Lucid reports worse-than-expected Q1 loss, revenue, suspends full-year production guidance
Luxury EV maker Lucid reported its first-quarter earnings after markets closed on Tuesday. Its shares fell more than 2% after-hours, following a 6.5% drop at close.
For Q1, Lucid reported:
An adjusted loss of $2.82 per share, compared to the $2.53 loss per share expected by Wall Street analysts polled by FactSet.
$282.5 million in revenue, versus the $358.5 million consensus estimate.
Last month, Lucid announced that it produced 5,500 vehicles in Q1 and reaffirmed its full-year production guidance of between 25,000 and 27,000 vehicles. But on its Tuesday earnings call, the company said it was suspending that guidance.
“With Silvio now on board and conducting his review of the business, we are suspending our prior guidance and will provide a full updated outlook at our Q2 earnings call,” said CFO Taoufiq Boussaid. “I want to be clear, this is a governance decision. Near-term demand conditions remain uneven and we are managing our production cadence accordingly.”
The company also highlighted its upcoming midsize SUV, with “expected pricing starting under $50,000.” The vehicle is expected to launch before the end of the year and compete with Rivian’s R2 and Tesla’s Model Y.
Q1 marks the first earnings report for new CEO Silvio Napoli, who took over for interim CEO Marc Winterhoff (who’d led the company for more than a year following Peter Rawlinson’s exit). Lucid recently announced an expansion of its robotaxi partnership with Uber, which is now its second-largest shareholder after Saudi Arabia’s PIF sovereign wealth fund.
Lucid shares have had a long stretch of poor performance amid various dilutive events and a broader contraction across the EV industry. The stock is down about 80% from a recent high in July 2025 and down about 40% year to date. As of Tuesday afternoon, the company’s roughly $2.1 billion market cap is less than a quarter of the approximately $9.5 billion that Saudi Arabia’s PIF has sunk into it.
