Lucid Q3 2024 Earnings Preview: Losses expected, Gravity SUV launch in focus

Lucid Group (NASDAQ:LCID) is scheduled to announce Q3 earnings results on Thursday, November 7th, after market close.

Wall Street, on average, expects the EV company to post a quarterly loss per share of $0.31 on revenue of $198.14M (+43.8% Y/Y).

In the second quarter, Lucid reported a loss of $0.29 cents per share, missing the analyst estimate of $0.02. On the contrary, quarterly revenue rose 32.9% YoY to $200.58M, beating the estimates by $7.93M.

Analysts from Baird continue to view Lucid’s technology positively and view the Gravity SUV start of production as the next potential catalyst.

Recently, Lucid announced that it will open up customer orders for the Lucid Gravity on November 7. Orders will initially be taken for the Grand Touring trim, priced from $94,900. Current Lucid owners will be given priority for deliveries.

Over the last 3 months, EPS estimates have seen 0 upward revisions and 2 downward. Revenue estimates have seen 2 upward revisions and 1 downward.

Since the start of the year, Lucid shares have fallen about 50%. Seeking Alpha’s Quant has rated the company as a Sell, while the Wall Street analysts have recommended the company as a Hold.

Shares of the streaming company were down 6% on Tuesday.