Pure-play EV maker Lucid (LCID) reported mixed fourth quarter results after the bell today, with its full-year losses widening as it boosts Gravity SUV production. The company did report upbeat 2026 production guidance and $4.6 billion in total liquidity.
For the quarter, Lucid reported revenue of $522.7 million versus $459.4 million, per Bloomberg estimates, representing a 123% jump from a year ago, powered largely by the ramp-up of its Gravity SUV.
However, Lucid posted an adjusted loss per share of $3.08 versus $2.68 expected, with an adjusted EBITDA loss of $874.7 million versus $669.7 million.
Lucid stock fell 4% in after-hours trading.
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Looking ahead, the company pegged its 2026 production guidance at 25,000 to 27,000 vehicles, implying nearly 40% growth on the low end with Gravity SUV sales improving.
“The majority of our production was the Gravity,” Lucid CFO Taoufiq Boussaid said in an interview with Yahoo Finance. “We produced about 7500 units for the quarter, which is quite significant, so at that run rate basically we can produce 30,000 [units] theoretical in a year.”
For the year, reported 2025 revenue at $1.354 billion, with an adjusted EBITDA loss of $2.788 billion.
Lucid said it burned through $3.8 billion in free cash flow in 2025 and $1.24 billion in Q4, both higher year over year. The company ended the quarter with $997.8 million in cash and cash equivalents, with $4.6 billion in total liquidity.
Boussaid said the losses come as the company installs capacity for production of the Gravity, as well as its upcoming midsize vehicle as well. Boussaid said as Gravity production scales, “you will see that our cost per unit is also decreasing because we’re able to absorb larger portion of fixed cost.”
Nevertheless, the company said its liquidity meant it was good through the first half of 2027, but at that time it may need to raise more capital.
“We will need cash, [but] we don’t need it immediately,” Boussaid said. “We will go after it when we have the right market conditions to do it.”
Lucid also updated its full-year production totals to 17,840 vehicles and 7,874 in Q4 after discovering that 538 vehicles did not meet its final validation process requirements. The vehicles will complete that process in 2026. The company’s delivery totals of 15,841 for the year and 5,345 for Q4 remain unchanged.
Lucid does not break out separate delivery totals for its Air sedan and Gravity SUV.
It’s been an eventful past few months for Lucid. In January, the company showed off its robotaxi concept that it’s partnering with Uber (UBER) to deploy, using Nuro’s autonomous software. Uber is expected to purchase 20,000 Lucid robotaxis that use the company’s Gravity SUV platform.
