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Lucid Reports Q2 2024 Earnings, Secures $1.5 Billion from Saudi Fund, Stock at $3 per Share

Aug 5, 2024, 08:16 PM

Lucid Group, Inc. has announced its Q2 2024 financial results, revealing significant financial challenges and a substantial cash infusion from its largest shareholder. The company reported a revenue of $200.6 million, exceeding estimates of $185.8 million, and produced 2,110 vehicles while delivering 2,394 vehicles in the quarter. Despite this, Lucid's operating losses increased by 8% quarter-over-quarter to $787 million, with a net loss of $790 million, marking the worst quarterly loss in over two years. The company also reported a negative cash flow of $741 million and a gross margin of negative 134.5%. Lucid's stock is currently sitting at about $3 per share. The adjusted EBITDA loss was $647.6 million, and the adjusted loss per share was $0.29. To address its financial difficulties, Lucid secured a $1.5 billion capital injection from an affiliate of Saudi Arabia's Public Investment Fund, which will be provided through a $750 million convertible loan and a $750 million delayed draw term loan. This infusion raises Lucid's total liquidity to approximately $4.7 billion, providing an additional 3-4 quarters of runway before another cash infusion is required.