Lucid (NASDAQ:LCID) stock opened in the green today after the company affirmed full-year production guidance of between 6,000 to 7,000 vehicles and announced third-quarter deliveries and production. Earlier this year, the company had lowered production guidance from between 12,000 to 14,000 vehicles to the current figure, representing a drop of 50% at the midpoint.
During Q3, the electric vehicle (EV) company produced 2,282 vehicles and delivered 1,398 units. That’s more than triple the production during Q2 and just over double the Q2 delivery figure of 679 vehicles.
That said, shares of LCID stock are still down over 60% year-to-date (YTD). Like other automakers, Lucid has been hampered by supply-chain issues, inflation and a weak consumer. Investors will get a chance to see how the company plans on dealing with these factors once it reports earnings on Nov. 8.
LCID Stock Accelerates Higher on Q3 Deliveries
For Q3, analysts are expecting revenue of $219.52 million and an earnings per share (EPS) loss of 31 cents. The company’s increasing unprofitability has been led by a focus on increased production and deliveries. During the second quarter, Lucid reported revenue of $97.3 million.
As of Q2, Lucid had over 37,000 reservations, representing potential sales of about $3.5 billion. Its $4.6 billion of cash, cash equivalents and investments is expected to fund operations “well into 2023.”
Still, Lucid announced on Aug. 29 that it had filed a massive $8 billion mixed shelf offering. The filing will allow it to raise capital through one or more offerings over the next three years. The offerings can include asset classes like common stock, preferred stock, warrants, debt securities or a combination of classes. Lucid also disclosed that it would not be offering “any securities from the shelf registration statement at this time,” instead saying the filing gave it “greater flexibility to raise capital in the future.”
For Q4 guidance, analysts expect revenue of $431.8 million and an EPS loss of 30 cents. That brings full-year revenue estimates to $716.08 million and marks an EPS loss of $1.17.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
