Lucid Group, Inc. (LCID) Earnings
Lucid Group, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $-2.40. LCID has beaten EPS estimates in 3 of its last 10 reported quarters (average surprise -27.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-2.72 | $-3.46 | -27.2% | $282M | -21.2% |
| Feb 24, 2026 | $-2.49 | $-3.62 | -45.4% | $523M | +0.7% |
| Nov 5, 2025 | $-2.32 | $-3.31 | -42.7% | $337M | -28.9% |
| Nov 7, 2024 | $-0.30 | $-0.28 | +6.7% | $200M | +1.0% |
| Feb 21, 2024 | $-0.28 | $-0.29 | -3.6% | $157M | -12.6% |
| Feb 22, 2023 | $-0.39 | $-0.40 | -2.6% | $258M | -14.8% |
| Aug 3, 2022 | $-0.44 | $-0.33 | +25.0% | $97M | -33.1% |
| May 5, 2022 | $-0.30 | $-0.05 | +83.3% | $58M | +3.8% |
| Feb 28, 2022 | $-0.26 | $-0.37 | -42.3% | $26M | -28.2% |
| Nov 15, 2021 | $-0.22 | $-0.41 | -86.4% | $232000 | -13.8% |
| Jun 25, 2021 | — | $-12.54 | — | $4M | — |
| Sep 11, 2020 | — | $-14.10 | — | $118000 | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Key highlights include expanding Uber partnership to at least 35,000 robotaxis with $500 million investment increase, raising ~$1.05 billion in new capital including $550 million from PIF, and executing cost reduction program. Lucid Air and Gravity anchor near-term growth, production up 149% YOY, deliveries rebounded in March with highest March deliveries in history, order intake up 144% in North America in March. Progress on international distribution with first retail partnership in Europe. Midsize platform on track for 2027 production ramp, and autonomy program with Uber and Nuro on track for commercial launch in late 2026.
Guidance
With Silvio Napoli on board, prior guidance is suspended and full updated outlook will be provided at Q2 earnings. Near-term demand conditions uneven, managing production cadence accordingly. 2026 objective unchanged, focused on aligning production with demand, launching company-wide efficiency program, and midsize production ramping in 2027.
Segment performance
In Q1, Lucid produced 5,500 vehicles, up 149% year-over-year. Delivered 3,093 vehicles, flat compared to Q1 2025. Revenue was $282 million in Q1, driven primarily by mix and pricing effects from Gravity. Production was 5,500 but deliveries were 3,093 due to temporary stop-sell and segment contraction. BOM cost position for midsize platform remains favorable, tracking below initial estimates.
Risks & headwinds
Potential risks include unforeseen geopolitical tensions and logistic obstacles impacting production and deliveries, uncertainty in regulatory approvals for autonomy vehicles, and market fluctuations affecting demand for electric vehicles.
Analyst Q&A
Q: How does management plan to restore shareholder confidence and address concerns about bankruptcy or potential take-private scenario?
A: Focus on disciplined execution, transparency, and measurable progress against key operational financial milestones, executing the laid-out plan to strengthen the company and create long-term value.
Q: When is Lucid going to turn a profit?
A: At investor day, path to profitability outlined with gross margin break-even in mid-term, building toward mid-teens by late decade, leveraging volume growth, BOM and manufacturing cost reduction, scaling Gravity, launching midsize platform, and software/ADAS/automonomy recurring revenue.
Q: Based on current cash burn rate, how many quarters of runway does Lucid have without raising additional capital?
A: With recent financing, runway into second half of 2027, focus on executing operational milestones toward break-even and reducing reliance on dilutive capital.
Q: Can you share any volume targets for M2 for 2027?
A: Volume targets revealed at investor day unchanged, laser focused on ramp.
Q: Are volume deliveries to Uber depending on them getting certified?
A: Neuro getting certification, progress on track.
Q: General commentary around having sufficient liquidity through or at least until the second half of 2027?
A: Typical seasonality with improved cash flows in back end of year, stop-sell led to higher cash burn but recovering, will provide more visibility in Q2.
Q: Update on commodity cost environment?
A: Limited impact from recent commodity increases, DRAM impact small compared to vehicle BOM.
Q: Talk more about sales partnerships for midsize vehicle?
A: Extending direct-to-consumer model to partnerships with dealerships in agency model or importers in new markets, launched first agent in Germany, numerous LOIs.
Q: When will another update on Silvio's review be expected?
A: As of Q2, should start getting sense, discuss with board at earliest opportunity.
Q: Split between Gravity and Air deliveries in Q1 and units pushed into second quarter by stop-sell?
A: Majority deliveries now Gravity, exact number of units pushed into second quarter not handy.
Q: Total liquidity need from second half of 2027 until 2029 or 2030?
A: Trajectory of gross margin and capex reduction, important to focus on milestones and execution against targets.