Quarterly Performance
Lucid reported a wider-than-expected fourth-quarter loss, reflecting ongoing cost pressure from manufacturing scale-up and product launches.
- Q4 EPS: loss of $3.62 vs. a $2.62 loss expected (LSEG).
- Q4 revenue: $523 million, above the $468 million consensus.
- Q4 net loss: $814 million, more than double year over year.
Full-Year 2025 Snapshot
- Revenue: $1.35 billion, up 68% year over year; fourth-quarter sales more than doubled.
- Net loss: $2.7 billion (vs. $2.71 billion in 2024).
- Loss per share: $12.09.
Production Guidance and Model Mix
Management set a measured 2026 ramp, prioritizing achievability amid softer EV demand and internal process adjustments.
- 2026 target: 25,000–27,000 vehicles, implying ~40%–51% growth from revised 2025 output.
- 2025 production was adjusted to 17,840 units after 538 vehicles at year-end had not completed internal validation; those are expected to finish in 2026 without changing prior financials.
- The Gravity SUV is expected to lead 2026 volume, with the Air sedan providing the remainder.
- A new, lower-priced midsize vehicle is slated to start production late 2026 but won’t materially affect that year’s totals.
- Initial robotaxi services are planned with previously announced partners; volumes and precise timing were not quantified.
Workforce, Operations, and Cost Actions
Days before results, Lucid reduced its U.S. salaried workforce by 12% as part of a one-time realignment to streamline operations and improve gross margins.
Management emphasized cost control, supply chain discipline, and factory readiness for Gravity, the midsize model, and autonomous ride-hailing initiatives, with a focus on a clear path toward profitability.
Liquidity and Outlook
Lucid ended 2025 with approximately $4.6 billion in total liquidity, which the CFO characterized as strong and sufficient to fund near-term objectives while investing in growth.
The company did not provide a profitability timeline and plans to share more detail on production scaling, cash management, and future models at an investor day on March 12 in New York.
Context and Takeaways
Guidance signals disciplined growth after a mixed year: revenue outperformed, but losses widened due to scaling and new program investments. The validation-related production revision lowers the 2025 base but is expected to flow into 2026 completions. Management’s conservative stance for 2026 leans on Gravity to drive volume while preparing the midsize launch and robotaxi rollout.
