# Lucid (LCID) Q3 2026 earnings

Results filed 2026-11-09 for the quarter ended 2026-09-30. Source page: https://earnings.opennash.com/companies/lcid/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1811210/000162828026072158/0001628280-26-072158-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $350 million | up 4% year over-year | GAAP |
| Net loss | (830,859) |  | GAAP |
| Diluted net loss per share attributable to common stockholders | $(2.74) |  | GAAP |
| Adjusted diluted net loss per share | $(2.30) |  | non-GAAP |
| Loss from operations | (857,587) |  | GAAP |
| Net cash used in operating activities | (752,643) |  | GAAP |
| Free cash flow consumption | $1.04 billion | declined by 30% sequentially | non-GAAP |
| Adjusted EBITDA | $(726,273) |  | non-GAAP |
| Total liquidity | $2.0 billion |  |  |

## Segments and operating metrics

| Name | 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 |  |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Cash flow improvement plan | full-year target | $1.4 Billion |
| Liquidity runway | into Q4 2027 | into Q4 2027 |

## Key takeaways

1. **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.
2. **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.
3. **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%.
4. **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.
5. **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.

## 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.