Lucid posts $522.7M Q4 revenue (+123%), $2.8B EBITDA loss and 25k–27k 2026 vehicle guide
Lucid delivered 5,345 Q4 vehicles, generating $522.7 million revenue (+123% yoy) but recorded a $2.8 billion adjusted EBITDA loss and a GAAP net loss of $3.62 per share. It forecasts 25,000–27,000 vehicles in 2026 (40%–51% growth) and filed to register resale of 69.1 million shares.
1. Q4 2025 Deliveries and Revenue
Lucid delivered 5,345 vehicles in Q4 2025, a 72% increase year-over-year, generating $522.7 million in revenue, up 123% from the prior-year quarter.
2. Profitability and Liquidity
The company posted a $2.8 billion adjusted EBITDA loss for full-year 2025 and reported a GAAP net loss of $3.62 per share in Q4, while ending the period with $4.6 billion in total liquidity.
3. 2026 Production Guidance
For 2026, Lucid targets production of 25,000–27,000 vehicles, representing 40%–51% growth, as it ramps Gravity SUV output and prepares a mid-size model launch.
4. Share Resale Prospectus
Lucid filed a prospectus supplement to register the resale of up to 69.1 million Class A common shares, providing additional equity flexibility.