Lucid Boosts Saudi Loan by $1.75 Billion Amid Q3 Earnings Miss

Lucid Group expanded its financing from Saudi Arabia’s Public Investment Fund (PIF) by $1.75 billion after third-quarter revenue and per-share results fell short of expectations, lifting expected liquidity to $3.75 billion.

Lucid released its results Monday, Nov. 9. Revenue reached $350 million, below the $407 million estimate, while the company’s loss was $2.74 per share against an expected loss of $2.28. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) showed a $726 million loss, compared with an estimated loss of $611 million.

Net loss narrowed to $830.9 million from $978.4 million a year earlier, while revenue rose from $336.6 million. Lucid had lost $3.31 per share and posted a $717.7 million adjusted EBITDA loss in the year-ago quarter. Its shares fell about 5% in after-hours trading Monday.

Lucid expanded a delayed-draw term loan from PIF, its largest shareholder, by $1.75 billion. The added capital is expected to lift total liquidity from $2 billion at quarter-end to $3.75 billion. Lucid expects the funds to support operations and key investments into the fourth quarter of 2027, including the start of midsize vehicle production, and provide additional financial flexibility for its turnaround.

The results are Lucid’s first quarterly report since CEO Silvio Napoli, who began leading the company in June, announced a restructuring. The program includes cost cuts and a delay to the midsize vehicle, with production timing moved from the end of 2026 to the second half of 2027.

Lucid’s turnaround plan includes a goal of $1.4 billion in cash flow improvements in 2026. It also emphasizes a robotaxi program with Uber and Nuro and a factory under construction in Saudi Arabia, alongside development of the midsize vehicle.

“Our transformation is beginning to show progress,” Napoli said. The company suspended its guidance and many targets in May while it developed a turnaround plan. Lucid expects to share its midterm plan and targets early in 2027.