Lucid Group reported third‑quarter revenue of $336.6 million, falling short of the consensus estimate of $352 million by roughly 4.4 percent. The company’s GAAP diluted earnings per share were $‑3.31, a miss of $1.00 versus the $‑2.32 forecast. The revenue shortfall reflects a combination of higher fixed‑cost exposure, tariff‑related input price increases, and ongoing supply‑chain constraints that limited the company’s ability to fully capitalize on the strong demand for its Gravity SUV. The larger-than‑expected loss per share is largely attributable to a $1.03 billion net loss, driven by inventory impairment charges and higher operating expenses that offset the modest improvement in gross‑margin performance.
Gross profit remained negative at $942 million, a slight improvement from the $1.1 billion loss reported in the prior quarter. The negative margin is a consequence of Lucid’s high fixed‑cost structure and the impact of U.S. and international tariffs on key components. Production rose 116 percent year‑over‑year to 3,891 vehicles, while deliveries increased 47 percent to 4,078 units. The production surge is largely driven by the ramp‑up of the Gravity SUV, but the company continues to face software and supplier bottlenecks that have slowed the full‑scale launch. The delivery growth, however, signals that demand for the Gravity remains robust, even as the company works to resolve the supply‑chain issues.
Liquidity at the end of the quarter stood at $4.2 billion, a figure that reflects the company’s cash and short‑term investments before the new credit facility. After the Saudi Public Investment Fund increased its delayed‑draw term loan facility to $2 billion, Lucid’s pro‑forma liquidity rose to approximately $5.5 billion, extending the company’s runway into the second half of 2027. In line with the liquidity improvement, Lucid reduced its 2025 capital‑expenditure guidance by $100 million to a range of $1.0 billion–$1.2 billion, signaling a tighter focus on cost discipline while still investing in production capacity and autonomous‑driving technology.
Management highlighted the challenges surrounding the Gravity SUV launch, noting that software integration and supplier lead times have slowed ramp‑up. CEO Marc Winterhoff emphasized the company’s commitment to scaling production and improving margins, while CFO Taoufiq Boussaid underscored the need to manage inventory impairment and refinance a convertible note maturing later in the year. The company also announced a $300 million partnership with Uber to deploy 20,000 Gravity SUVs equipped with autonomous‑vehicle technology, and a new collaboration with NVIDIA to advance Level‑4 autonomy, positioning Lucid at the forefront of software‑driven mobility.
Investors reacted positively to the earnings release, driven primarily by the strong revenue growth, record deliveries, and the significant liquidity boost from the PIF credit facility. The market also viewed the strategic partnerships with Uber and NVIDIA as a long‑term value driver, suggesting confidence in Lucid’s autonomous‑driving ambitions. Despite the earnings miss, the combination of operational momentum and strategic investments helped to offset concerns about the company’s current profitability.
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