Lucid misses Wall Street expectations as problems continue with SUV launch

Core Insights - Lucid Group missed Wall Street expectations for the second consecutive quarter, primarily due to challenges with the launch of its new flagship Gravity SUV [1] Financial Performance - The company reported a net loss of $978.4 million, or $3.31 per share, compared to a net loss of $992.5 million, or $4.09 per share, in the same period last year [1] - Adjusted for one-time items, the loss per share was $2.65, which was higher than the expected loss of $2.27 [6] - Quarterly revenue increased by approximately 68% to $336.6 million from $200 million a year earlier, but fell short of the expected $379.1 million [2][6] - Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was a loss of $717.7 million, wider than the expected loss of $597.4 million, marking a 17% year-over-year increase in losses [3] Liquidity and Financing - Lucid has agreed to increase a delayed draw term loan credit facility from $750 million to approximately $2 billion from Saudi Arabia's Public Investment Fund, its largest shareholder [4] - The company reported total liquidity of $5.5 billion at the end of the quarter, including the undrawn credit line, with cash and cash equivalents remaining roughly flat at $1.6 billion [4] - Lucid is exploring additional finance and liquidity options outside of the Public Investment Fund as it prepares to launch the Gravity SUV and develop a new midsize vehicle, which is not expected to start production until at least late next year [5]