Lucid sees bigger losses ahead, and its stock drops 12%
EV maker backed by Saudi Arabia reveals preliminary Q3 results
From the Equity Insider archive. This article dates from Oct 16, 2024 and is preserved as first published.
EV maker backed by Saudi Arabia reveals preliminary Q3 results
Shares of Lucid Group Inc. fell 12% in the extended session Wednesday after the EV maker called for larger-than-expected operational losses and quarterly revenue that would be slightly ahead of forecasts.
In a filing with securities regulators Wednesday, Lucid LCID 0.31% estimated that its loss from operations will range between $765 million and $790 million in the third quarter. Analysts polled by FactSet expect a loss of around $752 million.
31% estimated that its loss from operations will range between $765 million and $790 million in the third quarter.
Lucid called for revenue between $199 million and $200 million, which compares with the FactSet consensus of $196 million.
The EV maker, which is scheduled to report third-quarter earnings Nov. 7, said that as of Sept. 30 it had about $5.16 billion of total liquidity, including around $4.027 million in cash and equivalents.
In early August, Lucid announced a $1.5 billion liquidity boost from Saudi Arabia’s sovereign-wealth fund, which is the EV maker’s largest backer, enough to keep the company going through the end of next year.
The deal provided a liquidity cushion to Lucid and also showed that Saudi Arabia is committed to the company’s long-term success. Shares of Lucid have fallen 22% this year, contrasting with gains of about 22% for the S&P 500 index SPX0.47%
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