**Lucid Group, Inc. (LCID)** reported a first-quarter 2026 loss of $3.46 per share, exceeding the previous year’s loss of $2.40 and worse than the Zacks Consensus Estimate of a $2.72 loss by 27.05%. Revenues reached $282.47 million, a 20% increase year-over-year, but fell short of the consensus estimate of $429 million by 34.11%.
In Q1 2026, Lucid produced 5,500 vehicles (up 149% from Q1 2025) and delivered 3,093 units, with disruptions caused by a supplier issue in February. Gross margin was severely impacted, showing a negative 110%, as cost of revenue soared to $594.2 million. Operating expenses increased significantly, totaling $639.9 million, mainly due to investments in research and development and workforce reductions.
Lucid ended the quarter with approximately $3.2 billion in liquidity and raised about $1.05 billion shortly after through various financial maneuvers. Despite these efforts, the company reported a negative cash flow from operations of $1.19 billion, with inventory levels at $1.47 billion as of March 31, 2026.
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