Lucid Group reported third-quarter results that fell short of Wall Street expectations, with the electric vehicle manufacturer continuing an operational restructuring initiative focused on reducing expenses and narrowing financial losses.
The company announced a $1.75 billion expansion of a delayed draw term loan provided by Saudi Arabia’s Public Investment Fund, which serves as the company’s largest shareholder. The additional capital brought Lucid’s total liquidity to $3.75 billion, up from $2 billion at the end of the third quarter. Stock price declined roughly 5% in aftermarket trading following the announcement.
Third-quarter revenue reached $336.6 million, while the company recorded a net loss of $830.9 million, an improvement compared to a loss of $978.4 million in the prior-year period. The loss per share was $3.31. The adjusted EBITDA loss of $717.7 million exceeded analyst expectations for a $611 million loss. Lucid’s stock declined in response to the earnings miss.
Chief Executive Silvio Napoli, who assumed leadership in June, has been overseeing a restructuring strategy that encompasses various cost-containment initiatives and a postponement of the company’s midsize vehicle launch from the end of this year to the second half of the following year. The turnaround plan targets $1.4 billion in cash flow improvements during the year and prioritizes development of a robotaxi partnership with Uber and Nuro, a factory under construction in Saudi Arabia, and the delayed midsize vehicle.
Lucid indicated that capital from its Saudi shareholder would provide additional financial flexibility through the fourth quarter of 2027, supporting operations and investments including production initiation for the midsize vehicle. The company plans to communicate midterm targets and strategic goals early in the coming year, having suspended previous guidance and targets in May pending completion of the new leadership’s turnaround strategy.
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