Lucid Stock Moves Lower On Q1 Earnings: What Investors Need To Know

Lucid Group Inc (NASDAQ:LCID) reported first-quarter financial results on Tuesday after the closing bell. Here’s a look at the key metrics from the quarter.

• Lucid Group stock is trending. What’s impacting LCID stock?

Key Details From Lucid’s Q1

Lucid reported first-quarter revenue of $282.47 million, which may not compare to analyst estimates of $440.43 million, according to Benzinga Pro. Total revenue was up 20% on a year-over-year basis. 

The electric vehicle maker reported an adjusted loss of $2.82 per share for the quarter, missing estimates for a loss of $2.64 per share.

“First quarter results demonstrated the strength of our technology and product portfolio,” said Marc Winterhoff, Interim CEO of Lucid. “We expanded strategic partnerships, including with Uber, and continued to advance our autonomy roadmap.”

Lucid said it produced 5,500 vehicles in the first quarter and delivered 3,093 vehicles. The company noted that Lucid Gravity deliveries were disrupted for 29 days during the quarter due to a supplier quality issue with the second-row seats. Lucid said the issues have been resolved and the company is taking further steps to align production with anticipated deliveries and customer demand.

Lucid said it ended the quarter with elevated inventory that it expects to convert to revenue and cash as deliveries normalize. The company exited the quarter with approximately $3.2 billion in total liquidity.

Lucid’s management team will further discuss the quarter on an earnings call scheduled for 5:30 p.m. ET.

LCID Shares Slide

LCID Price Action: Lucid shares were down 1.77% in after-hours on Tuesday, trading at $6.14 at the time of publication, according to Benzinga Pro.

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