"We had another quarter of record deliveries...in the U.S. market, the Lucid Air not only outsold many of the largest...brands but also outsold many in the gas market" - Peter Rawlinson, CEO.
— Peter Rawlinson
03Detailed Report
LCID
Lucid Group Inc
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
In Q3 2024, Lucid Group Inc demonstrated robust growth in vehicle deliveries, with total deliveries for the quarter reaching 2,781, marking an impressive 91% increase year-over-year and a 16% increase compared to the previous quarter. Revenue for the quarter was approximately $200 million, reflecting a 45.2% year-over-year growth but remained flat sequentially due to product mix changes. Despite these advancements, the company posted a sizable net loss of $992 million, primarily driven by high R&D investments and increased operational costs as the company prepares for the upcoming launch of the Lucid Gravity SUV, expected to begin production soon. Management remains confident in achieving better cost efficiencies as they continue their cost transformation initiatives and capitalize on upcoming vehicles that will target a significantly larger addressable market.
Key Performance Indicators
Revenue
Increasing
200.04M
QoQ: -0.27% | YoY: 45.15%
Gross Profit
Increasing
-212.51M
-1.06% margin
QoQ: 21.23% | YoY: 35.97%
Operating Income
Decreasing
-770.54M
QoQ: 2.14% | YoY: -2.35%
Net Income
Decreasing
-992.48M
QoQ: -54.26% | YoY: -57.31%
EPS
Decreasing
-0.41
QoQ: -20.59% | YoY: -46.43%
Revenue Trend
Margin Analysis
Financial Highlights
Financial Performance:
- Revenue: $200 million (up 45.2% YoY, flat QoQ)
- Gross Profit: -$212.5 million (YoY margin improved by 28 percentage points)
- Operating Income: -$770.5 million
- Net Income: -$992.5 million (EPS of -$0.41)
Balance Sheet:
- Cash and Short-Term Investments: $3.47 billion
- Total Assets: $8.49 billion
- Total Liabilities: $4.75 billion
- Total Stockholders’ Equity: $2.68 billion
Cash Flow:
- Net Cash Used in Operating Activities: -$462.8 million
- Free Cash Flow: -$622.5 million