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Lucid Group's Q4 Loss Narrower Than Expected, Revenues Rise Y/Y
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Lucid Group (LCID - Free Report) reported a fourth-quarter 2024 loss of 22 cents per share, narrower than the Zacks Consensus Estimate of a loss of 26 cents as well as the year-ago period’s loss of 29 cents. Revenues of $234.5 million beat the Zacks Consensus Estimate of $225 million and increased 49% on a year-over-year basis, primarily driven by strong vehicle deliveries and favorable impacts related to a net supply recovery.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Lucid Group, Inc. Price, Consensus and EPS Surprise
Lucid recorded a total production of 3,386 units. The company reported total Lucid Air customer deliveries of 3,099 units in the quarter under discussion, up from 1,734 units in the year-ago quarter.
Total gross loss amounted to $208.8 million, as against a gross loss of $252.9 million in the prior-year quarter. The gross margin for the reported quarter was negative 89%, compared to a negative 161% in the year-ago quarter.
Total operating expenses amounted to $524.2 million, up from $484 million in the prior-year quarter. Research and development expenses were $280.3 million in the reported quarter compared to $243 million in the fourth quarter of 2023. Selling, general and administrative expenses amounted to $243.9 million, up from $241 in the year-ago quarter.
The company’s adjusted EBITDA was a negative $577 million, marking an improvement from the $605 million recorded in the fourth quarter of 2023.
Net cash used in operating activities in the reported quarter was $533.1 million, up from $474.6 million in the year-ago quarter. Capital expenditures for the fourth quarter were $291.6 million compared to $272.6 million for the same period last year. Free cash flow in the fourth quarter was a negative $824.8 million.
Financial Position
Lucid had $1.61 billion in cash and cash equivalents as of Dec. 31, 2024, compared to $1.37 billion as of Dec. 31, 2023. Long-term debt was $2 billion as of Dec. 31, 2024, compared to $1.99 billion as of Dec. 31, 2024.
2025 Guidance
In 2025, LCID expects to produce approximately 20,000 vehicles. Capital expenditures are expected to be approximately $1.4 billion. The company expects sufficient liquidity into the second half of 2026. It has scheduled the midsize platform start of production for late 2026.
The Zacks Consensus Estimate for DAN’s 2025 earnings has moved north 15.4% over the past 30 days and suggests year-over-year growth of 59.57%. It is currently pegged at $1.50 per share.
The Zacks Consensus Estimate for GM’s 2025 earnings has moved up 6.5% over the past 30 days and suggests year-over-year growth of 8.02%. It is currently pegged at $11.45 per share.
The Zacks Consensus Estimate for CTOS’ 2025 loss has remained steady at 5 cents per share over the past 90 days and suggests year-over-year growth of 75.05%.
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Lucid Group's Q4 Loss Narrower Than Expected, Revenues Rise Y/Y
Lucid Group (LCID - Free Report) reported a fourth-quarter 2024 loss of 22 cents per share, narrower than the Zacks Consensus Estimate of a loss of 26 cents as well as the year-ago period’s loss of 29 cents. Revenues of $234.5 million beat the Zacks Consensus Estimate of $225 million and increased 49% on a year-over-year basis, primarily driven by strong vehicle deliveries and favorable impacts related to a net supply recovery.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Lucid Group, Inc. Price, Consensus and EPS Surprise
Lucid Group, Inc. price-consensus-eps-surprise-chart | Lucid Group, Inc. Quote
Key Q4 Highlights
Lucid recorded a total production of 3,386 units. The company reported total Lucid Air customer deliveries of 3,099 units in the quarter under discussion, up from 1,734 units in the year-ago quarter.
Total gross loss amounted to $208.8 million, as against a gross loss of $252.9 million in the prior-year quarter. The gross margin for the reported quarter was negative 89%, compared to a negative 161% in the year-ago quarter.
Total operating expenses amounted to $524.2 million, up from $484 million in the prior-year quarter. Research and development expenses were $280.3 million in the reported quarter compared to $243 million in the fourth quarter of 2023. Selling, general and administrative expenses amounted to $243.9 million, up from $241 in the year-ago quarter.
The company’s adjusted EBITDA was a negative $577 million, marking an improvement from the $605 million recorded in the fourth quarter of 2023.
Net cash used in operating activities in the reported quarter was $533.1 million, up from $474.6 million in the year-ago quarter. Capital expenditures for the fourth quarter were $291.6 million compared to $272.6 million for the same period last year. Free cash flow in the fourth quarter was a negative $824.8 million.
Financial Position
Lucid had $1.61 billion in cash and cash equivalents as of Dec. 31, 2024, compared to $1.37 billion as of Dec. 31, 2023. Long-term debt was $2 billion as of Dec. 31, 2024, compared to $1.99 billion as of Dec. 31, 2024.
2025 Guidance
In 2025, LCID expects to produce approximately 20,000 vehicles. Capital expenditures are expected to be approximately $1.4 billion. The company expects sufficient liquidity into the second half of 2026. It has scheduled the midsize platform start of production for late 2026.
Zacks Rank and Key Picks
LCID currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the auto space are Dana (DAN - Free Report) , General Motors (GM - Free Report) and Custom Truck One Source (CTOS - Free Report) . While DAN sports a Zacks Rank #1 (Strong Buy) at present, GM and CTOS carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DAN’s 2025 earnings has moved north 15.4% over the past 30 days and suggests year-over-year growth of 59.57%. It is currently pegged at $1.50 per share.
The Zacks Consensus Estimate for GM’s 2025 earnings has moved up 6.5% over the past 30 days and suggests year-over-year growth of 8.02%. It is currently pegged at $11.45 per share.
The Zacks Consensus Estimate for CTOS’ 2025 loss has remained steady at 5 cents per share over the past 90 days and suggests year-over-year growth of 75.05%.