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Lucid (LCID.US) Q2 revenue misses market expectations, sharply lowers full-year production forecast
$Lucid Group (LCID.US)$ reported second quarter results after the US stock market hours on Wednesday, showing that the company's second quarter revenue came in at $97.34 million, well below the $147.5 million Bloomberg analyst consensus estimate, and that Lucid delivered 679 vehicles in the second quarter. Excluding items such as interest and taxes, Lucid reported an adjusted EBITDA loss of $414.1 million for the second quarter, compared to the average analyst estimate of a loss of $410.7 million.
Lucid ended the second quarter with $4.6 billion in cash and cash equivalents, which Sherry House, the company's chief financial officer, said should be enough to sustain funding for the company's operations until 2023. The Saudi government-backed electric car maker reported strong customer demand for the Lucid Air, with more than 37,000 reservations, which represent potential sales of around $3.5 billion. $Lucid Group (LCID.US)$
Lucid ended the second quarter with $4.6 billion in cash and cash equivalents, which Sherry House, the company's chief financial officer, said should be enough to sustain funding for the company's operations until 2023. The Saudi government-backed electric car maker reported strong customer demand for the Lucid Air, with more than 37,000 reservations, which represent potential sales of around $3.5 billion. $Lucid Group (LCID.US)$
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TeslaSmurf : It’s a total train-wreck. They designed a very nice niche car, but the company won’t make it… if not for the Saudis money. But till when ?
RDK79 : A lot disappointed
RDK79 TeslaSmurf : Still holding my shares hoping though. I did check out the ev, pretty awesome albeit difficult for me to get in and out (deteriorating flexibility:)). Expensive so volume won’t be high, hopefully suv keeps interest up, along with general new engineering achievements. PS. Finally picked a share of TSLA just now :). Will add if there’s a better dip :).