Lucid Group (LCID) Q2 2024 earnings summary

Executive summary

• Delivered 2,394 vehicles in Q2 2024, a 70.5% year-over-year increase, with production reaching 2,110 vehicles and annual guidance reaffirmed at 9,000 vehicles, driven by strong North American demand.

• Q2 2024 revenue reached $200.6 million, up 32.9% year-over-year, supported by higher deliveries and regulatory credit sales.

• Net loss for Q2 2024 was $643.4 million, improved from $764.2 million in Q2 2023; adjusted EBITDA loss was $647.6 million.

• Liquidity was bolstered by a $1.5 billion capital raise from an affiliate of the Public Investment Fund, extending runway into Q4 2025.

• Pre-production of Lucid Gravity SUV began, with production scheduled for late 2024 and a mid-size platform for late 2026.

Financial highlights

• Q2 2024 revenue was $200.6 million, up 33% year-over-year; cost of revenue was $470.4 million, including a $154.2 million inventory impairment.

• Net loss per share (GAAP) was $(0.34), improved from $(0.40) in Q2 2023; adjusted net loss per share was $(0.29).

• Free cash flow was negative $741.3 million, an improvement from negative $904.1 million year-over-year.

• Ended Q2 with $3.9 billion in cash, cash equivalents, and investments, and total liquidity of $4.28 billion.

• CapEx in Q2 was $234.3 million, with 2024 guidance updated to $1.3 billion.

Outlook and guidance

• Reiterated 2024 production guidance of approximately 9,000 vehicles.

• Capital expenditures for 2024 expected to be $1.3 billion, reflecting cost optimization and deferrals.

• Sufficient liquidity projected through at least Q4 2025, inclusive of recent capital raises.

• Lucid Gravity SUV production scheduled for late 2024; mid-size platform for late 2026.