TLDR
- Lucid (LCID) closed at $3.29 on Friday, up 10%, but remains down nearly 70% this year.
- Q3 earnings land Monday after the close, with a $2.27 per-share loss expected.
- Q3 production fell to 2,954 vehicles while deliveries hit 3,806.
- Q2 free cash flow was negative $1.48 billion, and the company targets $1.4 billion in improvements.
- Analysts hold a Hold consensus with a $5.92 average price target.
Lucid (LCID) stock closed at $3.29 on Friday, up 10.4% in a single session. It still sits down nearly 70% for the year.
The EV maker reports third-quarter results Monday, November 9, after the market closes. Wall Street expects a loss of $2.27 per share, compared with a $3.25 loss a year ago.
Revenue is forecast at about $395.67 million, up from $336.58 million. That works out to roughly 18% growth, well below the 68.3% jump in the same quarter last year.
The stock has dropped 12.9% over the past month. Auto makers as a group fell 1.7% on average in that span.
Lucid has already shared its delivery numbers. It handed over 3,806 vehicles in Q3, down from 3,953 in Q2.
The Inventory Math Behind Q3
Production fell to 2,954 vehicles from 4,774 in the prior quarter. That means Lucid built about 850 fewer cars than it delivered.
The company says the slowdown was planned. It wanted to trim excess inventory and bring output closer to demand.
Last quarter shows why. Revenue was $405.3 million, up 56%, but gross margin was negative 105%, partly due to a $300 million inventory write-down.
Adjusted EBITDA losses widened to $901 million. Free cash flow came in at negative $1.48 billion.
Lucid beat revenue estimates in Q2 but missed on EBITDA and EPS. It has also missed revenue estimates several times over the past two years.
Management plans to improve cash flow by about $1.4 billion in 2026. The plan includes cost cuts, lower capital spending and tighter inventory control.
Lucid also cut its U.S. workforce and removed a production shift. Those moves target about $115 million in yearly savings.
The company ended Q2 with about $3 billion in available liquidity, including borrowing capacity. It later drew another $800 million from its lending facility, and management says funding lasts well into 2027.
Peer Reactions and Project Updates
Rivian offers one preview of how traders react. It grew revenue 38.3%, beat estimates by 4.8% and rose 6.2%.
Mobileye saw revenue slip 2.4% but still topped estimates by 3.2%. The stock fell 15.6% anyway.
Investors will also want updates on the Gravity SUV and the robotaxi project with Uber and Nuro. Regular robotaxi production was targeted for Q4, while midsize vehicles are set for the second half of 2027.
TipRanks data shows a Hold consensus, based on one Buy, five Holds and two Sells over the past three months. The average price target is $5.92, about 80% above Friday’s close of $3.29.
