Key Takeaways
- First quarter operating losses reached $989 million, exceeding analyst projections of $864 million.
- Quarterly revenue fell approximately 36% short of forecasts following supplier complications that impacted Gravity SUV shipments.
- Earnings per share of ($3.46) missed analyst expectations of ($2.72) by $0.74.
- The company secured $1.05 billion in fresh capital, with $200 million contributed by Uber, pushing total cash reserves to $4.7 billion.
- Shares have declined 41% in 2025 and are down 74% over the trailing twelve months.
Shares of Lucid Group (LCID) dropped 6.6% during Tuesday’s regular trading session in anticipation of the company’s first quarter earnings announcement, before declining another 2.7% in extended trading to $6.08 as disappointing financial results emerged.
The electric vehicle manufacturer’s stock began the day at $6.69 and reached an intraday bottom of $6.18.
First quarter operating losses totaled $989 million against revenue of $282 million. Analysts had anticipated losses of $864 million with revenue around $358 million. The substantial revenue shortfall—approximately 36% beneath projections—stemmed primarily from a supplier complication that delayed February deliveries of the company’s Gravity SUV model.
The company posted earnings per share of ($3.46), falling short of the ($2.72) analyst consensus by $0.74. Lucid currently reports a negative return on equity of 138.82% alongside a negative net margin of 207.87%.
Vehicle deliveries in the first quarter totaled 3,093 units, unchanged from the prior year period. However, manufacturing activity painted a more optimistic picture—the company produced 5,500 vehicles during the quarter, representing a 149% year-over-year increase. North American order volume surged 144% in March versus February levels.
Despite stagnant delivery numbers, revenue climbed 20% year over year, supported by improvements in the company’s vehicle mix.
Funding Round and Cash Position
Lucid finalized a $1.05 billion fundraising initiative in April. The capital infusion comprised $550 million in convertible preferred stock from an affiliate of Saudi Arabia’s Public Investment Fund, $300 million through a registered common stock offering, and $200 million in equity investment from Uber—elevating Uber’s cumulative investment in the EV maker to $500 million.
The company concluded the first quarter with total liquidity of $4.7 billion, addressing immediate funding concerns.
Lucid also revealed a leadership transition, with Silvio Napoli assuming the CEO role from Marc Winterhoff.
Wall Street Perspectives
Analyst sentiment remains reserved. The consensus recommendation stands at “Reduce” with an average price objective of $12.25, significantly above current trading levels.
Cantor Fitzgerald maintained a neutral stance with a $14 price target. TD Cowen preserved its “hold” rating while reducing its target from $19 to $10. Bank of America maintains an “underperform” designation with a $10 target. Robert W. Baird holds a neutral position with a $12 price objective.
Among 11 analysts providing coverage, two assign buy ratings, six recommend holding, and three advise selling.
The challenging electric vehicle market environment has compounded difficulties. The $7,500 federal EV purchase incentive lapsed in September, and first quarter U.S. EV sales declined 27% compared to the same period last year.
The company had previously projected 2026 vehicle production between 25,000 and 27,000 units. This production forecast was notably absent from the first quarter earnings materials.
LCID maintains a market capitalization of $2.05 billion, with a 50-day moving average at $9.06 and a 200-day moving average of $11.67.
