Lucid Group (NASDAQ:LCID) released first-quarter financial results and hosted an earnings call on Tuesday. Read the complete transcript below.
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Summary
Lucid Group reported $282 million in revenue for Q1 2026, with a production of 5,500 vehicles and delivery of 3,093 vehicles.
The company expanded its partnership with Uber to provide a minimum of 35,000 robotaxis and raised over $1 billion in new capital.
Lucid Group is focused on scaling production, reducing costs, and prioritizing the launch of its midsize platform by 2027.
The company has implemented a cost reduction program targeting savings across all areas and has initiated a new production reporting methodology for better transparency.
Lucid Group’s liquidity stands at approximately $4.7 billion, providing operating runway into the second half of 2027, with a focus on disciplined execution to reach profitability.
Full Transcript
OPERATOR
Ladies and gentlemen, thank you for standing by and welcome to The Lucid Group first quarter 2026 earnings conference call. Please be advised that today’s conference call is being recorded. Later we will conduct a question and answer session. To ask the question during that time, please press star one one on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Please press star 11 again. I would now like to turn the conference over to your speaker for today, Nick Talk, Vice President of Communications. Please go ahead.
Nick Talk (Vice President of Communications)
Thank you and welcome to Lucid Group’s first quarter 2026 earnings call. Joining me today are Silvio Napoli, incoming CEO Mark Winterhoff, our interim CEO, and Tufik Busid, our CFO. Before handing the call over to Silvio, let me remind you that some of the statements on this call include forward looking statements under federal securities laws. These include without limitation statements regarding the future financial performance of the company, production and delivery volumes, vehicles and products, studios and service networks, financial and operating outlook and guidance, macroeconomic geopolitical policy and industry trends, tariffs and trade policy, company initiatives, leadership changes and other future events. These statements are based on various assumptions, whether or not identified in this communication and on the predictions and expectations of our management as of today. Actual events or results are difficult or impossible to predict and may differ due to a number of risks and uncertainties. We refer you to the cautionary language and the risk factors in our annual report on Form 10K for the year ended December 31, 2025, subsequent quarter reports on Form 10Q, current reports on our Form 8K and other SEC filings and the forward looking statements on page two of our quarterly earnings presentation available on the Investor Relations section of our website@ir.lucidmotors.com we undertake no obligation to revise or update publicly any forward looking statement for any reason except as required by law. In addition, management will make reference to non GAAP financial measures during this call. A discussion of why we use non GAAP financial measures and information regarding reconciliation of our GAAP vs non GAAP results is available in our earnings press release issued earlier this afternoon as well as in the earnings presentation. With that, I’d like to turn the call over to lucid’s incoming CEO Silvio Napoli. Silvio, please go ahead.
Silvio Napoli (Incoming CEO)
Thank you Nick Good morning everyone and thank you for joining. This is my first earnings call with Lucid and has already had the opportunity to share with many of you. I’m extremely pleased to be here and part of the Lucid team. With not even a month with the company. I’m still at a very early stage, so I’ll keep iterating why I’m here. Lucid brings together state of the art technology, a premium product platform and a unique opportunity to build a strong, enduring position in a transforming industry. And that combination is compelling. That is the reason that brought me here today. Three weeks into the journey, I’m even more convinced that this is the case. In my first days, I’ve had the opportunity to meet with our teams in Newark headquarters and in some of our key markets. In fact, on the very first day, I traveled to visit a factory in Arizona, the heart of Lucid. Last week I traveled to Saudi Arabia to witness a strong brand recognition in this fast growing market and to see firsthand the progress of a new factory under construction. As you know, this manufacturing center is an essential part of our commitment to drive, scale, profitability and to position Lucid on the world stage. While there, I’ve also been meeting with employees, shareholders and with local stakeholders. And everywhere I go, I’m focused on listening and beginning to understand where we are strongest and where we need to improve. And what stands out immediately is the incredible domain competence and outstanding motivation of the LUCI team and the strength of a product. At the same time, it’s clear that realizing Lucid’s full potential will require sharper focus and consistent execution, particularly around simplification, prioritization and speed. My near term priorities are straightforward. Re-center all our activities around the customers, ensure the organization operates with clarity and accountability, focus resources on the highest impact areas and embed a stronger culture of cost and capital discipline across the business. A central objective over time is to build a more self sufficient company. One that progresses towards funding its own growth. And that means being rigorous in delivering on our commitments. And now we allocate capital to few vital priorities. In simple words, this means making clear choices on where to invest and just as important, where not to. At the risk of stating the obvious and not in the position to comment on results reached prior to my joining. Accordingly, I trust you will understand that today I will not comment on any specifics, including the outlook. My goal over the coming weeks is to deepen my understanding of the business so I can engage more fully with you in the future discussions. With that, I’ll turn the call over to the team to walk you through the Q1 results. Thank you.
Mark Winterhoff (Interim CEO)
Thank you Silvio. And good afternoon everyone. Let me start with the key takeaways. We expanded our Uber partnership to at least 35,000 vehicles, raised over $1 billion in new capital and ended the quarter with a clear cost reduction program underway. The foundation is solid and we are building on it. We have made meaningful progress on each of these fronts. Among the highlights. First, we expanded our partnership with Uber to provide a minimum of 35,000 robotaxis, up from 20,000 previously announced, and increased their investment to 500 million, up from 300 million, improving our visibility into long term demand and revenue in a new and growing market, further reflecting the strengthening relationship between our companies. Sachin Khansal, Chief Product Officer at Uber, has been nominated for election to Lucid’s board of directors. Second, we significantly strengthened our financial position, raising approximately $1.05 billion including 550 million investment from the Public Investment Fund through a private placement, reaffirming their continued support and long term commitment to Lucid. We maintained approximately 2 billion of undrawn commitment under the DDTL after drawing 500 million of cash in April, further enhancing our financial flexibility pro forma for the capital raise and the DDTL. Increase liquidity at quarter end would have been 4.7 billion, providing ample flexibility to continue to support development of our midsize platform and the continued build out of M2. Third, we continue to execute to deliver scale and profitability, delivering $282 million in revenue. Despite the unforeseen geopolitical tensions and logistical obstacles in the region during Q1, our M2 construction never stopped and we continue to install capital equipment and work toward start of production. The plan remains to ramp up midsize vehicle production in 2027 and we launched an aggressive cost reduction program targeting cost savings across all areas of the organization in all geographies. Let me walk you through the key updates of the execution of our strategy in detail. Following the framework we laid out at our recent investor day. The Lucid Air and gravity continue to anchor our near term growth and our focus here remains execution, quality, delivery and customer experience. Operationally, we produced 5,500 vehicles in Q1, up 149% year over year. Despite a temporary disruption which elevated cost, we exited the quarter trending back toward our cost targets. We delivered 3093 vehicles which was flat compared to Q1 2025. When Gravity deliveries were temporarily impacted by a supplier issue, we acted, quickly, resolved it and resumed deliveries with additional quality controls. As deliveries resumed, we saw improving momentum through the quarter, including the highest March deliveries in lucid history, up 14% year over year. We also experienced a strong rebound in order intake up 144% in …
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