Lucid Group (LCID) Stock Drops 7% After Wide Q1 Miss – Analysts Weigh In

TLDR

• Lucid posted a Q1 operating loss of $989 million, worse than Wall Street’s expected $864 million loss.
• Revenue came in around 36% below estimates due to a supplier issue that delayed Gravity SUV deliveries.
• EPS was ($3.46), missing the consensus estimate of ($2.72) by $0.74.
• Lucid completed a $1.05 billion capital raise, including $200 million from Uber, boosting total liquidity to $4.7 billion.
• The stock is down 41% year to date and 74% over the past 12 months.

Lucid Group (LCID) fell 6.6% in regular Tuesday trading ahead of its Q1 earnings release, then slipped an additional 2.7% in after-hours to $6.08, as the results landed worse than expected.

Lucid Group, Inc., LCID

The stock opened the session at $6.69 and touched a low of $6.18 on the day.

Q1 operating loss came in at $989 million on revenue of $282 million. Wall Street had penciled in a loss of $864 million on revenue of roughly $358 million. The revenue gap — around 36% below estimates — was largely tied to a supplier issue that pushed back Gravity SUV deliveries in February.

EPS was reported at ($3.46), missing the ($2.72) consensus by $0.74. The company carries a negative return on equity of 138.82% and a negative net margin of 207.87%.

Lucid delivered 3,093 vehicles in Q1, flat year over year. But production told a different story — 5,500 vehicles were built in the quarter, up 149% year over year. Order intake in North America jumped 144% in March compared to February.

Revenue did grow 20% year over year despite flat deliveries, helped by a better vehicle mix.

Capital Raise and Liquidity

Lucid closed a $1.05 billion capital raise in April. The package included $550 million in convertible preferred from a Saudi PIF affiliate, $300 million from a registered common offering, and $200 million in equity from Uber — bringing Uber’s total investment in Lucid to $500 million.

Total liquidity ended Q1 at $4.7 billion, easing near-term financing concerns.

The company also announced a new CEO, Silvio Napoli, taking over from Marc Winterhoff.

Analyst Views

Wall Street remains cautious. The consensus rating sits at “Reduce” with an average price target of $12.25, well above the current price.

Cantor Fitzgerald reaffirmed a neutral rating with a $14 target. TD Cowen held its “hold” rating but cut its target from $19 to $10. Bank of America has an “underperform” rating with a $10 target. Robert W. Baird holds a neutral rating with a $12 target.

Of 11 analysts tracked, two rate LCID a buy, six hold, and three sell.

The broader EV backdrop hasn’t helped. The $7,500 federal purchase tax credit expired in September, and U.S. EV sales fell 27% year over year in Q1.

Lucid had guided for 25,000–27,000 vehicles in 2026. That production target was not referenced in the Q1 earnings release.

LCID has a market cap of $2.05 billion, a 50-day moving average of $9.06, and a 200-day moving average of $11.67.

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