Summary by Moomoo AI
Lucid Group reported Q3 2024 revenue of $200 million, up 45% year-over-year, driven by higher deliveries of Lucid Air vehicles despite lower average selling prices. However, net loss widened to $992.5 million from $630.9 million last year, impacted by a $240.3 million loss from changes in derivative liabilities and ongoing operational investments.Cost of revenue decreased 12% to $412.5 million, benefiting from lower inventory write-downs of $154.9 million compared to $230.8 million in Q3 2023. Operating expenses rose 33% to $558 million due to increased R&D spending and personnel costs as the company continues to scale operations and develop new vehicle programs.The company maintained a strong liquidity position with $4.0 billion in cash and investments as of September 30. During Q3, Lucid issued $750 million in Series B convertible preferred stock and secured a $750 million credit facility from major shareholder Ayar. The company also announced reduced battery supply commitments from $4.8 billion to $2.8 billion through amendments to its Panasonic agreements.
