Lucid Group Inc. (Lucid (LCID)) reported its first-quarter financial results on Tuesday after the closing bell, and the numbers didn't quite hit the mark Wall Street had set. Revenue came in at $282.47 million, which was a 20% jump from the same period last year but well below the $440.43 million analysts were looking for. The company also posted an adjusted loss of $2.82 per share, a bit deeper than the $2.64 loss per share that had been expected.
Interim CEO Marc Winterhoff struck an optimistic tone, saying, "First quarter results demonstrated the strength of our technology and product portfolio. We expanded strategic partnerships, including with Uber, and continued to advance our autonomy roadmap."
On the production front, Lucid built 5,500 vehicles during the quarter but only delivered 3,093. The gap was partly due to a supplier quality issue with the second-row seats in the Lucid Gravity, which disrupted deliveries for 29 days. The company says the problem has been resolved and it's taking steps to better align production with deliveries and customer demand.
Lucid ended the quarter with about $3.2 billion in total liquidity, and management noted that elevated inventory levels should convert into revenue and cash as deliveries get back on track. The company's management team will discuss the quarter in more detail on an earnings call scheduled for 5:30 p.m. ET.
Shares of Lucid were down 1.77% in after-hours trading, changing hands at $6.14 at the time of publication.
