Lucid Gravity rolls off the line at the company’s Casa Grande, Arizona, factory.
lucid group The company reported mixed fourth-quarter results on Tuesday as it continues to face difficult market conditions and internal struggles.
The company significantly missed Wall Street’s quarterly profit expectations and beat average revenue estimates by about 12%. The company also revised its production results for 2025 due to internal verification issues, but predicted that this year’s car production would increase significantly.
Here’s how the company performed in the fourth quarter compared to average estimates compiled by LSEG:
Loss per share: $3.62 loss vs. $2.62 loss Earnings: $523 million vs. $468 million expected
Lucid’s results come days after the company furloughed 12% of its U.S. salaried workforce to streamline its operations and “operate more efficiently, improving gross margins and delivering on our commitment to long-term growth,” according to a company statement.
Lucid Interim CEO Mark Winterhoff told CNBC on Tuesday that the layoffs are a necessary restructuring of the company’s workforce in addition to efficiency gains needed amid broader market and economic concerns.
“We’re adjusting and we’re moving towards the level that we want to be and think we should be,” he said. “But it’s not something that will last into the future.”
The company has announced a production target of 25,000 to 27,000 vehicles in 2026. This represents an increase of about 40% to 51% compared to the year-end numbers the company announced on Tuesday. This compares to last year’s production, which nearly doubled and shipments increased by 55%.
Lucid said this year’s revision (from 18,378 to 17,840 vehicles) was “due to 538 vehicles not completing certain internal procedures required in the final verification process to be classified as production vehicles.”
The company said the vehicle is expected to be completed this year and the changes will not affect previously reported financial results.
Winterhoff said the expected growth is “healthy” but not “exorbitant” given the current slowdown in overall car sales, including EVs.
“Our original plan was higher, but we wanted to be really conservative and make sure we hit the numbers we expected,” he told CNBC.
Lucid plans to start producing a new, cheaper midsize car at the end of this year, but Winterhoff said that is not critical to the company’s 2026 production plans. He said he expects the company’s Gravity SUV to account for the bulk of production and sales this year, followed by the Air sedan. The company also plans to launch its first Lucid robotaxis with previously announced partners.
Winterhoff said the company’s main priorities this year are to meet production targets, increase sales, continue to improve efficiency and prepare for production of medium-duty cars and robotaxis.
“We want to make sure that we’re on the path to profitability and that we’re not spending money that we don’t need to. That’s very important,” he told CNBC.
Lucid has not yet said when it expects to become profitable. The company plans to hold an investor day in New York on March 12th.
Lucid said it ended last year with approximately $4.6 billion in total liquidity, and Taoufiq Boussaid, Lucid’s chief financial officer, said the liquidity is “strong” and provides the flexibility to “achieve short-term goals while investing in future growth.”
Lucid reported a 2025 net loss of $2.7 billion. This is on par with the $2.71 billion loss in the same period last year. This includes fourth-quarter losses more than doubling year-over-year to $814 million. For the year, the company reported a loss of $12.09 per share.
The company’s 2025 revenue is expected to increase 68% to $1.35 billion, including fourth-quarter results that more than doubled from a year earlier.
