Key Highlights
- First-quarter operating losses reached $989 million, surpassing analyst projections of an $864 million loss.
- Quarterly revenue fell approximately 36% short of forecasts following supplier complications that impacted Gravity SUV shipments.
- Earnings per share registered at ($3.46), undershooting the analyst consensus of ($2.72) by $0.74.
- The company secured $1.05 billion in fresh capital, with $200 million contributed by Uber, elevating overall liquidity to $4.7 billion.
- Year-to-date performance shows a 41% decline, with shares down 74% from their 12-month peak.
Shares of Lucid Group (LCID) dropped 6.6% during Tuesday’s regular trading session in anticipation of the company’s first-quarter financial results, followed by a further 2.7% decline in extended trading to $6.08 after disappointing figures were announced.
The electric vehicle manufacturer’s shares started the day at $6.69 before descending to an intraday bottom of $6.18.
The company reported first-quarter operating losses totaling $989 million against revenue of $282 million. Market analysts had forecast a loss of $864 million with revenue expectations hovering around $358 million. The substantial revenue shortfall — approximately 36% beneath projections — stemmed primarily from supply chain disruptions that delayed February shipments of the Gravity SUV.
The company posted earnings per share of ($3.46), falling short of the ($2.72) Wall Street consensus estimate by $0.74. Lucid continues to face headwinds with a return on equity of negative 138.82% and a net margin of negative 207.87%.
Vehicle deliveries for the quarter totaled 3,093 units, unchanged from the same period last year. However, manufacturing output painted a more optimistic picture — the company produced 5,500 vehicles during the three-month period, representing a 149% year-over-year increase. North American order volume surged 144% in March relative to February levels.
Despite stagnant delivery figures, year-over-year revenue climbed 20%, driven by an improved product mix and higher-value vehicle sales.
Financial Position and New Capital
Lucid finalized a $1.05 billion fundraising effort in April. The financing package consisted of $550 million in convertible preferred stock from an affiliate of Saudi Arabia’s Public Investment Fund, $300 million through a registered public offering of common shares, and $200 million in equity investment from Uber — bringing the rideshare giant’s cumulative Lucid investment to $500 million.
The company concluded the first quarter with $4.7 billion in total liquidity, addressing immediate concerns about capital requirements.
Leadership changes were also announced, with Silvio Napoli stepping into the chief executive role, succeeding Marc Winterhoff.
Wall Street Perspective
Analyst sentiment remains predominantly skeptical. The overall consensus rating stands at “Reduce,” though the average price target of $12.25 represents substantial upside from current trading levels.
Cantor Fitzgerald maintained its neutral stance with a $14 price objective. TD Cowen kept its “hold” designation while slashing its target from $19 down to $10. Bank of America continues with an “underperform” rating and $10 price target. Robert W. Baird holds a neutral position with a $12 target.
Among the 11 analysts providing coverage, two recommend buying LCID, six suggest holding, and three advise selling.
The wider electric vehicle market has faced challenges. Federal purchase incentives worth $7,500 lapsed in September, contributing to a 27% year-over-year contraction in U.S. EV sales during the first quarter.
The automaker had previously projected production of 25,000–27,000 vehicles for 2026. Notably, this guidance was absent from the first-quarter earnings announcement.
LCID currently trades with a market capitalization of $2.05 billion. The stock’s 50-day moving average sits at $9.06, while its 200-day moving average stands at $11.67.
