Lucid Group (LCID) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Lucid published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Lucid reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted net loss per share (non-GAAP), which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Lucid reports in thousands of dollars; figures here are converted to millions. Q3 2026 revenue was $350.3 million.
• Lucid effected a one-for-ten reverse stock split on August 29, 2025. Every per-share figure on this page, including the history, is on the post-split basis Lucid itself reports.
• Lucid has one reportable segment. The breakdown shown is its revenue by geographic area from the 10-Q.

Source: Lucid Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Lucid splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Lucid's North America revenue was $262 million in Q3 2026, down 9% from $288 million in Q3 2025, 75% of total revenue.
• Lucid's Middle East revenue was $82.3 million in Q3 2026, up 114% from $38.4 million in Q3 2025, 23% of total revenue.
• Lucid's Other international revenue was $5.8 million in Q3 2026, down 40% from $9.7 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Lucid's Q3 2026 release gives no revenue, EPS or production outlook. It gives a cash-savings target, a liquidity runway and program timing.

In its Q3 2026 release, Lucid said:

“$1.4 Billion Cash Flow Improvement Plan: year to date, Lucid has achieved savings of $0.8 billion and implemented additional actions to drive continued improvement.”

“The company expects this liquidity level to fund operations and key investments into Q4 2027, bridging the period through Midsize start of production.”

“Production remains planned for the second half of 2027.”

“As shared at Q2, Lucid expects to communicate its mid-term plan and targets early next year.”

Source: Lucid Q3 2026 release, Nov 9, 2026.

This is the company's own guidance as of Nov 9, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the LCID forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and GAAP diluted net loss per share, each as first reported in that quarter's release. All five quarters were reported after the August 29, 2025 one-for-ten reverse stock split, so no figure needed adjusting.

We do not hold a confirmed date for Lucid's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

Lucid's revenue is mostly vehicle sales of the Lucid Air sedan and Lucid Gravity SUV, both assembled at its AMP-1 plant in Casa Grande, Arizona. Vehicle sales were $316.5 million of Q3 2026 revenue, against $300.8 million a year earlier. The rest is after-sales service and parts, battery pack systems and powertrain kits, regulatory credits, merchandise and sales of trade-in vehicles. (Lucid Form 10-Q, Q3 2026, Nov 9, 2026; Lucid Form 10-K, 2025, Feb 24, 2026)

Lucid's revenue rose $13.7 million, or 4%, to $350 million in Q3 2026. Lucid attributed the increase mainly to the Lucid Gravity ramp, which raised its average selling price, and to more pre-owned vehicle sales, partly offset by fewer Lucid vehicle deliveries and lower regulatory credit sales. Regulatory credit revenue was $1.1 million in the quarter, against $11.6 million a year earlier. (Lucid Form 10-Q, Q3 2026, Nov 9, 2026; Lucid Q3 2026 release, Nov 9, 2026)

Saudi Arabia is a growing share of Lucid's sales. Middle East revenue was $82.3 million in Q3 2026, against $38.4 million a year earlier, and Saudi Arabia alone was $82.1 million. North America fell to $262.2 million from $288.5 million, with U.S. revenue of $253.6 million against $281.9 million. Revenue from a related party, which includes the Government of Saudi Arabia, was $79.4 million. (Lucid Form 10-Q, Q3 2026, Nov 9, 2026; Lucid Q3 2026 release, Nov 9, 2026)

Lucid's controlling stockholder is an affiliate of the PIF, Saudi Arabia's sovereign wealth fund. Under its EV Purchase Agreement, the Government of Saudi Arabia may buy up to 100,000 vehicles over a ten-year period, with a minimum of 50,000. Receivables under that agreement were 82.2% of Lucid's accounts receivable at September 30, 2026. (Lucid Form 10-K, 2025, Feb 24, 2026; Lucid Form 10-Q, Q3 2026, Nov 9, 2026)

Lucid's cost of revenue still exceeds its revenue. Q3 2026 gross margin was (73.7)%, against (99.1)% a year earlier, which Lucid attributed to lower inventory write-downs and a favorable product mix, partly offset by lower regulatory credits and higher unabsorbed fixed overhead from lower production. Inventory and purchase-commitment write-downs were $94.5 million in the quarter, against $192.1 million. (Lucid Form 10-Q, Q3 2026, Nov 9, 2026)

Lucid's GAAP diluted net loss per share was $(2.74) in Q3 2026, against $(3.31) a year earlier. The loss attributable to common stockholders, $1,080.8 million, is larger than the net loss of $830.9 million because it includes $249.9 million of accretion on redeemable convertible preferred stock held by a PIF affiliate. (Lucid Q3 2026 release, Nov 9, 2026)

Lucid's adjusted net loss per share was $(2.30), against $(2.65). The adjustment added back preferred stock accretion ($0.64 a share) and stock-based compensation ($0.09), and took out a $115.2 million gain on the fair value of derivative liabilities tied to the preferred stock ($0.29 a share). Workforce reduction charges were $1.3 million in the quarter and $72.9 million over nine months. (Lucid Q3 2026 release, Nov 9, 2026)

Lucid's share count rose by about a quarter. Diluted weighted-average shares were 394,598,004 in Q3 2026, against 312,166,297 a year earlier, after 2026 share sales that raised $292.5 million under an underwriting agreement and $200.0 million from a related party. Lucid also issued $550.0 million of Series C redeemable convertible preferred stock to a related party. (Lucid Q3 2026 release, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Lucid does not give a revenue, EPS or production outlook in its Q3 2026 release. It reports progress against a $1.4 billion cash flow improvement plan (savings of $0.8 billion so far this year, and on track for the full-year target) and says it will share a mid-term plan and targets early next year. (Lucid Q3 2026 release, Nov 9, 2026)

Lucid ended the quarter with $2.0 billion of total liquidity, or $3.75 billion pro forma for a $1.75 billion increase to its delayed-draw term loan with the PIF announced with the results, and expects that to fund operations into Q4 2027. Midsize production remains planned for the second half of 2027, with AMP-2 in Saudi Arabia expected to be inaugurated in early 2027. (Lucid Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover Lucid, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Lucid's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning LCID is on is LCID a buy or a sell?, what analysts expect next is on the LCID forecast, and what the company does is on the Lucid Group (LCID) stock page.

Every number on this page can be traced to a document Lucid published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.