Stifel on Wednesday described Lucid Motors’ first-quarter results as “solid,” citing lower cash burn and operating expenses. The firm noted that the premium EV maker reaffirmed its target to more than double vehicle production in 2025.
In a research note, analyst Stephen Gengaro said the adjusted EBITDA loss of $263.5 million “essentially” matched the firm’s estimates.
“Lucid delivered solid 1Q25 results with adjusted EBITDA of ($263.5) million essentially matching our forecast,” Gengaro wrote.
Cash burn improved to $589.5 million from $824.8 million in the previous quarter, despite flat revenue, helped by $31.5 million in regulatory credit sales, up from $29.1 million for full-year 2024, the analyst said.
Stifel reiterated a Hold rating and $3.00 price target on Lucid shares, and said it viewed the quarterly results and management commentary as “slightly positive for the shares.”
Based on Wednesday’s closing price of $2.25, Stifel’s price target implies an upside potential of 33.3%. As of Thursday’s pre-market, the stock is trading 1.3% higher at $3.28.
Operating expenses declined sequentially in the quarter, though Stifel noted management expects them to rise through year-end, partly due to increased marketing spend.
Lucid believes its liquidity is sufficient to fund operations into the second half of 2026, Stifel said, in line with the planned launch of its mid-size platform in late 2026.
The firm also said Lucid’s reaffirmed 2025 production target “provides some insight into its expectations for deliveries,” and added that it currently expects limited impact from tariffs announced by the Trump Administration.
Separately, Needham reiterated its Hold rating on the stock citing early positive momentum for the EV maker’s new model following first-quarter results released on Tuesday.
The firm said in a note that the Gravity, Lucid’s second vehicle model, is “off to a strong start,” giving the company “a second chance at a first impression with potential new customers.”
Shortly after the call, Lucid’s Senior Vice President of Operations, Adrian Price, said in a LinkedIn post that a new batch of Gravity vehicles is ready for shipment to Saudi Arabia for final assembly.
Bank of America reiterated its Underperform rating and $1.00 price target on Lucid Motors, representing a downside of 57%.
As reported earlier this week, Lucid saw its German sales fall for the sixth consecutive month in April. In the Netherlands, where its European headquarters are located, the brand sold one car, down from the 12 recorded in March.
