February 22, 2023 — Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market, today announced financial results for its fourth quarter and full year ended December 31, 2022.
Lucid Group, Inc. (NASDAQ: LCID) reported a Q4 diluted loss of $0.28 per share,Three analysts polled by Capital IQ expected a loss of $0.42.
Revenue for the quarter ended Dec. 31 was $257.7 million, Four analysts surveyed by Capital IQ expected $273.6 million.
The Company produced 3,493 vehicles during Q4 at its manufacturing facility in Arizona and delivered 1,932 vehicles during the same period. On a full-year basis, the Company produced 7,180 vehicles, exceeding the 2022 annual production guidance of 6,000 to 7,000 vehicles, and delivered 4,369 vehicles in 2022.
Lucid today also announced its 2023 annual production guidance of 10,000 to 14,000 vehicles.
Lucid reported fourth quarter revenue of $257.7 million and annual revenue of $608.2 million, ending the quarter with approximately $4.9 billion total liquidity, which is expected to fund the Company at least into the first quarter of 2024. The Company reported reservations of over 28,000, as of February 21, 2023, representing potential sales of over $2.7 billion. This reservation number does not include the up to 100,000 vehicles under the agreement with the government of Saudi Arabia.
LUCID GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
About Lucid Group
Lucid’s mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design that features full-size interior space in a mid-size exterior footprint. Lucid Air Grand Touring features an official EPA estimated 516 miles of range or 1,050 horsepower. Produced at Lucid’s factory in Casa Grande, Arizona, deliveries of Lucid Air are currently underway to customers in the U.S., Canada, Europe and the Middle East.