Lucid Misses Q2 Revenue Forecast, Cuts 2025 Production Outlook

Lucid Motors missed its Q2 financial forecast, reporting revenue of $259.4 million, a slight miss on the expected $262.4 million. The company cut its 2025 production forecast to 18,000-20,000 vehicles, below the 20,000 target. Lucid also reported an adjusted loss of $0.24 per share and an adjusted EBITDA loss of $632.1 million. The company's share price dropped after the announcement.

Lucid Motors (LCID) reported its second-quarter 2025 earnings on Tuesday, revealing a miss on both revenue and earnings per share (EPS) estimates. The company's shares sank by over 6% in the first minutes of after-hours trading, reacting to the news.

The company reported revenue of $259.4 million, falling short of Wall Street's consensus of $283.2 million [1]. Lucid also missed its EPS estimates, reporting an adjusted loss of $0.24 per share, compared to the expected $0.22 [2]. The company's adjusted EBITDA loss came in at $632.1 million, surpassing the $603.6 million expected by Bloomberg [2].

Lucid's net loss for the second quarter was $855.3 million, widening from $790.3 million a year earlier. Total operating expenses climbed to $1.06 billion, up from $988 million in the year-ago quarter, driven by increases in cost of revenue, research and development, and selling, general and administrative costs [1]. Free cash flow totaled negative $1.01 billion in the quarter [1].

The company delivered 3,309 vehicles during the second quarter and produced 3,863. Lucid's total for the first half of 2025 was 6,075 vehicles produced and 6,418 vehicle deliveries, marking its sixth consecutive quarter of record deliveries [3]. Despite the financial miss, Lucid ended the quarter with approximately $4.86 billion in liquidity [3].

Lucid revised its 2025 production outlook to between 18,000 and 20,000 vehicles, down slightly from the original 20,000-unit target. The company attributed the reduction to supplier issues and the loss of the federal EV tax credit. Lucid expects a pull forward in demand in Q3 and then a softening in Q4, mainly for the Air sedan [2].

Lucid's interim CEO Marc Winterhoff acknowledged that the company is not where it wants to be with the Gravity SUV but expects a ramp-up in the second half of the year. The Gravity SUV is a critical-to-success model for Lucid, and the company is betting on volume to solve its profitability problems [2].

The earnings conference call is scheduled for 05:30 PM Eastern time and will be joined by Winterhoff and CFO Taoufiq Boussaid. Investors will be looking for more details on the company's plans to address its profitability challenges and the status of the Gravity SUV ramp-up [1].

References:
[1] https://eletric-vehicles.com/lucid/lucid-shares-sink-after-missing-q2-revenue-and-earnings-estimates/
[2] https://finance.yahoo.com/news/lucid-q2-results-miss-on-both-top-and-bottom-lines-trims-production-forecast-to-18k-20k-evs-in-2025-200538694.html
[3] https://news.dupontregistry.com/industry-reports/lucid-motors-q2-2025-results/