Published , by Donovan Erskine
Published , by Donovan Erskine
Lucid (LCID), the company behind a fleet of luxury EVs, is out with its earnings results for Q4 2024. It’s not what shareholders were hoping for, as Lucid reported a miss on revenue expectations for the final quarter of its fiscal year.
Lucid’s earnings report was posted on its investor relations website after the close of markets today. Lucid reported $157.2 million in revenue against a $180 million expectation. While Lucid was expected to lose $0.31/share, the company ended up taking a less-than-expected loss of $0.29/share.
"Lucid is investing for the long term in technology, manufacturing and partnerships to further solidify our place in the market as the premier luxury EV brand in the world," said Peter Rawlinson, Lucid's CEO and CTO. "In 2023, we made our first strategic technology arrangement, gained market share, completed the Air lineup, and unveiled Gravity. As we start 2024, I'm very excited about the year ahead and beyond. We are entering the next transformational phase of the Lucid vehicle lineup and are laser-focused on growth."
Lucid stock was down in after-hours trading following the report. It was trading as low as $3.45/share after ending the day at $3.70/share. For more financial news, Shacknews has everything you need to know.