EV maker Lucid (LCID) reported mixed first quarter results as a wider-than-expected loss trumped the company’s confirmation that its Gravity SUV is still on track for a 2024 debut.

For the quarter, Lucid reported revenue of $172.7 million, topping expectations of $150.1 million and nearly 16% higher than a year ago. Lucid’s loss per share, however, came in at $0.30, higher than estimates of $0.25, with its adjusted EBITDA loss coming in at $598.4 million compared to the $505.1 million forecast by analysts per Bloomberg.

“Our sales momentum is building, our focus upon cost remains relentless, and we believe Gravity is on track to become the best SUV in the world,” Lucid CEO Peter Rawlinson said in a statement. Lucid confirmed its Gravity SUV was set for a “late 2024” production start, and its upcoming midsize vehicle was slated for a late 2026 launch.

Lucid stock was down 5% in after-hours trading.

Last month, Lucid announced that it produced 1,728 vehicles and delivered 1,967 vehicles in the first quarter, compared to 2,391 vehicles produced and 1,734 vehicles delivered in Q4. The sequentially higher delivery numbers were positive news for investors, and the company said that it is targeting 9,000 vehicles produced in 2024. Last year, Lucid produced 8,428 vehicles and delivered 6,001 to clients.

Lucid’s latest round of EV price cuts announced in February likely boosted sales but hurt the company’s margins, which were also likely impacted by capital expenses incurred for its Gravity production activities. Lucid said capital expenditures hit $198.2 million in the quarter, with expenditures expected to tally $1.5 billion in 2024.

In terms of its cash position, Lucid said it had $4.62 billion in cash and cash equivalents on hand, enough liquidity to last into the Q2 of 2025. Lucid announced in late March that it struck a funding agreement with its majority shareholder Ayar Third Investment Company for a $1 billion investment. Ayar is an affiliate of Saudi Arabia’s Public Investment Fund (PIF).

“I believe there are two factors that set Lucid apart — our superior, in-house technology and the partnership with the PIF,” Rawlinson said in the release.

Including Monday’s post-market move, Lucid shares are now down over 32% year to date.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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