Lucid’s third quarter saw substantial year-over-year revenue growth, but results missed Wall Street’s expectations and the stock remained largely unchanged. Management attributed the quarter’s trajectory to supply chain disruptions—especially shortages in magnets, aluminum, and chips—which impacted production mix and delivery timing. Interim CEO Marc Winterhoff highlighted the company’s ability to adapt, stating, “Our team’s agility and resourcefulness allowed us to problem solve our way through each challenge.” Organizational changes were also announced to streamline decision-making and enhance quality as Lucid scales globally.
Is now the time to buy LCID? Find out in our full research report (it’s free for active Edge members).
Lucid (LCID) Q3 CY2025 Highlights:
- Revenue: $336.6 million vs analyst estimates of $347.8 million (68.3% year-on-year growth, 3.2% miss)
- Adjusted EPS: -$2.65 vs analyst expectations of -$2.20 (20.6% miss)
- Sales Volumes rose 47% year on year (90.9% in the same quarter last year)
- Market Capitalization: $5.51 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Lucid’s Q3 Earnings Call
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Ben Kallo (Baird): Asked about supplier selection for the midsize vehicle and potential overlap with existing suppliers. Interim CEO Marc Winterhoff said they are on track, with many suppliers offering better terms due to multi-model relationships, helping reduce costs.
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Ben Kallo (Baird): Inquired how Lucid balances capital allocation between autonomy and manufacturing. Winterhoff explained that partnerships with Uber and NVIDIA are necessary for CapEx efficiency, enabling Lucid to provide advanced features while minimizing large capital outlays.
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Itay Michaeli (TD Cowen): Sought clarity on the timeline for Level 4 autonomy and hardware inclusion in the midsize vehicle. Winterhoff stated that the first step—L2+/L2++ advanced driver assistance—is expected for Gravity and the midsize by the end of next year (2026); full Level 4 autonomy is a longer-term objective with no public rollout dates.
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Andres Sheppard-Slinger (Cantor): Requested a status update on the Saudi Arabian government contract. Winterhoff confirmed ongoing deliveries, with larger volumes expected once the midsize platform ramps up in 2026.
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Tobias Beith (Rothschild): Asked for detail on the Atlas propulsion system and rare-earth-free variants. Winterhoff described significant cost and efficiency improvements, with rare-earth-free versions planned long-term but not universally applicable yet.
Catalysts in Upcoming Quarters
In the coming quarters, our team will monitor (1) the pace and consistency of Gravity SUV production ramp-up, (2) progress toward autonomous feature deployment through the NVIDIA partnership, and (3) updates on the midsize platform’s timeline, cost structure, and supplier integration. Capital discipline and recurring revenue from software and services will be additional markers of successful execution.
Lucid currently trades at $16.96, down from $17.22 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members).
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