LCID: Lucid Stock Jumps as Q3 Revenue Beats Estimates with Record Deliveries

Luxury EV maker still faces a number of challenges but it’s hoping that the rollout of its new SUV model will steer things in the right direction.

• Lucid stock LCID jumped 5% in pre-market trading Friday as traders scooped up the shares after the company’s earnings update. The Nasdaq-listed luxury EV maker topped revenue calls with $200 million in sales, above the $198 million expected. Profits are still but a dream — Lucid reported a 28 cents loss per share, adjusted, against 30 cents expected. Net loss came in at $992.5 million compared with a loss of $630.9 million in the year-ago quarter.
• But at least the business is growing. The $200 million revenue was 45% higher than the same quarter last year. So were the costs — selling expenses totaled $233.6 million, up 23.1% from last year. The ambitious EV startup, backed by Saudi Arabia’s sovereign wealth fund, delivered a record 2,781 vehicles for the quarter, prompting CEO Peter Rawlinson (former Tesla exec) to call this quarter “a landmark.” Some more good news: this week the company officially opens orders for its first SUV model Gravity, which is expected to lift the company’s languishing share price.
• Shares of Lucid are having a tough year, down 46% to $2.22 ahead of Friday’s opening bell. The company’s valuation is sitting at $6.6 billion. Lucid said it has about $5.16 billion in total liquidity to make it until the end of the year. More recently — last month — Saudi Arabia backed the startup with a total of $1.2 billion as the company announced the sale of 262 million shares, leading to a steep drop in the stock.