Lucid Group (LCID) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 deliveries of 2,781 vehicles, up 90.9% year-over-year and 16% sequentially, outpacing production and reducing inventory.

• Opened orders and pricing for Lucid Gravity SUV, with production scheduled for late 2024 and strong customer interest.

• Raised $1.75 billion in October 2024, extending liquidity runway well into 2026.

• Lucid Air received five-star safety ratings from NHTSA and Euro NCAP for 2025.

• Continued investment in manufacturing, R&D, and retail/service network growth.

Financial highlights

• Q3 2024 revenue reached $200.0 million, up 45% year-over-year and flat sequentially.

• GAAP net loss per share was $(0.41); non-GAAP net loss per share was $(0.28).

• Adjusted EBITDA loss was $613.1 million, an improvement from $647.6 million in Q2.

• Free cash flow for Q3 was $(622.5) million, improved from $(706.1) million in Q3 2023.

• Ended Q3 with $4.03 billion in cash, cash equivalents, and investments; total liquidity of $5.16 billion.

Outlook and guidance

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

• CapEx guidance for 2024 updated to $1 billion, reflecting cost savings and deferrals.

• Lucid Gravity SUV production to start late 2024; midsize platform production scheduled for late 2026.

• Recent capital raise extends financial runway well into 2026.

• Expect gross margin to remain largely flat in Q4.