The new Lucid electric cars are parked in front of a Lucid Studio showroom in San Francisco on May 24, 2024.
Justin Sullivan | fake images
DETROIT – Lucid Group It missed Wall Street expectations for the second straight quarter as the all-electric vehicle maker continues to address issues with the launch of its new flagship Gravity SUV.
The company, for the second consecutive quarter, also lowered the upper limit of its annual production guidance to around 18,000 vehicles from a previous forecast of between 18,000 and 20,000 units. Their original goal for this year was 20,000 units. It also reduced the lower target for its capital expenditures by $100 million to between $1 billion and $1.2 billion.
Here's how the company performed in the third quarter, compared to average estimates compiled by LSEG:
- Loss per share: Adjusted $2.65 vs. expected loss of $2.27
- Revenue: $336.6 million vs. $379.1 million expected
Lucid reported a net loss for the quarter of $978.4 million, or $3.31 per share, compared with a net loss of $992.5 million, or $4.09 per share, in the same period last year. Adjusting for extraordinary items, including restructuring, the company lost $2.65 per share.
The company's adjusted earnings before interest, taxes, depreciation and amortization were a loss of $717.7 million versus an expected loss of $597.4 million, according to estimates compiled by StreetAccount. That loss increased year over year by 17%. Its quarterly revenue increased about 68% from $200 million a year earlier.
Its quarterly revenue increased about 68% from $200 million a year earlier.
In addition to releasing its third-quarter results, Lucid said it agreed to increase a delayed draw term loan credit facility from $750 million to about $2 billion from the Saudi Arabian Public Investment Fund, the company's largest shareholder.
The company reported total liquidity of $5.5 billion at the end of the quarter, including the undrawn credit facility. Its cash and cash equivalents have remained broadly stable since the end of last year at $1.6 billion, with a full financial runway until the first half of 2027, the company said.
Lucid also said it continues to evaluate financing and liquidity options outside of the PIF as it launches its Gravity SUV and develops an upcoming mid-size vehicle, which is not expected to go into production until at least late next year.
An autonomous robotaxi from Uber's partnership with Lucid and autonomous vehicle startup, Nuro.
Courtesy: Nick Twork | Lucid
Regarding Gravity, Lucid interim CEO Marc Winterhoff said the company “remains intensely focused on ramping up production and addressing significant supply chain disruptions impacting the entire industry.”
During the company's latest quarterly results in August, Winterhoff admitted there were problems with Gravity and said the company planned to significantly increase production during the second half of the year.
Winterhoff told investors on Wednesday that the company continues to believe it can achieve a significant increase in Gravity deliveries during the fourth quarter, despite supply chain issues and a slowdown in demand for electric vehicles across the industry.
Lucid CFO Taoufiq Boussaid said Gravity's production increased quarter-over-quarter, but remains at an unimportant level.
The earnings results come about a month after Lucid reported third-quarter vehicle deliveries of 4,078 units, which were up from a year ago but also slightly below Wall Street expectations.
Lucid has made several partnership announcements this year. In July, it signed a $300 million deal with Uber that included the acquisition and deployment of more than 20,000 Lucid Gravity SUVs over the next six years that will be equipped with autonomous vehicle technology from startup Nuro. More recently, it announced an expanded partnership with NVIDIA for autonomous vehicle technologies.
Lucid's results contrast sharply with those of the pure electric vehicle company Rivian Automotivewhich on Tuesday reported third-quarter earnings and revenue that beat Wall Street expectations and sent the stock price higher during intraday trading on Wednesday.
Rivian shares, following near-record gains on Wednesday, are up about 16% in 2025, while Lucid remains down more than 40%, including a 1-for-10 reverse stock split this summer.
