Lucid misses third-quarter estimates and secures $1.75 billion loan from Saudi fund

Lucid Group reported its third-quarter financial results, falling short of Wall Street estimates on both revenue and earnings per share. The electric vehicle company is currently going through an operational overhaul to reduce expenses and shrink its ongoing losses.

Quarterly results and cost controls

For the third quarter, Lucid recorded revenue of $336.6 million and a net loss of $830.9 million, which translates to a loss of $3.31 per share. The net loss narrowed from a deficit of $978.4 million during the same period last year. Lucid posted an adjusted EBITDA loss of $717.7 million, alongside an earlier reported figure showing a $726 million loss against analyst projections of a $611 million loss.

These figures mark the first earnings report under Chief Executive Officer Silvio Napoli, who took the helm in June. Napoli introduced a restructuring initiative aimed at cutting costs and creating $1.4 billion in cash flow improvements this year. As part of this plan, the launch of Lucid’s upcoming midsize vehicle moved from late this year to the second half of next year.

Capital injection and future targets

Alongside its quarterly report, Lucid announced a $1.75 billion expansion of a delayed draw term loan from Saudi Arabia’s Public Investment Fund, which remains the carmaker’s largest investor. The transaction increases Lucid’s total available liquidity from $2 billion at the end of the third quarter to $3.75 billion.

Management stated the additional funds will help support general operations and investments through the fourth quarter of 2027. These initiatives include:

• Starting production of its midsize vehicle platform.
• Building a manufacturing facility in Saudi Arabia.
• Advancing a robotaxi project alongside Uber and Nuro.

Lucid suspended its forward guidance earlier this year following leadership changes. The automaker plans to share updated midterm targets and business plans early next year.