Lucid Misses Q3 Estimates While Securing $1.75 Billion From PIF

The quarter in numbers

Lucid reported a loss per share of $2.74 on revenue of $350 million, lagging LSEG's averages of a $2.28 loss per share and $407 million in revenue. Even so, adjusted EBITDA - profit before interest, taxes, depreciation and amortization - was a loss of $726 million, which the company said came in better than Wall Street's expectation for a loss of $611 million. Net loss was $830.9 million, an improvement from a $978.4 million loss a year earlier.

For the third quarter of 2025, results included $336.6 million in revenue; per-share loss came to $3.31, with adjusted EBITDA at a loss of $717.7 million. Shares declined by about 5% in post-market trading Monday.

Financing and the turnaround plan

Lucid increased its delayed draw term loan with Saudi Arabia's Public Investment Fund, its largest shareholder, by $1.75 billion. With the added capital, total liquidity stands at $3.75 billion, up from $2 billion at the end of the third quarter. According to the company, the capital from PIF should provide "additional financial flexibility as Lucid delivers on its turnaround program" and help fund "operations and key investments" through the fourth quarter of 2027, including funding to initiate production of the midsize vehicle.

"Our transformation is beginning to show progress. We are acting with urgency, strengthening the fundamentals and driving greater discipline, while continuing to invest in the priorities to deliver profitable long-term growth," CEO Silvio Napoli said. He added, "We are grateful for the continued financial support from our anchor shareholder, which further energizes us to remain focused on execution and on our commitments as we build a stronger, sustainable Lucid."

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What to watch next

These results follow Napoli's June restructuring, which involved multiple cost reductions and rescheduled the midsize vehicle, pushing it from this year's end to the second half of next year. The turnaround targets $1.4 billion in cash-flow improvements this year and focuses on three pillars: the Uber and Nuro robotaxi program, the Saudi Arabia plant under construction, and the midsize model.

Lucid said it expects to share early next year its midterm plan and targets. In May, the company suspended guidance along with many targets, citing new leadership and the time required to craft the turnaround plan.

Why it matters for your portfolio

Misses on the headline numbers alongside an adjusted EBITDA result described as better than expected point to a transition still in motion. Added PIF financing takes liquidity to $3.75 billion and is expected to support operations and key investments into late 2027, including the midsize production start. The bottom line: progress on the reset - from cost savings to the Saudi buildout and the robotaxi work - is the next catalyst to watch.

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