Lucid Group (LCID) Q2 2025 earnings summary

Executive summary

• Delivered 3,309 vehicles in Q2 2025, up 38% year-over-year, marking the sixth consecutive quarter of record deliveries and $259.4 million in revenue.

• Produced 3,863 vehicles in Q2 2025, up 83% year-over-year, with Lucid Gravity production ramping after overcoming supply chain bottlenecks.

• Announced a major partnership with Uber and Nuro for a next-generation Robotaxi, with Uber investing $300 million and plans to deploy at least 20,000 vehicles over six years starting in late 2026.

• Launched a global brand campaign with Timothée Chalamet as ambassador and expanded DreamDrive Pro ADAS features, including hands-free drive assist.

• Enabled Tesla Supercharger access for Lucid Air and Gravity owners.

Financial highlights

• Q2 2025 revenue reached $259.4 million, a 29% increase year-over-year.

• Gross margin was -105%, with a $54 million negative impact from tariffs and significant inventory write-downs.

• Adjusted EBITDA was -$632.1 million, down 12% year-over-year, mainly due to gross margin pressure and ongoing investments.

• Ended Q2 with $4.86 billion in total liquidity, including $3.6 billion in cash and investments.

• Free cash flow for Q2 was $(1.01) billion, reflecting high operating and capital expenditures.

Outlook and guidance

• Updated 2025 production guidance to 18,000–20,000 vehicles, reflecting market and external factors.

• 2025 CapEx guidance refined to $1.1–$1.2 billion, prioritizing high-return investments and manufacturing expansion.

• Midsize platform production remains on track for late 2026, with deliveries ramping in 2027.

• Sufficient liquidity projected into the second half of 2026.

• Tariff impact for the full year expected at the lower end of the previously guided 8–15% range.