Lucid Q1 Miss: $282.5M Revenue, $2.82 Loss, $1.05B Capital Raised
Lucid reported Q1 revenue of $282.5M, missing $389.2M estimates, and widened its adjusted loss to $2.82 per share, with free cash flow down $1.44B. The EV maker retains $3.2B liquidity (pro forma $4.7B) after raising $1.05B in capital and reaffirming production guidance of 25k–27k vehicles.
1. Q1 Financial Results
Lucid posted Q1 revenue of $282.5M, 28% below the $389.2M estimate, widening its adjusted loss per share to $2.82 versus expectations of $2.65. Free cash flow swung to negative $1.44B, more than double the outflow from the same quarter last year.
2. Capital Raise and Liquidity
On April 14 Lucid secured $1.05B through a convertible preferred stock sale to a PIF affiliate, a $300M common stock offering, and a $200M equity investment from Uber, while drawing $500M under its delayed draw term loan. The company ended the quarter with $3.2B in cash and equivalents, rising to $4.7B on a pro forma basis.
3. Production Ramp and Outlook
Lucid produced 5,500 Gravity SUVs and delivered 3,093 vehicles, overcoming a February supplier issue to achieve a 14% increase in March deliveries. The company reaffirmed its 2026 production target of 25,000–27,000 units and appointed Silvio Napoli as CEO to accelerate production alignment and robotaxi partnerships with Uber and Nuro.