Lucide Group failed to meet Wall Street’s expectations for the third quarter as the struggling electric vehicle maker continues its “operational reset” aimed at cutting costs and reducing losses.
The company also announced on Monday a $1.75 billion increase in a deferred drawdown term loan from Saudi Arabia’s Public Investment Fund, the company’s largest shareholder.
Lucid stock fell about 5% in after-market trading Monday.
Here’s Lucid’s third-quarter performance compared to average estimates compiled by LSEG:
- Loss per share: $2.74 vs. expected loss of $2.28
- Income: $350 million versus $407 million expected
Despite the missed results, the company’s adjusted earnings before interest, taxes, depreciation and amortization of a loss of $726 million beat Wall Street’s expectations of a loss of $611 million for the third quarter. Its net loss for the quarter was $830.9 million, down from a loss of $978.4 million a year earlier.
Lucid’s third quarter 2025 included revenue of $336.6 million, a loss of $3.31 per share, and an adjusted EBITDA loss of $717.7 million.
The quarterly results are the first since Lucid CEO Silvio Napoli, who began leading the company in June, announced a restructuring plan that included implementing several cost-cutting efforts and delaying the company’s next mid-size vehicle from the end of this year until the second half of next year.
“Our transformation is starting to show progress. We are acting with urgency, strengthening fundamentals and establishing greater discipline, while continuing to invest in priorities to generate long-term profitable growth,” Naples said in a statement.
The company’s turnaround plan includes $1.4 billion in cash flow improvements this year as well as a focus on a robotaxi program with Uber and Nuro, a factory under construction in Saudi Arabia and the mid-size vehicle.
Lucid said the PIF capital should give the company “additional financial flexibility as Lucid executes its turnaround program.” It is expected to help finance “key operations and investments” until the fourth quarter of 2027, including the start of production of the mid-size vehicle.
The additional funds bring Lucid’s total liquidity to $3.75 billion, up from $2 billion at the end of the third quarter.
“We are grateful for the continued financial support of our major shareholder, which further encourages us to remain focused on execution and on our commitments as we build a stronger and sustainable Lucid,” Napoli said.
Lucid said Monday that the company plans to communicate its mid-term plan and goals early next year. The electric vehicle maker suspended its guidance and many targets in May, citing new leadership and time to develop a turnaround plan.
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