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Model new Lucid electrical vehicles sit parked in entrance of a Lucid Studio showroom in San Francisco on Could 24, 2024.
Justin Sullivan | Getty Photographs
DETROIT – Lucid Group missed Wall Avenue’s expectations for a second consecutive quarter because the all-electric car maker continues to handle issues with the launch of its new flagship Gravity SUV.
The corporate, for a second consecutive quarter, additionally reduce the excessive finish of its annual manufacturing steerage to round 18,000 autos from a earlier forecast of between 18,000 and 20,000 items. Its authentic goal for this 12 months was 20,000 items. It additionally lowered the low finish goal of its capital expenditures by $100 million to between $1 billion and $1.2 billion.
This is how the corporate carried out within the third quarter, in contrast with common estimates compiled by LSEG:
- Loss per share: $2.65 adjusted vs. a lack of $2.27 anticipated
- Income: $336.6 million vs. $379.1 million anticipated
Lucid reported a internet loss for the quarter of $978.4 million, or $3.31 per share, in contrast with a internet lack of $992.5 million, or $4.09 per share, in the identical interval final 12 months. Adjusting for one-time objects together with restructuring, the corporate misplaced $2.65 a share.
The corporate’s adjusted earnings earlier than curiosity, taxes, depreciation and amortization was a lack of $717.7 million vs. an anticipated lack of $597.4 million, in response to estimates compiled by StreetAccount. That loss widened year-over-over by 17%. Its quarterly income elevated roughly 68% from $200 million a 12 months earlier.
Its quarterly income elevated roughly 68% from $200 million a 12 months earlier.
Along with releasing its third-quarter outcomes, Lucid mentioned it has agreed to extend a delayed draw time period mortgage credit score facility from $750 million to roughly $2 billion from Saudi Arabia’s Public Funding Fund, the corporate’s largest shareholder.
The corporate reported complete liquidity of $5.5 billion to finish the quarter, together with the undrawn credit score line. Its money and money equivalents have been roughly flat from the tip of final 12 months at $1.6 billion, with a complete monetary runway into the primary half of 2027, the corporate mentioned.
Lucid additionally mentioned it continues to guage finance and liquidity choices exterior of the PIF because it launches its Gravity SUV and develops an upcoming midsize car, which is not anticipated to start out manufacturing till at the least late subsequent 12 months.
An autonomous robotaxi from Uber’s partnership with Lucid and autonomous car startup, Nuro.
Courtesy: Nick Twork | Lucid
Concerning Gravity, Lucid interim CEO Marc Winterhoff mentioned the corporate “stays intensely centered on ramping up manufacturing and addressing the numerous provide chain disruptions impacting your entire trade.”
Throughout the firm’s final quarterly ends in August, Winterhoff admitted there have been issues with Gravity, saying the corporate deliberate to considerably enhance manufacturing throughout the second half of the 12 months.
Winterhoff advised traders Wednesday that the corporate continues to consider it will possibly obtain a big enhance in Gravity deliveries throughout the fourth quarter, regardless of the provision chain points and an industrywide slowdown in EV demand.
Lucid CFO Taoufiq Boussaid mentioned Gravity manufacturing elevated quarter-to-quarter however stays at an unmeaningful degree.
The earnings outcomes come roughly a month after Lucid reported third-quarter car deliveries of 4,078 items, which elevated from a 12 months earlier but in addition fell barely wanting Wall Avenue expectations.
Lucid has made a number of partnership bulletins this 12 months. In July, it signed a $300 million deal with Uber that included the ride-hailing platform buying and deploying greater than 20,000 Lucid Gravity SUVs over the subsequent six years that will probably be geared up with autonomous car expertise from startup Nuro. Extra not too long ago, it introduced an expanded partnership with Nvidia for autonomous car applied sciences.
Lucid’s outcomes are in stark distinction to fellow pure EV firm Rivian Automotive, which on Tuesday reported third-quarter earnings and income that topped Wall Avenue expectations and drove the inventory worth up throughout intraday buying and selling Wednesday.
Shares of Rivian — following near-record beneficial properties Wednesday — are up roughly 16% in 2025, whereas Lucid stays off greater than 40%, together with a 1-for-10 reverse inventory cut up this summer time.
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