lucid group Wall Street’s expectations for the third quarter fell short of expectations as the struggling electric car maker continued its “operational reset” aimed at cutting costs and narrowing losses.
The company also announced on Monday a $1.75 billion increase in past-due loans from Saudi Arabia’s Public Investment Fund, the company’s largest shareholder.
Lucid stock fell about 5% in aftermarket trading on Monday.
Here’s how Lucid performed in the third quarter compared to average estimates compiled by LSEG.
Loss per share: $2.74, $2.28 expected Lost earnings: $350 million, $407 million expected
Despite the lower sales and bottom line, the company’s adjusted earnings before interest, taxes, depreciation and amortization came in at a loss of $726 million, exceeding Wall Street expectations for a $611 million loss in the third quarter. Net loss for the quarter was $830.9 million, down from a loss of $978.4 million in the year-ago period.
Lucid’s third quarter of 2025 included revenue of $336.6 million, loss of $3.31 per share and adjusted EBITDA loss of $717.7 million.
The quarterly results are the first since Lucid CEO Silvio Napoli, who began leading the company in June, announced a restructuring plan that includes implementing several cost-cutting efforts and delaying the launch of the company’s next midsize car from the end of this year to the second half of next year.
“Our transformation is beginning to make progress. We are moving quickly, strengthening our fundamentals and driving greater discipline, while continuing to invest in our priorities to deliver profitable long-term growth,” Napoli said in a release.
The company’s turnaround plan includes improving its cash flow by $1.4 billion this year, as well as robotaxi programs with Uber and Nuro, a factory under construction in Saudi Arabia and a focus on medium-duty vehicles.
Lucid said the funding from the PIF is expected to give the company “additional financial flexibility in pursuing Lucid’s turnaround program.” The deal is expected to help raise funds for “business operations and major investments” through the fourth quarter of 2027, including the start of production of medium-sized vehicles.
The additional funding increased Lucid’s total liquidity to $3.75 billion from $2 billion at the end of the third quarter.
Napoli said: “We are grateful for the continued financial support from our major shareholders, which allows us to remain focused on our execution and commitment as we build a stronger and more sustainable Lucid.”
Lucid said on Monday that the company plans to announce its medium-term plans and goals early next year. The EV maker suspended guidance and many of its goals in May, citing new leadership and time needed to develop a turnaround plan.
