Lucid sees bigger losses ahead, and its stock drops 12%

Lucid sees bigger losses ahead, and its stock drops 12%

EV maker backed by Saudi Arabia reveals preliminary Q3 results

Shares of Lucid Group Inc. fell 12% in the extended session Wednesday after the EV maker called for larger-than-expected operational losses and quarterly revenue that would be slightly ahead of forecasts.

In a filing with securities regulators Wednesday, Lucid LCID 0.31% estimated that its loss from operations will range between $765 million and $790 million in the third quarter. Analysts polled by FactSet expect a loss of around $752 million.

Lucid called for revenue between $199 million and $200 million, which compares with the FactSet consensus of $196 million.

The EV maker, which is scheduled to report third-quarter earnings Nov. 7, said that as of Sept. 30 it had about $5.16 billion of total liquidity, including around $4.027 million in cash and equivalents.

In early August, Lucid announced a $1.5 billion liquidity boost from Saudi Arabia’s sovereign-wealth fund, which is the EV maker’s largest backer, enough to keep the company going through the end of next year.

The deal provided a liquidity cushion to Lucid and also showed that Saudi Arabia is committed to the company’s long-term success. Shares of Lucid have fallen 22% this year, contrasting with gains of about 22% for the S&P 500 index SPX0.47%

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