Lucid’s Stock (LCID) Down Double Digits on Earnings Miss, Trimmed Outlook

Lucid's stock price (NASDAQ: LCID) is down double digits today, 10.7% lower on the back of a disappointing earnings print, and a downward revision to its full-year production forecast. The stock, currently priced at $2.16, is now 28.4% lower than where it began the year.

The luxury EV manufacturer posted Q2 revenue of $259.4 million, falling short of the $262.64 million consensus estimate. The adjusted earnings per share (EPS) loss of $0.24 also missed expectations of a $0.22 loss. This marks a continuation of financial challenges for the company, despite increased deliveries.

Lucid produced 3,863 vehicles in Q2 and delivered 3,309, a 38.2% increase compared to the same quarter last year. Despite this growth in deliveries, the company adjusted its 2025 production outlook to between 18,000 and 20,000 vehicles, down from the previous guidance of 20,000 units.

Interim CEO Marc Winterhoff highlighted the delivery growth, stating, “We had our sixth consecutive quarter of record deliveries in Q2 and expect to continue this trend as we ramp up Lucid Gravity production in the second half of the year.” He also emphasized strategic partnerships. “The robotaxi partnership we announced with Uber and Nuro is a perfect example aligned with that strategy… We also continued to double down on increasing our brand awareness, introducing Timothee Chalamet, an award-winning actor and cultural icon, as our first global brand ambassador.”

CFO Taoufiq Boussaid acknowledged the challenging macroeconomic environment, stating, “We delivered solid performance despite a challenging macroeconomic backdrop, thanks to the adaptability and focus of our team in navigating a dynamic environment.” He added, “We are focused on business fundamentals to achieve our near-term goals: disciplined cost management, brand building, and continuing to execute our Lucid Gravity launch ramp. We remain committed to strengthening our balance sheet and maintaining long-term alignment with partners and shareholders.” Lucid ended the quarter with approximately $4.86 billion in total liquidity.

In a bid to shift momentum, Lucid is actively pursuing new revenue streams. The company announced a partnership with Uber and Nuro to integrate Lucid's EV technology into robotaxi fleets.

Uber has committed to purchasing over 20,000 Lucid Gravity SUVs and making a $300 million investment over six years, starting in 2026.

The company's Q2 revenue of $259.4 million represents a 29.3% year-over-year increase. However, this growth was not sufficient to meet analyst expectations or offset the wider-than-expected adjusted EPS loss of $0.24 per share. In the first half of 2025, Lucid delivered over 6,400 vehicles, compared to just over 10,200 for all of 2024, indicating increasing delivery momentum.

Downwards revisions are being harshly treated in the current market, and Lucid has not fared any differently. The delivery increases for this period are not as important as what is to come in the future as far as how markets price the stock.