Lucid Misses Q3 Earnings and Revenue, Expands Saudi PIF Loan by $1.75 Billion

Lucid Group (LCID) missed Wall Street's third-quarter earnings and revenue estimates on Monday and announced a $1.75 billion increase in a delayed draw term loan from Saudi Arabia's Public Investment Fund, its largest shareholder, as the electric-vehicle maker pursues a turnaround under new leadership.

The company reported a loss of $2.74 per share against an expected loss of $2.28, and revenue of $350 million against $407 million expected, according to LSEG estimates compiled by CNBC. Its adjusted EBITDA loss of $726 million beat expectations of a $611 million loss. Net loss narrowed to $830.9 million from $978.4 million a year earlier.

The results are the first since CEO Silvio Napoli, who took over in June, announced a restructuring plan with cost cuts and a delay of the midsize vehicle from the end of this year to the second half of next year. Napoli said the transformation is beginning to show progress, with the company acting with urgency, strengthening fundamentals and driving greater discipline while investing in priorities for profitable long-term growth.

The turnaround targets $1.4 billion in cash flow improvements this year and includes a robotaxi program with Uber and Nuro, a factory under construction in Saudi Arabia, and the midsize vehicle. The PIF funds are expected to provide financial flexibility and fund operations and key investments into the fourth quarter of 2027, including the start of production for the midsize vehicle. Total liquidity rises to $3.75 billion from $2 billion at quarter end.

Napoli said he was grateful for the continued financial support from the anchor shareholder, which further energizes the company to remain focused on execution. Lucid suspended guidance in May and said it will communicate a midterm plan and targets early next year.

Shares were up 9.4% in delayed trading at $3.60.