Newark, California – Lucid Group, Inc. (NASDAQ: LCID) released its financial results for the first quarter ended March 31, 2026, on Tuesday, May 5, 2026. The electric vehicle manufacturer reported an operating loss of $989 million from sales of $282.5 million. This operating loss exceeded Wall Street's anticipated loss of $864 million, while revenue fell short of analyst estimates, which ranged from approximately $358 million to $440.43 million.
During the first quarter of 2026, Lucid produced 5,500 vehicles, marking a 149% increase from the first quarter of 2025. The company delivered 3,093 vehicles in the same period. Deliveries in February were affected by a seat supplier quality issue, which has since been resolved. Despite flat year-over-year deliveries, sales grew 20% compared to the first quarter of 2025, attributed to an improving vehicle mix.
Lucid reported a net loss of $1.03 billion for the first quarter, resulting in a loss of $3.46 per share. This per-share loss was higher than the average estimate of $2.72 per share from analysts surveyed by Zacks Investment Research. The adjusted loss per share for the quarter was $2.82, missing analyst expectations of a $2.64 loss per share.
As of the end of the first quarter, Lucid maintained approximately $3.2 billion in total liquidity. On April 14, 2026, the company announced a capital raise totaling approximately $1.05 billion. This included $550 million in convertible preferred stock issued to Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF); $300 million in gross proceeds from a registered offering of common stock; and a $200 million equity investment of common stock from Uber, increasing Uber's total investment in Lucid to $500 million. Pro forma for this capital raise and an increased Delayed Draw Term Loan (DDTL) from PIF, Lucid's total liquidity at quarter-end would amount to approximately $4.7 billion.
Interim CEO Marc Winterhoff stated that first-quarter results demonstrated the strength of Lucid's technology and product portfolio, noting that January and March deliveries were ahead of prior-year periods despite the February supplier issue. He also highlighted expanded strategic partnerships, including with Uber, and advancements in the company's autonomy roadmap. Taoufiq Boussaid, Chief Financial Officer, emphasized strengthening the balance sheet with new capital and enhanced long-term revenue visibility through strategic partnerships. Lucid will host a conference call for analysts and investors on May 5, 2026, at 5:30 P.M. ET.