Lucid has reported its Q3 2024 financials, and the automaker is ending the year with some momentum as the launch of the Gravity SUV is on the horizon.
Last month the Lucid reported its production and delivery figures, which were particularly strong on the deliveries side with 2,781—a 90.9% increase from Q3 2023. The company also produced 1,805 vehicles for the quarter, enough for Lucid to reiterate its projected 9,000 vehicle production target for 2024 in today’s financial report.
Financially, Lucid posted Q3 revenue of $200 million, slightly ahead of Wall Street’s $198 million estimate. The company’s net loss per share, adjusted to $0.28, also outperformed analyst expectations of a $0.30 loss. However, Lucid reported a GAAP net loss of $0.41 per share, widening from the previous year’s loss as the company navigates the capital-intensive process of expansion. Lucid’s quarterly net loss totaled $992 million, up from $630 million in Q3 2023.
Cost reduction remains a priority for Lucid as it seeks a sustainable financial footing. Interim CFO Gagan Dhingra highlighted the company’s ongoing improvements to gross margin performance, stating, “Our cost reduction efforts are gaining momentum.” The commitment to reducing expenses is timely as the company prepares for the upcoming launch of the Gravity SUV.
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One of the quarter’s notable developments was Lucid’s October capital raise of $1.75 billion, significantly boosting its liquidity to approximately $5.16 billion. This substantial injection will extend Lucid’s financial runway well into 2026 as the company continues to scale operations. The funds are intended to support multiple initiatives, including the production of the Gravity SUV, and the expansion of Lucid’s manufacturing plants in Arizona and Saudi Arabia.
You can read Lucid’s full Q3 2024 earnings report here.
