Lucid Group's wild ride continued on Tuesday.

Tuesday evening, the electric-vehicle startup reported second-quarter sales of $405 million and a gross loss of $427 million. Wall Street was looking for sales of $361 million and a gross loss of $311 million, according to FactSet. A year ago, Lucid reported sales of $259 million and a comparable loss of $272 million.

The company delivered 3,953 vehicles in the second quarter, up from 3,309 cars a year ago. Selling more new Gravity SUVs helped boost sales volume.

Revenue was higher on more deliveries, but so were costs. Lucid stock was down 11.3% in after-hours trading at $6.90.

Trading in Lucid stock has been wild lately. Shares dropped below $2.50 on July 14 after news portal electric-vehicles.com suggested the company was considering filing for bankruptcy or going private, a report the company disputed. Then shares popped 21.5% on July 28 after Saudi investor Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud disclosed a 19.5 million share stake. He has been labeled the Arabian Warren Buffett, reflecting his long experience and investing success.

Through Tuesday trading, Lucid stock was up 28% over the past month, but down 68% over the past year, according to FactSet. Selling EVs became more difficult for Lucid and others after the September expiration of the federal $7,500 EV purchase tax credit.

Lucid reported $3 billion in quarter-end liquidity, adding that additional financing ensures liquidity "well into 2027."

Lucid isn't expected to generate free cash flow this decade, according to FactSet. That will necessitate capital raising from time to time. Cash is always important at money-losing startups, and Lucid announced plans to cut $1.4 billion in expenses and planned spending.

Overall, the quarter looks OK, with costs high, but each EV the company sells doesn't generate incremental profit. Calling the reaction to Tuesday's earnings in Wednesday trading certainly isn't easy given the recent trading volatility.