Lucid Reports Third-Quarter Revenue Below Expectations, Expands Credit Line with Public Investment Fund
Key Facts
Company filings with the U.S. Securities and Exchange Commission showed exact revenue of $350.319 million, compared with $336.580 million in the same period of 2025. It added that this level was expected to fund its operations and key investments through the fourth quarter of 2027. The increase in financing comes as the company continues to post operating losses, despite year-on-year improvement in some performance indicators.
Revenue grew 4% year on year, or $13.7 million, according to a Lucid filing. The company attributed the increase mainly to a higher average selling price following the launch of the Gravity model. This came despite a decline in vehicle deliveries and regulatory credit sales during the period. For the nine months ended September 30, revenue rose 25% from the same period of 2025. The company linked the nine-month growth to higher vehicle deliveries, used-car sales and a growing contribution from Gravity.
Gross margin improved to negative 73.7% in the third quarter, from negative 99.1% in the same period a year earlier. Lucid said in its filing that the improvement was mainly tied to lower inventory write-offs and a favorable product mix. Gross margin measures the relationship between revenue and cost of sales; it is not an operating margin. The financial statements showed an operating loss of $857.587 million for the quarter, compared with $942.019 million in the third quarter of 2025. The operating loss therefore narrowed year on year alongside the improvement in gross margin, while remaining elevated.
This figure provides another measure of the company's losses alongside the operating loss reported in its financial statements. In extended trading on November 9, Lucid shares fell about 5%, according to Reuters. EL7 data showed the stock closed at $3.29 on November 6. The available data do not establish the stock's trading range during that day's session.
The Public Investment Fund's role in financing Lucid stands out alongside the company's industrial activity in Saudi Arabia. The AMP-2 factory has entered its final manufacturing and commissioning stages, with an opening expected in early 2027. On the outlook, Reuters said Lucid will provide its 2027 guidance and medium-term plan with its year-end results. The company had earlier withdrawn its annual production forecast in 2026 during a broad operational review. The upcoming guidance and plan are expected to provide further details on the company's path after that forecast was withdrawn.