Lucid Q4 preview: Gravity production, cash burn in focus for EV maker at crossroads

Pras Subramanian · Senior Reporter

Updated Wed, February 25, 2026 at 4:33 AM GMT+9 2 min read

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Pure play EV maker Lucid (LCID) will report fourth quarter results after the bell today, capping a record production year for the company, though investors will be more focused on the company’s cash burn as it boosts its Gravity SUV production.

Lucid is expected to report Q4 revenue of $459.4 million per Bloomberg consensus, representing a 96% jump from a year ago, powered largely by the ramp-up of its Gravity SUV. Lucid is expected to post an adjusted loss per share of $2.68 and adjusted EBITDA loss of $669.7 million.

For the year, Wall Street expects Lucid to report 2025 revenue at $2.42 billion, with an adjusted EBITDA loss of $1.99 billion.

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In its Q3 report, Lucid said it burned through $3.38 billion in free cash flow over the last 12 months, with the company ending the quarter with $1.67 billion in cash.

_Read more: _Live coverage of corporate earnings

Last month, Lucid said it produced 8,412 vehicles in Q4 and delivered 5,345, a 31% improvement over Q3 as it ramped up Gravity production. For the full year, the company produced 18,378 vehicles and delivered 15,841, both roughly double its 2024 totals.

Looking ahead, Wall Street expects Lucid to guide Q1 revenue at $475.1 million, with an adjusted EBITDA loss of $557.6 million.

It’s been an eventful last few months for Lucid. In January, the company showed off its robotaxi concept that it is partnering with Uber to deploy, using Nuro’s autonomous software. Uber is expected to purchase 20,000 Lucid robotaxis that use the company’s Gravity SUV platform.

Lucid, Nuro, and Uber unveil a robotaxi ahead of the annual Consumer Electronics Show in Las Vegas, Nevada, on Jan. 5, 2026. (Patrick T. Fallon / AFP via Getty Images) · PATRICK T. FALLON via Getty Images

The company was also stung by the loss of the federal EV tax credit, which would have resulted in more deliveries in the fourth quarter.

The company must now navigate a terrain where it needs to increase production of its Gravity SUV while also containing costs, a big problem to solve.

Benchmark analyst Mickey Legg, who reiterated a Buy rating and $30 price target ahead of the report, said the earnings call will be more about margins as the Gravity SUV ramps up, spending control, and how long its cash can last, adding that profitability is more likely around 2026 to 2027 as production increases and costs come down.

While Lucid’s cash cushion and viability are generally a concern, the company has the benefit of a big shareholder with seemingly much more cash to deploy. Saudi Arabia’s Public Investment Fund (PIF) owns approximately 58% of the company, having invested roughly $9 billion in Lucid since 2018.

PIF has roughly $925 billion in assets under management.

Pras Subramanian is Lead Auto Reporter for Yahoo Finance. You can follow him on_ X__ and on__ Instagram__._

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