# Lucid (LCID) Q2 2026 earnings

Results filed 2026-08-04 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/lcid/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1811210/000162828026052548/0001628280-26-052548-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $405 million | up 56% year over year | GAAP |
| Net loss | $(1,034,851) | from $(539,432) a year ago | GAAP |
| Diluted net loss per share attributable to common stockholders | $(3.30) | from $(2.80) a year ago | GAAP |
| Adjusted diluted net loss per share | $(2.78) | from $(2.35) a year ago | non-GAAP |
| Loss from operations | (1,082,168) | from (803,047) a year ago | GAAP |
| Net cash used in operating activities | $(1,222,231) | from $(830,241) a year ago | GAAP |
| Free cash flow | $(1,476,058) | from $(1,012,904) a year ago | non-GAAP |
| Adjusted EBITDA | $(901,112) | from $(632,068) a year ago | non-GAAP |

## Segments and operating metrics

| Name | 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 |  |

## 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

1. **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.
2. **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.
3. **$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.
4. **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.
5. **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.

## 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.