Electric vehicle maker Lucid (LCID) will report its first quarter financial results after the bell, seeking to address investor concerns about demand for electric vehicles 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 expected to be $505.1 million, according to 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 the fourth quarter. The sequentially higher delivery numbers were good news for investors, and the company said it was targeting 9,000 vehicles produced in 2024. Last year, Lucid produced 8,428 vehicles and delivered 6,001 to his clients.
On the other hand, while the company says scale will help reduce costs, investors are wondering what scale effect exists for a vehicle that starts around $69,000 and goes up to $250,000 for the Lucid Air Sapphire.
Additionally, Lucid’s latest round of EV price cuts announced 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 would also have an impact on these margins.
In terms of cash flow, Lucid announced at the end of March that it had entered into a financing agreement with its majority shareholder Ayar Third Investment Company for an investment of one billion dollars. Ayar is a subsidiary of the Public Investment Fund of Saudi Arabia. Prior to this investment, Lucid reported $4.32 billion in cash and cash equivalents at the end of the fourth quarter.
Lucid’s cash flow takes on increased importance as the company ramps up production of its Lucid Gravity SUV and prepares for the 2026 debut of its midsize electric vehicle.
Pras Subramanian is a journalist for Yahoo Finance. You can follow it Twitter and on Instagram.
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