Revenue growth remains highly volatile, oscillating from a 39% contraction in 2023Q4 to a 122.9% surge in 2025Q4, while gross margins remain deeply negative at -99.1% as of 2025Q3.
| Sales/Revenue | 1.12B | 1.35B | 807.83M | 595.27M | 608.18M | 27.11M | 3.98M | 4.59M |
| Revenue Growth % | 28.57% | 67.58% | 35.71% | -2.12% | 2143.3% | 581.87% | -13.38% | - |
| Cost of Goods Sold | 2.74B | 2.61B | 1.73B | 1.94B | 1.65B | 154.9M | 3.07M | 3.93M |
| COGS % of Revenue | - | 192.81% | 214.27% | 325.24% | 270.66% | 571.34% | 77.21% | 85.53% |
| Gross Profit | -1.62B | -1.26B | -923.11M | -1.34B | -1.04B | -127.79M | 906K | 664K |
| Gross Margin % | -144.99% | -92.81% | -114.27% | -225.24% | -170.66% | -471.34% | 22.79% | 14.47% |
| Gross Profit Growth % | - | -36.1% | 31.15% | -29.18% | -712.22% | -14204.42% | 36.45% | - |
| Operating Expenses | 2.46B | 2.25B | 2.1B | 1.76B | 1.56B | 1.4B | 600.13M | 258.6M |
| OpEx % of Revenue | - | 165.86% | 259.67% | 295.46% | 255.86% | 5173.77% | 15093.89% | 5633.94% |
| Selling, General & Admin | 1.13B | 1.03B | 900.95M | 797.24M | 734.57M | 652.48M | 89.02M | 38.38M |
| SG&A % of Revenue | - | 76.38% | 111.53% | 133.93% | 120.78% | 2406.68% | 2239.01% | 836.06% |
| Research & Development | 1.3B | 1.21B | 1.18B | 937.01M | 821.51M | 750.18M | 511.11M | 220.22M |
| R&D % of Revenue | - | 89.48% | 145.63% | 157.41% | 135.08% | 2767.09% | 12854.88% | 4797.89% |
| Other Operating Expenses | 1000K | 0 | 20.3M | 24.55M | 0 | 0 | 0 | 0 |
| Operating Income | -3.8B | -3.5B | -3.02B | -3.1B | -2.59B | -1.53B | -599.23M | -257.93M |
| Operating Margin % | -339.61% | -258.66% | -373.94% | -520.7% | -426.52% | -5645.11% | -15071.1% | -5619.48% |
| Operating Income Growth % | - | -15.92% | 2.54% | -19.49% | -69.49% | -155.4% | -132.32% | - |
| EBITDA | -3.57B | -3.02B | -2.73B | -2.87B | -2.39B | -1.45B | -589.01M | -254.09M |
| EBITDA Margin % | -318.83% | -222.71% | -337.38% | -481.47% | -392.6% | -5366.74% | -14814.13% | -5535.77% |
| EBITDA Growth % | -34.18% | -10.62% | 4.9% | -20.03% | -64.11% | -147.02% | -131.81% | - |
| D&A (Non-Cash Add-back) | 232.38M | 486.71M | 295.34M | 233.53M | 206.29M | 75.47M | 10.22M | 3.84M |
| EBIT | -2.28B | -2.61B | -2.68B | -2.8B | -1.27B | -2.58B | -719.5M | -268.79M |
| Net Interest Income | 49.3M | 61.34M | 180.1M | 179.36M | 26.16M | -1.37M | -64K | -8.55M |
| Interest Income | 119M | 156.44M | 213.03M | 204.27M | 56.76M | 0 | 0 | 0 |
| Interest Expense | 15.52M | 95.1M | 32.92M | 24.91M | 30.6M | 1.37M | 64K | 8.55M |
| Other Income/Expense | 438.29M | 801.37M | 308.08M | 272.19M | 1.29B | -1.05B | -120.34M | -19.4M |
| Pretax Income | -3.36B | -2.7B | -2.71B | -2.83B | -1.3B | -2.58B | -719.57M | -277.33M |
| Pretax Margin % | -300.43% | -199.47% | -335.81% | -474.98% | -214.42% | -9515.37% | -18097.79% | -6042.14% |
| Income Tax | -793K | -2.33M | 1.2M | 1.03M | 379K | 49K | -188K | 23K |
| Effective Tax Rate % | 0.02% | 0.09% | -0.04% | -0.04% | -0.03% | -0% | 0.03% | -0.01% |
| Net Income | -3.36B | -2.7B | -2.71B | -2.83B | -1.3B | -2.58B | -719.38M | -277.36M |
| Net Margin % | -300.36% | -199.3% | -335.95% | -475.15% | -214.49% | -9515.55% | -18093.06% | -6042.64% |
| Net Income Growth % | -40.05% | 0.59% | 4.05% | -116.83% | 49.43% | -258.61% | -159.37% | - |
| Net Income (Continuing) | -3.36B | -2.7B | -2.71B | -2.83B | -1.3B | -2.58B | -719.38M | -277.36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.02 | -12.09 | -12.50 | -13.60 | -15.11 | -64.12 | -284.22 | -111.70 |
| EPS Growth % | -8.47% | 3.28% | 8.09% | 9.99% | 76.43% | 77.44% | -154.45% | - |
| EPS (Basic) | - | -5.50 | -12.50 | -13.60 | -7.80 | -64.12 | -284.22 | -111.70 |
| Diluted Shares Outstanding | 3.28B | 313.4M | 244.52M | 208.18M | 169.33M | 74.04M | 2.48M | 2.48M |
| Basic Shares Outstanding | 3.28B | 311.68M | 244.52M | 208.18M | 167.83M | 74.04M | 2.48M | 2.48M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and production scale
As reported in quarterly financial filings, Lucid's revenue growth has exhibited extreme volatility, oscillating from a 39% contraction in 2023Q4 to a 122.9% surge in 2025Q4, suggesting that top-line expansion remains highly sensitive to delivery timing rather than a steady, predictable demand trajectory.
The erratic nature of revenue growth indicates that the company has yet to establish a reliable cadence in vehicle deliveries. Investors should monitor whether the recent spikes in revenue are sustainable or merely reflective of clearing inventory backlogs, as the lack of consistent quarter-over-quarter growth complicates long-term valuation models.
Based on the provided income statement data, Lucid's gross margin has consistently remained in deeply negative territory, reaching -99.1% in 2025Q3, which highlights the company's inability to cover the direct costs of production despite significant efforts to scale manufacturing operations over the last ten quarters.
The persistent negative gross margin suggests that the cost of goods sold is structurally misaligned with current pricing power and production volume. This implies that the company is effectively subsidizing every vehicle sold, a trend that warrants further investigation into whether future product launches can achieve the necessary economies of scale to reach break-even.
According to historical income statements, operating losses have remained stubbornly high, frequently exceeding $700M per quarter, which indicates that the company has failed to achieve meaningful operating leverage as SG&A and R&D expenses continue to scale alongside, or even outpace, the growth in gross profit.
The lack of operating leverage suggests that the company's fixed cost base is currently too heavy for its existing revenue footprint. Without a significant inflection in production volume, the current expense structure appears to be a permanent drag on profitability, necessitating a critical review of management's ability to control overhead.
Data from recent financial reports reveals that combined R&D and SG&A expenses often exceed $500M per quarter, a level of spending that significantly compounds the company's net losses and places immense pressure on the remaining cash reserves to fund ongoing operations.
The high level of R&D spending may indicate a commitment to long-term technological differentiation, yet the lack of corresponding revenue growth suggests these investments have not yet translated into commercial success. Investors should monitor whether this expense discipline can be tightened without compromising the company's core engineering advantage.
As evidenced by the consistent net losses and the recent drop in cash to approximately $997.8M, the company's reliance on external funding appears to be the primary factor preventing insolvency, raising significant questions about the long-term viability of the current business model without further capital injections.
Short-sellers would likely focus on the widening gap between cash burn and operational progress, arguing that the company is trapped in a cycle of dilution. The reliance on the PIF for liquidity suggests that the market's valuation may be disconnected from the underlying operational reality of the business.
Quick answers to the most common questions about buying LCID stock.
For fiscal year 2025, Lucid Group, Inc. (LCID) reported total revenue of $1.35B. This represents a 29394.3% increase compared to $4.6M in 2019.
Lucid Group, Inc. (LCID) reported a net loss of $2.70B for the fiscal year ending 2025.
Lucid Group, Inc. (LCID) reported an operating income of $-3501.8M, resulting in an operating profit margin of -258.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Lucid Group, Inc. (LCID) generated $-1256.4M in gross profit for the year, representing a gross profit margin of -92.8%. This demonstrates the company's core pricing power and production efficiency.