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Lucid's (LCID) Q3 Loss Wider Than Expected, Sales Surge
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Lucid Group (LCID - Free Report) incurred a net loss of 40 cents a share in the third quarter of 2022, wider than the Zacks Consensus Estimate of a loss of 33 cents a share. The bottom line improved from the year-ago loss of 43 cents a share. Total revenues came in at $195.5 million, lagging the consensus mark of $233 million. Revenues catapulted from $0.23 million generated in the year-ago quarter.
Lucid Group, Inc. Price, Consensus and EPS Surprise
The company reported production of 2,282 vehicles during the quarter under review, more than tripling from the second-quarter 2022 level. Deliveries more than doubled sequentially to 1,398 units.
As of Nov 7, 2022, Lucid saw reservations of more than 34,000 units for Lucid Air, driven by strong customer demand. The reservation is exclusive of the up to 100,000 vehicles under the agreement with the government of Saudi Arabia.
The company reported a negative adjusted EBITDA of $552.9 million compared with $245 million in the year-ago period.
Lucid had $1.26 billion in cash and cash equivalents as of Sep 30, 2022, significantly down from $6.26 billion as of Dec 31, 2021. Long-term debt totaled $1.99 billion, almost flat with the Dec 31, 2021 level.
Research and development costs decreased 11.8% year over year to $213.7 million. Selling, general and administrative expenses shrunk almost 30% to $176.7 million.
Net cash used in operating activities totaled $569.5 million compared with $291.6 million in the year-ago period. Capital expenditure in the third quarter totaled $290 million, soaring from $92.8 million in the same period last year. Lucid witnessed a negative free cash flow of $859.5 million compared with a negative free cash flow of $384.4 million in the year-ago period.
Lucid stated it is on track toward achieving its 2022 production target of 6,000-7,000 vehicles.
Here’s a snapshot of some recent earnings releases of some EV makers.
EV magnate Tesla Inc. (TSLA - Free Report) reported earnings of $1.05 a share in third-quarter, up from the year-ago figure of 62 cents and surpassing the Zacks Consensus Estimate of 95 cents. Tesla delivered its 7th consecutive beat this earnings season. Total revenues came in at $21,454 million, witnessing year-over-year growth of 56%. However, the top line lagged the consensus mark of $22,323 million.
Nikola (NKLA - Free Report) incurred an adjusted loss per share of 28 cents in the third quarter, narrower than the Zacks Consensus Estimate of a loss of 56 cents but wider than the year-ago loss figure of 25 cents. It recorded revenues of $24.2 million, which crossed the consensus figure of $23 million.
Fisker Inc.’s net loss per share of 49 cents in the third quarter was wider than the Zacks Consensus Estimate of a loss of 43 cents and the year-ago loss of 37 cents. It recorded revenues of $14 million, decreasing from the year-ago figure of $15 million.
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Lucid's (LCID) Q3 Loss Wider Than Expected, Sales Surge
Lucid Group (LCID - Free Report) incurred a net loss of 40 cents a share in the third quarter of 2022, wider than the Zacks Consensus Estimate of a loss of 33 cents a share. The bottom line improved from the year-ago loss of 43 cents a share. Total revenues came in at $195.5 million, lagging the consensus mark of $233 million. Revenues catapulted from $0.23 million generated in the year-ago quarter.
Lucid Group, Inc. Price, Consensus and EPS Surprise
Lucid Group, Inc. price-consensus-eps-surprise-chart | Lucid Group, Inc. Quote
Quarter Highlights
The company reported production of 2,282 vehicles during the quarter under review, more than tripling from the second-quarter 2022 level. Deliveries more than doubled sequentially to 1,398 units.
As of Nov 7, 2022, Lucid saw reservations of more than 34,000 units for Lucid Air, driven by strong customer demand. The reservation is exclusive of the up to 100,000 vehicles under the agreement with the government of Saudi Arabia.
The company reported a negative adjusted EBITDA of $552.9 million compared with $245 million in the year-ago period.
Lucid had $1.26 billion in cash and cash equivalents as of Sep 30, 2022, significantly down from $6.26 billion as of Dec 31, 2021. Long-term debt totaled $1.99 billion, almost flat with the Dec 31, 2021 level.
Research and development costs decreased 11.8% year over year to $213.7 million. Selling, general and administrative expenses shrunk almost 30% to $176.7 million.
Net cash used in operating activities totaled $569.5 million compared with $291.6 million in the year-ago period. Capital expenditure in the third quarter totaled $290 million, soaring from $92.8 million in the same period last year. Lucid witnessed a negative free cash flow of $859.5 million compared with a negative free cash flow of $384.4 million in the year-ago period.
Lucid stated it is on track toward achieving its 2022 production target of 6,000-7,000 vehicles.
Zacks Rank & Peer Releases
LCID currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Here’s a snapshot of some recent earnings releases of some EV makers.
EV magnate Tesla Inc. (TSLA - Free Report) reported earnings of $1.05 a share in third-quarter, up from the year-ago figure of 62 cents and surpassing the Zacks Consensus Estimate of 95 cents. Tesla delivered its 7th consecutive beat this earnings season. Total revenues came in at $21,454 million, witnessing year-over-year growth of 56%. However, the top line lagged the consensus mark of $22,323 million.
Nikola (NKLA - Free Report) incurred an adjusted loss per share of 28 cents in the third quarter, narrower than the Zacks Consensus Estimate of a loss of 56 cents but wider than the year-ago loss figure of 25 cents. It recorded revenues of $24.2 million, which crossed the consensus figure of $23 million.
Fisker Inc.’s net loss per share of 49 cents in the third quarter was wider than the Zacks Consensus Estimate of a loss of 43 cents and the year-ago loss of 37 cents. It recorded revenues of $14 million, decreasing from the year-ago figure of $15 million.