The Earnings Report
Lucid delivered disappointing results for the second consecutive quarter. The EV maker posted an adjusted loss of $2.65 per share versus the $2.27 loss expected. Revenue came in at $336.6 million, well short of the $379.1 million estimate.
Net loss for the quarter hit $978.4 million, or $3.31 per share, compared to a $992.5 million loss last year. Adjusted EBITDA loss widened 17% year-over-year to $717.7 million versus an expected loss of $597.4 million.
Revenue did grow roughly 68% from $200 million a year earlier, but that growth wasn't enough to offset the worse-than-expected losses.
Production Problems
Lucid cut the high end of its annual production guidance for the second straight quarter. The company now expects to produce around 18,000 vehicles, down from a previous range of 18,000-20,000 units. The original target was 20,000 units.
The company also reduced the low end of capital expenditure targets by $100 million to between $1 billion and $1.2 billion.
Interim CEO Marc Winterhoff said the company "remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry."
The main issue? Problems with launching the Gravity SUV, the company's new flagship vehicle. Winterhoff admitted to Gravity production issues during last quarter's results in August.
CFO Taoufiq Boussaid said Gravity production increased quarter-over-quarter but "remains at an unmeaningful level."
The Saudi Lifeline
Lucid announced it secured an increased credit facility from Saudi Arabia's Public Investment Fund - its largest shareholder. The delayed draw term loan jumped from $750 million to roughly $2 billion.
Total liquidity stood at $5.5 billion at quarter-end, including the undrawn credit line. Cash and cash equivalents remained roughly flat at $1.6 billion from year-end.
The company said its financial runway now extends into the first half of 2027. Lucid also noted it's evaluating finance and liquidity options outside of PIF as it launches Gravity and develops an upcoming midsize vehicle expected to start production late next year at the earliest.
The Deliveries
Last month, Lucid reported third-quarter deliveries of 4,078 units. That increased from a year earlier but fell slightly short of Wall Street expectations.
Despite supply chain issues and an industrywide slowdown in EV demand, Winterhoff told investors Wednesday the company believes it can achieve a significant increase in Gravity deliveries during Q4.
Partnership Announcements
Lucid has made several partnership moves this year trying to build momentum. In July, the company signed a $300 million deal with Uber. The ride-hailing platform will acquire and deploy more than 20,000 Lucid Gravity SUVs over six years equipped with autonomous vehicle technology from startup Nuro.
More recently, Lucid announced an expanded partnership with Nvidia for autonomous vehicle technologies.
The Contrast
Lucid's struggles stand in stark contrast to fellow pure EV company Rivian. Rivian reported Tuesday that Q3 earnings and revenue topped Wall Street expectations, driving the stock up during Wednesday trading.
Shares of Rivian are up roughly 16% in 2025. Meanwhile, Lucid remains down more than 40% for the year, even after a 1-for-10 reverse stock split this summer.
The Bottom Line
Lucid's second consecutive earnings miss shows the company is struggling to execute. Missing revenue estimates by over $40 million while posting wider-than-expected losses signals operational challenges beyond just industry headwinds.
The Gravity SUV launch problems are particularly concerning. This is supposed to be Lucid's flagship vehicle that drives growth, yet production remains at "unmeaningful" levels despite efforts to ramp up. Supply chain issues affect everyone, but Lucid seems hit harder than competitors.
Saudi Arabia's PIF increasing the credit facility to $2 billion provides crucial breathing room, extending the runway into first half 2027. But relying heavily on one backer creates risk, which is why Lucid is exploring other financing options.
The contrast with Rivian is stark. Both are pure EV plays facing similar market conditions, yet Rivian is beating estimates while Lucid keeps missing. That suggests company-specific execution issues rather than just industry problems.
