Lucid Q3 losses widen as Gravity SUV production is 'ramping up,' midsize EV on track for 2026 release

Core Insights - Lucid Motors reported third quarter results that fell short of expectations, with significant losses despite a year-over-year revenue increase of 68% to $336.6 million, compared to the expected $367.54 million [1] - The company confirmed that its upcoming midsize vehicle is still scheduled for release in late 2026 [1][8] Financial Performance - Lucid posted an adjusted loss per share of $2.65, exceeding the expected loss of $2.05, leading to an adjusted EBITDA loss of $717.7 million, higher than the anticipated $614.8 million [2] - Free cash flow burn increased to $955.5 million in the quarter, up from $622.5 million a year ago [3] Production and Deliveries - The company delivered 4,078 vehicles in Q3, a 47% increase year-over-year, and produced 3,891 vehicles, marking a 116% increase compared to Q3 2024 [4] - Cumulatively, Lucid produced 9,966 vehicles through Q3 and delivered 10,496 vehicles, with a waitlist reported for the new Gravity SUV priced at $80,000 [5] Liquidity and Funding - Saudi Arabia's Public Investment Fund (PIF) increased its loan facility to $2 billion, raising total liquidity to $5.5 billion at the end of the quarter [3] - The company emphasized a focus on cost management, supported by the additional liquidity from PIF [4] Production Guidance and Strategy - Lucid updated its production guidance, now expecting to produce around 18,000 vehicles in 2025, down from a previous range of 18,000 to 20,000 vehicles [6] - The company is adding a second shift at its Arizona production facility to ramp up production of the Gravity model [7]