LCID

MKT CAP:$2B

Lucid Group, Inc.

Market Cap

$2B

Consumer Cyclical·Auto - Manufacturers·🇺🇸 United States·NASDAQ

Consumer Cyc.·Auto·🇺🇸·NASDAQ

Stock Price

$6.91-$4.24 (-38.03%)

Apr 22, 2026

Company Details

Lucid Group, Inc. a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twen...

CEO

Marc Winterhoff

IPO Date

Sep 18, 2020

Website

www.lucidmotors.com

Key Metrics TTM

Revenue

$1.1B

+45.9% YoY

Net Income

-$2.3B

EPS (Diluted)

-$10.75

Free Cash Flow

-$3.4B

Revenue / Share

$3.41

Gross Margin

-97.9%

Operating Margin

-297.5%

Net Margin

-214.1%

FCF Margin

-319.1%

P/S

1.9x

P/E

—

Earnings Reports

Q4 2025

May 5, 2026

PENDING

FY 2025

Feb 24, 2026

$1.4B+67.6%EPS -$11.81

Q3 2025

Nov 5, 2025

$337M+68.3%EPS -$3.31

Q2 2025

Aug 5, 2025

$259M+29.3%EPS -$2.80

Q1 2025

May 6, 2025

$235M+36.1%EPS -$2.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$174.0K	$155.0K	-$249M
Q3 21	$232.0K	-$3M	-$497M
Q2 22	$97M	-$195M	-$559M
Q3 22	$195M	-$297M	-$688M
Q4 22	$258M	-$358M	-$750M
Q1 23	$149M	-$351M	-$772M
Q2 23	$151M	-$405M	-$838M
Q3 23	$138M	-$332M	-$753M
Q4 23	$157M	-$253M	-$737M
Q1 24	$173M	-$232M	-$730M
Q2 24	$201M	-$270M	-$787M
Q3 24	$200M	-$213M	-$771M
Q4 24	$234M	-$209M	-$733M
Q1 25	$235M	-$229M	-$692M
Q2 25	$259M	-$272M	-$803M
Q3 25	$337M	-$334M	-$942M

Valuation

Quarter	P/S	P/E
Q2 21	465.8x	—
Q3 21	476.7x	—
Q2 22	21.2x	—
Q3 22	7.1x	—
Q4 22	3.8x	—
Q1 23	3.0x	—
Q2 23	2.8x	—
Q3 23	3.0x	—
Q4 23	3.5x	—
Q1 24	3.4x	—
Q2 24	3.1x	—
Q3 24	2.8x	—
Q4 24	2.6x	—
Q1 25	2.4x	—
Q2 25	2.2x	—
Q3 25	1.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$313M	-$435M
Q1 22	-$495M	-$680M
Q2 22	-$514M	-$823M
Q3 22	-$569M	-$860M
Q4 22	-$649M	-$938M
Q1 23	-$801M	-$1.0B
Q2 23	-$700M	-$904M
Q3 23	-$514M	-$706M
Q4 23	-$475M	-$747M
Q1 24	-$517M	-$715M
Q2 24	-$507M	-$741M
Q3 24	-$463M	-$622M
Q4 24	-$533M	-$825M
Q1 25	-$429M	-$590M
Q2 25	-$848M	-$1.0B
Q3 25	-$757M	-$956M

Capital Expenditures

Quarter	CapEx
Q4 21	$122M
Q1 22	$185M
Q2 22	$310M
Q3 22	$290M
Q4 22	$290M
Q1 23	$242M
Q2 23	$204M
Q3 23	$193M
Q4 23	$273M
Q1 24	$198M
Q2 24	$234M
Q3 24	$160M
Q4 24	$292M
Q1 25	$161M
Q2 25	$183M
Q3 25	$199M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	—	+119.6%
Q3 21	-30.5%	+206.1%
Q2 22	+2578.5%	+222.9%
Q3 22	+62346.3%	+195.2%
Q4 22	+148010.9%	+304.4%
Q1 23	+64310.3%	+85.3%
Q2 23	+55.0%	+50.6%
Q3 23	-29.5%	+0.9%
Q4 23	-39.0%	-11.3%
Q1 24	+15.6%	-2.1%
Q2 24	+32.9%	-0.1%
Q3 24	+45.2%	+9.0%
Q4 24	+49.2%	+8.2%
Q1 25	+36.1%	+2.7%
Q2 25	+29.3%	+7.5%
Q3 25	+68.3%	+31.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$151M	—
Q1 22	$175M	—
Q2 22	$94M	97.0%
Q3 22	$83M	42.6%
Q4 22	$71M	27.6%
Q1 23	$54M	36.0%
Q2 23	$71M	47.3%
Q3 23	$68M	49.5%
Q4 23	$64M	40.6%
Q1 24	$64M	36.9%
Q2 24	$57M	28.4%
Q3 24	$88M	44.0%
Q4 24	$77M	32.9%
Q1 25	$28M	11.7%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 21	$177M	—	—	$72M
Q3 21	$242M	—	—	$252M
Q2 22	$200M	—	—	$164M
Q3 22	$214M	—	—	$177M
Q4 22	$221M	—	—	$171M
Q1 23	$230M	—	—	$169M
Q2 23	$233M	—	—	$198M
Q3 23	$231M	—	—	$190M
Q4 23	$243M	$206M	$35M	—
Q1 24	$285M	—	—	$213M
Q2 24	$287M	—	—	$210M
Q3 24	$324M	—	—	$234M
Q4 24	$280M	$194M	$50M	—
Q1 25	$251M	—	—	$212M
Q2 25	$274M	—	—	$257M
Q3 25	$325M	—	—	$283M

Revenue by Geography

Quarter	Middle East	North America
Q1 24	$55M	$115M
Q2 24	$41M	$155M
Q3 24	$50M	$147M
Q4 24	$49M	$181M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$5.4B	$0	$5.4B
Q2 22	$3.2B	$1.1B	$4.3B
Q3 22	$1.3B	$2.1B	$3.3B
Q4 22	$1.7B	$2.2B	$3.9B
Q1 23	$900M	$2.1B	$3.0B
Q2 23	$2.8B	$2.5B	$5.2B
Q3 23	$1.2B	$3.3B	$4.4B
Q4 23	$1.4B	$2.5B	$3.9B
Q1 24	$2.2B	$1.8B	$4.0B
Q2 24	$1.4B	$1.9B	$3.2B
Q3 24	$1.9B	$1.6B	$3.5B
Q4 24	$1.6B	$2.4B	$4.0B
Q1 25	$1.9B	$1.8B	$3.6B
Q2 25	$1.8B	$1.0B	$2.8B
Q3 25	$1.6B	$702M	$2.3B
Q4 25	$998M	$0	$998M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	162M	0.0%	0.0%
Q3 21	122M	-24.8%	-24.8%
Q2 22	169M	+38.6%	+4.2%
Q3 22	169M	+0.2%	+4.5%
Q4 22	171M	+1.3%	+5.8%
Q1 23	183M	+6.9%	+50.5%
Q2 23	191M	+4.4%	+13.4%
Q3 23	228M	+19.5%	+35.1%
Q4 23	229M	+0.3%	+33.8%
Q1 24	230M	+0.4%	+25.7%
Q2 24	231M	+0.4%	+20.8%
Q3 24	232M	+0.6%	+1.7%
Q4 24	284M	+22.2%	+23.9%
Q1 25	304M	+6.9%	+31.9%
Q2 25	306M	+0.7%	+32.4%
Q3 25	312M	+2.1%	+34.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$87.0K	2
Q3 21	$116.0K	2
Q2 22	$25.0K	4K
Q3 22	$50.1K	4K
Q4 22	$35.8K	7K
Q1 23	$20.8K	7K
Q2 23	$21.0K	7K
Q3 23	$19.1K	7K
Q4 23	$24.2K	7K
Q1 24	$26.6K	7K
Q2 24	$30.9K	7K
Q3 24	$30.8K	7K
Q4 24	$34.5K	7K
Q1 25	$34.6K	7K
Q2 25	$38.2K	7K
Q3 25	$49.5K	7K

Revenue / Employee