Lucid Group, Inc. is expected to release its Q2 2026 10-Q filing in the upcoming earnings season. Last quarter: 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.
Drawn from management commentary in the Q1 2026 10-Q:
Revenue increased 20.2% YoY to $282.5M in Q1 FY2026 from $235.0M in the prior-year period, reflecting continued ramp-up in vehicle deliveries. However, revenue growth significantly lagged the 28.2% increase in cost of revenue ($594.2M), meaning Lucid is selling more cars but losing more money per vehicle.
Cost of revenue of $594.2M far exceeded revenue of $282.5M, implying a gross loss of approximately -$311.7M and a deeply negative gross margin of roughly -110%. This reflects the capital-intensive early-stage manufacturing environment and underutilized factory capacity at Lucid's Arizona plant.
R&D expenses rose 33.6% YoY to $335.7M and SG&A expenses surged 43.4% YoY to $304.2M, driving total operating loss to -$989.5M (-43.0% YoY). The acceleration in both R&D and SG&A spending suggests continued heavy investment in next-generation vehicle programs and commercial expansion.
Revenue
$282.46M
++20.17% YoY
EPS (Basic)
$-3.46
-43.57% YoY
Operating Income
$-989.49M
-43.00% YoY
Add LCID to your watchlist to get the AI analysis in your inbox within minutes of the 10-Q filing.