Lucid Group reported weaker-than-expected financial results for the third quarter of 2026 as the electric vehicle manufacturer continues restructuring operations and reducing costs. The company also secured an additional $1.75 billion in financing from Saudi Arabia’s Public Investment Fund (PIF), its largest shareholder, to support its turnaround strategy and future vehicle programmes.
Lucid posted revenue of $350 million, below the $407 million expected by analysts surveyed by LSEG. Its loss per share reached $2.74, compared with the anticipated loss of $2.28.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) showed a loss of $726 million, better than the $611 million loss forecast by analysts. However, the company’s net loss remained substantial at $830.9 million, compared with $978.4 million in the same quarter of 2025.
A year earlier, Lucid recorded revenue of $336.6 million, a loss of $3.31 per share and an adjusted EBITDA loss of $717.7 million. Lucid shares declined approximately 5% in after-hours trading following the announcement.
Additional Saudi Funding Supports Turnaround
The new financing comes through an increase to Lucid’s delayed-draw term loan from the Saudi PIF. The additional $1.75 billion is expected to provide greater financial flexibility as the company implements its operational restructuring.
The funding increases Lucid’s total liquidity to approximately $3.75 billion, compared with $2 billion at the end of the third quarter.
According to the company, the capital is expected to support operations and key investments through the fourth quarter of 2027, including preparations for the start of production of its upcoming midsize vehicle.
CEO Silvio Napoli said the additional backing would help the company maintain its focus on operational improvements and long-term development.
“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,” Napoli said.
Restructuring Targets Costs and Future EV Development
The quarterly results are the first since Napoli, who took over as CEO in June, introduced a restructuring programme aimed at improving Lucid’s financial performance.
The plan includes cost-reduction measures, tighter operational discipline and a revised product development schedule. One major change was the postponement of the company’s midsize vehicle programme from its original year-end timeline to the second half of 2027.
Napoli said the company was beginning to see progress from its transformation efforts.
“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.
Lucid is targeting $1.4 billion in cash flow improvements during 2026 as part of the broader turnaround effort. Its priorities include the midsize vehicle, a manufacturing facility under construction in Saudi Arabia and an autonomous mobility programme.
Robotaxi Partnership and Saudi Factory Remain Priorities
Beyond its passenger EV business, Lucid is advancing a robotaxi initiative with Uber and autonomous driving technology company Nuro. The programme forms part of its efforts to develop additional business opportunities around its vehicle platforms.
The company is also investing in its Saudi manufacturing operations, which are expected to support its longer-term production strategy and regional expansion.
Lucid suspended its financial guidance and several previously announced targets in May, citing its leadership transition and the need to develop a revised turnaround plan.
The company now expects to communicate its midterm business strategy and financial targets early in 2027. The additional PIF financing is intended to provide funding support while Lucid works toward its production milestones and attempts to improve its financial position.