Lucid Inc. (LCID) Q3 2025 earnings

Detroit – Lucid Collection Wall Street’s expectations missed for the second straight quarter as the all-electric automaker continues to address issues with the launch of its new flagship Gravity SUV.

Here’s how the company performed in the third quarter, compared to average estimates compiled by LSEG:

• Loss per share: $2.65 was adjusted against an expected loss of $2.27
• profit: $336.6 million versus $379.1 million expected

Lucid reported a net loss for the quarter of $978.4 million, or $3.31 per share, compared to a net loss of $992.5 million, or $4.09 per share, in the same period last year. After adjusting for one-time items including restructuring, the company lost $2.65 per share.

Its quarterly revenue rose nearly 68% from $200 million a year earlier, while its adjusted EBITDA expanded 17% year over year.

The company’s adjusted EBITDA was a loss of $717.7 million versus an expected loss of $597.4 million, according to estimates compiled by StreetAccount. This loss widened year over year by 17%. Its quarterly revenue increased nearly 68% from $200 million a year earlier.

Its quarterly revenue increased nearly 68% from $200 million a year earlier.

In addition to announcing third-quarter results, Lucid said it agreed to increase its deferred drawdown loan credit facility from $750 million to approximately $2 billion from the Public Investment Fund of Saudi Arabia, the company’s largest shareholder.

The company reported total liquidity of $5.5 billion as of the end of the quarter, including the undrawn line of credit. Cash and cash equivalents have been roughly flat since the end of last year at $1.6 billion.

Lucid also said it continues to evaluate financing and liquidity options outside of the PIF as it launches its Gravity SUV and develops an upcoming midsize vehicle, which is not expected to begin production until at least late next year.

Regarding Gravity, Mark Winterhoff, Lucid’s interim CEO, said the company “remains intensely focused on increasing production and addressing significant supply chain disruptions affecting the entire industry.”

During the company’s latest quarterly results in August, Winterhof acknowledged problems with Gravity, saying the company plans to significantly increase production during the second half of the year.

The earnings results come about a month after Lucid reported 4,078 vehicle deliveries in the third quarter, which was more than a year earlier but also slightly below Wall Street expectations.

Lucid has made several partnership announcements this year. In July, it signed a $300 million deal with Uber that included the ride-hailing platform acquiring more than 20,000 Lucid Gravity SUVs over the next six years that will be equipped with autonomous vehicle technology from the startup Nuro. Most recently, it announced an expanded partnership with Nvidia for autonomous vehicle technologies.

Lucid’s results are in stark contrast to those of a pure EV company Rivian CarsOn Tuesday, it announced third-quarter profits and revenues that exceeded Wall Street expectations and led to a rise in the stock price during intraday trading on Wednesday.

Rivian shares — after near-record gains on Wednesday — are up nearly 16% in 2025, while Lucid is still down more than 40%, including a 1-for-10 reverse stock split this summer.