Luxury electric car manufacturer Lucid (NASDAQ:LCID) met Wall Street’s revenue expectations in Q3 CY2024, with sales up 45.2% year on year to $200 million. Its non-GAAP loss of $0.28 per share was 9.7% above analysts’ consensus estimates.
Is now the time to buy Lucid? Find out in our full research report.
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Revenue: $200 million vs analyst estimates of $198.1 million (in line)
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Adjusted EPS: -$0.28 vs analyst estimates of -$0.31
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EBITDA: -$613.1 million vs analyst estimates of -$613.8 million (small beat)
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Gross Margin (GAAP): -106%, up from -241% in the same quarter last year
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Operating Margin: -385%, up from -546% in the same quarter last year
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EBITDA Margin: -306%, up from -453% in the same quarter last year
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Free Cash Flow was -$622.5 million compared to -$706.1 million in the same quarter last year
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Sales Volumes rose 90.9% year on year (4.2% in the same quarter last year)
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Market Capitalization: $6.41 billion
“Our momentum continues with our third consecutive quarter of record deliveries,” said Peter Rawlinson, CEO and CTO at Lucid.
Lucid (NASDAQ:LCID) produces luxury electric vehicles that combine high-end design with electric technology.
Much capital investment and technical know-how are needed to manufacture functional, safe, and aesthetically pleasing automobiles for the mass market. Barriers to entry are therefore high, and auto manufacturers with economies of scale can boast strong economic moats. However, this doesn’t insulate them from new entrants, as electric vehicles (EVs) have entered the market and are upending it. This has forced established manufacturers to not only contend with emerging EV-first competitors but also decide how much they want to invest in these disruptive technologies, which will likely cannibalize their legacy offerings.
A company’s long-term performance can give signals about its business quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Over the last three years, Lucid grew its sales at an incredible 452% compounded annual growth rate. This is a great starting point for our analysis because it shows Lucid’s offerings resonate with customers.
Long-term growth is the most important, but within industrials, a stretched historical view may miss new industry trends or demand cycles. Lucid’s annualized revenue growth of 39.2% over the last two years is below its three-year trend, but we still think the results were good and suggest demand was strong.
This quarter, Lucid’s year-on-year revenue growth of 45.2% was magnificent, and its $200 million of revenue was in line with Wall Street’s estimates.
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