Lucid (LCID) Q4 2025 results

Lucid Group The electric vehicle maker reported mixed fourth-quarter results on Tuesday as it continues to face challenging market conditions and internal struggles.

The company largely missed Wall Street’s quarterly earnings expectations while beating average revenue estimates by nearly 12%. It also revised its 2025 production results due to internal verification issues, but guided for a significant increase in vehicle production this year.

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

• Loss per share: $3.62 versus an expected loss of 2.62 cents
• Revenues: 523 million dollars, while the expectation was 468 million dollars

Lucid’s results come just days after the company laid off 12 percent of its U.S. salaried workforce to streamline its operations and “operate more efficiently and meet our commitments to gross margin improvement and long-term growth.”

Interim Lucid CEO Marc Winterhoff described the cuts to CNBC on Tuesday as a necessary realignment of the company’s workforce due to broader market and economic concerns as well as needed gains in productivity.

“We adapt and go to a level where we think we want to be and we think we should be,” he said. “But this is not something that will continue in the future.”

The company announced a vehicle production target of 25,000 to 27,000 units for 2026. This represents an increase of approximately 40% to 51% compared to the year-end figures the company published on Tuesday.

Lucid said the revision for the year – from 18,378 units to 17,840 units – occurred as “538 vehicles did not complete certain internal procedures required as part of the final verification process to be classified as manufactured.”

The company said the vehicles are expected to be completed this year and the change will not affect its previously reported financial results.

Winterhoff described the expected growth as “healthy” but not “ugly” given the current slowdown in overall vehicle sales, including electric vehicles.

“Our initial plans were higher, but we really wanted to be conservative and make sure we hit the numbers we projected,” he told CNBC.

Lucid is expected to begin production of a new, cheaper mid-size vehicle later this year, but Winterhoff said that won’t matter to its 2026 production plans. The automaker’s Gravity SUV is expected to account for the majority of its production and sales this year, followed by the Air sedan, he said. The company also plans to launch its first Lucid robotaxi with previously announced partners.

Winterhoff said the company’s main priorities this year are to reach its production target, increase sales, maintain productivity increases and prepare for mid-size vehicle and robotaxi production.

“We really want to make sure that [are] On our path to profitability, make sure we don’t spend money we don’t have to. This is very, very important,” he told CNBC.

Lucid has not yet said when the company expects to turn a profit. An investor day is planned to be hosted in New York on March 12.

Lucid said it finished last year with total liquidity of about $4.6 billion; Lucid CFO Taoufiq Boussaid said it was “robust” and would provide flexibility “to achieve short-term goals while investing in future growth.”

Lucid reported a net loss of $2.7 billion in 2025, in line with a loss of $2.71 billion in the previous year. That includes more than doubling its annual losses to $814 million in the fourth quarter. It reported a loss of $12.09 per share for the year.

The company’s 2025 revenue increased 68% to $1.35 billion; This includes results that more than doubled year over year in the fourth quarter.