Lucid Group reported third-quarter financial results that fell short of Wall Street consensus estimates, marking continued challenges for the electric vehicle manufacturer as it executes a cost-reduction initiative. The company’s stock declined approximately 5% in after-hours trading following the announcement.
The automaker reported third-quarter revenue of $336.6 million and a net loss of $830.9 million, compared to a loss of $978.4 million in the prior-year period. While the company’s adjusted EBITDA loss of $717.7 million exceeded analyst expectations of a $611 million loss, both revenue and earnings per share missed Wall Street’s projections. The results represent the first quarterly report since Chief Executive Silvio Napoli assumed leadership in June and initiated a comprehensive restructuring program.
To strengthen its financial position, Lucid announced a $1.75 billion increase to a delayed draw term loan from Saudi Arabia’s Public Investment Fund, the company’s principal shareholder. This capital injection raises Lucid’s total liquidity to $3.75 billion from $2 billion at the conclusion of the third quarter. Company leadership characterized the additional funds as supporting “operations and key investments” through the fourth quarter of 2027, with particular emphasis on funding the midsize vehicle production launch.
The restructuring plan, unveiled by Napoli, targets $1.4 billion in cash flow improvements throughout the year while shifting the midsize vehicle launch to the second half of next year from the originally scheduled end of this year. The company is also concentrating resources on a robotaxi collaboration with Uber and Nuro, a manufacturing facility under construction in Saudi Arabia, and the midsize vehicle program. Management indicated that midterm guidance and targets would be communicated early next year, having suspended previous targets in May following Napoli’s appointment.
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