Lucid misses Q3 estimates, secures $1.75 billion PIF loan increase

Lucid lost $2.74 per share, compared with the $2.28 loss expected by analysts, and recorded revenue of $350 million against estimates of $407 million, according to average forecasts compiled by LSEG. Adjusted EBITDA was a loss of $726 million, better than the expected $611 million loss. Net loss narrowed to $830.9 million from $978.4 million a year earlier.

The results follow a restructuring plan announced by CEO Silvio Napoli, who took the role in June. The plan includes cost cuts and postpones the company’s midsize vehicle from the end of this year to the second half of next year. Lucid said its turnaround effort targets $1.4 billion in cash-flow improvements this year and also covers a robotaxi program with Uber and Nuro, a factory under construction in Saudi Arabia, and the midsize vehicle.

Lucid said the additional PIF financing is intended to provide flexibility for operations and key investments through the fourth quarter of 2027, including the start of midsize-vehicle production. The loan increase brings total liquidity to $3.75 billion, up from $2 billion at the end of the third quarter. Napoli said the company’s transformation was beginning to show progress and that it was working to strengthen its fundamentals while investing in priorities for profitable long-term growth.

The company said it expects to share its midterm plan and targets early next year. Lucid suspended guidance and many targets in May, citing new leadership and the need for time to develop a turnaround plan.