Lucid Group missed Wall Street's third-quarter expectations as the embattled electric vehicle maker continues an "operational reset" aimed at cutting costs and narrowing losses.
The company on Monday also announced a $1.75 billion increase in a delayed draw term loan from Saudi Arabia's Public Investment Fund, the company's largest shareholder.
Lucid stock fell roughly 5% in aftermarket trading Monday.
Here's how Lucid performed in the third quarter compared with average estimates compiled by LSEG:
Despite the top- and bottom-line misses, the company's adjusted earnings before interest, taxes, depreciation and amortization of a loss $726 million beat Wall Street's expectations of a loss of $611 million for the third quarter. Its net loss for the quarter was $830.9 million, down from a loss of $978.4 million a year earlier.