Lucid’s Third-Quarter Loss per Share Reaches $2.74; Pro Forma Liquidity at $3.75 Billion
Key Facts
Lucid reported on Nov. 9 results for the third quarter ended Sept. 30, posting a basic and diluted loss of $2.74 per share, compared with $3.31 in the same period a year earlier. Net loss was $830.859 million, down from $978.428 million a year earlier. Loss per share reflects net loss attributable to common shareholders, while the net loss figure represents the company’s total loss. Chief Executive Silvio Napoli said, "Our transformation is beginning to show progress." He added that the company is moving with urgency to strengthen its fundamentals and raise its level of discipline while continuing to invest in long-term growth.
Revenue was $350.319 million in the quarter, compared with $336.580 million in the third quarter of 2025. The company said revenue increased 4% year over year, while the U.S. battery-electric vehicle market contracted 41% over the same period. Gross loss also narrowed to $258.305 million from $333.617 million a year earlier. The company classified the improvement in gross loss at 23% in its disclosure table. The figures show improved revenue and gross loss compared with the year-earlier period, while the company continued to post a quarterly net loss.
On liquidity, Lucid said free cash flow use was $1.04 billion in the third quarter, down 30% from the previous quarter. Total liquidity was $2.0 billion as of Sept. 30. The company said the figure would reach $3.75 billion on a pro forma basis, including a $1.75 billion increase in the delayed-draw term loan facility with the Public Investment Fund. The facility increase was announced on Nov. 9 and does not mean the full amount was available in cash at the end of the quarter. Chief Financial Officer Alexander De Bok said free cash flow use fell 30% quarter over quarter.
The company expects liquidity, on a pro forma basis, to fund operations and major investments through the fourth quarter of 2027, covering the period until production of its midsize model begins. In its quarterly filing, it said current liquidity sources provide sufficient funding for at least 12 months from Sept. 30. The stated needs include operations, research and development, and continued development of the AMP-1 and AMP-2 factories. The estimate comes alongside a cash-use reduction plan on which the company said it has made progress. Lucid ties its planned liquidity sufficiency to the continuation of operations and major investments over the coming period.
Lucid kept its target to begin production of its midsize model in the second half of 2027. It said it expects to announce reveal and production dates for the model in the first quarter of 2027. In Saudi Arabia, the company said construction of the AMP-2 factory was on track and had entered the final stages of manufacturing and commissioning. It expects to open the factory in early 2027. The dates put the new model’s production start and the factory opening among the company’s key upcoming operational milestones.
In trading on Nov. 9, LCID shares closed at $3.60, compared with a close of $3.29 on Nov. 6. The session close came on the day the company reported its results and an increase in the loan facility with the Public Investment Fund. The company’s outlook for funding operations and major investments remains tied to the pro forma liquidity it announced. It set the first quarter of 2027 as the expected time to announce reveal and production dates for the midsize model. Production is still targeted for the second half of that year, with AMP-2 expected to open in early 2027.