EV maker Lucid Group Inc. reported financial results for Q4 and full year ended Dec. 31, 2025 that showed a key loss and a gain: The company lost $3.62 per share in the quarter versus an expected loss of $2.62 per share, but revenue reached $523 million instead of an expected $468 million.

Earnings and Production Results

The company reported full-year revenue of $1.35 billion. Lucid ended the quarter with about $4.6 billion in total liquidity.

Lucid delivered 15,841 vehicles in 2025. The company issued annual production guidance for 2026 of 25,000 to 27,000 vehicles and said it will continue adjusting production levels to align with sales and delivery demand.

“2025 was focused on execution and strategic adjustments to position Lucid for long-term growth,” said Marc Winterhoff, interim CEO at Lucid, in a Feb. 24 news release. He said the company increased production, reduced unit costs, and strengthened its financial position during the year.

Winterhoff added that Lucid advanced its autonomy strategy in 2025 and is preparing to produce its Midsize vehicles and deploy Lucid robotaxis with partners in 2026.

Taoufiq Boussaid, chief financial officer at Lucid, said in a news release that Q4 reflected improvements in production and unit economics.

“Our liquidity position remains strong, providing flexibility to execute near-term objectives while investing in future growth,” Boussaid said. He added that the company is making targeted adjustments to its U.S.-based, non-manufacturing workforce to reallocate resources as it prepares for product and production expansion.

Production Revision

On Jan. 5, 2026, Lucid reported preliminary production of 18,378 vehicles for the full year and 8,412 vehicles for the fourth quarter of 2025.

Following that announcement, the company determined that 538 vehicles had not completed internal procedures required under its final validation process to be classified as produced. As a result, Lucid revised its reported production totals to 17,840 vehicles for the full year and 7,874 vehicles for Q4 2025.

The company said the vehicles are expected to complete the validation process in 2026. The revision relates to the timing of when vehicles are classified as produced under Lucid’s internal criteria and does not affect previously reported financial results.

Media outlets reported that Lucid’s results were released a few days after the company laid off 12% of its U.S. salaried workforce, about 300 employees, in an effort to streamline operations, and “operate with greater efficiency and deliver on our commitments to gross margin improvement and long-term growth,” according to a statement from the company.