Lucid Group missed Wall Street’s third-quarter expectations as the embattled electric vehicle maker continues an “operational reset” aimed at cutting costs and narrowing losses.
The company on Monday also announced a $1.75 billion increase in a delayed draw term loan from Saudi Arabia’s Public Investment Fund, the company’s largest shareholder.
Lucid stock fell roughly 5% in aftermarket trading Monday.
Here’s how Lucid performed in the third quarter compared with average estimates compiled by LSEG:
- Loss per share: $2.74 vs. a loss of $2.28 expected
- Revenue: $350 million vs. $407 million expected
Despite the top- and bottom-line misses, the company’s adjusted earnings before interest, taxes, depreciation and amortization of a loss of $726 million beat Wall Street’s expectations of a loss of $611 million for the third quarter. Its net loss for the quarter was $830.9 million, down from a loss of $978.4 million a year earlier.
Lucid’s 2025 third quarter included revenue of $336.6 million, a loss of $3.31 per share and an adjusted EBITDA loss of $717.7 million.
The quarterly results are the first since Lucid CEO Silvio Napoli, who started leading the company in June, announced a restructuring plan that included implementing several cost-cutting efforts and delaying the company’s upcoming midsize vehicle from the end of this year until the second half of next.
“Our transformation is beginning to show progress. We are acting with urgency, strengthening the fundamentals and driving greater discipline, while continuing to invest in the priorities to deliver profitable long-term growth,” Napoli said in a release.
The company’s turnaround plan includes $1.4 billion in cash flow improvements this year as well as focusing attention on a robotaxi program with Uber and Nuro, a factory that’s under construction in Saudi Arabia and the midsize vehicle.
Lucid said the capital from PIF is expected to give the company “additional financial flexibility as Lucid delivers on its turnaround program.” It is expected to assist in funding “operations and key investments” into the fourth quarter of 2027, including the start of production for the midsize vehicle.
The additional funds boost Lucid’s total liquidity to $3.75 billion, up from $2 billion to end the third quarter.
“We are grateful for the continued financial support from our anchor shareholder, which further energizes us to remain focused on execution and on our commitments as we build a stronger, sustainable Lucid,” Napoli said.
Lucid said Monday that the company expects to communicate its midterm plan and targets early next year. The EV maker in May suspended its guidance and many targets, citing new leadership and time needed to develop a turnaround plan.