Lucid (LCID) · Automotive
Lucid Q3 2026 earnings: summary, key numbers & outlook
Results filed 9 Nov 2026 · Quarter ended 30 Sep 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Lucid reported third quarter revenue of $350 million, up 4% year over-year, with free cash flow consumption declining by 30% sequentially to $1.04 billion and $2.0 billion in total liquidity.
Lucid reported third quarter revenue of $350 million, up 4% year over-year, in a US electric vehicle market the company says fell 41%. Free cash flow consumption declined by 30% sequentially to $1.04 billion as cost cuts and inventory reduction took hold. The net loss per diluted share was $(2.74), compared with $(3.31) a year ago.
Management says its liquidity of $2.0 billion, or $3.75 billion pro forma after a $1.75 billion increase to the PIF-backed DDTL facility, should fund operations into Q4 2027. The company plans to share a mid-term plan early next year. The main risk is that cash is still being consumed quickly while the Midsize model does not reach production until the second half of 2027.
Key numbers
- Revenue · GAAP
- $350 million
- Net loss · GAAP
- -$830.9M
- Diluted net loss per share attributable to common stockholders · GAAP
- $(2.74)
- Adjusted diluted net loss per share · non-GAAP
- $(2.30)
- Loss from operations · GAAP
- -$857.6M
- Net cash used in operating activities · GAAP
- -$752.6M
- Free cash flow consumption · non-GAAP
- $1.04 billion
- Adjusted EBITDA · non-GAAP
- -$726.3M
up 4% year over-year
declined by 30% sequentially
| Segment or metric | Value | Change |
|---|---|---|
| Cash flow improvement plan savings, year to date | $0.8 billion | |
| Uber and Nuro robotaxi vehicles on the road | more than 100 vehicles | |
| Bolt initial vehicle deployment goal | at least 25,000 vehicles |
Where each number comes from
- Revenue: “Lucid reported third quarter revenue of $350 million, up 4% year over-year in a US BEV market down 41% over the same period1, and significantly improved gross profit margin.”
- Net loss: “Net loss | (830,859) | (978,428) | (2,894,054) | (1,884,031) Accretion of redeemable convertible preferred stock (related party) | (249,911) | (56,121)”
- Diluted net loss per share attributable to common stockholders: “Net loss per share attributable to common stockholders Basic | $(2.74) | $(3.31) | $(9.43) | $(8.15) Diluted | $(2.74) | $(3.31) | $(9.43) | $(8.50)”
- Adjusted diluted net loss per share: “Adjusted net loss per share attributable to common stockholders, diluted (non-GAAP) | $(2.30) | $(2.65) | $(7.85) | $(7.03)”
- Loss from operations: “Loss from operations | (857,587) | (942,019) | (2,929,240) | (2,436,999) Other income (expense), net Change in fair value of common stock warrant liability”
- Net cash used in operating activities: “Net cash used in operating activities | (752,643) | (756,650) | (3,160,533) | (2,015,504) Cash flows from investing activities: Purchases of property, plant”
- Free cash flow consumption: “Free cash flow consumption declined by 30% sequentially to $1.04 billion as the company progressed its cash flow improvement plan.”
- Adjusted EBITDA: “Adjusted EBITDA (non-GAAP) | $(726,273) | $(717,703) | $(2,408,002) | $(1,913,265) Adjusted Net Loss Attributable to Common Stockholders Three Months”
- Cash flow improvement plan savings, year to date: “year to date, Lucid has achieved savings of $0.8 billion and implemented additional actions to drive continued improvement.”
- Uber and Nuro robotaxi vehicles on the road: “In August, the program expanded to more than 100 vehicles on the road.”
- Bolt initial vehicle deployment goal: “partnership with Bolt, one of Europe’s leading mobility platforms, with an initial goal of deploying at least 25,000 vehicles.”
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 | Q3 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $350.3M | +4.1% | −13.6% |
| Operating income | -$857.6M | +9.0% | +20.8% |
| Net income | -$830.9M | +15.1% | +19.7% |
| Diluted EPS | -$2.74 | +17.2% | +17.0% |
| Free cash flow | -$1.0B | −8.8% | +29.6% |
| Operating margin | -244.8% | +35.1 pts | +22.2 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Cash flow improvement plan | full-year target | $1.4 Billion |
| Liquidity runway | into Q4 2027 | into Q4 2027 |
Key takeaways
Cash consumption fell 30% sequentially
Free cash flow consumption declined by 30% sequentially to $1.04 billion as the operating reset began to show through.
PIF added $1.75 billion of liquidity
Total liquidity was $2.0 billion at quarter end, or $3.75 billion pro forma including the $1.75 billion DDTL increase.
Revenue grew 4% in a weak market
Revenue of $350 million was up 4% year over-year while the US BEV market was down 41%.
Losses remain large despite improvement
The net loss per diluted share was $(2.74) versus $(3.31) a year ago, and adjusted EBITDA was $(726,273) thousand.
Midsize and AMP-2 timelines hold
Midsize production remains planned for the second half of 2027, and AMP-2 inauguration is expected in early 2027.
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 Q3 2026 revenue and net loss?
Revenue was $350 million, up 4% year over-year. The GAAP net loss was $(830,859) thousand, or $(2.74) per diluted share attributable to common stockholders.
How much cash did Lucid burn in Q3 2026?
Free cash flow consumption was $1.04 billion, down 30% sequentially. Net cash used in operating activities was $(752,643) thousand.
How much liquidity does Lucid have and how long will it last?
Lucid ended the quarter with $2.0 billion in total liquidity, or $3.75 billion pro forma with the $1.75 billion PIF DDTL increase. Management expects it to fund operations into Q4 2027.
What are Lucid's four Must-Win priorities?
They are the $1.4 Billion Cash Flow Improvement Plan, Autonomy & Robotaxi, Advanced Manufacturing Plant 2 in Saudi Arabia, and the Midsize vehicle.
When will Lucid share its mid-term targets and launch Midsize?
Lucid expects to communicate its mid-term plan and targets early next year. Midsize production remains planned for the second half of 2027, with reveal and production dates to be announced in the first quarter of 2027.
Documents
SEC filing