EV maker Lucid (LCID) will report first quarter financial results after the bell, looking to address investor concerns over EV demand and its cash position.
For the quarter, Lucid is expected to report revenue of $150.1 million on an adjusted loss per share of $0.25. Lucid’s adjusted EBITDA loss is forecast to come in at $505.1 million, per Bloomberg consensus estimates.
Last month, Lucid announced that it produced 1,728 vehicles and delivered 1,967 vehicles in the first quarter, compared to 2,391 vehicles produced and 1,734 vehicles delivered in Q4. The sequentially higher delivery numbers were positive news for investors, and the company said that it is targeting 9,000 vehicles produced in 2024. Last year Lucid produced 8,428 vehicles and delivered 6,001 to clients.
On the other hand, with the company claiming scale will help bring down the costs, investors are questioning how much of a scale effect exists for a vehicle that starts around $69,000 and goes all the way up to $250,000 for the Lucid Air Sapphire.
In addition, Lucid’s latest round of EV price cuts announced back in February will likely hurt the company’s margin going forward and the company said on its conference call that tooling for its new Gravity SUV will impact those margins as well.
In terms of its cash position, Lucid announced in late March that it struck a funding agreement with its majority shareholder Ayar Third Investment Company for a $1 billion investment. Ayar is an affiliate of Saudi Arabia’s Public Investment Fund. Prior to this investment, Lucid reported $4.32 billion in cash and cash equivalents at the end of the fourth quarter.
Lucid’s cash pile is of increased importance as the company ramps up production of its Lucid Gravity SUV and gears up for the 2026 debut of its midsize EV.
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
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