Lucid (LCID) · Automotive
Lucid Q2 2026 earnings: summary, key numbers & outlook
Results filed 4 Aug 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Lucid reported second quarter revenue of $405 million, up 56% year over year, delivered 3,953 vehicles, produced 4,774 vehicles, and ended the quarter with $3.0 billion in total liquidity while launching an operational reset.
Lucid's second quarter revenue was $405 million, up 56% from a year ago. It delivered 3,953 vehicles, up 19%, and produced 4,774, up 24%, though it deliberately cut production to lower inventory and free up cash. Losses still grew: the net loss was $(1,034,851) thousand, and free cash flow was $(1,476,058) thousand. New CEO Silvio Napoli launched a "back-to-basics" reset focused on cash, customers and culture.
Management identified $1.4 billion of cash improvements in 2026 across inventory, capital expenditures and operating expenses. It says recently secured financing plus these actions give liquidity runway well into 2027. The release gave no revenue or delivery guidance. The main tension is that cash burn remains very large against $3.0 billion of liquidity, while the AMP-2 factory in Saudi Arabia, the robotaxi program and the Midsize vehicle still need heavy investment. The plan also carries execution and quality risks.
Key numbers
- Revenue · GAAP
- $405 million
- Net loss · GAAP
- -$1.0B
- Diluted net loss per share attributable to common stockholders · GAAP
- $(3.30)
- Adjusted diluted net loss per share · non-GAAP
- $(2.78)
- Loss from operations · GAAP
- -$1.1B
- Net cash used in operating activities · GAAP
- -$1.2B
- Free cash flow · non-GAAP
- -$1.5B
- Adjusted EBITDA · non-GAAP
- -$901.1M
up 56% year over year
from $(539,432) a year ago
from $(2.80) a year ago
from $(2.35) a year ago
from (803,047) a year ago
from $(830,241) a year ago
from $(1,012,904) a year ago
from $(632,068) a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Vehicles produced | 4,774 | up 24% year over year |
| Vehicles delivered | 3,953 | up 19% year over year |
| Total liquidity | $3.0 billion | |
| Cash flow improvement opportunities in 2026 | $1.4 billion |
Where each number comes from
- Revenue: “Generated second quarter revenue of $405 million, up 56% year over year •Ended the quarter with $3.0 billion in total liquidity.”
- Net loss: “Cash flows from operating activities: Net loss | $(1,034,851) | $(539,432) | $(2,063,195) | $(905,603) Adjustments to reconcile net loss to net cash used in operating activities”
- Diluted net loss per share attributable to common stockholders: “Basic | $(3.30) | $(2.42) | $(6.74) | $(4.83) Diluted | $(3.30) | $(2.80) | $(6.74) | $(5.18)”
- Adjusted diluted net loss per share: “Adjusted net loss per share attributable to common stockholders, diluted (non-GAAP) | $(2.78) | $(2.35) | $(5.59) | $(4.37)”
- Loss from operations: “Loss from operations | (1,082,168) | (803,047) | (2,071,653) | (1,494,980) Other income (expense), net Change in fair value”
- Net cash used in operating activities: “Net cash used in operating activities (GAAP) | $(1,222,231) | $(830,241) | $(2,407,890) | $(1,258,854) Capital expenditures”
- Free cash flow: “Free cash flow (non-GAAP) | $(1,476,058) | $(1,012,904) | $(2,914,884) | $(1,602,758)”
- Adjusted EBITDA: “Adjusted EBITDA (non-GAAP) | $(901,112) | $(632,068) | $(1,681,729) | $(1,195,562) Adjusted Net Loss Attributable to Common Stockholders”
- Vehicles produced: “Produced 4,774 vehicles, up 24% year over year, with production intentionally reduced to lower inventory and free up cash”
- Vehicles delivered: “Delivered 3,953 vehicles, up 19% year over year •Generated second quarter revenue of $405 million, up 56% year over year”
- Total liquidity: “Ended the quarter with $3.0 billion in total liquidity. •Recently secured financing, combined with ongoing operational measures, provide sufficient liquidity runway well into 2027”
- Cash flow improvement opportunities in 2026: “Identified $1.4 billion cash flow improvement opportunities in 2026 across operating expenses, capital expenditures, and working capital”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $405.3M | +56.2% | +43.5% |
| Operating income | -$1.1B | −34.8% | −9.4% |
| Net income | -$1.0B | −91.8% | −0.6% |
| Diluted EPS | -$3.30 | −17.9% | +4.6% |
| Free cash flow | -$1.5B | −45.7% | −2.6% |
| Operating margin | -267.0% | +42.5 pts | +83.3 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Total cash flow improvement plan | 2026 | $1.4 billion |
| Projected inventory savings | 2026 | approximately $600 million to $800 million |
| Projected capital expenditure savings | 2026 | approximately $500 million |
| Projected operating expense savings | 2026 | approximately $200 million |
| Annualized savings from U.S. workforce reduction announced in June | annualized | approximately $158 million |
Key takeaways
Revenue grew 56% but losses widened
Revenue was $405 million, up 56% year over year. Net loss was $(1,034,851) thousand versus $(539,432) thousand a year earlier.
Production was cut to convert inventory to cash
Lucid produced 4,774 vehicles but delivered 3,953, and says it intentionally reduced production to lower inventory and free up cash.
$1.4 billion cash improvement plan is central
Savings target approximately $600 million to $800 million in inventory, approximately $500 million in capital expenditures and approximately $200 million in operating expenses.
Cash burn remains heavy against liquidity
Free cash flow was $(1,476,058) thousand for the quarter against $3.0 billion in total liquidity. Recent financing and the plan are expected to give runway well into 2027.
Robotaxi, AMP-2 and Midsize get priority
Robotaxi Gravity vehicles are being delivered to Nuro for testing with Uber, AMP-2 is moving to industrialization, and Midsize prototypes and Atlas drive units are in validation.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $234.5M * |
| Q1 2025 | $235.0M |
| Q2 2025 | $259.4M |
| Q3 2025 | $336.6M |
| Q4 2025 | $522.7M * |
| Q1 2026 | $282.5M |
| Q2 2026 | $405.3M |
| Q3 2026 | $350.3M |
Data
| Q1 2025 | -$2.41 |
| Q2 2025 | -$2.80 |
| Q3 2025 | -$3.31 |
| Q1 2026 | -$3.46 |
| Q2 2026 | -$3.30 |
| Q3 2026 | -$2.74 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | -312.6% |
| Q1 2025 | -294.4% |
| Q2 2025 | -309.5% |
| Q3 2025 | -279.9% |
| Q4 2025 | -203.7% |
| Q1 2026 | -350.3% |
| Q2 2026 | -267.0% |
| Q3 2026 | -244.8% |
Data
| Q4 2024 | -$824.8M |
| Q1 2025 | -$589.9M |
| Q2 2025 | -$1.0B |
| Q3 2025 | -$955.5M |
| Q4 2025 | -$1.2B |
| Q1 2026 | -$1.4B |
| Q2 2026 | -$1.5B |
| Q3 2026 | -$1.0B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Lucid's Q2 2026 revenue and deliveries?
Revenue was $405 million, up 56% year over year. Lucid delivered 3,953 vehicles, up 19%, and produced 4,774, up 24%.
How large was Lucid's loss in the second quarter?
The net loss was $(1,034,851) thousand, and the diluted net loss per share attributable to common stockholders was $(3.30). Adjusted diluted net loss per share, a non-GAAP measure, was $(2.78).
How much cash did Lucid burn and what is its liquidity?
Free cash flow was $(1,476,058) thousand, including $(1,222,231) thousand of operating cash flow. Total liquidity was $3.0 billion at quarter end.
What is Lucid's operational reset?
A back-to-basics program focused on cash and cost, customer and quality, and culture and team. It includes a $1.4 billion cash flow improvement plan and a simplified organization that halves the CEO's direct reports.
How long does management say its cash will last?
Management says recently secured financing, together with operational actions, should provide sufficient liquidity runway well into 2027. It gave no formal revenue or delivery guidance.
Documents
SEC filing