Key Takeaways
- Q1 operational losses reached $989 million for Lucid, significantly exceeding analyst expectations of an $864 million deficit.
- Quarterly revenues fell approximately 36% short of Wall Street forecasts, attributed to supplier complications impacting Gravity SUV shipments.
- Reported earnings per share of ($3.46) missed analyst consensus of ($2.72) by a substantial $0.74.
- The electric vehicle maker secured $1.05 billion in fresh capital, with Uber contributing $200 million, elevating overall liquidity to $4.7 billion.
- Shares have declined 41% in 2025 year-to-date and plummeted 74% over the trailing twelve-month period.
Shares of Lucid Group (LCID) dropped 6.6% during Tuesday’s standard trading session in anticipation of first quarter financial results, followed by an after-hours decline of 2.7% to $6.08 as disappointing figures emerged.
The electric vehicle manufacturer’s shares started the trading day at $6.69 before descending to an intraday bottom of $6.18.
First quarter operational losses totaled $989 million against revenues of $282 million. Analysts had projected a loss of $864 million on approximately $358 million in revenue. The substantial revenue shortfallâroughly 36% beneath expectationsâstemmed primarily from supply chain complications that postponed February deliveries of the Gravity SUV model.
The company’s earnings per share registered at ($3.46), falling short of the Street’s ($2.72) forecast by $0.74. Lucid continues reporting a negative return on equity of 138.82% alongside a negative net margin of 207.87%.
Vehicle deliveries for the quarter totaled 3,093 units, unchanged from the prior year period. Manufacturing output, however, painted a more optimistic pictureâ5,500 units rolled off production lines during Q1, representing a 149% year-over-year surge. North American order volume in March climbed 144% compared to February levels.
Despite stagnant delivery numbers, revenues climbed 20% year over year, supported by an improved product mix.
Financing and Cash Position
Lucid finalized a $1.05 billion capital infusion in April. The financing arrangement comprised $550 million in convertible preferred shares from an affiliate of Saudi Arabia’s Public Investment Fund, $300 million from a public common stock offering, and $200 million in equity from Uberâpushing Uber’s cumulative Lucid investment to $500 million.
The company’s total available liquidity stood at $4.7 billion at quarter-end, alleviating immediate funding pressures.
Leadership changes accompanied the financial update, with Silvio Napoli assuming the CEO role from Marc Winterhoff.
What Wall Street Is Saying
Analyst sentiment remains subdued. The consensus rating across coverage stands at “Reduce,” while the average price target of $12.25 sits considerably above current trading levels.
Cantor Fitzgerald maintained its neutral stance with a $14 price objective. TD Cowen preserved its “hold” rating but slashed its target from $19 down to $10. Bank of America continues rating the stock “underperform” with a $10 target. Robert W. Baird holds a neutral position with a $12 price target.
Among 11 Wall Street analysts covering the stock, two recommend buying, six suggest holding, and three advise selling.
The broader electric vehicle sector faces headwinds. The $7,500 federal EV purchase incentive lapsed in September, contributing to a 27% year-over-year contraction in U.S. electric vehicle sales during Q1.
Lucid previously provided guidance calling for 25,000â27,000 vehicle production in 2026. This production forecast was notably absent from the Q1 earnings materials.
LCID currently trades with a $2.05 billion market capitalization, a 50-day moving average of $9.06, and a 200-day moving average of $11.67.
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