Lucid Motors shares sank by over 6% in the first minutes of Tuesday’s after-hours trading session after the EV maker missed consensus on revenue by about $24 million and earnings per share (EPS) by 2 cents.
The company reported a net loss of $855.3 million for the second quarter, widening from $790.3 million a year earlier.
Revenue stood at $259.4 million, below Wall Street’s consensus of $283.2 million.
Total operating expenses climbed to $1.06 billion, up from $988 million in the year-ago quarter, driven by increases in cost of revenue, research and development, and selling, general and administrative costs.
Free cash flow totaled negative $1.01 billion in the quarter.
Net cash used in operating activities was $830.2 million, while capital expenditures reached $182.7 million. For the first half of 2025, Lucid burned through $1.26 billion in operating cash and spent $343.9 million on capital expenditures.
Amid the report of its second quarter earnings results, Lucid said it was cutting its 2025 production guidance to 18,000-20,000 units from the previous 20,000-unit goal.
The company delivered 3,309 vehicles during the second quarter and produced 3,863.
Ahead of the earnings results, the stock’s implied movement was at $0.28, or 11.54%.
Lucid shares closed 1% higher on Tuesday at $2.43. As of the time of writing, the stock was trading 5% lower at $2.30.
According to Motor Intelligence data released Friday, Lucid sold 890 vehicles in the US in July, up 28% year over year and slightly above the 840 sold in June. However, the Gravity was not listed among July deliveries, with zero units recorded.
The earnings conference call is scheduled for 05:30 PM Eastern time and will be joined by interim CEO Marc Winterhoff and the chief financial officer Taoufiq Boussaid.
The company used the Say Technologies platform to collect questions from both retail and institutional shareholders, with the top-voted ones focusing on the 1 for 10 reverse stock split announced last month, Gravity sales update, and the upcoming mid-size platform.
Lucid Motors saw its vehicle registrations surge to a new nine month record in July, according to data published earlier this Tuesday by the country’s Federal Motor Transport Authority (KBA).
As reported earlier in the day, Wolverine Asset Management reinitiated an equity position in the electric vehicle maker during the second quarter by acquiring nearly 700,000 shares.
However, it significantly increased its bearish bet and exited its remaining call options.
