Lucid Group Reports $1.35 Billion Revenue with 68% Growth, $2.70 Billion Net Loss for Fiscal Year 2025

Lucid Group, Inc. reported total revenue of $1.35 billion for the fiscal year ended December 31, 2025, marking a 68% increase compared to the $807.8 million reported in the previous fiscal year. This growth was primarily attributed to higher vehicle deliveries and a favorable product mix driven by the ramp-up of Lucid Gravity production, which has a higher average selling price. Despite the revenue increase, the company's cost of revenue also rose to $2.61 billion, resulting in a gross loss of $1.26 billion. This gross loss was influenced by approximately $120 million in incremental tariff costs and $70 million in additional costs associated with the Lucid Gravity production ramp-up.

Operating expenses for Lucid Group totaled $2.25 billion, a 7% increase from the previous year. Research and development expenses increased slightly to $1.21 billion, while selling, general, and administrative expenses rose by 15% to $1.03 billion, driven by increased sales and marketing activities. The company's net loss for the year was $2.70 billion. However, the company recorded a gain on extinguishment of debt of $121.8 million and a gain of $623.2 million from the change in fair value of derivative liabilities associated with redeemable convertible preferred stock.

Key operational developments included the completion of expansion activities at AMP-1, bringing its installed capacity to 90,000 vehicles per year, and the ongoing expansion of AMP-2 to enable completely-built-up (CBU) unit production with an additional installed annual capacity of 150,000 vehicles. Lucid also formed a partnership with Uber and Nuro to launch a next-generation autonomous robotaxi, planning to deploy an initial 20,000 or more Lucid vehicles over the next six years. The company's employee headcount stood at approximately 9,000 globally as of December 31, 2025.

Looking ahead, Lucid anticipates a workforce reduction plan to yield annualized cash savings of approximately $145 million to $150 million. The company expects to progress to higher-volume vehicle segments with the Midsize platform, scheduled to start production in late 2026. International expansion remains a key strategy, with plans to increase market presence and establish third-party distribution partnerships. The company also aims to leverage its technology platform for new customer services and strategic partnerships, including in the autonomous driving sector.