Lucid Group (NASDAQ: LCID), a luxury electric vehicle (EV) maker, has struggled since it went public through a special purpose acquisition company (SPAC) merger in 2021, as most other SPACs and EV stocks have. Its first-quarter earnings report, out Monday, showed why the company still faces a steep uphill climb as it tries to build a viable business.

Revenue in the quarter jumped 159% to $149.4 million, which was well below the consensus at $209.9 million. On the bottom line, the company lost $1.04 billion in free cash flow and had a loss per share under generally accepted accounting principles (GAAP) of $0.43, down from a loss of $0.36 in the quarter a year ago and worse than the consensus at $0.41. As you can see from the chart below, there was a whole lot of red ink in the report as Lucid reported a net loss of $779 million. 

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Source Fool.com