Shares of Lucid Group (LCID 4.49%) were trading lower on Tuesday after the company pre-announced first-quarter revenue that missed Wall Street's expectations.
As of 1 p.m. ET, Lucid's shares were down about 5% from Monday's closing price.
In the fine print, Lucid disclosed a big revenue miss
Lucid filed a series of documents on April 14 explaining its latest capital raise, which will bring it just over $1 billion in new money. The raise has several parts, including investments from Uber Technologies (UBER +0.75%) and an affiliate of Saudi Arabia's Public Investment Fund (PIF), as well as a $300 million stock offering.
Image source: The Motley Fool.
Much of that had been announced in advance. The news that drove the EV maker's stock lower was buried on page 7 of one of those filings, where Lucid provided some preliminary first-quarter results. Specifically, Lucid said its revenue for the first quarter fell between $280 million and $284 million.
That's quite a bit below Wall Street's consensus estimate of $433.8 billion, and it's almost certainly why the stock was trading lower on Tuesday.
NASDAQ: LCID
Key Data Points
Lucid also disclosed a hefty operating loss
Lucid also disclosed that it will report a first-quarter operating loss between $985 million and just over $1 billion. For context, that roughly matches Lucid's operating loss of $1.06 billion last quarter, but it's much wider than the $692 million Lucid lost in the first quarter of last year.
What happened? It isn't yet clear. We do know that Lucid produced 5,500 vehicles in the first quarter but delivered only 3,093. It's possible that Lucid expected to deliver more of those vehicles before the end of the quarter, but either didn't make the deadline or didn't have enough sales to support those deliveries.
We'll get the whole story when Lucid reports its full first-quarter results on May 5.
