Lucid Group (NASDAQ:LCID) shares are currently trading at the $13 price handle, decisively below the $15/share price at which the company was able to obtain PIPE financing back in 2021. However, Lucid has finally started traversing the arduous path toward financial stability, as evidenced by the company’s Q3 2022 earnings disclosure today.
Lucid Group (NASDAQ: LCID) Earnings for the Third Quarter of 2022
For the three months that ended on the 30th of September, Lucid Group has now disclosed $195.5 million in revenue, missing consensus expectations of $200.21 million.
Revenue Comparison
(All figures are in millions of dollars)
The following chart summarizes Lucid Group’s quarterly deliveries of the Air EV.
Quarterly Deliveries
(These figures represent the number of EVs that have been delivered to customers in each quarter)
Back in October, Lucid Group reiterated its earlier guidance of producing between 6,000 and 7,000 vehicles for the entire FY 2022. As of the 07th of November, Lucid Air reservations stand at over 34,000 units.
We had noted previously that Lucid Group continued to face logistics constraints as well as other production line kinks for much of the current year. These hurdles had prevented the company from ramping up production at its AMP-1 facility in Arizona. In order to tackle these issues, Lucid has now moved a significant proportion of its logistics operations in-house and implemented sweeping managerial restructuring, which saw at least six key executives on the manufacturing front leave the company in recent days. These changes have started yielding results, with our internal source suggesting back in September that Lucid Group’s production cadence has now increased to between 40 and 50 cars per day from an earlier run rate of just 5 to 15 cars daily.
In today’s earnings release, the company noted that it has now proven its ability to produce 300 cars per week, which equates to 60 cars produced per working day. Lucid Group also plans to open reservations for the Gravity SUV in early 2023.
Lucid Group had $3.85 billion in cash, cash equivalents, and investments at the end of Q3 2022.
Finally, Lucid has now reported a non-GAAP EPS of -$0.40, missing consensus expectations of -$0.30.
EPS Comparison
(All figures are in dollars)
Guidance
Lucid is launching the Pure and Turing versions of its flagship Air EV on the 15th of November.
Investors have reacted negatively to Lucid Group’s latest earnings release, with the stock currently down 3 percent in after-hours trading due to a miss on the top-line and bottom-line metrics.
Earnings Context
Lucid Group’s AMP-1 facility in Casa Grande, Arizona, currently has a production capacity of 34,000 units per annum. The company is adding a second assembly line at the facility to handle the production of the Lucid Gravity SUV that is expected to launch in 2024. Once the upgrade is complete, the facility’s annual production capacity will increase to 90,000 vehicles per year. Separately, Saudi Arabia recently awarded Lucid Group around $3 billion in incentives to establish a 155,000-units-per-year production facility in the Kingdom. The Saudis have also signed an agreement to purchase up to 100,000 electric vehicles from the company over the next ten years.
The post Lucid Group Posts $195 Million in Revenue for Q3 2022 on the Back of a 100 Percent-Plus Growth in EV Deliveries by Rohail Saleem appeared first on Wccftech.
