A Lucid Gravity rolling off the production line at the company’s factory in Casa Grande, Arizona
Lucide Group reported mixed fourth-quarter results on Tuesday, as the all-electric vehicle maker continues to face challenging market conditions and internal issues.
The company significantly missed Wall Street’s expectations for quarterly earnings, while beating average revenue estimates by about 12%. It also revised its 2025 production results due to internal validation issues, but expects a significant increase in vehicle production this year.
Here’s the company’s fourth-quarter performance compared to average estimates compiled by LSEG:
- Loss per share: $3.62 versus an expected loss of $2.62 cents
- Income: $523 million versus $468 million expected
Lucid’s results come days after the company laid off 12% of its U.S. employees in an effort to streamline operations and “operate with greater efficiency and deliver on our commitments for gross margin improvement and long-term growth,” according to a company statement.
For 2026, the company announced a vehicle production target of between 25,000 and 27,000 units. That would represent an increase of about 40% to 51% over the year-end numbers the company released Tuesday.
Lucid said the revision for the year – from 18,378 units to 17,840 units – came as “538 vehicles failed to complete certain internal procedures required as part of its final validation process to be classified as produced.”
The company said the vehicles are expected to be completed this year, with the change not affecting its previously announced financial results.
Lucid’s expected production growth will likely include the addition of a new, cheaper mid-size vehicle to its current lineup of Air sedans and Gravity SUVs. It also plans to launch its first robotaxis Lucid with previously announced partners.
“In 2026, we remain focused on operational and financial discipline, sustainable growth and continued progress toward profitability, while looking forward to producing the first of our mid-size vehicles and deploying the first Lucid robo-taxi into commercial service with our partners,” interim CEO Marc Winterhoff said in a statement.
Lucid said it ended last year with about $4.6 billion in total liquidity, which Lucid CFO Taoufiq Boussaid said was “strong” and would provide flexibility “to execute near-term objectives while investing in future growth.”
Lucid reported a net loss of $2.7 billion in 2025, matching a loss of $2.71 billion a year earlier. That includes doubling its losses year-over-year during the fourth quarter to $814 million. It reported a loss of $12.09 per share for the year.
The company’s 2025 revenue increased 68% to $1.35 billion, including results that more than doubled year over year during the fourth quarter.
Lucid executives have not yet said when the company hopes to become profitable. There are plans to hold an investor day on March 12 in New York.