Electric vehicle company Lucid Group, Inc ( LCID ). reported first-quarter financial results after market close Monday.

Here are the key highlights.

What Happened: Lucid reported first-quarter revenue of $172.7 million, which beat a Street consensus estimate of $157.0 million, according to data from Benzinga Pro.

The company reported a loss of 30 cents per share, which missed a Street consensus estimate of a loss of 25 cents per share.

The company previously reported first-quarter production of 1,728 vehicles, which was down from 2,314 vehicles produced in last year's first quarter. First-quarter deliveries of 1,967 were up from 1,406 vehicles delivered in last year's first quarter.

Lucid said it ended the first quarter with around $5.03 billion in total liquidity, which comes after raising $1.0 billion in financing from a private placement to an affiliate of shareholder PIF (Public Investment Fund) in the quarter.

"I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the PIF," Lucid CEO Peter Rawlinson said.

Related Link: Lucid Q4 Earnings: Revenue Miss, EPS Beat, 2024 Production Guidance And More

What's Next: The company said it is on track for annual production of 9,000 vehicles in 2024.

"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," Rawlinson said.

Chief Financial Officer Gagan Dhingra said the company continues to make progress on its cost optimization programs.

"We're focused on significant growth as we enter the next transformational phase of Lucid's end markets while simultaneously driving cost discipline," Dhingra said.

LCID Price Action: Lucid shares are down 8% to $2.81 in after-hours trading Monday, versus a 52-week trading range of $2.29 to $8.37.

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