Highlights
- Lucid Motors reported Q3 revenue of $200 million, beating expectations and showing significant growth from last year.
- The company narrowed its loss, posting an adjusted loss per share of $0.28 and an improved EBITDA loss of $613.1 million.
- Lucid is on track to meet its annual production target of 9,000 vehicles and is preparing for the launch of its highly anticipated Gravity SUV.
Electric vehicle maker Lucid Motors (NASDAQ:LCID) delivered a positive earnings report for the third quarter, surpassing revenue estimates and posting a narrower-than-expected loss. The company is positioning itself for a significant boost in sales with the upcoming launch of its Gravity electric SUV.
Revenue and Loss Beat Expectations
Lucid reported third-quarter revenue of $200 million, surpassing analyst estimates of $196.3 million and a significant increase from the $137.8 million reported in the same period last year. The company also posted an adjusted loss per share of $0.28, which was better than the expected loss of $0.31. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) showed a loss of $613.1 million, which was an improvement over the forecasted loss of $634.4 million.
Vehicle Production and Delivery Growth
Lucid produced 1,805 vehicles in the third quarter, with deliveries totaling 2,781 units. The company remains on track to meet its annual production target of 9,000 vehicles. This marks an important milestone as Lucid prepares to expand its production capacity with the introduction of the Gravity SUV, which is expected to play a pivotal role in driving sales growth.
Strong Cash Position and Support from Saudi Investor
As of the end of the third quarter, Lucid reported a strong cash position of $5.16 billion, a crucial buffer as the company ramps up production of the Gravity SUV. This amount does not include the $1.75 billion raised in a recent share sale. Lucid's largest investor, Saudi Arabia's Public Investment Fund (PIF), through its affiliate Ayar Third Investment Company, maintains a 58.8% stake in the company. Ayar also purchased additional shares during the recent capital raise to preserve its stake.
Lucid is betting on the Gravity SUV to significantly boost its sales, with production of the model expected to begin later this year. The company hopes the new vehicle will be a game-changer in its push to expand its presence in the competitive electric vehicle market.