Lucid Stock Jumps On Q3 Beat But Retailers Remain Wary As Loss Widens

Lucid Group, Inc. ($LCID) shares rallied in Thursday’s after-hours session following the release of its third-quarter earnings report.

Newark, California-based Lucid said its quarterly loss per share widened from $0.27 in 2023 to $0.28 in 2024. The result, however, bettered the consensus estimate for a loss of $0.31.

Revenue climbed over 45% year-over-year to $200.04 million, ahead of the average analysts’ estimate of $196.23 million. The higher revenue reflected an YoY increase in deliveries from 1,457 units to 2,781 units.

“Our momentum continues with our third consecutive quarter of record deliveries,” said CEO Peter Rawlinson in a statement.

The recent $1.75 billion in capital raise of about $1.75 billion extends the cash runway well into 2026, he added.

CFO Gagan Dhingra said, “We continue to see improvements to gross margin performance as cost reduction efforts are gaining momentum.” 

Looking ahead, the company reiterated its 2024 production guidance of 9,000 EVs.
 

Separately, Lucid, which is majority owned by Saudi Public Investment Fund, said its Gravity Grand Touring SUV, which has a starting price of $94,900, is now available to configure and order on its website. The Gravity Touring price starts at $79,900. The company said production is scheduled to start in late 2025.

The retail mood toward the stock remained mixed.

A user on the Stocktwits platform said a short squeeze could be in the works, provided the company does not announce a stock offering.

Another expressed worries about the cash burn and the slow production ramp up.

The stock rallied 4.50% in after-hours trading  on Thursday.

Read Next: Rivian Reports Q3 Miss Amid Supply Chain Challenges, Cuts EBITA Guidance: Retail Mood Mixed

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