Lucid Group Inc (NASDAQ: LCID) reported second-quarter financial results after the close Wednesday. Here's a rundown of the report.
What Happened: Lucid reported second-quarter revenue of $97.3 million, which missed the estimate of $145.49 million, according to data from Benzinga Pro. Lucid said it delivered 679 vehicles in the second quarter.
The EV company reported a quarterly earnings loss of 33 cents per share, which beat the estimate for a loss of 36 cents per share.
Lucid ended the quarter with $4.6 billion in cash and equivalents, which is expected to fund the company well into 2023.
See Also: How To Trade Lucid Stock Before And After Q2 Earnings
What's Next: The company said it's still seeing strong demand for the Lucid Air with 37,000 reservations total. Yet Lucid revised its 2022 production volume outlook to a range of 6,000 to 7,000 vehicles after delivering 1,405 vehicles in the first half of the year.
"Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered," said Peter Rawlinson, CEO and CTO of Lucid.
"We've identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization."
In connection with the company's earnings report, Lucid announced that it has appointed Steven David as senior vice president of operations.
"In this newly created role, Steven will lead operations encompassing supply chain, logistics, manufacturing, and quality," the company said.
LCID Price Action: Lucid has a 52-week high of $47.59 and a 52-week low of $13.25.
The stock was down 11.6% in after hours at $18.18 at press time.
Photo: courtesy of Lucid.
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