Lucid Group (LCID) reported third-quarter earnings after the market closed on Wednesday, missing top and bottom-line estimates.
With 4,078 vehicles delivered in Q3, Lucid marked its seventh straight quarter with higher deliveries. Through the first nine months of 2025, Lucid delivered nearly 10,500 vehicles, more than the roughly 10,200 it handed over in 2024.
Although supply chain issues hampered production in the first half of the year, Lucid’s CEO Marc Winterhoff said the company made “significant progress ramping production of the Lucid Gravity through Q3,” including adding a second manufacturing shift at its Casa Grande, Arizona, plant.
Lucid produced 3,891 vehicles in Q3, missing estimates of around 5,600. With 9,966 EVs produced through the third quarter, Lucid will need to build over 8,000 more to meet its full-year production goal of 18,000 to 20,000.
According to estimates, Lucid is expected to report an adjusted quarterly loss of $2.27 per share on revenue of $352 million in Q3 2025.
Lucid Group Q3 2025 earnings breakdown
Lucid missed top and bottom-line estimates as it continues to address industry-wide supply chain issues that are hampering production of the Gravity SUV.
Although it missed estimates, Lucid reported Q3 revenue of $336.6 million, which is still up 68% from $200 million in the same period last year.
Lucid’s net loss narrowed to $978.4 million in the third quarter, or $3.31 per share, from $992.5 million, or $4.09 per share, in Q3 2024. On an adjusted basis, Lucid posted a loss of $2.65 per share.
In addition, Lucid said it agreed with Saudi Arabia’s Public Investment Fund (PIF) to increase the delayed draw term loan credit facility (DDTL) from $750 million to around $2 billion.
Given the increase, Lucid said total liquidity would have been around $5.5 billion at the end of Q3, up from the $4.2 billion it reported. Lucid ended the third quarter with $1.6 billion in cash and equivalents.
Lucid said liquidity is enough to fund it through the first half of 2027, up from the second half of 2026, as previously forecast. Lucid plans to launch production of its more affordable midsize platform in late 2026 with vehicles starting at around $50,000.
Lucid confirmed it was still on track to start production of the midsize platform later next year. However, given the supply chain issues, it now expects to hit the lower end of its production goal at around 18,000.
Winterhoff said the company “remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry.”
Lucid is advancing other emerging tech, including autonomy and intelligent mobility. Through a new partnership with NVIDIA, Lucid aims to be among the first to offer Level 4 autonomous driving.
The third-quarter earnings miss comes after Rivian (RIVN) beat expectations this week, reporting higher revenue and improving gross margins.
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