it came in ahead of sales estimates for its fiscal Q1.

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Why is Lucid stock down in after-hours?

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The stock is taking a hit primarily because $LCID lost more money on a per share basis than expected.

On the plus side, though, Lucid remains confident that it will produce 9,000 vehicles this year which translates to about a 7.0% increase versus 2023. Peter Rawlinson – chief executive of the electric vehicles company said in a press release today:

Our sales momentum is building, our focus upon cost remains relentless, and we believe Gravity is on track to become the best SUV in the world.

Note that the Nasdaq-listed firm delivered 1,967 vehicles in the first quarter which translates to about a 40% increase over last year. Lucid stock is now down some 30% versus the start of 2024.

Notable figures in $LCID Q1 earnings report

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Lucid Group Inc generated $173 million worth of sales and lost 30 cents per share in its recently concluded quarter.

Analysts, in comparison, were at $154 million and 25 cents a share, respectively. According to Gagan Dhingra – interim chief financial officer of the EV firm:

We continue to make significant progress on our cost optimization programmes. We’re focused on growth as we enter next transformational phase of Lucid’s end markets while driving cost discipline.

$LCID resorted to a private placement with an affiliate of PIF (Public Investment Fund) to raise $1.0 billion in Q1. It ended the quarter with just over $5.0 billion in total liquidity. Wall Street currently has a consensus “hold” rating on Lucid stock.

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