Lucid Group (LCID) Q1 2025 earnings summary

Executive summary

• Delivered 3,109 vehicles in Q1 2025, up 58% year-over-year, marking a fifth consecutive quarter of record deliveries; produced 2,212 vehicles, with over 600 in transit to Saudi Arabia for factory gating.

• Q1 2025 revenue reached $235 million, driven by strong Lucid Air and Gravity demand and regulatory credit sales.

• Lucid Gravity began customer deliveries, expanding the product lineup alongside Lucid Air; Gravity orders robust, with high demand for premium trims.

• Completed acquisition of Nikola Corporation facilities in Arizona, adding significant manufacturing capacity and employees.

• Closed $1.1 billion convertible note offering and repurchased ~$1.0 billion of 2026 notes, strengthening liquidity.

Financial highlights

• Q1 2025 revenue was $235 million, up from $172.7 million in Q1 2024.

• GAAP gross margin improved to -97.2% from -134.3% year-over-year, ahead of guidance.

• Adjusted EBITDA was negative $563.5 million, a 2% improvement versus Q4 and better than Q1 2024.

• Ended Q1 with $4.56 billion in cash and investments, total liquidity of $5.76 billion.

• Free cash flow was $(589.9) million, improved from $(714.9) million in Q1 2024.

Outlook and guidance

• Production forecast for 2025 is approximately 20,000 vehicles.

• CapEx for 2025 expected to be $1.4 billion, supporting manufacturing, retail, and product development.

• Liquidity runway extends into the second half of 2026, excluding potential Saudi funding.

• Gross margin headwind from tariffs estimated at 8%-15%, up from prior 7%-12% guidance.

• Mid-size platform production start targeted for late 2026.