Lucid Group, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a decline in revenue and an increase in net losses compared to the previous fiscal period. For the three months ended September 30, 2024, revenue was $412.5 million, down from $469.7 million in the same period of 2023. For the nine months, revenue decreased to $1.29 billion from $1.53 billion year-over-year. The decline in revenue was attributed to a lower average selling price of vehicles, despite an increase in deliveries of the Lucid Air.
The company's cost of revenue mirrored the revenue trend, remaining constant at $412.5 million for the third quarter and $1.29 billion for the nine months, reflecting a decrease in inventory write-downs and losses from firm purchase commitments. However, total costs and expenses rose to $970.6 million for the third quarter, up from $890.7 million in 2023, driven by increased research and development (R&D) and selling, general, and administrative (SG&A) expenses. R&D expenses surged to $324.4 million for the third quarter, a 41% increase from the prior year, while SG&A expenses rose by 23% to $233.6 million.
Net loss for the third quarter was $992.5 million, compared to $630.9 million in the same quarter of 2023. For the nine months, the net loss increased to $2.32 billion from $2.17 billion. The accumulated deficit as of September 30, 2024, reached $12.5 billion, up from $10.2 billion at the end of 2023.
Strategically, Lucid has been focusing on expanding its manufacturing capabilities, completing the paint shop and stamping portions of its Advanced Manufacturing Plant-1 (AMP-1) in Arizona. The company also transitioned general assembly to the AMP-1 phase 2 facility and completed the semi knocked-down (SKD) portion of its Advanced Manufacturing Plant-2 (AMP-2) in Saudi Arabia.
In terms of financing, Lucid entered into significant agreements, including a $750 million five-year unsecured delayed draw term loan credit facility with Ayar Third Investment Company in August 2024. The company also reported cash and cash equivalents of $1.89 billion as of September 30, 2024, an increase from $1.37 billion at the end of 2023.
Lucid's restructuring efforts included a 2024 Restructuring Plan aimed at optimizing operating expenses through workforce reductions, with restructuring charges of $20.3 million recorded for the nine months ended September 30, 2024. The company continues to face challenges, including economic downturns that may impact consumer demand for luxury electric vehicles.
About Lucid Group, Inc.
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