Lucid secured a $1.75 billion increase to its loan from Saudi Arabia’s Public Investment Fund (PIF) and reported third-quarter revenue and a loss per share that both missed analysts’ estimates, the EV maker said on Monday.
Revenue rose 4.1% to $350.3 million from $336.6 million a year earlier, short of the $407 million analysts had expected, according to average estimates compiled by LSEG. It fell 13.6% from $405.3 million in the second quarter.
The loss was $2.74 per share, compared with the $2.28 analysts had expected, according to LSEG. A year earlier it was $3.31.
The net loss narrowed to $830.9 million from $978.4 million. The net loss attributable to common stockholders, which includes the accretion of preferred stock held by a PIF affiliate, widened to $1.08 billion from $1.03 billion. The accretion charge was $249.9 million, up from $56.1 million.
The adjusted loss, which excludes the accretion charge and stock-based compensation, was $2.30 per share, compared with $2.65 a year earlier and $2.78 in the second quarter.
Free cash flow was negative $1.04 billion, a 30% smaller outflow than the $1.48 billion of the second quarter and 8.8% larger than the $955.5 million of a year earlier.
“Our transformation is beginning to show progress,” CEO Silvio Napoli said in a statement. “We are grateful for the continued financial support from our anchor shareholder, which further energizes us to remain focused on execution and on our commitments as we build a stronger, sustainable Lucid.”
PIF Loan and Liquidity
Lucid ended September with $2.0 billion of total liquidity, down from $3.0 billion at the end of June. The enlarged loan facility takes that to $3.75 billion on a pro forma basis, the company said.
It expects that level “to fund operations and key investments into Q4 2027, bridging the period through Midsize start of production.” Napoli told analysts on August 4 that the company’s measures would “provide sufficient liquidity runway well into 2027.”
Cash, cash equivalents and investments stood at $948.5 million at the end of September, up from $775.5 million three months earlier, after Lucid borrowed $1.2 billion from PIF during the quarter. It drew a further $400 million on October 6, which left about $400 million of the original facility untapped.
The amendment, signed on November 5 with PIF affiliate Ayar Third Investment Company, lifts the facility to about $4.23 billion, of which about $2.13 billion is undrawn, according to Lucid’s quarterly filing with the Securities and Exchange Commission (SEC).
It comes with new conditions. Lucid can borrow no more than $750 million until it delivers a 12-month cash flow forecast to the lender, which is due monthly from January 2027, and it must give ten business days’ notice before requesting a draw.
The loan matures in August 2029 and carried a weighted average interest rate of 9.59% at the end of September. Lucid chose in October to add $34.4 million of accrued interest to the principal. Interest expense rose to $69.9 million from $25.6 million a year earlier, including $45.0 million paid to a related party.
Stockholders’ equity was a deficit of $2.10 billion, compared with a deficit of $1.06 billion at the end of June and positive equity of $717.3 million at the end of 2025.
Margins and Write-Downs
The gross loss was $258.3 million, a gross margin of negative 73.7%. That compares with negative 105.3% in the second quarter and negative 99.1% a year earlier, and is the least negative of the past six quarters.
Inventory and purchase-commitment write-downs fell to $93.7 million from $299.3 million in the second quarter and $190.7 million a year earlier.
Inventory was valued at $1.22 billion, down $156.2 million from the end of June. Lucid delivered 3,806 vehicles in the quarter, 6.7% fewer than a year earlier, and built 2,954 after eliminating the second shift at its Arizona plant in June.
Revenue per vehicle delivered was about $92,000, compared with about $102,500 in the second quarter and $82,500 a year earlier, by EV‘s calculation.
Sales to a related party, a line that reflects purchases by the Saudi government, were $79.4 million, or 22.7% of revenue. That was down from a record $96.2 million in the second quarter and up from $34.3 million a year earlier.
Lucid said its revenue grew “in a U.S. BEV market down 41% over the same period,” citing S&P Mobility data.
Adjusted EBITDA, a measure of operating profit that excludes items such as depreciation and stock-based compensation, was a loss of $726.3 million, compared with losses of $901.1 million in the second quarter and $717.7 million a year earlier.
Research and development spending was $311.8 million, against $321.3 million in the second quarter, and selling, general and administrative costs were $286.2 million, against $300.4 million. Capital expenditures rose to $287.1 million from $253.8 million.
The Reset, Three Months On
The results cover the first full quarter of the “Operational Reset” that Napoli announced in August, which targets $1.4 billion of cash flow improvements in 2026.
Lucid said it had achieved $0.8 billion of savings so far this year and “remains on track to achieve its full-year target.”
“These actions are already showing through in Q3, with free cash flow consumption 30% lower sequentially,” said Alexander De Bock, who joined as Chief Financial Officer in August and was presenting his first results at the company.
The forward-looking statements in the release say the broader business review “remains underway.”
Robotaxi, Saudi Plant and Cosmos
Lucid said it had met every milestone scheduled through the end of the third quarter in its robotaxi partnership with Uber and Nuro, and that the test fleet grew to more than 100 vehicles in August.
The statement gave no launch date. Uber said on November 4 that the commercial service in the San Francisco Bay Area was now scheduled for the first quarter of 2027, after Lucid’s August presentation described it as “on track for 2026 launch.” Lucid said the same day that it began building pre-production robotaxis in October.
The company also said its partnership with European ride-hailing company Bolt has “an initial goal of deploying at least 25,000 vehicles.” Bolt has said the program will begin in Madrid in 2027.
Lucid’s second plant, in Saudi Arabia, “has entered the final stages of industrialization and commissioning,” with an inauguration expected in early 2027.
Production of the Midsize vehicle, the Cosmos, “remains planned for the second half of 2027,” a date Lucid pushed back from late 2026 earlier this year. The company said it expects to announce reveal and production dates in the first quarter of 2027.
Andreas Redtenbacher, who led the Midsize platform from its beginning, left Lucid in September.
No 2026 Target
Lucid gave no production or delivery guidance. It said it expects to communicate its mid-term plan and targets early next year.
Napoli declined to set a 2026 target in August, after the company withdrew a goal of building 25,000 to 27,000 vehicles this year.
Lucid has built 13,228 vehicles and delivered 10,852 in the first nine months of the year. To match the 15,841 it delivered in 2025, it would need 4,989 deliveries in the fourth quarter.
Nine-month revenue was $1.04 billion, up 24.9% from a year earlier, and the nine-month net loss was $2.89 billion, compared with $1.88 billion.
Lucid shares closed up 9.4% at $3.60 on Monday, before the results were published, valuing the company at about $1.4 billion.
The stock closed at a record low of $2.98 on November 5 and has fallen 65.9% this year. RBC Capital Markets cut its price target by 42.9% on October 12 after the latest PIF draw, and Morgan Stanley lowered its target to $3 from $5 on October 15.
Lucid will hold a conference call at 5:30 p.m. Eastern time.
