Luxurious electrical car maker Lucid Group on Monday reported widening first-quarter losses, however stated that it nonetheless has sufficient money to proceed operations into subsequent yr.

Shares had been down over 8% in after-hours buying and selling following the information.

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“We’re on monitor to supply over 10,000 autos in 2023, with company-wide initiatives ongoing that may allow Lucid to pivot to larger volumes as market circumstances enable,” CEO Peter Rawlinson stated on Monday. Lucid guided to 2023 manufacturing of between 10,000 and 14,000 autos in February.

Listed below are the important thing numbers from Lucid’s first-quarter earnings report, together with Wall Avenue’s consensus estimates as reported by Refinitiv:

• Loss per share: 43 cents
• Income: $149.4 million, versus income of $209.9 million anticipated.

Analysts polled by Refinitiv anticipated a per share lack of 41 cents, however it wasn’t instantly clear whether or not reported outcomes had been akin to these estimates.

Lucid’s first-quarter web loss was $779.5 million, a lot wider than the online lack of $81.3 million it reported within the first quarter of 2022, when it was nonetheless ramping up manufacturing of the Air. Income, nevertheless, jumped yr over yr to $149.4 million, from $57.7 million throughout the identical quarter final yr.

Lucid ended the primary quarter with about $3.4 billion in money and about $700 million in obtainable credit score traces. CFO Sherry Home stated that money needs to be ample to fund the corporate at the least till the second quarter of 2024.

Lucid had about $4.4 billion in money and an extra $500 million in credit score obtainable as of the tip of 2022.

Lucid has not too long ago been shifting to preserve money. It stated in March that it will cut about 18% of its workforce, roughly 1,300 employees, in a bid to decrease spending.

The corporate remains to be batting down demand concerns.

The corporate’s anticipated 2023 manufacturing of “over 10,000” Air sedans is properly beneath the “greater than 28,000” reservations it recorded as of its fourth-quarter earnings report in February. And, in April, Lucid stated it produced 2,314 Airs in the first quarter whereas delivering simply 1,406 to prospects in the course of the interval, a spot the corporate blamed on a “gradual January” and adjustments to the U.S. authorities’s EV tax credit.

In one other signal that demand for the Air could also be weak, Lucid declined to supply an up to date reservation quantity on Monday.

Lucid stated on Apr. 25 that its subsequent mannequin, a big electrical SUV known as Gravity, is on monitor to begin production in 2024. It plans to disclose the Gravity later this yr.

This story is growing. Please test again for updates.