Lucid Q1 Loss Wider Than Expected But Narrower Year Over Year

Core Insights - Lucid Group reported a first-quarter 2025 loss of 24 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 23 cents but narrower than the loss of 30 cents in the same period last year. Revenues reached $235.05 million, falling short of the consensus estimate of $236.10 million but showing a year-over-year increase of 36% due to stronger vehicle deliveries [1]. Group 1: Production and Deliveries - Lucid produced a total of 2,212 units and delivered 3,109 units of Lucid Air in the quarter, marking a 58% increase from the previous year [2]. - The total gross loss for the quarter was $228.5 million, an improvement from a gross loss of $232 million in the prior-year quarter. The gross margin was negative 97%, compared to negative 134.5% in the same quarter last year [2]. Group 2: Expenses and Cash Flow - Total operating expenses were $463.4 million, down from $497.8 million in the prior-year quarter. Research and development expenses were $251.2 million, reduced from $284.6 million in the first quarter of 2024. Selling, general, and administrative expenses were $212.2 million, slightly down from $213.2 million in the year-ago quarter [3]. - The adjusted EBITDA was a negative $563.5 million, an improvement from negative $598.4 million in the first quarter of 2024. Net cash used in operating activities was $428.6 million, down from $516.7 million in the previous year. Capital expenditures were $161.2 million, compared to $198.2 million in the same period last year. Free cash flow was a negative $589.8 million [4]. Group 3: Liquidity and Future Outlook - As of March 31, 2025, Lucid had $1.85 billion in cash and cash equivalents, up from $1.6 billion at the end of 2024. The company ended the first quarter with $5.76 billion in total liquidity, and long-term debt remained at $2 billion [5]. - For 2025, Lucid expects to produce approximately 20,000 vehicles [5].