Lucid Group (NASDAQ: LCID) reported higher Q1 2026 revenue and production, but the quarter was defined by a deeper loss, a street miss, and a larger cash burn that forced the EV maker to lean again on strategic backers and credit capacity.
Revenue rose to $282.5 million in Q1 2026, up from $235.0 million in Q1 2025. The result missed the cited consensus estimate of $358.0 million.
Cost of revenue reached $594.2 million, up from $463.6 million last year, producing a gross loss of $311.7 million, wider than the $228.5 million gross loss last year.
Operating expenses also increased to $677.8 million, up from $463.4 million last year, pushing operating loss to widen to $989.5 million from $691.9 million.
Net loss expanded to $1.03 billion, compared with $366.2 million in Q1 2025. On a non-GAAP basis, adjusted net loss was $925.2 million, worse than $619.8 million a year earlier, while adjusted loss per share of $2.82 missed the cited estimate of $2.30 loss per share.
Adjusted EBITDA was negative $780.6 million, compared with negative $563.5 million last year.
Operating cash burn worsened to $1.19 billion, from $428.6 million in Q1 2025. Capital expenditures increased to $253.2 million, compared with $161.2 million last year, as Lucid continued investing in AMP-1, AMP-2, future product programs, and retail, delivery, and service expansion.
Free cash flow was negative also at $1.44 billion, more than double the $589.9 million outflow in Q1 2025.
Lucid ended Q1 with $700.4 million in cash and cash equivalents, down from $997.8 million at year-end 2025. Meanwhile, inventory rose to $1.47 billion, up from $1.11 billion at year-end, a major balance-sheet pressure point after Lucid produced more vehicles than it delivered.
The automaker said it ended the quarter with approximately $3.2 billion in liquidity. On a pro forma basis, after an April capital raise and expanded delayed draw term loan facility, quarter-end liquidity would have been approximately $4.7 billion, which the company said supports operations, Gravity scaling, and future platforms into the second half of 2027.
Lucid produced 5,500 vehicles in Q1 2026, up from 2,212 in Q1 2025. Deliveries totaled 3,093, nearly flat against 3,109 a year earlier.
The company said a seat supplier issue significantly affected Lucid Gravity deliveries in February, but that the issue was addressed through enhanced quality controls, a 12-point inspection process, and tighter supplier oversight.
Lucid did not provide a new full-year production figure in the material reviewed, but it said delivery momentum is expected to normalize through 2026 as inventory is drawn down.
The financials come after Lucid named Silvio Napoli as its next CEO, with interim CEO Marc Winterhoff expected to return to his former COO role once Napoli assumes the post.
Lucid last closed at $6.25 on the NASDAQ, down 6.6% on the days, with after-hours trading showing a further decline of 1.6%.
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