'We have sales momentum, a compounding efficiency advantage, unprecedented interest from consumers and corporate partners, more than $5 billion in total liquidity, and Gravity, which I believe is on track to become the world's best SUV.' - Peter Rawlinson
— Peter Rawlinson
03Detailed Report
LCID
Lucid Group Inc
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
Lucid Group Inc reported its first quarter 2024 results, noting a substantial performance enhancement particularly in production and deliveries amidst a demanding macroeconomic environment. The company produced 1,728 vehicles and delivered 1,967—representing a significant year-over-year increase of 39.9%. Despite a GAAP net loss of $680.9 million, Lucid's management is optimistic about future profitability, driven by strategic partnerships and anticipated efficiency from the upcoming Gravity SUV. The firm's liquidity position remains robust, with $5.03 billion in total cash and cash equivalents, enabling it to navigate through significant upcoming capital expenditures for its new vehicle programs.
Key Performance Indicators
Revenue
Increasing
172.74M
QoQ: 9.92% | YoY: 15.60%
Gross Profit
Increasing
-232.06M
-1.34% margin
QoQ: 8.23% | YoY: 33.90%
Operating Income
Increasing
-729.92M
QoQ: 0.94% | YoY: 5.47%
Net Income
Increasing
-680.86M
QoQ: -4.14% | YoY: 12.66%
EPS
Increasing
-0.30
QoQ: -3.45% | YoY: 30.23%
Revenue Trend
Margin Analysis
Financial Highlights
### Financial Highlights:
- Revenue: $172.7 million, a 9.9% increase sequentially and a year-over-year growth of 15.60%.
- Gross Profit: A loss of $232.1 million, less negative than prior periods showing gradual improvements in gross margin efficiency.
- Operating Income: $-729.9 million, reflecting ongoing investment in technology and infrastructure.
- Net Income: $-680.9 million; while the loss is substantial, it was considered strategically necessary for scaling.
- Cash Position: Ended the quarter with $2.12 billion in cash and short-term investments, a healthy current ratio of 4.66, indicating strong liquidity.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
172.74M
15.60%
9.92%
Gross Profit
-232.06M
33.90%
8.23%
Operating Income
-729.92M
5.47%
0.94%
Net Income
-680.86M
12.66%
-4.14%
EPS
-0.30
30.23%
-3.45%
Key Financial Ratios
Gross Profit Margin
Weak
-1.34%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-4.23%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-3.94%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.08%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.14%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
4.66
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Moderate
0.51
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Negative
-2.42x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.39x
Price-to-book ratio reasonable for profitable companies
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