Revenue growth accelerated to 67.6% year-over-year in 2026Q2, reaching $405.3M, but gross margin remained deeply negative at -105.3%, and operating losses widened to $1.1B.
Lucid Group, Inc. (LCID) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 1.55B | 1.35B | 807.83M | 595.27M | 608.18M | 27.11M | 3.98M | 4.59M |
| Revenue Growth % | 66.54% | 67.58% | 35.71% | -2.12% | 2143.3% | 581.87% | -13.38% | - |
| Cost of Goods Sold | 3.04B | 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 | -1.49B | -1.26B | -923.11M | -1.34B | -1.04B | -127.79M | 906K | 664K |
| Gross Margin % | -96.56% | -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 | 2.55B | 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 | 1.17B | 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 | 1.34B | 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 | -4.04B | -3.5B | -3.02B | -3.1B | -2.59B | -1.53B | -599.23M | -257.93M |
| Operating Margin % | -261.16% | -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 | -3.56B | -3.05B | -2.73B | -2.87B | -2.39B | -1.45B | -589.01M | -254.09M |
| EBITDA Margin % | -230.08% | -225.33% | -337.38% | -481.47% | -392.6% | -5366.74% | -14814.13% | -5535.77% |
| EBITDA Growth % | -35.4% | -11.93% | 4.9% | -20.03% | -64.11% | -147.02% | -131.81% | - |
| D&A (Non-Cash Add-back) | 480.81M | 451.24M | 295.34M | 233.53M | 206.29M | 75.47M | 10.22M | 3.84M |
| EBIT | -3.89B | -2.61B | -2.68B | -2.8B | -1.27B | -2.58B | -719.5M | -268.79M |
| Net Interest Income | -65.7M | 61.34M | 180.1M | 179.36M | 26.16M | -1.37M | -64K | -8.55M |
| Interest Income | 82.65M | 156.44M | 213.03M | 204.27M | 56.76M | 0 | 0 | 0 |
| Interest Expense | 148.36M | 95.1M | 32.92M | 24.91M | 30.6M | 1.37M | 64K | 8.55M |
| Other Income/Expense | 187.47M | 801.37M | 308.08M | 272.19M | 1.29B | -1.05B | -120.34M | -19.4M |
| Pretax Income | -3.85B | -2.7B | -2.71B | -2.83B | -1.3B | -2.58B | -719.57M | -277.33M |
| Pretax Margin % | -249.04% | -199.47% | -335.81% | -474.98% | -214.42% | -9515.37% | -18097.79% | -6042.14% |
| Income Tax | 2.63M | -2.33M | 1.2M | 1.03M | 379K | 49K | -188K | 23K |
| Effective Tax Rate % | -0.07% | 0.09% | -0.04% | -0.04% | -0.03% | -0% | 0.03% | -0.01% |
| Net Income | -4.08B | -2.7B | -2.71B | -2.83B | -1.3B | -2.58B | -719.38M | -277.36M |
| Net Margin % | -263.72% | -199.3% | -335.95% | -475.15% | -214.49% | -9515.55% | -18093.06% | -6042.64% |
| Net Income Growth % | -77.76% | 0.59% | 4.05% | -116.83% | 49.43% | -258.61% | -159.37% | - |
| Net Income (Continuing) | -3.86B | -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) | -10.68 | -11.81 | -12.52 | -13.59 | -15.11 | -64.12 | -284.22 | -111.70 |
| EPS Growth % | -18.63% | 5.67% | 7.87% | 10.06% | 76.43% | 77.44% | -154.45% | - |
| EPS (Basic) | - | -11.81 | -12.52 | -13.59 | -7.77 | -64.12 | -284.22 | -111.70 |
| Diluted Shares Outstanding | 382.1M | 311.68M | 244.52M | 208.18M | 169.33M | 74.04M | 2.48M | 2.48M |
| Basic Shares Outstanding | 382.1M | 311.68M | 244.52M | 208.18M | 167.83M | 74.04M | 2.48M | 2.48M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Cash burn and dilution
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates Amidst Scale-Up
Lucid's revenue surged 67.6% year-over-year to $405.3M in 2026Q2, per the latest financials, marking a clear acceleration from the 15.6% growth seen in 2024Q1, though the base remains small.
The sequential jump from $282.5M in 2026Q1 to $405.3M in 2026Q2 indicates a meaningful ramp in deliveries, likely driven by the Air sedan and initial Gravity SUV production. However, this growth is from a low base and still leaves the company far from the scale needed to cover its fixed cost structure. Investors should monitor whether this pace can be sustained as the company expands its model lineup and geographic reach.
Gross Margin Deeply Negative, No Scale Benefits Yet
Gross margin improved to -105.3% in 2026Q2 from -134.5% in 2024Q2, as reported in the income statement, but remains deeply negative, indicating that production costs still far exceed revenue.
The improvement suggests some progress in manufacturing efficiency, but the magnitude of the loss underscores the lack of economies of scale. With COGS at $832.1M against revenue of $405.3M, the company is spending over $2 for every $1 of revenue. This structural issue will persist until production volumes increase substantially, likely requiring the Gravity SUV to achieve significant market traction.
Operating Leverage Absent as Costs Outpace Revenue
Operating income loss widened to -$1.1B in 2026Q2 from -$729.9M in 2024Q1, per the income statement, despite revenue growth, indicating that operating expenses are growing faster than sales.
R&D and SG&A combined reached $621.7M in 2026Q2, up from $497.8M in 2024Q1, while revenue only grew from $172.7M to $405.3M. This suggests the company is investing heavily in future products and expansion, but the lack of operating leverage means that each additional dollar of revenue is accompanied by even higher costs. The new CEO's focus on 'cash, customers, and culture' may signal a shift toward cost discipline, but the financials have yet to reflect it.
Net Losses Deepen, EPS Misses Estimates
Net loss widened to -$1.3B in 2026Q2, with EPS of -$3.30, as per the latest quarterly report, while the consensus estimate was -$2.30, indicating a significant miss.
The widening net loss is partly due to higher operating losses and possibly non-operating items, but the absence of an EPS disclosure in the initial release suggests management may be managing the narrative. Stock-based compensation of $107.6M in 2026Q2 adds to the dilution burden, and the company's reliance on external capital raises, including from the Saudi PIF, highlights the ongoing need for funding. Investors should scrutinize the quality of earnings, as the reported losses are not yet showing signs of improvement.
COGS and R&D Drive Escalating Cost Base
COGS reached $832.1M in 2026Q2, up from $404.8M in 2024Q1, as per the income statement, while R&D spending grew to $321.3M, reflecting the company's heavy investment in production and future models.
The cost structure is dominated by COGS, which is more than double revenue, and R&D, which remains elevated as the company develops the Gravity SUV and other technologies. SG&A has also grown, but at a slower pace, suggesting some discipline in selling expenses. However, the overall cost base is expanding faster than revenue, indicating that the company is still in a heavy investment phase with no clear path to profitability in the near term.
2026Q2 Marks a Potential Turning Point
The 2026Q2 quarter stands out as a potential inflection point, with revenue jumping 43.5% sequentially to $405.3M, the highest in the data, while gross margin improved to -105.3% from -110.4% in the prior quarter.
This quarter may signal the beginning of a production ramp, possibly driven by the Gravity SUV launch and increased deliveries. However, the improvement in gross margin is modest, and the operating loss remains substantial. The lasting impact will depend on whether the company can continue to grow revenue while controlling costs, which is the key test for management's new operational focus.
Cash Burn and Dilution Threaten Equity Value
Despite revenue growth, Lucid's cash burn remains severe, with operating losses of $1.1B in 2026Q2 and only $997M in cash, as per the balance sheet, suggesting a limited runway.
The company's reliance on external capital, including from the Saudi PIF and Uber, indicates that it cannot fund operations internally. The continued dilution from stock-based compensation and capital raises will likely pressure the stock price. Short-sellers would argue that the company's technology advantage is not enough to overcome its cost structure and that the market is overvaluing a business that may require years of additional funding before reaching profitability.