Lucid Group Inc (NASDAQ:LCID) reported financial results for the first quarter after the market close on Tuesday. Here’s a look at the key metrics from the quarter.
Q1 Earnings: Lucid reported first-quarter revenue of $235.05 million, missing analyst estimates of $250 million, according to Benzinga Pro. The electric vehicle maker reported a first-quarter loss of 20 cents per share, beating analyst estimates for a loss of 23 cents per share.
Lucid said it produced 2,212 vehicles in the first quarter and delivered 3,109 vehicles. The production number doesn’t include more than 600 vehicles in transit to Saudi Arabia for factory gating.
The company ended the quarter with approximately $5.76 billion in total liquidity.
“We continued to build momentum in the first quarter as we achieved yet another delivery record, further strengthened our market position, and executed against operational priorities,” said Marc Winterhoff, interim CEO of Lucid.
“Lucid Gravity is beginning to arrive in more customers’ driveways and at our studios, and combined with our progress toward future initiatives, our company is well-positioned for future success.”
Outlook: Lucid continues to expect total production of approximately 20,000 vehicles in 2025.
“We’re executing against our near-term goals — driving volume, improving margins and operating with rigor. And we’re positioning ourselves for long-term value creation — with clear strategic priorities, strong liquidity and breakthrough products that redefine their categories,” said Taoufiq Boussaid, CFO of Lucid.
Lucid executives will hold a conference call at 5:30 p.m. ET to further discuss details from the first quarter.
LCID Price Action: Lucid shares were up 0.43% in after-hours, trading at $2.34 at the time of publication Tuesday, according to Benzinga Pro.
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Photo: Courtesy of Lucid.
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