EV maker posts strong revenue growth, wider losses, and upbeat 2026 production outlook
Lucid Group reported mixed fourth-quarter results, with surging revenue offset by widening losses as the company accelerates production of its Gravity SUV. Shares fell about 4% in after-hours trading following the announcement.
For the quarter, Lucid (LCID) posted revenue of $522.7 million, topping estimates of $459.4 million and marking a 123% increase year over year, largely driven by the ramp-up of its Gravity SUV. However, profitability remained a challenge. The company reported an adjusted loss per share of $3.08, wider than the expected $2.68 loss, and an adjusted EBITDA loss of $874.7 million versus $669.7 million anticipated.
For full-year 2025, Lucid generated $1.354 billion in revenue but recorded an adjusted EBITDA loss of $2.788 billion. Free cash flow burn totaled $3.8 billion for the year, including $1.24 billion in the fourth quarter. The company ended the period with $997.8 million in cash and $4.6 billion in total liquidity.
Lucid updated its annual production to 17,840 vehicles after identifying 538 vehicles that did not meet final validation requirements, though delivery totals remained unchanged at 15,841 vehicles for the year.
Looking ahead, Lucid guided 2026 production to 25,000–27,000 vehicles, implying nearly 40% growth at the low end. Interim CEO Marc Winterhoff emphasized operational discipline and progress toward profitability, while highlighting upcoming midsize vehicle production and planned robotaxi deployments with Uber and Nuro.
Lucid faces the dual challenge of scaling Gravity SUV output while controlling costs, especially after losing federal EV tax credits. However, the company maintains strong backing from Saudi Arabia’s Public Investment Fund, which owns roughly 58% of the company.
Investors will now focus on margin improvement, cost controls, and Lucid’s path to profitability as production expands.
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