After the bell on Thursday, we received third quarter results from Lucid Group, Inc. (NASDAQ: LCID ). The luxury electric vehicle maker has been one of the most disappointing names in the market since going publicI am a market enthusiast and part-time trader. I started writing for Seeking Alpha in 2011, and it has been a tremendous opportunity and learning experience. I have been interested in the markets since elementary school, and hope to pursue a career in the investment management industry. I have been ...

Financial Data and Key Metrics Changes - In Q3 2024, Lucid Group reported revenue of approximately $200 million, up 45.2% year-over-year and flat sequentially [31] - The company delivered 2,781 vehicles, representing a 91% increase year-over-year and a 16% increase sequentially [10][30] - GAAP gross margin improved by 28 percentage points sequentially, driven by cost reduction initiatives [32] - The adjusted EBITDA loss was $613.1 million, an improvement from $647.6 million in Q2 [38] Business Line Data and Key Metrics Changes - The company produced 1,805 vehicles in Q3 and reaffirmed guidance to produce approximately 9,000 vehicles for the full year 2024 [30][41] - The Lucid Air outsold many competitors in both the electric and gas vehicle markets in September [11] - The Lucid Gravity SUV has opened for orders, with significant interest noted from customers [22][23] Market Data and Key Metrics Changes - Lucid's brand awareness reached an all-time high in Q3, contributing to increased delivery numbers [11] - The company noted a 70% increase in foot traffic at studios during the Lucid Gravity Roadshow events [23] Company Strategy and Development Direction - The company raised approximately $1.75 billion through a public offering to support its strategic initiatives and maintain financial runway into 2026 [8][39] - Lucid aims to leverage its technology and scale to enhance gross margins and drive long-term shareholder value [48][50] - The upcoming Lucid Gravity is expected to enter a significantly larger addressable market compared to the Lucid Air [49][50] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenging market conditions impacting share price but expressed confidence in the company's strategic direction and long-term potential [46][48] - The company is focused on cost transformation initiatives and anticipates improved operational efficiency and profitability [43][50] Other Important Information - The Lucid Air received a five-star safety rating from the National Highway Traffic Safety Administration [19][21] - The company plans to strategically expand its studio and service center footprint to enhance customer satisfaction [36] Q&A Session Summary Question: What do you have to say to early investors about the share price? - Management acknowledged market challenges but emphasized ongoing initiatives to drive growth and improve financial performance [46][48] Question: Do you plan to offer a more affordable vehicle? - Management confirmed plans for a midsized vehicle with a target price of $48,000 to $50,000, scheduled for production in late 2026 [54][55] Question: What are the chances of the Saudis buying out Lucid completely? - Management highlighted the strong partnership with the Public Investment Fund but did not comment on potential buyout scenarios [56] Question: Can you reach positive margins for the Air and Gravity? - Management expressed confidence in achieving positive margins for both models, citing significant reuse of powertrain technology [57][58] Question: What is the anticipated unit mix for next year with Gravity ramping up? - Management indicated a focus on high-end Gravity models first, with a transition to lower-priced models as production ramps up [74][75] Question: What are the working capital implications for next year as you ramp Gravity? - Management stated that funding will support operations well into 2026, with ongoing cost reduction initiatives in place [90][92]

Lucid Group (LCID) came out with a quarterly loss of $0.41 per share versus the Zacks Consensus Estimate of a loss of $0.32. This compares to loss of $0.28 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -28.13%. A quarter ago, it was expected that this an electric vehicle automaker would post a loss of $0.27 per share when it actually produced a loss of $0.29, delivering a surprise of -7.41%.Over the last four quarters, the c ...

Revenue and Growth - Revenue for the three months ended September 30, 2024, was $200.0 million, a 45% increase from $137.8 million in the same period last year, driven by higher deliveries of the Lucid Air vehicles [204][205]. - The company expects to launch the Lucid Gravity SUV in late 2024 and the Midsize platform in late 2026, leveraging advancements from the Lucid Air [193]. - The company anticipates significant risks and uncertainties related to the development and commercial launch of vehicles, manufacturing capacity increases, and international expansion [264]. Expenses and Costs - Cost of revenue decreased by $57.2 million or 12% for the three months ended September 30, 2024, primarily due to decreases in inventory write-downs and losses from firm purchase commitments [206][208]. - Research and development expenses for the three months ended September 30, 2024, were $324.4 million, a 41% increase from $230.8 million in the same period last year, reflecting ongoing investments in technology and product development [211][212]. - Selling, general, and administrative expense increased by $43.9 million, or 23%, for the three months ended September 30, 2024, compared to the same period in the prior year [216]. - The company is experiencing increased inflation affecting vehicle manufacturing costs, influenced by key components, labor, and equipment costs [296]. - Ongoing construction of AMP-1 and AMP-2 facilities may lead to higher capital expenditures due to rising material and labor costs [296]. Financial Position and Liquidity - The company had approximately $4.0 billion of cash, cash equivalents, and investments as of September 30, 2024 [236]. - The company expects adequate liquidity for at least the next 12 months to fund ongoing operations and research and development projects [237]. - The company reported an accumulated deficit of $12.5 billion, up from $10.2 billion as of December 31, 2023 [263]. - Cash used in operating activities decreased by $528.7 million to $1,486.5 million during the nine months ended September 30, 2024, compared to the same period in the prior year [268]. - Net cash provided by investing activities was $290.0 million during the nine months ended September 30, 2024, a significant improvement from $1,599.1 million used in the same period in the prior year [270]. - Net cash provided by financing activities decreased by $1,324.2 million to $1,718.7 million during the nine months ended September 30, 2024, compared to the same period in the prior year [272]. Inventory and Receivables - The company recorded inventory write-downs of $154.9 million for the three months ended September 30, 2024, compared to $230.8 million in the same period last year, indicating improved inventory management [209]. - The company experienced a decrease in inventory of $354.5 million due to lower purchases of raw materials and improved inventory management [268]. - Accounts receivable increased to $98.2 million as of September 30, 2024, compared to $51.8 million as of December 31, 2023, primarily due to higher vehicle sales [268]. Financing Activities - The company completed a public offering on October 18, 2024, raising approximately $719.0 million from the sale of 262.4 million shares [194]. - A private placement with Ayar Third Investment Company raised approximately $1,026.5 million, reflecting strong support from the controlling stockholder [195]. - The company issued $2,012.5 million of 2026 Notes with a 1.25% annual interest rate, maturing on December 15, 2026 [240]. - The ABL Credit Facility provides for an initial aggregate principal commitment amount of up to $1.0 billion, with a stated maturity date of June 9, 2027 [253]. - As of September 30, 2024, the company had outstanding borrowings of SAR 175 million (approximately $46.6 million) under the GIB Credit Facility [252]. Economic and Market Conditions - The company acknowledges potential adverse impacts from economic downturns, which may affect consumer demand for luxury electric vehicles [197]. - The company anticipates that inflationary pressures may lead to increased manufacturing costs, impacting future capital expenditures [203]. - A hypothetical 100 basis point increase in interest rates would result in a $13.6 million incremental decline in the fair market value of the company's investment portfolio [294]. - A hypothetical 10% decrease in the stock price of equity securities would decrease their fair value by $4.6 million [295]. Manufacturing and Expansion - As of September 30, 2024, the company has opened 55 studios and service centers globally, with plans for further expansion to enhance customer experience [200]. - The company selected King Abdullah Economic City in Saudi Arabia for its first international manufacturing plant, initially focusing on re-assembly of vehicle kits [241]. - Lucid LLC entered into a loan agreement with the Saudi Industrial Development Fund for up to SAR 5.19 billion (approximately $1.4 billion) to finance development and construction of AMP-2 [242]. - The company received SAR 366 million (approximately $97.5 million) in cash support from the Ministry of Investment of Saudi Arabia during the year ended December 31, 2023 [248]. Other Financial Metrics - Interest income decreased by $16.0 million, or 24%, for the three months ended September 30, 2024, compared to the same period in the prior year [229]. - Interest expense increased by $5.1 million, or 154%, for the three months ended September 30, 2024, compared to the same period in the prior year [232]. - The change in fair value of common stock warrant liability resulted in a loss of $13.7 million for the three months ended September 30, 2024 [223]. - The derivative liabilities of the Series A and Series B Redeemable Convertible Preferred Stock were remeasured to a fair value of $932.0 million as of September 30, 2024 [228]. - The company recorded unrealized losses of $8.8 million for the change in fair value of equity securities of a related party for the three months ended September 30, 2024 [224]. - The fair value of equity securities held by the company was $45.7 million as of September 30, 2024 [295].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (date of earliest event reported): October 16, 2024 Lucid Group, Inc. (Exact name of registrant as specified in its charter) | --- | --- | |--------------------|---------| | | | | 001-39408 | | | (Commission File | (I.R.S. | | Number) | | Delaware 85-0891392 (State or other jurisdiction of incorporation or organization) Employer ...

Brand new Lucid electric cars sit parked in front of a Lucid Studio showroom on May 24, 2024 in San Francisco, California.Electric carmaker Lucid Group slightly beat Wall Street's third-quarter expectations as the carmaker cuts costs ahead of plans to begin consumer production of a new SUV by the end of this year.Here's how the company performed in the quarter, compared with average estimates compiled by LSEG:Loss per share: 28 cents adjusted vs. a loss of 30 cents expectedRevenue: $200 million vs. $198 mil ...

The electric vehicle (EV) race is heating up — but not for Rivian Automotive Inc RIVN or Lucid Group Inc LCID. Both EV companies are struggling, with their stocks down nearly 50% year-to-date.As they prepare to release their third-quarter earnings today, investors are bracing for news on their continued losses, with Rivian expecting a loss of 92 cents per share and Lucid a loss of 30 cents.But there’s more than just the numbers to focus on. Pre-earnings technicals paint a troubling picture for both companie ...

Lucid Motors has officially started taking orders for its electric Gravity SUV, a critically important vehicle that’s supposed to go into production by the end of this year. Interested buyers can now place $1,000 refundable deposits on the “Grand Touring” trim, which starts at $94,900, on the company’s website.Similar to the company’s current model, the Air sedan, the Gravity is a more-than-capable electric vehicle. The company promises it can travel more than 440 miles on a full battery. That battery deliv ...

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