Lucid Group reports the quarter with an order book of $1.3B

Lucid Group Inc. is a California-based electric vehicle producer. It released its third-quarter earnings for FY21 on November 15, 2021, after the closing bell. Here is an overview of the latest disclosure. EV carmaker today won the 2022 MotorTrend Car of the Year.

They reported that the customer reservations rose to 13,000 in Q3, reflecting an order book of approximately $1.3B, and have since increased beyond 17,000. Also, the customer vehicle production started in Q3 at Lucid’s Advanced Manufacturing Plant (“AMP-1”) in Casa Grande, Arizona, and the second phase of construction broke ground to add 2.85 million square feet of space. It announced in the filings that its balance sheet to close Q3 with approximately $4.8B in cash

Financial Highlights

  • In the third quarter of 2021, Lucid significantly strengthened its balance sheet through the closing of the de-SPAC reverse merger + PIPE, bringing approximately $4.4B onto Lucid’s balance sheet.
  • Continued to invest in the business, readying production and deliveries, globalization of our retail network and adding headcount across R&D and SG&A to continue growing our core operations.
  • Initiated investment in property, plant, and equipment associated with Phase 2 expansion of manufacturing, continued investment in vehicle program development, and ongoing expansion of retail, delivery, and service capacities.

CEO’s Statement

We see significant demand for the award-winning Lucid Air, with accelerating reservations as we ramp production at our factory in Arizona. We remain confident in our ability to achieve 20,000 units in 2022. This target is not without risk given ongoing challenges facing the automotive industry, with global disruptions to supply chains and logistics. We are taking steps to mitigate these challenges, however, and look forward to the launch of the Grand Touring, Touring, and Pure versions of Lucid Air through 2022.

Peter Rawlinson, CEO Lucid Motors.
Earnings Call

Analysts Estimate

The consensus estimates the loss per share to be $0.25, the negative figure is due to the fact that it’s a start up. The estimated revenue is pinned at $1.25 million. It indicates a whopping increase of 614% quarter-over-quarter.

Earnings History

Lucid reported a GAAP loss per share of $19.06 in the second quarter of FY21. It showed a growth of 92% quarter-over-quarter. For the same quarter, it reported a revenue of $19,000. It showed a decline of 77.64% quarter-over-quarter.

The company reported a huge loss per share (GAAP) of $236.07 for the first quarter of FY21. The second quarter revenue was $85,000.

Earnings Forecast

The Annual Forecast estimates the loss per share to be $1.32. The estimated revenue is pinned at $76.14 million.

Lucid Air is the MotorTrend Car of the Year

Lucid Air, the first model produced by Lucid Motors, is named the 2022 MotorTrend Car of the Year. MotorTrend announced on November 15, 2021 that it had won the 2022 MotorTrend Car of the Year, the first instance in which the first product from a new automotive start up brand has been awarded the “Golden Calipers.”

This announcement was made just hours before Lucid Motor’s third quarterly results for the Fiscal Year 2021. Earlier, the company’s stock surged after Lucid Air Dream edition’s delivery event. As the markets closed, LCID was trading at $41.80, up +4.68 points (12.61%) for the day. In the after-market hours, the company was trading at $41.95, up by +0.15 points (0.36%).

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