Lucid Motors (NASDAQ:LCID) stock is trending on social media and little changed after it reported its second-quarter results yesterday afternoon.

The electric vehicle (EV) maker stated that it will have enough cash to begin manufacturing its upcoming Gravity SUV. However, its Q2 revenue and loss per share both came in well below analysts’ average estimates.

Lucid’s Large Cash Pile and Its Q2 Miss

After raising $3 billion of new capital last quarter by selling LCID stock and obtaining funds from Saudi Arabia, Lucid had $6.25 billion of “total liquidity,” the automaker noted yesterday.

The automaker estimates that it will not have to obtain additional funds until early 2025 when it will already have begun producing the Gravity.

For Q2, Lucid reported that its revenue had jumped 55% versus the same period a year earlier to $151 million, but its top line was $54 million below analysts’ average estimate. Additionally, the firm reported a loss per share of 40 cents, compared with the mean outlook of a loss per share of 36 cents.

Its deliveries of 1,404 EVs last quarter were little changed versus Q1. Before the automaker reported the delivery figure in July, analysts, on average, had expected the company to deliver 1,818 EVs.

Also noteworthy is that CEO Peter Rawlinson admitted that “we still have work to do to grow our customer base” and that: “We are limited by our ability to sell the cars right now,” indicating that the EV maker continues to have a significant demand problem.

LCID Stock: Valuation and Momentum

LCID has a very high forward price-to-sales ratio of 5.8. According to Fintel, LCID stock has a very low Momentum Score of 24.9.

LCID stock is down about 0.5% today and down 45% for the past six months. It is up about 3.5% year-to-date.

On the date of publication, Larry Ramer 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.