Lucid (LCID) earnings Q3 2025

DETROIT – Lucid Group It missed Wall Street’s expectations for the second quarter in a row as the all-electric vehicle maker continues to iron out problems with the launch of its new flagship Gravity SUV.

The company also lowered the upper end of its annual production target for the second consecutive quarter to about 18,000 vehicles, from the previous forecast of 18,000 to 20,000 units. The original goal this year was 20,000 units. It also reduced the lower-end target for capital expenditures by $100 million, to between $1 billion and $1.2 billion.

Here’s how the company performed in the third quarter compared to average estimates compiled by LSEG:

• Loss per share: Adjusted $2.65, expected loss of $2.27
• Revenues: $336.6 million while expectation was $379.1 million

Lucid reported a net loss of $978.4 million, or $3.31 per share, for the quarter, compared to a net loss of $992.5 million, or $4.09 per share, in the same period last year. Accounting for one-time items, including restructuring, the company lost $2.65 per share.

The company’s adjusted earnings before interest, taxes, depreciation and amortization were $717.7 million for a loss of $597.4 million, according to estimates compiled by StreetAccount. This loss increased by 17% compared to last year. Quarterly revenue increased nearly 68% from $200 million a year ago.

Quarterly revenue increased nearly 68% from $200 million a year ago.

In addition to announcing its third-quarter results, Lucid said it had agreed to increase its delayed-term loan facility from the Saudi Arabian Public Investment Fund, the company’s largest shareholder, from $750 million to nearly $2 billion.

The company reported $5.5 billion in total liquidity through the end of the quarter, including its undrawn line of credit. The company stated that cash and cash equivalents remained roughly stable at $1.6 billion compared to the end of last year, with the overall financial outlook continuing through the first half of 2027.

Lucid also said it continues to evaluate financing and liquidity options outside PIF as it launches the Gravity SUV and develops a midsize vehicle that is not expected to begin production until at least late next year.

Regarding Gravity, Lucid’s interim CEO Marc Winterhoff said the company is “intensely focused on increasing production and addressing significant supply chain disruptions that are impacting the entire industry.”

In the company’s latest quarterly results in August, Winterhoff acknowledged there were problems with Gravity and said the company planned to significantly increase production in the second half of the year.

Winterhoff told investors on Wednesday that the company continues to believe it can achieve a significant increase in Gravity deliveries in the fourth quarter despite supply chain issues and an industry-wide slowdown in EV demand.

Lucid CFO Taoufiq Boussaid said Gravity production increased from quarter to quarter but remained at an insignificant level.

The earnings results come about a month after Lucid reported vehicle deliveries of 4,078 units in the third quarter; That figure was up from the previous year, but also fell slightly short of Wall Street expectations.

Lucid has made several partnership announcements this year. In July, it signed a $300 million deal with Uber that includes the ride-hailing platform for the purchase and deployment of more than 20,000 Lucid Gravity SUVs that will be equipped with Nuro’s autonomous vehicle technology over the next six years. More recently, it announced an expanded partnership with . Nvidia for autonomous vehicle technologies

Lucid’s results stand in stark contrast to other pure EV company Rivian AutomotiveIt released a report on Tuesday reporting third-quarter earnings and revenue that beat Wall Street expectations, pushing its stock prices higher in intraday trading on Wednesday.

Following near-record gains on Wednesday, Rivian shares are up nearly 16 percent in 2025, while Lucid is down more than 40 percent this summer, including a 10-for-1 reverse stock split.