Struggling EV maker Lucid Motors reported on Tuesday its fourth-quarter earnings results, days after it announced another round of layoffs impacting 12% of its US workforce.
Driven by its new quarterly sales record in the final three months of 2025 — fueled by the production ramp-up of its second model, the Gravity SUV — Lucid saw its total revenue jump to $$522.7 million, up 123% from $234.5 million in Q4 2024.
The Saudi-backed firm beat the Wall Street consensus compiled by LSEG, which was expecting $468 million in revenue.
Lucid shares closed 5.1% higher on Tuesday at $9.92 and were trading 4% lower at $9.52 immediately after the results were published.
Total Revenue
Fourth-quarter revenue of $522.7 million represented the company’s highest quarterly top line to date, driven by a record 5,636 deliveries during the period.
The figure more than doubled from Q4 2024’s $234.5 million and a 55.3% sequential increase from Q3 2025’s $336.6 million.
For the full year, Lucid generated nearly $1.36 billion in revenue, up from $807.8 million in 2024.
Net Loss
Fourth-quarter net loss stood at $814.0 million, or $3.62 per share, compared with a net loss of $543.5 million, or $(2.20) per share on a split-adjusted basis, in the same period last year.
In the third quarter, Lucid had reported a net loss of $978.4 million, or $(3.31) per share, missing the $(2.27) adjusted estimate by 17%.
Cash and Liquidity
Lucid ended the quarter with $997.8 million in cash and cash equivalents, down from $1.67 billion at the end of Q3 2025.
Total liquidity stood at approximately $4.6 billion, compared with $5.5 billion at the end of the prior quarter, which included the expanded $2 billion delayed draw term loan facility from Saudi Arabia’s Public Investment Fund.
Free cash flow was negative $1.23 billion, compared with negative $955.5 million in Q3 2025.
For this year, interim CEO Marc Winterhoff said the company keeps its target of launching its first model under the new mid-size platform later this year.
“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 said in a statement.
Upcoming Call
Lucid‘s management is scheduled to host its earnings conference call later on Tuesday at 5:30 p.m. Eastern Time.
The company has compiled investor questions through the Say Technologies platform.
Three of the ten most upvoted questions are focused on the EV maker’s path to profitability.
The company is expected to provide updates on its robotaxi partnership with Uber and Nuro, on leadership appointments, and on the progress of its mid-size platform, which remains on track for later this year.
New All-Time Low
Lucid‘s stock hit a new all-time low earlier this week at $9.12, causing its market capitalization to drop below $3 billion for the first time.
Shares of the EV maker have fallen more than 98% from its all-time high of $648.60 reached exactly five years ago.
With Monday’s new record low, the market capitalization represents roughly a third of the $9 billion invested in the company by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, since 2018.
Last August, Lucid underwent a 1-for-10 reverse stock split to allow additional institutional shareholders to invest in the company while decreasing volatility, as interim CEO Marc Winterhoff noted at the time.
Layoffs
Last week, Lucid announced it was cutting about 12% of its workforce.
The company justified the decision on its need to “improve operational effectiveness and optimize our resources as we continue on our path toward profitability,” as stated in an internal email.
While Lucid did not specify on Friday which teams were affected or disclose an exact headcount, EV learned over the weekend that former Nikola staff hired less than a year ago were also affected.
Leadership Exodus
Lucid has been searching for a permanent Chief Executive Officer for a year, after Peter Rawlinson abruptly left in late February 2025.
Since then, former Chief Operating Officer Marc Winterhoff has taken the lead, acting as interim CEO.
The company has faced several other key leadership exits over the past year.
These included the departure of 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, joining Detroit automaker GM.
A total of 13 C-suite officers or vice presidents have departed since October 2023, including the CFO, general counsel, and heads of strategy, software, and supply chain.
