Lucid reports mixed Q4 results, $2.8 billion adjusted EBITDA loss for the year

Pure-play EV maker Lucid (LCID) reported mixed fourth quarter results after the bell today, with its full-year losses widening as it boosts Gravity SUV production. The company did report upbeat 2026 production guidance and $4.6 billion in total liquidity.

For the quarter, Lucid reported revenue of $522.7 million versus $459.4 million, per Bloomberg estimates, representing a 123% jump from a year ago, powered largely by the ramp-up of its Gravity SUV.

However, Lucid posted an adjusted loss per share of $3.08 versus $2.68 expected, with an adjusted EBITDA loss of $874.7 million versus $669.7 million.

Lucid stock fell in 4% in after-hours trading.

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Looking ahead, the company pegged its 2026 production guidance at 25,000 to 27,000 vehicles, implying nearly 40% growth on the low end with Gravity SUV sales improving.

“In 2026, our focus remains on operational and financial discipline, sustainable growth, and continued progress toward profitability, while we look forward to the production of the first of our midsize vehicles and the deployment of the first Lucid robotaxis into commercial service with our partners,” Lucid interim CEO Marc Winterhoff said in a statement.

For the year, reported 2025 revenue at $1.354 billion, with an adjusted EBITDA loss of $2.788 billion.

Lucid said it burned through $3.8 billion in free cash flow in 2025 and $1.24 billion in Q4, both higher year over year. The company ended the quarter with $997.8 million in cash and cash equivalents, with $4.6 billion in total liquidity.

Lucid also updated its full-year production totals to 17,840 vehicles and 7,874 in Q4 after discovering that 538 vehicles did not meet its final validation process requirements. The vehicles will complete that process in 2026. The company’s delivery totals of 15,841 for the year and 5,345 for Q4 remain unchanged.

Lucid does not break out separate delivery totals for its Air sedan and Gravity SUV.

It’s been an eventful past few months for Lucid. In January, the company showed off its robotaxi concept that it’s partnering with Uber (UBER) to deploy, using Nuro’s autonomous software. Uber is expected to purchase 20,000 Lucid robotaxis that use the company’s Gravity SUV platform.

The company was also stung by the loss of the federal EV tax credit, which would have resulted in more deliveries in the fourth quarter.

Lucid must now navigate a terrain where it needs to increase production of its Gravity SUV while also containing costs, a big problem to solve.