Lucid Q4 Loss Widens to $3.62, Revenues Up 123% to $523M
Lucid Group reported a fourth-quarter loss of $3.62 per share, wider than the $2.49 consensus, while revenues rose 123% year-over-year to $523 million. Production doubled to 7,874 units and deliveries reached 5,345 vehicles, but free cash flow was a negative $1.24 billion as operating cash use climbed to $916.4 million.
1. Q4 Financial Results
Lucid Group posted a loss of $3.62 per share in Q4 2025, compared to a $2.24 loss in the year-ago period, missing the $2.49 per-share estimate. Revenues grew 123% from the prior year to $523 million, while gross margin contracted to negative 81%.
2. Production and Deliveries
Total production increased 102% sequentially to 7,874 units, and Lucid Air customer deliveries rose to 5,345 vehicles from 4,078 in Q3 2025.
3. Cash Burn and Capex
Operating cash use climbed to $916.4 million for the quarter, driving free cash flow to a negative $1.24 billion. Capital expenditures amounted to $325.4 million during the period.
4. 2026 Production Guidance
Management expects to produce 25,000–27,000 vehicles in 2026, up from 17,840 in 2025, and plans capital spending of $1.2 billion to $1.4 billion.