Lucid (LCID.US) Q2 revenue misses market expectations, sharply lowers full-year production forecast
$Lucid Group(LCID.US$ reported second quarter results after the US stock market hours on Wednesday, showing that the company's second quarter revenue came in at $97.34 million, well below the $147.5 million Bloomberg analyst consensus estimate, and that Lucid delivered 679 vehicles in the second quarter. Excluding items such as interest and taxes, Lucid reported an adjusted EBITDA loss of $414.1 million for the second quarter, compared to the average analyst estimate of a loss of $410.7 million.
Lucid ended the second quarter with $4.6 billion in cash and cash equivalents, which Sherry House, the company's chief financial officer, said should be enough to sustain funding for the company's operations until 2023. The Saudi government-backed electric car maker reported strong customer demand for the Lucid Air, with more than 37,000 reservations, which represent potential sales of around $3.5 billion. $Lucid Group(LCID.US$
Lucid ended the second quarter with $4.6 billion in cash and cash equivalents, which Sherry House, the company's chief financial officer, said should be enough to sustain funding for the company's operations until 2023. The Saudi government-backed electric car maker reported strong customer demand for the Lucid Air, with more than 37,000 reservations, which represent potential sales of around $3.5 billion. $Lucid Group(LCID.US$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
TeslaSmurf : It’s a total train-wreck. They designed a very nice niche car, but the company won’t make it… if not for the Saudis money. But till when ?
RDK79 : A lot disappointed
RDK79 TeslaSmurf: Still holding my shares hoping though. I did check out the ev, pretty awesome albeit difficult for me to get in and out (deteriorating flexibility:)). Expensive so volume won’t be high, hopefully suv keeps interest up, along with general new engineering achievements. PS. Finally picked a share of TSLA just now :). Will add if there’s a better dip :).