Lucid is posting mounting losses as demand concerns persist, and says it has enough cash to last through 2024.

luxury electric car maker Lucid Group On Monday, it reported widening first-quarter losses, but said it still had enough cash to continue operations into the next year.

Shares fell more than 8% in after-hours trading following the news.

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“We are on track to produce more than 10,000 vehicles in 2023, with ongoing company-wide initiatives that will enable Lucid to convert to larger volumes as market conditions allow,” CEO Peter Rawlinson said Monday. Lucid guided 2023 production of between 10,000 and 14,000 vehicles in February.

Here are the key numbers from Lucid’s first-quarter earnings report, along with Wall Street consensus estimates as reported by Refinitiv:

• share loss: 43 cents
• he won: $149.4 million vs. $209.9 million projected.

Analysts polled by Refinitiv had expected a loss per share of 41 cents, but it wasn’t immediately clear if bottom line results were comparable to those estimates.

Lucid’s net loss in the first quarter was $779.5 million, or 43 cents per share, much larger than the net loss of $81.3 million, or 5 cents per share, it reported in the first quarter of 2022, when it was still ramping up production. air. However, year-over-year revenue jumped to $149.4 million from $57.7 million.

Lucid finished the first quarter with about $3.4 billion in cash and about $700 million in lines of credit available. Chief Financial Officer Cherry House said the cash flow should be sufficient to fund the company at least through the second quarter of 2024.

The electric car maker had about $4.4 billion in cash and an additional $500 million in credit available through the end of 2022.

Lucid is recently moving to conserve cash. It said in March it would cut nearly 18% of its workforce, about 1,300 workers, in a bid to cut spending.

The company is still addressing demand concerns.

The automaker projected 2023 production of “more than 10,000” air sedans, far short of the “more than 28,000” it recorded as of its fourth-quarter earnings report in February. And in April, Lucid said it produced 2,314 planes in the first quarter while delivering only 1,406 to customers during the period, a gap the company blamed on “slow January” and changes to the US government’s tax breaks.

In another sign that on-air demand may be weak, Lucid declined to provide an updated reservation number on Monday.

Lucid said on April 25 that its next model, a large electric SUV called Gravity, is on track to begin production in 2024. It plans to unveil Gravity later this year.

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