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Q3 25 EPS
$-2.65
MISS 19.37%
Est. $-2.22
Q3 25 Revenue
$336.6M
MISS 9.19%
Est. $370.6M
vs S&P Since Q3 25
-79.3%
TRAILING MARKET
LCID -70.0% vs S&P +9.3%
Market Reaction
Did LCID Beat Earnings? Q3 2025 Results
Lucid Group delivered another quarter of steep misses in Q3 2025, as the electric vehicle startup's rapid production ramp failed to translate into the financial results Wall Street was expecting. The company posted an adjusted loss of $2.65 per dilut… Read more Lucid Group delivered another quarter of steep misses in Q3 2025, as the electric vehicle startup's rapid production ramp failed to translate into the financial results Wall Street was expecting. The company posted an adjusted loss of $2.65 per diluted share, falling short of the $2.22 consensus estimate by 19.37%, while revenue of $336.58 million missed the $370.64 million consensus by 9.19%, even as that top line surged 68.3% year-over-year on the back of 4,078 vehicle deliveries. The core problem remains a deeply inverted cost structure: cost of revenue of $670.20 million more than doubled actual sales, pushing the operating loss to $942.02 million and leaving investors weighing whether volume growth can ever outrun the cash burn. Free cash flow came in at negative $955.47 million for the quarter, a figure that underscores why the losses continue to unnerve investors. On the liquidity front, the Public Investment Fund agreed to expand Lucid's term loan facility to approximately $2.00 billion, lifting pro forma liquidity to roughly $5.50 billion, a lifeline as the company presses ahead toward a planned 2026 robotaxi rollout with Uber and Nuro.
Key Takeaways
- • Vehicle production up 116% YoY to 3,891 units in Q3, with 1,000+ additional vehicles built for Saudi Arabia final assembly
- • Vehicle deliveries up 47% YoY to 4,078 units in Q3
- • Revenue up 68% YoY driven by higher delivery volumes
LCID YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“We maintained strong operational momentum this quarter, delivering solid results in both production and customer deliveries. Our team remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry. At the same time, we continue to advance our position in autonomy and intelligent mobility, from our robotaxi partnership to our new collaboration with NVIDIA, positioning Lucid to be among the first to bring Level 4 autonomous driving to privately owned passenger vehicles. And as we work toward key milestones in the coming quarters, today's organizational changes will accelerate innovation, empower decisive action, and ensure Lucid is best positioned for global expansion.”
— Marc Winterhoff, Q3 2025 Earnings Press Release
LCID Earnings Trends
LCID vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LCID EPS Trend
Earnings per share: estimate vs actual
LCID Revenue Trend
Quarterly revenue: estimate vs actual
LCID Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | $-2.30 | — | — | — | — |
| Q4 25 MISS FY | $-2.67 | $-3.08 | -15.18% | $522.7M | +13.75% |
| FY Full Year | — | $-10.09 | — | $1.35B | — |
| Q3 25 MISS | $-2.22 | $-2.65 | -19.37% | $336.6M | -9.19% |
| Q2 25 MISS | $-0.22 | $-0.24 | -11.11% | $259.4M | -2.00% |
| Q1 25 BEAT | $-0.23 | $-0.20 | +14.13% | $235.0M | -4.52% |
| Q4 24 BEAT FY | $-0.29 | $-0.22 | +22.81% | $234.5M | +10.72% |
| FY Full Year | — | $-1.04 | — | $807.8M | — |