Lucid Motors will report its fourth-quarter earnings results this Tuesday (February 24) after market close.
Analysts on the post-earnings call are expected to focus on when Lucid will name a permanent CEO, whether its mid-size platform remains on track for later this year, and how its Uber robotaxi collaboration is progressing.
The Saudi-backed EV maker used the Say Technologies platform to collect questions from its shareholders.
Investors may submit their questions until 10:30 p.m. Eastern Time this Monday. As of Monday morning, institutional shareholders had not yet placed theirs.
Uber-Nuro Partnership
As of press time, the most voted question on the platform questions Lucid‘s robotaxi partnership with Uber and Nuro.
Investor Khair A. questioned whether Lucid will “earn ongoing revenue through its partnership with Uber/Nuro such as fleet maintenance services, software licensing, or subscriptions.”
The question garnered 510 votes, representing around 731,900 shares.
Uber invested $300 million in Lucid last year.
As of its latest quarterly portfolio filing with the SEC, it held 13.7 million shares in the company by year-end, a stake worth around $145 million — about half of its value three months earlier, as the stock plunged.
Separately, the company placed an order for at least 20,000 Gravity SUVs to be delivered over six years, as part of the partnership between the three companies.
The EV maker’s interim CEO Marc Winterhoff said last year that the company aims to exceed the initial 20,000-unit commitment.
While the Gravity’s average selling price in the US is approximately $120,000, Lucid has not disclosed the pricing structure for the Uber fleet order.
Following validation at Nuro’s Las Vegas proving ground, the production-intent robotaxi was unveiled by Lucid at CES in January.
Earlier this month, a Lucid Gravity robotaxi equipped with Nuro’s autonomous driving technology was spotted on public roads in Santa Clara, California.
Leadership Changes
Besides news on upcoming projects, investors have shown concern about the company’s management.
The question with the most shareholder interest — representing 658,700 shares and placing second with 384 votes — focused on the role of the Chief Executive Officer, which has been vacant since Peter Rawlinson left last year.
Marc Winterhoff, formerly Lucid’s Chief Operating Officer (COO), has served as interim CEO since then.
“Interim CEO Winterhoff grew production 116%, yet LCID hits record lows,” investor Seung K. wrote.
“Will the Board appoint a permanent, public-facing CEO to defend our valuation before the Midsize launch?,” the shareholder added, stating, “We need a leader to bridge the gap between operations and market confidence against manipulation.”
Lucid‘s stock fell 71.3% in 2025, opening the year at a high of $36.40 on January 6 and closing it at a low of $10.46 on December 31.
The slide continued into the new year: on January 20 — just four months after the company’s 1-for-10 reverse stock split — shares hit an all-time low of $9.50.
Besides its CEO search, the company battled several other key leadership exits last year.
These included the exit of the Chief Financial Officer Sherry House, who joined Ford in early 2025, and Senior VP of Product and Chief Engineer Eric Bach, who was let go by the company, as exclusively reported by EV.
More recently, Senior VP of Strategy and Business Development Claudia Gast resigned, as first reported by EV.
Gast joined the Detroit automaker GM.
Another shareholder, Jaber R., said that “Lucid has the best tech, but it’s not translating into sales,” as “brand awareness is still low and there’s no ‘hunger’ to buy.”
They ask, “With new leadership, what’s the exact plan to fix marketing and make Lucid a household name? How will you prove it’s working in 2026?”
The question garnered 81 votes, representing 224,600 shares.
Profitability
Profitability is the most covered topic, accounting for three of the ten most-voted questions.
“What is the clearest path to positive gross margins, and when do you realistically expect to get there?,” Martina M. asked.
Ranked third by shares represented, the question received 345 votes, equivalent to 574,600 shares.
Lucid reported a gross loss of $942 million during the third quarter of 2025.
By then, gross margin stood at negative 105%, meaning the company lost more than a dollar for every dollar of revenue earned.
Revenue did grow — up 68% year over year to $336.6 million.
However, net loss reached $978.4 million, operating cash flow was negative $756.7 million, and free cash flow came in at negative $955.5 million.
The company ended the quarter with $1.67 billion in cash.
Last week, Lucid announced it was cutting about 12% of its workforce, saying the decision was made as the company works “toward profitability.”
“This difficult but necessary decision was made to improve operational effectiveness and optimize our resources as we continue on our path toward profitability,” the company stated in an e-mail sent to the team.
Lineup
The fourth question with the most shares, as of press time, was about competition. It garnered 240 votes, representing 502,500 votes.
“With Tesla scaling back the number of models they will be offering, what is our plan to grab market share?,” a shareholder named Andrew Z. questioned.
The investor is referring to Tesla ending production of the flagship Model S and Model X, as it transitions the production lines to autonomous projects.
While the models represented residual figures in overall sales of the Elon Musk-led company, they opened a gap in the luxury electric vehicle segment.
Lucid investors also want to know “what is the biggest constraint on deliveries right now: demand, production capacity, or logistics.”
The question got 328 votes, representing 241,800 shares.
Earlier this month, Lucid temporarily halted Gravity deliveries due to a seat component issue.
The incident occurred just weeks after management announced that a recent update had resolved most of the software problems affecting the SUV.
Mid-Size Platform
Lucid currently builds its Air and Gravity models at its AMP-1 factory in Casa Grande, Arizona.
The company is also preparing to launch a mid-size crossover later this year, priced around $50,000 — the vehicle management believes will drive the company toward volume production.
Karthik A. asks if, “with the current capacity of 90k vehicles at AMP-1 factory, does Lucid intend to meet this production capacity before further expansion to 400k vehicles?”
Additionally, they wonder if it “is the plan to initially import midsize from AMP-2 to USA” and whether management can “provide details on AMP-1 ramp schedule for midsize.”
The question ranks significantly lower, with only 21 votes and 33,900 shares represented, but is likely to be answered, as management usually skips repeated questions.
Production in Saudi Arabia will allow it to bypass (US) tariffs on imported parts from China, as Chief Financial Officer Taoufiq Boussaid said late last year.
Production of the third model at the Casa Grande plant has not yet been confirmed.
