TLDR
- Lucid missed Wall Street expectations for the second quarter in a row, posting a $2.65 per share adjusted loss versus $2.27 expected and revenue of $336.6 million versus $379.1 million expected.
- The company narrowed its 2025 production guidance to around 18,000 vehicles from a previous range of 18,000 to 20,000 units.
- Lucid increased its credit facility with Saudi Arabia’s Public Investment Fund from $750 million to roughly $2 billion, bringing total liquidity to $5.5 billion.
- The company continues to face supply chain problems affecting production of its new Gravity SUV, though it expects a strong fourth quarter for deliveries.
- Lucid announced partnerships with Uber for 20,000 robotaxis over six years and expanded its autonomous vehicle technology partnership with Nvidia.
Lucid Group posted disappointing third-quarter results on Wednesday. The EV maker missed Wall Street expectations for both earnings and revenue.
The company reported an adjusted loss of $2.65 per share. Analysts had expected a loss of $2.27 per share.
Revenue came in at $336.6 million. That fell short of the $379.1 million analysts predicted.
This marks the second consecutive quarter Lucid has missed expectations. The company’s net loss totaled $978.4 million for the quarter.
That works out to $3.31 per share. A year earlier, Lucid lost $992.5 million or $4.09 per share.
Adjusted EBITDA showed a loss of $717.7 million. Analysts expected a loss of $597.4 million according to StreetAccount estimates.
Revenue did show growth though. The $336.6 million represents a 68% increase from $200 million a year earlier.
Lucid cut its production guidance for the second straight quarter. The company now expects to build around 18,000 vehicles this year.
That’s down from the previous range of 18,000 to 20,000 units. The original target was 20,000 vehicles.
The company also lowered its capital expenditure forecast. It now expects to spend between $1 billion and $1.2 billion, down $100 million at the low end.
Supply Chain Issues Plague Gravity Launch
Interim CEO Marc Winterhoff pointed to supply chain problems. The company faces shortages of magnets, aluminum, and chips.
These disruptions are hitting the launch of the Gravity SUV. The new flagship vehicle was supposed to drive production higher in the second half of 2025.
CFO Taoufiq Boussaid said Gravity production increased from the previous quarter. But it remains at an “unmeaningful level” for now.
Winterhoff said the company still expects deliveries to increase in the fourth quarter. That’s despite the supply chain headaches and slower EV demand across the industry.
The company delivered 4,078 vehicles in the third quarter. That was up from a year earlier but below Wall Street estimates.
Lucid has made seven straight quarters of record deliveries. But production volumes remain far below what the company needs to reach profitability.
Saudi Funding and New Partnerships
Lucid announced a major expansion of its credit facility. Saudi Arabia’s Public Investment Fund increased the delayed draw term loan from $750 million to roughly $2 billion.
The PIF is Lucid’s largest shareholder. The expanded credit line remains undrawn for now.
The company ended the quarter with $5.5 billion in total liquidity. That includes the credit facility.
Cash and cash equivalents stood at $1.6 billion. That’s flat from the end of 2024.
Lucid said its financial runway now extends into the first half of 2027. The company is also looking at other financing options outside the PIF.
On the partnership front, Lucid signed a $300 million deal with Uber in July. The ride-hailing company will acquire more than 20,000 Gravity SUVs over six years.
Those vehicles will be equipped with autonomous technology from startup Nuro. Lucid also expanded its partnership with Nvidia for self-driving vehicle technologies.
The company is targeting Level 4 autonomy for its robotaxi fleet. That technology allows vehicles to drive themselves without human intervention in most conditions.
Shares of Lucid remain down more than 40% in 2025. That includes the impact of a 1-for-10 reverse stock split this summer.
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