Lucid Reports $1.17B Net Loss in Q4 2025

Lucid Motors reported its fourth-quarter and full-year 2025 financial results, posting stronger-than-expected revenue but a wider loss per share as the company continues to prioritize scale and future product launches.

For Q4 2025, Lucid reported revenue of $523 million, ahead of analyst expectations of $468 million. Loss per share came in at $3.62, compared to expectations for a $2.62 loss. Net loss for the quarter totaled approximately $1.17 billion.

Revenue beats, losses widen

According to the company’s consolidated statements, Lucid generated $522.7 million in revenue during the fourth quarter, more than doubling the $234.5 million reported in the same period a year earlier. For the full year, revenue reached $1.35 billion.

Costs remain elevated as Lucid ramps production and invests in new platforms. Total quarterly operating expenses reached $1.59 billion, resulting in a loss from operations of roughly $1.06 billion for Q4.

For the full year 2025, Lucid recorded a net loss of about $2.7 billion.

Despite the wider-than-expected per-share loss, the revenue beat suggests continued demand growth as the company scales deliveries of the Air sedan and begins ramping its Gravity SUV.

2026 production outlook trails estimates

Lucid said it expects to produce between 25,000 and 27,000 vehicles in 2026, representing roughly 45% growth from 2025 levels. However, that forecast falls short of analyst expectations of around 33,000 units.

Interim CEO Marc Winterhoff emphasized cost control and execution as key priorities for the year ahead.

“In 2026, our focus remains on operational and financial discipline, sustainable growth, and continued progress toward profitability, while we look forward to the production of the first of our Midsize vehicles and the deployment of the first Lucid robotaxis into commercial service with our partners,” Winterhoff said in a statement.

Lucid is preparing to launch its Midsize platform, which is expected to target a lower price point than its current lineup. The company is also advancing plans for a robotaxi program with partners as it seeks to diversify revenue streams beyond retail EV sales.

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