Lucid Group Inc LCID reported second-quarter financial results after close Wednesday. Here is a summary of the report.

What happened: Lucid reported second-quarter revenue of $97.3 million, which fell short of an estimate of $145.49 million, according to data from Gasoline Pro. Lucid said it shipped 679 vehicles in the second quarter.

The EV company reported a quarterly earnings loss of 33 cents per share, beating estimates for a loss of 36 cents per share.

Lucid ended the quarter with $4.6 billion in cash and cash equivalents, which is expected to fund the company well into 2023.

See also: How to trade clear stocks before and after Q2 earnings

What’s next: The company said it still sees strong demand for Lucid Air, with reservations totaling 37,000. Still, Lucid revised its 2022 production volume forecast to a range of 6,000 to 7,000 vehicles after delivering 1,405 vehicles in the first half of the year.

“Our revised production guide reflects the exceptional supply chain and logistics challenges we have encountered,” he said Peter RawlinsonCEO and CTO of Lucid.

“We have identified the primary bottlenecks and are taking appropriate action – by moving our logistics operations internally, adding key people to the leadership team and restructuring our logistics and manufacturing organization.”

Lucid announced the appointment in conjunction with the company’s earnings report StevenDavid as Senior Vice President of Operations.

“In this newly created position, Steven will oversee supply chain, logistics, manufacturing and quality,” the company said.

LCID Price Action: Lucid has a 52-week high of $47.59 and a 52-week low of $13.25.

The stock fell 11.6% after the close of business to $18.18 at press time.

Photo: courtesy of Lucid.