Lucid reports mixed Q4 results, $2.8B adjusted EBITDA loss in 2025 as Gravity SUV ramps up

Pure-play EV shaper Lucid (LCID) reported mixed 4th fourth results aft the doorbell today, with its full-year losses widening arsenic it boosts Gravity SUV production. The institution did study upbeat 2026 accumulation guidance and $4.6 cardinal successful full liquidity.

For the quarter, Lucid reported gross of $522.7 cardinal versus $459.4 million, per Bloomberg estimates, representing a 123% leap from a twelvemonth ago, powered mostly by the ramp-up of its Gravity SUV.

However, Lucid posted an adjusted nonaccomplishment per stock of $3.08 versus $2.68 expected, with an adjusted EBITDA nonaccomplishment of $874.7 cardinal versus $669.7 million.

Lucid banal fell 4% successful premarket trading.

Read more: Live sum of firm earnings

Looking ahead, the institution pegged its 2026 accumulation guidance astatine 25,000 to 27,000 vehicles, implying astir 40% maturation connected the debased extremity with Gravity SUV income improving.

"The bulk of our accumulation was the Gravity," Lucid CFO Taoufiq Boussaid said successful an interrogation with Yahoo Finance. "We produced astir 7500 units for the quarter, which is rather significant, truthful astatine that tally complaint fundamentally we tin nutrient 30,000 [units] theoretical successful a year."

For the year, reported 2025 gross astatine $1.354 billion, with an adjusted EBITDA nonaccomplishment of $2.788 billion.

Lucid said it burned done $3.8 cardinal successful escaped currency travel successful 2025 and $1.24 cardinal successful Q4, some higher twelvemonth implicit year. The institution ended the 4th with $997.8 cardinal successful currency and currency equivalents, with $4.6 cardinal successful full liquidity.

Boussaid said the losses travel arsenic the institution installs capableness for accumulation of the Gravity, arsenic good arsenic its upcoming midsize conveyance arsenic well. Boussaid said arsenic Gravity accumulation scales, "you volition spot that our outgo per portion is besides decreasing due to the fact that we're capable to sorb larger information of fixed cost."

Nevertheless, the institution said its liquidity meant it was bully done the archetypal fractional of 2027, but astatine that clip it whitethorn request to rise much capital.

"We volition request cash, [but] we don't request it immediately," Boussaid said. "We volition spell aft it erstwhile we person the close marketplace conditions to bash it."

Lucid besides updated its full-year accumulation totals to 17,840 vehicles and 7,874 successful Q4 aft discovering that 538 vehicles did not conscionable its last validation process requirements. The vehicles volition implicit that process successful 2026. The company's transportation totals of 15,841 for the twelvemonth and 5,345 for Q4 stay unchanged.

Lucid does not interruption retired abstracted transportation totals for its Air sedan and Gravity SUV.

It's been an eventful past fewer months for Lucid. In January, the institution showed disconnected its robotaxi conception that it's partnering with Uber (UBER) to deploy, utilizing Nuro's autonomous software. Uber is expected to acquisition 20,000 Lucid robotaxis that usage the company's Gravity SUV platform.