Lucid Loses $830.9 Million in Q3, Draws $1.75 Billion More From Saudi Fund

Lucid Group lost $830.9 million in the third quarter and simultaneously announced a $1.75 billion increase in a delayed draw term loan from Saudi Arabia's Public Investment Fund, its largest shareholder. The stock fell roughly 5% in aftermarket trading Monday.

The loss per share came in at $2.74, wider than the $2.28 loss analysts expected. Revenue reached $350 million against a consensus estimate of $407 million, according to average estimates compiled by LSEG. The figures mark the company's first quarterly report since CEO Silvio Napoli, who took the job in June, launched a restructuring built on cost cuts and a delayed product timeline.

One number beat the Street. Adjusted earnings before interest, taxes, depreciation and amortization came to a loss of $726 million, better than the $611 million loss Wall Street expected. Net loss narrowed year over year, from $978.4 million in the third quarter of 2024 to $830.9 million now.

How the numbers compare

Here is the full third-quarter picture against LSEG consensus:

• Loss per share: $2.74 versus a $2.28 loss expected
• Revenue: $350 million versus $407 million expected
• Adjusted EBITDA: a $726 million loss versus a $611 million loss expected
• Net loss: $830.9 million, down from $978.4 million a year earlier

For comparison, Lucid's third quarter of 2025 — the period a year prior — included revenue of $336.6 million, a loss of $3.31 per share and an adjusted EBITDA loss of $717.7 million. Revenue grew. Per-share losses shrank. The operating cash burn, measured by adjusted EBITDA, still runs near three-quarters of a billion dollars every quarter.

What does the Saudi loan change?

The $1.75 billion increase in the delayed draw term loan from the Public Investment Fund raises Lucid's total liquidity to $3.75 billion, up from $2 billion at the end of the third quarter. Lucid said the capital is expected to give the company "additional financial flexibility as Lucid delivers on its turnaround program."

The company said the funds will assist in financing "operations and key investments" into the fourth quarter of 2027, including the start of production for its upcoming midsize vehicle. That timing matters: the PIF money now covers the window in which Lucid must launch the car it just pushed back by roughly a year.

Napoli framed the shareholder support as fuel for execution. "We are grateful for the continued financial support from our anchor shareholder, which further energizes us to remain focused on execution and on our commitments as we build a stronger, sustainable Lucid," he said in a release.

What is the turnaround plan?

The quarterly results are the first since Napoli announced a restructuring that implements several cost-cutting efforts and delays the midsize vehicle from the end of this year until the second half of next. Lucid characterizes the effort as an "operational reset" aimed at cutting costs and narrowing losses.

The plan has three visible pillars:

• $1.4 billion in cash flow improvements this year
• A robotaxi program with Uber and Nuro
• The midsize vehicle and a factory under construction in Saudi Arabia

Napoli said the early results are showing. "Our transformation is beginning to show progress. We are acting with urgency, strengthening the fundamentals and driving greater discipline, while continuing to invest in the priorities to deliver profitable long-term growth," he said.

Why guidance stays suspended

Lucid suspended its guidance and many of its targets in May, citing new leadership and the time needed to develop a turnaround plan. That suspension still holds. The company said Monday that it expects to communicate its midterm plan and targets early next year.

Investors now hold two markers for the reset's credibility: the midsize vehicle's launch in the second half of next year, and the midterm targets due early in 2026 — both funded, for now, by Riyadh.