Lucid Group (LCID) Q4 2025 earnings summary

Executive summary

• Achieved record deliveries for the eighth consecutive quarter, with Q4 deliveries up 72% year-over-year and nearly doubled annual production in 2025 despite macro headwinds such as tariffs, incentive roll-offs, and supply chain disruptions.

• Expanded market share in the U.S. luxury EV segment, with Air as the top-selling EV in its segment and Gravity SUV ramping up to represent the majority of Q4 deliveries.

• Advanced autonomy and robotaxi initiatives, including a $300M partnership with Uber and Nuro, and began on-road testing.

• Expanded global manufacturing, sales, and service footprint, and launched key partnerships and national brand campaigns.

• Implemented organizational changes, including a 12% U.S. workforce reduction, to drive efficiency and cost savings.

Financial highlights

• Q4 2025 revenue reached $522.7M–$523M, up 123% year-over-year and 55% sequentially; full-year revenue was $1.35B, up 68% year-over-year.

• Q4 production was 7,874 vehicles (up 133% YoY); full-year production was 17,840 vehicles (up 98% YoY); Q4 deliveries were 5,345 vehicles (up 72% YoY); full-year deliveries were 15,841 vehicles (up 55% YoY).

• Q4 GAAP diluted net loss per share was $(3.62); adjusted net loss per share was $(3.08); adjusted EBITDA for Q4 was $(874.7) million and $(2,787.9) million for the year.

• Gross margin improved by up to 41.6 percentage points year-over-year and 24 points sequentially in Q4, driven by higher volume, improved mix, and cost optimizations.

• Ended Q4 with $4.6B in liquidity ($2.1B cash, $2.5B undrawn facilities); CapEx was $325M in Q4 and $868M for the year.

Outlook and guidance

• 2026 production guidance: 25,000–27,000 vehicles; CapEx projected at $1.2B–$1.4B.

• Liquidity runway extends into the first half of 2027.

• Start of production for the midsize platform remains on track for late 2026, with no meaningful midsize deliveries expected in 2026.

• Focus on sequential gross margin improvement, 20% reduction in manufacturing cost per unit by Q4 2026, and disciplined cash management.

• Plan to open 42 new locations in 2026 and deliver first robotaxi vehicles to Uber.