Lucid Group has released its fourth-quarter and full-year 2025 financial results, showing strong delivery growth and record revenue — but also highlighting the continued financial challenges facing the automaker as it scales production and works toward profitability.
As we previously reported, the California-based EV company delivered 15,841 vehicles in 2025, representing a 55% increase year-over-year, including 5,345 deliveries in the fourth quarter alone, its eighth consecutive quarter of record deliveries. Much of that growth was driven by the ongoing ramp-up of the company’s second vehicle, the Lucid Gravity SUV.
Revenue followed a similar trajectory. Lucid reported Q4 revenue of $522.7 million, more than doubling compared to the same period in 2024 and exceeding Wall Street expectations. Full-year revenue reached $1.35 billion, a 68% increase year-over-year and the highest annual total in the company’s history.
Despite those gains, Lucid remains firmly in investment mode. The company posted a GAAP net loss of $814 million in the fourth quarter, or $(3.62) per share, contributing to a full-year loss of $(12.09) per share as it continues funding vehicle development, manufacturing expansion, and future technology programs.
Lucid ended the year with approximately $4.6 billion in total liquidity, providing what executives say is sufficient flexibility to continue investing in upcoming products and autonomy initiatives while managing near-term operations.
In 2026 Lucid expects a significant increase in output this year, issuing production guidance of 25,000 to 27,000 vehicles — potentially more than 50% higher than its revised 2025 production total of 17,840 units.
The company also announced it had to adjust its previously announced production figures after determining that 538 vehicles had not completed final internal validation procedures required to be officially classified as produced. Lucid said those vehicles are expected to complete the process in 2026 and that the revision does not impact financial results or delivery totals.
Beyond increasing production of the Gravity SUV, Lucid is also preparing for its next growth phase. The automaker confirmed plans to begin production of its upcoming midsize platform vehicle while advancing autonomy efforts tied to planned robotaxi deployments with Nuro.
However, challenges remain. The company recently announced its third round of major layoffs, affecting roughly 12% of its U.S. salaried employees as part of broader efforts to improve efficiency and control spending.
