Written by Cláudio Afonso | LinkedIn | X
Lucid Motors announced late Wednesday that it expects third-quarter revenue to range between $199 million and $200 million, slightly below the $200.6 million reported in the second quarter, despite delivering 387 more vehicles than the prior quarter, setting a new record of 2,781 deliveries.
After rolling out significant promotions globally and launching sales of (lower-priced) demo vehicles in the U.S., Lucid saw its average selling price drop by nearly 15% from the second quarter, landing at approximately $71,500 — according to Morgan Stanley analysts.
In a new 8-K filing, the EV maker said it also estimates loss from operations to be between $765 million and $790 million — down 2.8% and up 0.3% sequentially — from the previous quarter where it registered a loss of $787.4 million.
| Q2 2024 | Q3 2024 Est. | QoQ | |
| Revenue | $200.6 M | $199 M — $200 M | -0.8%/ -0.3% |
| Loss from Operations | $787.4 M | $765 M — $790 M | -2.8%/ +0.3% |
The forecast was published shortly after the announcement of a public offering of 262,446,931 shares of its common stock.
Additionally, Ayar Third Investment Company, an affiliate of Lucid’s biggest shareholder PIF (Saudi Arabia’s Public Investment Fund) will purchase 374,717,927 shares of common stock from Lucid in a private placement concurrent with the public offering.
Regarding cash and cash equivalents as of the end of September, Lucid estimates to report between $1.893 and $1.894 indicating a 40% increase from June 30, 2024.
The company expects Long-term debt to have a slight increase of roughly 0.05%.
| Q2 2024 | Q3 2024 | QoQ | |
| Cash and Cash Equivalents | $1.35 B | $1.893 B — $1.894 B | +40% |
| Long-term debt | $1.999 B | $2.0 B — $2.0 B | +0.05% |
On early Thursday, during the pre-market session, Lucid shares hit a new 6-week low at $2.75 registering a decline of more than 16% from Wednesday’s closing price.
The stock price reached a new record low in April at $2.29, down 96% from its all-time high of nearly $65.
“As of September 30, 2024, we had approximately $5.16 billion of total liquidity, consisting of (i) approximately $4,027 million in cash, cash equivalents, and investment balances, (ii) $750 million available under our DDTL Credit Facility (as defined in the section of this prospectus titled “Capitalization”), (iii) approximately $160 million available under our ABL Credit Facility and (iv) approximately $219 million available under our GIB Credit Facility (as defined in the section of this prospectus titled “Capitalization”),” Lucid said in the filing.
“Availability under our ABL Credit Facility (as defined in the section of this prospectus titled “Capitalization”) is subject to the value of eligible assets in the borrowing base,” the company added.
Lucid is preparing to start mass production of its second model Gravity late this year.
Written by Cláudio Afonso | LinkedIn | X
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