Lucid Group Q1 2026 Earnings: Production Hiccup, Revenue Miss, Revised Outlook

Lucid Group reported Q1 revenue of $282.5 million, a 20 % YoY rise but far below analysts’ $440.4 million estimate. Production hit 5,500 vehicles (?149 % YoY) while deliveries fell to 3,093 after a seat-supplier issue halted Gravity SUV shipments in February. The problem was resolved and March deliveries recovered, yet the inventory surplus remains to be cleared as deliveries normalize. The Q1 results also showed a cash position sufficient through 2027.

Electrek

The February seat-supplier problem “significantly affected Lucid Gravity deliveries in February,” the company said. Lucid suspended its full-year guidance pending a review by new CEO Silvio Napoli. CFO Taoufiq Boussaid said an updated outlook will be given at the Q2 earnings call. The issue adds to broader raw-material and semiconductor constraints. The company’s $1.05 billion capital raise was led by Saudi Arabia’s Public Investment Fund.

Reuters

• Vehicles produced: 5,500 (?149 % YoY)

Reuters

• Vehicles delivered: 3,093

Reuters

• Gravity SUV deliveries: February curtailed; March up 14 % YoY

Reuters

• North-American orders in March: +144 % vs. February

Electrek

• Total liquidity $4.7 billion (post-$1.05 billion raise) and elevated inventory to be cleared

Reuters

Interim CEO Marc Winterhoff highlighted that deliveries in January and March exceeded the same periods last year and said the company is aligning production with demand. CFO Taoufiq Boussaid indicated that with the new CEO Silvio Napoli reviewing the business, Lucid is suspending its prior guidance and will issue an updated outlook at the Q2 earnings call. The company also noted its partnerships with Uber and Nuro for a robotaxi fleet.

Reuters

Shares fell over 6 % in after-hours trading, with extended-session losses above 8 %. Analysts flagged the revenue miss and the absence of a revised full-year forecast as key concerns, questioning the Gravity ramp-up speed and the timing of the sub-$50,000 midsize platform.

Electrek

• “A supplier issue resolved during the quarter had an impact, but January and March deliveries were ahead of the same periods in the prior year,” — Marc Winterhoff, interim CEO

Electrek

• “aligning production and delivery with customer demand,” — Marc Winterhoff, interim CEO

Electrek

• “With Silvio now on board and conducting his review of the business, we are suspending our prior guidance and will provide a full updated outlook at our second-quarter earnings call,” — Taoufiq Boussaid, CFO

Reuters

• “significantly affected Lucid Gravity deliveries in February,” — Lucid Group statement

Electrek

Lucid will launch its midsize platform later in 2026, targeting a price under $50,000 to expand its market. Updated Q2 guidance is expected to reflect the resolved supply-chain issue and the planned ramp-up of both the Gravity SUV and the new midsize model.

Electrek