Deliveries in Q2 FY 2024 surged by 70.5% year-over-year, leading to a robust 32.9% revenue exceedance. Investors are evaluating if production growth and channel absorption will align with these delivery gains. Excluding a one-time warranty provision, the Q3 gross margin would have expanded around 11 percentage points sequentially. Commentary on the Lucid Gravity build-up and BOM costs is anticipated to be essential for future performance. The full-year sales estimate is projected at $1.33 billion, reflecting a 68% Y/Y increase, with an expected EPS loss of -$0.89 as market reactions hinge on Gravity ramp timing.
In Q2 FY 2024, deliveries increased by 70.5% year-over-year, contributing to a significant revenue beat of 32.9%. Investors are concerned about maintaining production and channel absorption.
Excluding a one-time warranty provision, Q3 gross margin would have seen an approximately 11 percentage points sequential expansion. Insights on Lucid Gravity's build-up and BOM costs will be crucial.
The consensus forecast for full-year sales stands at $1.33 billion, a 68% year-over-year increase, with an expected EPS of -$0.89. Any adjustments regarding Gravity ramp timing may lead to re-ratings.
Lucid's management confirmed a production target of 9,000 units in 2025. Investors are anticipated to scrutinize the Q2 build against delivery cadence and any updates on the factory ramp schedule.
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