Lucid Stock is Sinking After It Disclosed a Big Earnings Miss

Shares of Lucid Group (NASDAQ: LCID) were trading little connected Tuesday aft the institution pre-announced first-quarter gross that missed Wall Street's expectations.

As of 1 p.m. ET, Lucid's shares were down astir 5% from Monday's closing price.

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Lucid filed a bid of documents connected April 14 explaining its latest superior raise, which volition bring it conscionable implicit $1 cardinal successful caller money. The rise has respective parts, including investments from Uber Technologies (NYSE: UBER) and an affiliate of Saudi Arabia's Public Investment Fund (PIF), arsenic good arsenic a $300 cardinal banal offering.

Much of that had been announced successful advance. The quality that drove the EV maker's banal little was buried connected leafage 7 of 1 of those filings, wherever Lucid provided immoderate preliminary first-quarter results. Specifically, Lucid said its gross for the archetypal 4th fell betwixt $280 cardinal and $284 million.

That's rather a spot beneath Wall Street's statement estimation of $433.8 billion, and it's astir surely wherefore the banal was trading little connected Tuesday.

Lucid besides disclosed that it volition study a first-quarter operating nonaccomplishment betwixt $985 cardinal and conscionable implicit $1 billion. For context, that astir matches Lucid's operating nonaccomplishment of $1.06 cardinal past quarter, but it's overmuch wider than the $692 cardinal Lucid mislaid successful the archetypal 4th of past year.

What happened? It isn't yet clear. We bash cognize that Lucid produced 5,500 vehicles successful the archetypal 4th but delivered lone 3,093. It's imaginable that Lucid expected to present much of those vehicles earlier the extremity of the quarter, but either didn't marque the deadline oregon didn't person capable income to enactment those deliveries.

We'll get the full communicative erstwhile Lucid reports its afloat first-quarter results connected May 5.

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