Companies /Consumer Cyclical

Lucid Group Inc

NASDAQ: LCID Auto Manufacturers
$4.28
▲ $0.24 (+5.94%) today
Markets closed · 4:03am ET

Q1 2026 Earnings

Reported May 5, 2026, 4:07pm ET · SEC source
$-2.82
Miss −22.78%
EPS · est. $-2.30 Adjusted

Includes $37,934 thousand in workforce reduction charges ($0.12 per share impact), $10,221 thousand loss on change in fair value of equity securities of a related party ($0.03 per share), and $105,962 thousand accretion of redeemable convertible preferred stock ($0.32 per share). GAAP EPS also affected by $7,375 thousand gain from change in fair value of derivative liabilities associated with redeemable convertible preferred stock.

$282.5M
Miss −21.21%
Revenue · est. $358.5M
−18.4%
Trailing market
LCID vs S&P since report
5 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−4%0+4%May 5May 6report 4:07pm ETearnings+1.3%+0.5%
−4%0+4%May 5May 6earnings+1.3%+0.5%
LCID +0.5%S&P 500 +1.3%
−4%0+4%May 5May 6report 4:07pm ETearnings+1.9%+0.5%
−4%0+4%May 5May 6earnings+1.9%+0.5%
LCID +0.5%NASDAQ +1.9%
0+5%+10%May 4May 13report 4:07pm ETearnings+2.5%+6.3%
0+5%+10%May 4May 13earnings+2.5%+6.3%
LCID +6.3%S&P 500 +2.5%
0+5%+10%May 4May 13report 4:07pm ETearnings+4.8%+6.3%
0+5%+10%May 4May 13earnings+4.8%+6.3%
LCID +6.3%NASDAQ +4.8%
−0.96%
Day of report
−2.26%
Next session
+3.23%
One week
−17.69%
30 days

S&P 500 over the same 30 days: +0.73%.

Did LCID Beat Earnings? Q1 2026 Results

Lucid Group delivered a bruising first quarter, missing on both the top and bottom lines as a seat supplier disruption derailed Gravity deliveries and left the electric vehicle maker with a mounting inventory overhang. Revenue of $282.46 million came in 21.21% below the $358.51 million consensus, though it still represented 20.2% growth year over year, while adjusted EPS of negative $2.82 missed the negative $2.30 estimate by 22.78%, extending the company's miss streak to four consecutive quarters. The supplier issue that hampered February deliveries was the single most direct culprit, with only 3,093 vehicles delivered against 5,500 produced, pushing inventory to $1.47 billion. With new CEO Silvio Napoli reviewing operations, Lucid pulled its full-year production guidance entirely, signaling a potential reset toward lower volumes to better align supply with demand. Post-quarter capital raises totaling more than $1.05 billion from Uber and Saudi backer PIF, alongside an expanded term loan, lifted pro forma liquidity to approximately $4.70 billion, offering a financial cushion as management works to normalize deliveries and articulate fresh targets in the second quarter.

Key Takeaways
  • Production up 149% year-over-year to 5,500 vehicles
  • Seat supplier issue significantly affected Lucid Gravity deliveries in February
  • January and March deliveries each ahead of prior-year periods
  • Total order intake in North America rose 144% in March 2026 from prior month
  • Revenue from related party increased to $38.4 million from $5.1 million year-over-year
  • Interest expense rose to $41.1 million from $11.9 million due to increased borrowings
  • Inventory and firm purchase commitments write-downs of $228.3 million

“First quarter results demonstrated the strength of our technology and product portfolio. A supplier issue resolved during the quarter had an impact, but January and March deliveries were ahead of the same periods in the prior year. We expanded strategic partnerships, including with Uber, and continued to advance our autonomy roadmap. We are executing with focus across operations, aligning production and delivery with customer demand. With the announcement of Silvio Napoli as our next Chief Executive Officer, we are entering Lucid's next growth phase with a clear mandate: to accelerate toward financial self-sufficiency while delivering industry-leading innovation and customer experience.”

Lucid CEO, on the earnings call

Forward Guidance & Outlook

Lucid expects elevated inventory built during Q1 to convert to revenue and cash as deliveries normalize. The company is aligning production with anticipated deliveries and customer demand. Management emphasized driving structural cost improvements, managing capital efficiently, and improving operating leverage as it scales. Post-quarter capital raises bring pro forma liquidity to approximately $4.7 billion. The company plans to open driverless robotaxi operations to the public later in 2026 and is advancing its Midsize vehicle program.

LCID YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$-1,800,000,000$-1,200,000,000$-600,000,000$0$235.1M$282.5MRevenue$-490,179,273$-311,705,000Gross Profit$-1,735,938,596$-989,485,000Operating Income
$-1,800,000,000$-1,200,000,000$-600,000,000$0RevenueGross ProfitOperating Income

Figures from SEC filings and company reports. Not investment advice.