So, Lucid Group (LCID) reported earnings after the bell Tuesday. It's one of those classic mixed bags: the top line looked great, but the bottom line... not so much. The stock, perhaps unsurprisingly, took a hit in after-hours trading.
Let's break it down. The electric vehicle maker posted fourth-quarter revenue of $522.73 million. That's a monster number—it's up 123% from a year ago and, more importantly, it handily beat analyst estimates of $469.2 million. That's the good news.
The not-so-good news is on the profit side. Lucid reported an adjusted loss of $3.08 per share. Wall Street was bracing for a loss, but they were expecting it to be closer to $2.64 per share. So, the company lost more money than analysts thought it would, even as it brought in more cash than they expected. It's a reminder that in the EV game, scaling sales doesn't automatically mean scaling profits.
On the operational front, things are moving. Lucid said it produced 8,412 vehicles in the quarter, which is more than double last year's output. It delivered 5,345 of those to customers. For the full year 2025, the company produced 18,378 vehicles and delivered 15,841. The company also noted it finished the quarter with about $4.6 billion in total liquidity, which gives it a decent runway.
"2025 was all about execution and strategy adjustment to set Lucid up for long-term success," said Marc Winterhoff, the company's interim CEO. "Against a challenging macro backdrop, we nearly doubled production, gained market share, reduced unit costs and strengthened our financial position."
Alright, so what's next? Lucid is looking down the road to 2026. The company said it's targeting total production of 25,000 to 27,000 vehicles that year. That's the big-picture goal.
"In 2026, our focus remains on operational and financial discipline, sustainable growth and continued progress toward profitability, while we look forward to the production of the first of our Midsize vehicles and the deployment of the first Lucid robotaxis into commercial service with our partners," Winterhoff added.
There was another piece of news tucked into the earnings release. Lucid filed a prospectus supplement to register for the resale of up to 69.12 million shares of its common stock. This is important: the company is not issuing new shares here. This is about registering existing shares so they can be sold. The filing clarifies that these shares are being registered to fulfill the company's obligations to a subsidiary of Uber (UBER) and an affiliate of the Public Investment Fund (PIF), the Saudi sovereign wealth fund that's a major Lucid backer. It's essentially a paperwork step to allow those strategic partners to sell their holdings if they choose to, though it doesn't mean they will.
Investors digested all this and decided to sell. Lucid shares were down about 5.2% in after-hours trading, hovering around $9.41. The market often reacts to the profit miss first, even when the sales story is strong.
The management team was scheduled to hop on a conference call later Tuesday evening to provide more color. For now, the report paints a picture of a company that's growing its manufacturing output and sales rapidly, but is still burning cash as it invests in its future—a future it hopes will include a new midsize vehicle and robotaxis by 2026.
