Lucid Group Inc (NASDAQ:LCID) reported second-quarter financial results after the market close on Tuesday. Here’s a rundown of the EV maker’s report.
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Lucid Q2 Key Metrics
Lucid posted second-quarter revenue of $405.35 million, missing analyst estimates of approximately $428 million, according to Benzinga Pro. Total revenue was up 56% on a year-over-year basis.
The EV company reported an adjusted loss of $2.78 per share for the quarter, missing estimates for a loss of $ 2.49 per share.
“Lucid has leading technology, compelling products and deeply committed people, but potential is not performance,” said Silvio Napoli, CEO of Lucid.
“We are going back to basics, with a clear focus on cash, customers and culture. We are focused on delivering on our four must-win priorities, including our $1.4 billion cash flow improvement plan and the advancement of our Robotaxi, AMP-2, and Midsize programs, which will establish a strong foundation for Lucid’s next chapter.”
Lucid said it produced 4,774 vehicles in the second quarter and delivered 3,953 vehicles. The company noted that its robotaxi program began deliveries of Lucid Gravity Production-Validation vehicles in the quarter, with testing underway across the San Francisco Bay Area and Houston.
Lucid ended the quarter with approximately $3 billion in total liquidity. The company said recently secured financing, in conjunction with operational actions the company is taking, is expected to provide sufficient liquidity runway “well into 2027.”
Lucid executives will further discuss the quarter on an earnings call that starts at 5:30 p.m. ET.
LCID Shares Slide After The Close
LCID Price Action: Lucid shares were down 6.43% in after-hours on Tuesday, trading at $7.28 at the time of publication, according to Benzinga Pro.
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