"We generated great momentum and progress in the first half of the year and we'll look to build upon this through the back half of the year" - Peter Rawlinson, CEO.
— Peter Rawlinson
03Detailed Report
LCID
Lucid Group Inc
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
Lucid Group Inc reported a remarkable second quarter of 2024, with record production and delivery figures highlighting its growth momentum in the electric vehicle (EV) sector. The Company delivered 2,394 vehicles, marking a 70.5% increase year-over-year and 21.7% sequentially, driven by strong demand in North America. However, despite the positive delivery figures, Lucid faced significant challenges, including a gross loss of $269.8 million for the quarter, impacted by high costs and a substantial inventory impairment. With a focus on cost optimization and an upcoming shift towards the production of the Lucid Gravity SUV, management remains optimistic about the future, reiterating their commitment to achieving meaningful improvements in production efficiency and financial performance.
Key Performance Indicators
Revenue
Increasing
200.58M
QoQ: 16.12% | YoY: 32.95%
Gross Profit
Increasing
-269.77M
-1.34% margin
QoQ: -16.25% | YoY: 33.38%
Operating Income
Increasing
-787.42M
QoQ: -7.88% | YoY: 6.00%
Net Income
Increasing
-643.39M
QoQ: 5.50% | YoY: 15.81%
EPS
Increasing
-0.34
QoQ: -13.33% | YoY: 15.00%
Revenue Trend
Margin Analysis
Financial Highlights
1. Revenue for Q2 2024: $200.6 million, a year-over-year increase of 32.9% and a sequential increase of 16.1%.
2. Gross Profit: reported at -$269.8 million, with a gross margin of -134.5%.
3. Operating Loss: $787.4 million, primarily driven by high production costs and R&D expenses of $287.2 million.
4. Net Income: -$643.4 million, with an EPS of -$0.34.
5. Cash and Cash Equivalents: $1.35 billion at the end of Q2 2024, with $4.28 billion in total liquidity, including recent capital raises.
6. Current Ratio: 3.96, indicating a strong short-term liquidity position.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
200.58M
32.95%
16.12%
Gross Profit
-269.77M
33.38%
-16.25%
Operating Income
-787.42M
6.00%
-7.88%
Net Income
-643.39M
15.81%
5.50%
EPS
-0.34
15.00%
-13.33%
Key Financial Ratios
Gross Profit Margin
Weak
-1.35%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-3.93%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-3.21%
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
-0.15%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
3.96
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Moderate
0.58
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Negative
-2.37x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.46x
Price-to-book ratio reasonable for profitable companies
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