TLDR
- Lucid posted a Q1 operating loss of $989 million, worse than Wall Street’s expected $864 million loss.
- Revenue came in around 36% below estimates due to a supplier issue that delayed Gravity SUV deliveries.
- EPS was ($3.46), missing the consensus estimate of ($2.72) by $0.74.
- Lucid completed a $1.05 billion capital raise, including $200 million from Uber, boosting total liquidity to $4.7 billion.
- The stock is down 41% year to date and 74% over the past 12 months.
Lucid Group (LCID) fell 6.6% in regular Tuesday trading ahead of its Q1 earnings release, then slipped an additional 2.7% in after-hours to $6.08, as the results landed worse than expected.
The stock opened the session at $6.69 and touched a low of $6.18 on the day.
Q1 operating loss came in at $989 million on revenue of $282 million. Wall Street had penciled in a loss of $864 million on revenue of roughly $358 million. The revenue gap — around 36% below estimates — was largely tied to a supplier issue that pushed back Gravity SUV deliveries in February.
Lucid has just reported its Q1 2026 earnings results.
• Loss per share: -$3.46 vs -$2.64 expected
• Revenue: $282M vs. $440M expected
• Net loss: -$1 billionLucid says it plans to adjust production, citing elevated vehicle inventories, which will likely mean reducing… pic.twitter.com/JgOSuCsyzk
— Sawyer Merritt (@SawyerMerritt) May 5, 2026
EPS was reported at ($3.46), missing the ($2.72) consensus by $0.74. The company carries a negative return on equity of 138.82% and a negative net margin of 207.87%.
Lucid delivered 3,093 vehicles in Q1, flat year over year. But production told a different story — 5,500 vehicles were built in the quarter, up 149% year over year. Order intake in North America jumped 144% in March compared to February.
Revenue did grow 20% year over year despite flat deliveries, helped by a better vehicle mix.
Capital Raise and Liquidity
Lucid closed a $1.05 billion capital raise in April. The package included $550 million in convertible preferred from a Saudi PIF affiliate, $300 million from a registered common offering, and $200 million in equity from Uber — bringing Uber’s total investment in Lucid to $500 million.
Total liquidity ended Q1 at $4.7 billion, easing near-term financing concerns.
The company also announced a new CEO, Silvio Napoli, taking over from Marc Winterhoff.
Analyst Views
Wall Street remains cautious. The consensus rating sits at “Reduce” with an average price target of $12.25, well above the current price.
Cantor Fitzgerald reaffirmed a neutral rating with a $14 target. TD Cowen held its “hold” rating but cut its target from $19 to $10. Bank of America has an “underperform” rating with a $10 target. Robert W. Baird holds a neutral rating with a $12 target.
Of 11 analysts tracked, two rate LCID a buy, six hold, and three sell.
The broader EV backdrop hasn’t helped. The $7,500 federal purchase tax credit expired in September, and U.S. EV sales fell 27% year over year in Q1.
Lucid had guided for 25,000–27,000 vehicles in 2026. That production target was not referenced in the Q1 earnings release.
LCID has a market cap of $2.05 billion, a 50-day moving average of $9.06, and a 200-day moving average of $11.67.
🚨 Our April Stock Picks Are Live!
A new month means new opportunities. Our analysts have just released their top stock picks for April, highlighting companies with strong momentum that rank highly on our KO Score algorithm. We’re also now sharing trade ideas for both long-term and short-term investors, giving you more ways to spot potential opportunities in the market.
Sign up to Knockout Stocks today and get 50% off to unlock the full list and see which stocks made the cut.
Use coupon code Special50 for your exclusive discount!
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
