Lucid (LCID) earnings Q3 2025

Lucid Group Faces Challenges in Meeting Wall Street Expectations

Lucid Group, the all-electric vehicle manufacturer, has missed Wall Street’s expectations for the second consecutive quarter. The company’s struggles with the launch of its new flagship Gravity SUV have contributed to the disappointment. Despite efforts to address supply chain disruptions, Lucid has reduced its annual production guidance to around 18,000 vehicles, down from the original target of 20,000 units.

The company’s third-quarter results showed a net loss of $978.4 million, or $3.31 per share, compared to a net loss of $992.5 million, or $4.09 per share, in the same period last year. Adjusted for one-time items, the loss per share was $2.65, exceeding the expected loss of $2.27. Revenue for the quarter was $336.6 million, falling short of the expected $379.1 million.

Financial Performance and Outlook

Lucid’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) showed a loss of $717.7 million, widening the year-over-year loss by 17%. However, quarterly revenue increased by approximately 68% from $200 million a year earlier. The company has agreed to increase a delayed draw term loan credit facility from $750 million to roughly $2 billion from Saudi Arabia’s Public Investment Fund, its largest shareholder.

Lucid reported total liquidity of $5.5 billion at the end of the quarter, including the undrawn credit line. Its cash and cash equivalents remained roughly flat from the end of last year at $1.6 billion, providing a financial runway into the first half of 2027. The company continues to evaluate finance and liquidity options outside of the Public Investment Fund as it launches the Gravity SUV and develops an upcoming midsize vehicle.

Partnerships and Future Developments

Lucid has made significant partnership announcements this year, including a $300 million deal with Uber to deploy over 20,000 Lucid Gravity SUVs equipped with autonomous vehicle technology from startup Nuro. The company has also expanded its partnership with Nvidia for autonomous vehicle technologies. These collaborations aim to drive growth and innovation in the electric vehicle market.

In contrast to fellow pure EV company Rivian Automotive, which recently reported strong third-quarter earnings and revenue, Lucid’s stock price has struggled, remaining off more than 40% despite a 1-for-10 reverse stock split this summer. As the company works to address its challenges and ramp up production, investors will be closely watching its progress and future developments.