5 Must-Read Analyst Questions From Lucid’s Q1 Earnings Call

Lucid’s first quarter results were met with a negative market reaction following a modest revenue shortfall versus analyst expectations. Management attributed the quarter’s performance to a 58% year-over-year increase in vehicle deliveries, driven by expanding demand for the Lucid Air and the initial ramp of the Gravity SUV. Interim CEO Marc Winterhoff cited ongoing operational improvements, including resolving temporary delivery bottlenecks in Saudi Arabia and advancing U.S. manufacturing capabilities with the acquisition of Nikola’s Arizona assets. Management also acknowledged lingering supply chain complexities and heightened tariff-related uncertainty, especially concerning rare earth materials.

Is now the time to buy LCID? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions Lucid’s Q1 Earnings Call

• Stephen Gengaro (Stifel): Asked about Gravity order trends and test drive availability; CEO Marc Winterhoff reported continued strong demand, with test drive vehicles rolling out to more studios as technical issues are resolved.
• Andres Sheppard (Cantor Fitzgerald): Inquired about the production mix between Air and Gravity for the year; management reiterated expectations that Gravity will represent the bulk of incremental growth, with higher average selling prices anticipated in the second half.
• David Sunderland (Baird): Asked for detail on the KAUST partnership; Winterhoff highlighted the value of asset-light access to AI supercomputing resources, with minimal financial commitment and significant R&D benefit.
• Tobias Beith (Redburn Atlantic): Questioned whether supply chain adjustments would delay the mid-sized platform; Winterhoff clarified that the company is prioritizing the midsize timeline and not diverting resources from its development.
• Stephen Gengaro (Stifel): Requested insight into the path toward breakeven margins; CFO Boussaid replied that scale from Gravity and, eventually, the mid-sized platform are key to margin improvement, though no specific breakeven timeline was provided.

Catalysts in Upcoming Quarters

Over the coming quarters, our team will watch for (1) the pace and reliability of Gravity SUV production and deliveries, (2) how effectively Lucid manages tariff-induced cost pressures and supply chain shifts, and (3) progress on technology licensing and OEM partnership deals. Developments in the mid-sized platform and success in capital deployment will also be critical for sustained momentum.

Lucid currently trades at $2.19, down from $2.32 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).

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