Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Lucid Group (LCID) reported FY2025 revenue of $1.35B (+67.6% YoY), driven by strong vehicle delivery growth, but continued to burn cash at an alarming rate with a net loss of $2.70B and operating cash outflow of $2.93B, while stockholders' equity collapsed 81.5% to $717M amid mounting liabilities.
Revenue
$1.35B
+67.58% YoY
EPS (Diluted)
-$12.09
+3.43% YoY
Operating Income
-$3.5B
-15.92% YoY
Source: SEC XBRL
Lucid Group (LCID) reported FY2025 revenue of $1.35B, up 67.6% year over year. Operating margin was -258.7%, against -373.9% a year earlier. Operating cash flow was negative $2.93B.
Last 4 quarters: 0 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | -3.30 | -2.54 | Miss -30.1% |
| Mar 2026 | -3.46 | -2.71 | Miss -27.8% |
| Dec 2025This filing | -3.62 | -2.66 | Miss -36.1% |
| Sep 2025 | -2.65 | -2.30 | Miss -15.4% |
Reported EPS of -$3.62 versus the -$2.66 analyst consensus — a -36.1% miss for Dec 2025.
Compiled by AI from this SEC filing
Revenue surged 67.6% YoY from $807.8M to $1.35B in FY2025, reflecting significant expansion in vehicle production and deliveries as Lucid scales its manufacturing operations. This represents the most meaningful top-line progress in the company's history as a public EV maker.
Source: 10-K Income Statement (XBRL Financial Data)
Cost of revenue reached $2.61B against revenue of only $1.35B, implying a gross loss of approximately $1.26B. The cost of revenue grew 50.8% YoY, but still far exceeds revenue, indicating the company is selling vehicles well below their fully-loaded production cost.
Source: 10-K Income Statement (XBRL Financial Data)
Operating loss deteriorated 15.9% YoY to -$3.50B, driven by persistent R&D spending of $1.21B and SG&A of $1.03B. While operating margin improved from -373.9% to -258.7%, the absolute dollar loss continues to expand, underscoring the gap between revenue scale and cost structure.
Source: 10-K Income Statement & Key Ratios (XBRL Financial Data)
Cash and equivalents fell 37.9% YoY to $997.8M, while operating cash outflow worsened to -$2.93B from -$2.02B in the prior year. Financing activities provided $887.3M in FY2025, a sharp decline from $3.55B in the prior year, raising questions about the sustainability of the current cash runway.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
Total liabilities rose 20.4% to $5.39B while stockholders' equity plummeted 81.5% to just $717.3M, pushing the debt-to-equity ratio to a dangerous 7.51x. Current liabilities more than doubled (+126.2%) to $2.64B, while current assets fell 32.3% to $3.30B, leaving a current ratio of only 1.25x.
Source: 10-K Balance Sheet (XBRL Financial Data)
Compiled by AI from this SEC filing · 4 high, 1 medium, 0 low
Lucid burned $2.93B in operating cash in FY2025, with cash reserves declining to $997.8M. At this burn rate, the company faces a critical need for additional capital raises, which could significantly dilute existing shareholders. The sharp drop in financing inflows ($887M vs. $3.55B prior year) suggests access to capital may be tightening.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
With cost of revenue at $2.61B versus revenue of $1.35B, Lucid is generating a gross loss of approximately $1.26B, meaning it loses money on every vehicle sold before accounting for R&D or SG&A. Until the company achieves positive gross margins, scaling production alone will not improve financial health.
Source: 10-K Income Statement (XBRL Financial Data)
Stockholders' equity collapsed 81.5% YoY to $717.3M, while total liabilities stand at $5.39B, resulting in a debt-to-equity ratio of 7.51x. Continued net losses at the current pace of ~$2.7B per year could fully erode equity within one fiscal year, potentially triggering covenant issues or credit concerns.
Source: 10-K Balance Sheet & Key Ratios (XBRL Financial Data)
Lucid has historically relied on large capital raises (including from its anchor investor, Saudi Arabia's PIF) to fund operations. The significant decline in financing cash flows from $3.55B to $887M in FY2025 highlights growing dependence on continued investor support, which cannot be guaranteed.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
Current liabilities surged 126.2% YoY to $2.64B, while the current ratio stands at only 1.25x. This narrow liquidity buffer, combined with accelerating cash burn, creates meaningful near-term financial pressure and limits the company's operational flexibility.
Source: 10-K Balance Sheet & Key Ratios (XBRL Financial Data)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 1.35 $B | 0.81 $B | +67.58% |
Cost of Revenue $B | 2.61 $B | 1.73 $B | +50.80% |
Operating Income $B | -3.50 $B | -3.02 $B | -15.92% |
Net Income $B | -2.70 $B | -2.71 $B | +0.59% |
EPS (Basic) $ | -11.81 $ | -12.52 $ | +5.67% |
EPS (Diluted) $ | -12.09 $ | -12.52 $ | +3.43% |
R&D Expense $B | 1.21 $B | 1.18 $B | +2.97% |
SG&A Expense $B | 1.03 $B | 0.90 $B | +14.76% |
Answers draw on this SEC filing and the data on this page
Lucid's Q2 FY2026 revenue surged 56% on higher deliveries, but net loss nearly doubled to $1.03 billion as production costs and inventory charges offset gains, while the company outlined cost-cutting measures and continued to develop its Midsize platform.
Lucid Group reported Q1 FY2026 revenue of $282.5M (+20.2% YoY) but posted a net loss of $1.03B (-180.8% YoY), with negative stockholders' equity of -$351.4M and cash declining 62.2% to $700.4M, raising serious questions about its financial sustainability.