Lucid Misses Wall Street’s Q3 Targets, Gets $1.75B More From PIF
Lucid Group reported a third-quarter loss of $2.74 per share on $350 million in revenue, both worse than analysts expected. The EV maker also secured a $1.75 billion increase in a loan from Saudi Arabia's Public Investment Fund, lifting total liquidity to $3.75 billion.
Lucid Group missed Wall Street's third-quarter expectations for both earnings and revenue, the electric vehicle maker reported on Monday, November 9, 2026. Shares fell roughly 5% in aftermarket trading.
Lucid lost $2.74 per share on revenue of $350 million. Analysts surveyed by LSEG had expected a loss of $2.28 per share and revenue of $407 million.
The company also announced a $1.75 billion increase in a delayed draw term loan from Saudi Arabia's Public Investment Fund (PIF). The fund is Lucid's largest shareholder. A delayed draw loan lets a borrower take money in stages rather than all at once.
Mixed picture on losses
One closely watched measure beat forecasts. Adjusted EBITDA, a gauge of operating results that strips out interest, taxes and certain accounting charges, showed a loss of $726 million. Analysts had expected a loss of $611 million.
Net loss for the quarter was $830.9 million, down from $978.4 million a year earlier. In the third quarter of 2025, Lucid reported revenue of $336.6 million, a loss of $3.31 per share and an adjusted EBITDA loss of $717.7 million.
Restructuring under a new CEO
These are the first quarterly results since CEO Silvio Napoli, who began leading the company in June, announced a restructuring plan. It includes cost cuts and a delay to the company's upcoming midsize vehicle, pushed from the end of this year to the second half of next.
Lucid describes the effort as an "operational reset" aimed at cutting costs and narrowing losses. The turnaround plan targets $1.4 billion in cash flow improvements this year. It also focuses on a robotaxi program with Uber and Nuro, a factory under construction in Saudi Arabia, and the midsize vehicle.
"Our transformation is beginning to show progress," Napoli said in a release. He said the company is acting with urgency and "driving greater discipline" while continuing to invest in long-term priorities.
What the PIF money covers
The added capital lifts Lucid's total liquidity to $3.75 billion, up from $2 billion at the end of the third quarter. Lucid said it expects the funds to support "operations and key investments" into the fourth quarter of 2027, including the start of production for the midsize vehicle.
Napoli said the company is "grateful for the continued financial support from our anchor shareholder."
Lucid suspended its financial guidance and many of its targets in May, citing new leadership and the time needed to build a turnaround plan. The company said it expects to communicate its midterm plan and targets early next year.
