lucid Group will report first-quarter results after the U.S. markets close on May 5, following an April 14 preannouncement that put preliminary revenue at $280 million to $284 million and projected an operating loss of $985 million to just over $1 billion. The company also raised $1.05 billion on April 14 and said a supplier issue delayed Lucid Gravity deliveries for 29 days.
The report will give investors a first look at whether the company explains the revenue miss and the operating loss it flagged before the results release. Lucid has already said the Gravity seat issue was addressed and reaffirmed production guidance of 25,000 to 27,000 vehicles.
Lucid's April 14 filing
Lucid disclosed the preliminary figures in a regulatory filing on April 14, the same day it announced a $750 million investment from two existing investors and a $300 million secondary stock offering. The company said it produced 5,500 EVs in the quarter and delivered 3,093.
The revenue range and loss guidance set the frame for the May 5 report. Lucid is not waiting for a new market condition to tell the story; it already told investors the quarter came in below expectations and that the operating loss widened sharply.
Gravity deliveries and seat issue
Lucid said in an April 3 press release that deliveries of the Lucid Gravity were disrupted for 29 days because of a supplier quality issue with the second-row seats. The company said, “As a result, the company's ability to meet customer demand was affected.”
Lucid also said, “These issues have now been addressed, and the company is reaffirming its previously shared production guidance of 25,000-27,000 vehicles.” That leaves May 5 as the first scheduled chance to hear how much the delivery disruption weighed on revenue recognition and whether the company sees the setback as isolated.
Nick Twork on X
Nick Twork, Lucid Motors vice president of communications, said the company raised approximately $1.05 billion across PIF, Uber, and a registered public offering over the last 10 days. He also said Lucid expanded its DDTL with PIF to a total commitment of approximately $2.5 billion and deepened its Uber commitment to a minimum of 35,000 vehicles.
On Thursday, Twork wrote, “The share price will reflect that when we’ve earned it.” Lucid's stock was down almost 36% since the April 14 preannouncement, adding pressure to a report that will be judged against the company’s own revenue range and loss estimate.
