Lucid Group Inc. (NYSE: LCID) released its first-quarter FY22 earnings after the market closed on Thursday, May 5, 2022. Here is an overview of the latest disclosure.
Lucid reported Q1 revenue of $57.7 million on deliveries of 360 vehicles to customers in the first quarter. The Company reported strong customer demand for Lucid Air with reservations now exceeding 30,000, reflecting potential sales of $2.9 billion. Lucid reiterated its 2022 production volume outlook of 12,000 to 14,000 vehicles and ended the quarter with close to $5.4 billion cash on hand, which is expected to fund the Company well into 2023. Lucid also today announced revised pricing across most models beginning June 1, 2022. Lucid will honor current pricing for existing reservations as well as any new reservations made by May 31, 2022.
Financial Highlights
- Q1 revenue of $57.7M driven by customer deliveries of 360 vehicles in the quarter
- Strong demand with more than 30,000 customer reservations as of today, reflecting potential sales of $2.9B
- Production volume outlook for 2022 remains on track at 12,000 to 14,000 vehicles
- Announces new pricing effective June 1 while honoring current pricing for all existing reservation holders
CEO’s Statement
“We continued to make progress in the first quarter of 2022 despite on-going global supply chain challenges. We are nearing completion of deliveries of Lucid Air Dream Edition, and we began deliveries of Lucid Air Grand Touring, with an EPA-estimated range of up to 516 miles and an unprecedented efficiency of 4.6 miles per kilowatt-hour. We believe Lucid Air’s unique fusion of a dynamic driving experience, interior space and comfort, range, fast charging, and performance is simply unparalleled.”
said Peter Rawlinson, Lucid’s CEO and CTO
Analysts Estimate
The Zacks Consensus Estimate for the loss per share was pinned at $0.30. This suggested a huge decrease of 189.18% than that of the last quarter.
The Earnings Expected Surprise Prediction was a huge 0.00%, which suggested that the consensus did expect Lucid Gaming to meet for the first quarter. There was no estimate provided for revenue.
Earnings History
Lucid’s fourth-quarter FY21 earnings highlights include:
- Customer reservations now exceed 25,000, reflecting potential sales of more than $2.4B
- Inaugural customer deliveries of the 2022 MotorTrend Car of the Year®, the Lucid Air, are underway, starting with the sold-out Dream Edition
- Production exceeds 400 vehicles as of February 28, 2022, with 125 customer deliveries as of year-end 2021 and over 300 deliveries to date
- Updating 2022 production outlook for Lucid Air to a range of 12,000 to 14,000 vehicles
- Selected to the Nasdaq-100 Index in December, issued $2B in green convertible bonds, and bolstered balance sheet to over $6.2B cash on hand at year-end
- 2.85 million square foot expansion of Casa Grande, Arizona manufacturing facility on track; announced plans for new manufacturing facility in the Kingdom of Saudi Arabia
Earnings Forecast
There was no estimate provided for the upcoming quarters of FY22.
The LCID stock was up by 0.80% and traded at $19.00 (up by 0.15 points) in the extended trading session on Thursday.
