Lucid Group (LCID) Stock: What to Expect from Q4 Earnings Tuesday

TLDR

• Lucid Group (LCID) reports Q4 earnings on February 24, with Wall Street expecting a loss of $2.67 per share.
• Revenue is forecast to rise 96% year-over-year to $459.5 million.
• Q4 deliveries hit 5,345 vehicles, up 70%+ YoY, with full-year deliveries rising 55% to 15,841.
• Benchmark reiterated a Buy rating with a $30 price target; stock currently trades near its 52-week low of $9.50.
• Options traders are pricing in a 14.77% move in either direction following the report.

Lucid Group heads into its Q4 earnings report on February 24 with a stock that’s down 8% year-to-date and trading near its 52-week low of $9.50.

Lucid Group, Inc., LCID

The EV maker is expected to post a loss of $2.67 per share for the quarter, wider than the $2.20 loss it reported in the same period a year ago.

On the revenue side, analysts are more optimistic. Wall Street forecasts Q4 revenue of $459.5 million, which would be a 96% jump year-over-year, according to TipRanks data.

Lucid has missed earnings estimates five times in the past nine quarters, so the bar for a clean beat is not especially high.

The delivery numbers, already reported, gave investors something to work with. Lucid delivered 5,345 vehicles in Q4 and produced 8,412 units. Full-year 2025 deliveries came in at 15,841, a 55% increase over 2024, and slightly ahead of Benchmark’s estimates.

Much of that delivery growth came from the ramp-up of the Gravity SUV, Lucid’s new electric sport utility vehicle.

Margins and Cash in Focus

With deliveries already out, the earnings call will shift attention to gross margins. Lucid’s current gross profit margin sits at -97.91%, according to InvestingPro data, and investors want to see that number move in the right direction as Gravity volumes grow.

Operating expense discipline is also on the radar, particularly R&D and SG&A costs as the company exits 2025.

Cash burn is another key concern. Lucid burned through $3.38 billion in free cash flow over the last twelve months. With funding sensitivity rising into late 2026, investors will be watching for any update on the company’s liquidity runway.

Benchmark analyst Mickey Legg, who reiterated a Buy rating and $30 price target ahead of the report, said the Q4 release is largely a “clean-up quarter.” He expects the focus to be on margins, spending control, and how long cash reserves will last.

Profitability Still Years Away

Legg noted that Lucid is not expected to turn profitable in the near term. The firm’s base case puts profitability in the 2026–2027 timeframe, driven by Gravity mix improvements, cost reductions, and the eventual launch of a midsize vehicle.

Options traders are pricing in a 14.77% move in either direction following the print, reflecting real uncertainty around the name.

The broader analyst consensus is cautious. Three Wall Street analysts currently cover LCID with a Moderate Sell rating — two Holds and one Sell. The average price target of $12.67 implies about 30% upside from current levels, but the stock is trading roughly 72% below its 52-week high.

On the partnerships front, Lucid recently announced a deal with Uber to deploy over 20,000 Gravity SUVs as robotaxis over six years, with Uber investing around $300 million into Lucid and Nuro.

Lucid reports after market close on Tuesday, February 24.

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