May 5 - Lucid Group reported a substantial revenue shortfall for the first quarter, with sales falling well below analysts' expectations after a supplier issue disrupted deliveries of its Gravity SUV in February.
The company recorded revenue of $282.5 million for the quarter, compared with analysts' projections of $440.4 million, according to LSEG data. In extended trading, Lucid's stock was about 3% lower.
Manufacturing output rose markedly over the prior year, with Lucid producing 5,500 vehicles in the quarter - an increase of roughly 149% year-over-year. Despite that production gain, deliveries lagged: the automaker shipped only 3,093 units during the period after a seat supplier problem curtailed shipments in February. Lucid identified the issue as affecting second-row seats in its Gravity SUVs and said the problem has been resolved. The company also noted that sales in March were up 14% from the same month a year earlier.
Lucid said it is adjusting production to match demand as it works through elevated inventory levels. The automaker has been relying on its Gravity SUV and a forthcoming mid-size platform to expand volume, while pursuing partnerships with Uber and autonomous delivery startup Nuro intended to support a robotaxi fleet later this year.
The Newark, California-based firm is preparing to broaden its lineup with a more affordable mid-size platform later this year in an effort to reach a wider set of buyers. Management changes are also underway: last month the company named former Schindler chief Silvio Napoli as its next CEO, more than a year after Peter Rawlinson left the role.
Backed by Saudi Arabia's Public Investment Fund, Lucid has taken steps to bolster its balance sheet and support expansion plans. In April the company raised about $1.05 billion through a combination of equity and convertible preferred stock and expanded a credit facility with the fund.
Financial results showed a widening loss for the quarter. Lucid reported a net loss of about $1.13 billion, compared with a loss of $731 million a year earlier. The company ended March with roughly $3.2 billion in liquidity; that figure would be about $4.7 billion on a pro forma basis after accounting for the capital raised in April.
Lucid characterized the seat supplier issue as resolved and said it is aligning production volumes with market demand while working down inventory levels. The company continues to pin growth hopes on the Gravity SUV, its upcoming mid-size platform and strategic partnerships to scale its business in the months ahead.